Bitcoin briefly drops below $6000; over $550 billion wiped off cryptocurrency market in...

By midian182 · 75 replies
Feb 6, 2018
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  1. SirChocula

    SirChocula TS Maniac Posts: 174   +182

    Just like a tool, it is in the beholder's hand to use it to their own will. Anything can be used for good or bad...crypto is no exception. Monetary value aside, blockchain technology is what will change the world beyond anything we can imagine. 10 years from now, everything will be utilizing the block chain and crypto currency will see mass adoption in every way (legal and illegal). It's up to the person to be smart enough to make a substantial addition to their fortune with this revolutionary tech.

    All these old geezers on here know nothing of the new technology and just sit back on their couch and spew B.S on the internet. I don't stand for idiocy, that's all. As a side distinction, block chain doesn't mean crypto-currency and vice versa. Both will bring tremendous and dare I say, limitless value for most if not all of humankind.
     
  2. gamerk2

    gamerk2 TS Booster Posts: 103   +69

    Actually, it will do the opposite. Since the money obtained from crypto-mining is directly correlated to the money you invest into it, crypto going mainstream would essentially generate a small wealthy class an a massive poor class, with little to no in between.

    Secondly, Bitcoin in particular has failed as a currency. It can not be used as legal tender, and is only supported by a very minor number of businesses. Hence why the $20k/coin price was unsustainable.

    Blockchain tech may go somewhere, but crypto-currency is DOA. A few more will probably rise up then crash before the entire fad dies down, but it will die down simply because they aren't every going to be accepted as currency widespread enough to have any actual value.
     
  3. senketsu

    senketsu TS Guru Posts: 616   +390

    well it has failed with privacy and decentralization. If cryptocurrency continues to exist it will be because it has been subsumed by the big banks and corporations as another tool that they can manipulate for more money made wiyh noyhing produced such as goods
     
  4. SirChocula

    SirChocula TS Maniac Posts: 174   +182

    I do agree that Btc has failed as a currency, it's mainly traded as an asset now. However, there are many other coins that are doing the currency route among many other practical avenues of use. For that reason, crypto will not fail. If it was a fad, then multi-billion dollar companies would not invest in them. We're seeing Microsoft, IBM, PwC, among many others going into the crypto space. I'm just one person but if these industry leading players are going in, then I'm pretty sure they see worth in it as well.

    Blockchain is definitely staying, that is a fact now. It's being taken on by entire countries, not just the general populace. China has announced recently that it will be using blockchain for example. If crypto/blockchain crashes in a few years, then post a reply to me and I'll happily acknowledge that I was wrong but everything now is pointing to it being a disruptive future for the current system.
     
    Boilerhog146 likes this.
  5. SirChocula

    SirChocula TS Maniac Posts: 174   +182

    That's a broad statement that has little merit. While btc did fail as a currency, there are many others are taking on that role, among many other practical role. Crypto doesn't just act as a currency or a privacy coin. There are also many goods projects that are taking place now. One example is Vechain with anti-counterfeiting measures.
     
  6. Comanche

    Comanche TS Enthusiast Posts: 44   +35

    what will be 2k? BITCOIN? please say bitcoin so I can screenshot this , and make it a meme

    HAHHAHAHA
     
    SirChocula likes this.
  7. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    SNAKE OIL SALESMEN!
    It doesn't look as though anyone posting here ,were a part of any group that were part of the 1/3 of bitcoin exchanges that got hacked ,
    nor do you appear to be a part of the group that just wrote off over 500 billion dollars in a few Days.that's = the GDP of a small to mid sized country.
    so I'm not going to pay much attention to those that are still trying to prop up digital currency.

    The electricity and resources used to generate all that virtual wealth is gone also, can either of you snake oil salesmen put a price tag on that ,? please. (FACE PALM )
     
  8. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    And When millions lost their life savings during the Great Depression, did we get rid of US Dollars? Nope... I'm sorry for your loss, but this has no relevance to this discussion.
     
  9. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    Some Asset to lose 500 billion in a matter of days .

    I have a couple of boxes of hockey ,baseball and basket ball cards , going on 40 years old some of them .I can hold them ,display them,sell them,or trade them as an asset, they are worth what the next guy is willing to pay for them.some even have a book value, or I can sit on them ,and hand them down to grand children one day.and they will allways be worth something to somebody.

    Bitcoin is only an asset to some one else with the same mindset.can't hold it ,display it.hand them down to the next gen,or anything else.they can be stolen so easily,or just lost in to the thin air they came from.they are not sitting in a vault in the office,can't do anything with them here, spend them or cash them out.only on line. all speculative..
     
    Last edited: Feb 7, 2018
  10. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    Sports cards have no more intrinsic value than Bitcoin.... The reason why most are so valuable now is simply because they are rare.... Because back in the day, they were used as spokes in your bicycle wheels, etc...

    There's no reason not to figure that there might come a day when nobody wants them.... And they then are worth no more than the paper they were printed on...
     
  11. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    Talking about irrelevant, the great depression took years ,didn't get rid of the Dollar ,there was nothing else to fall back on,no choice .What loss is that? I post about the 500 billion lost. as in your quote, .which is the title of the article .nice Troll,er , I mean try,though.
    I'll bet on real assets before ever betting on a speculative,virtual,W/E ya wanna call it.sorry for all your losses.
     
    Last edited: Feb 7, 2018
  12. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    Lol - that was my point!! And the Great Depression’s single greatest loss came when the market crashed in 1929... and considering how much the dollar was worth back then, it was probably far more impactful than the losses from Bitcoin holders...millions of people lost their life savings and it was a leading cause of the Second World War... I’d call that fairly impactful...

    And despite this, the dollar did NOT die!!! Nor will this kill Bitcoin... maybe take the time to read and understand my post before you call me a troll?
     
    SirChocula likes this.
  13. captaincranky

    captaincranky TechSpot Addict Posts: 13,720   +3,143

    Well, to my limited understanding, people who bought in at the beginning made most of the money (*),.and that's exactly how a chain letter or Ponzie scheme works.

    (*) The, "apex of the pyramid", as it were.

    Not to mention, how would you feel if suddenly every dollar in your pocket was worth 33 cents ? Since 16,000 to 6,000 is bordering on two thirds devaluation. It's actually 5/8 devaluation or 62 1/2%. I didn't want you to think I couldn't do the math.
     
    Boilerhog146 likes this.
  14. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    That must be DEPRESSING to those holding a life savings in Bitcoin, went all in so to speak.
     
  15. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    I read every post several times ,and still don't get it right sometimes . but I don't mind being corrected.you do realize how much 500 billion was in 1929 ,right, RIGHT?

    Now your being silly.Hitler caused wwII ,invading Europe ,the u.s. didn't get involved until japan blasted pearl harbor, Canada was involved from the start ,because we were allied with the brits still. newfoundland was still a part of Britain,I'm a vet .and have relatives that fought in both world wars. and you a teacher.comon.I feel for the grade 2/3's your misdirecting.hope you don't teach history.lol, or economics.

    Back on topic.

    keep speculating about bitcoin because it is what it is.



    whats the book value on a bitcoin today.?your sore ,must have a lot of eggs in that one basket.huh?

    If they go back to 50 cents , or so , I'll buy a bunch off of ya.if it will make ya feel better.
     
    Last edited: Feb 7, 2018
  16. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    I see you read my post.... But failed to understand it.... And your grasp of history is clearly fairly poor as well.... Yes, WW2 began when Hitler invaded Poland - care to wonder how Hitler rose to power? And why the rest of Europe and North America allowed it to happen? Hopefully, you're now thinking, the Great Depression.....

    And I majored in History in university.... I strongly suggest you do some research....and in just ONE day, October 29, 1929 about $14 billion was lost... In today's money, that would be worth about 200 billion..... During the 4 days of the crash, about $30 billion was lost.... Or over $400 billion in today's dollars.... That's why I used it as a comparison... Despite the awfulness of the depression, the dollar remained....

    Anyways, my point was simple.... If the dollar could survive the depression, Bitcoin can survive this.... Each Bitcoin is STILL worth thousands of dollars.... Not too shabby...
     
    SirChocula likes this.
  17. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    https://en.wikipedia.org/wiki/Causes_of_World_War_II

    This ,for anyone..and you.

    nope, not thinking the great depression ,go back,it all started way before that.

    if my grasp of history is so poor ,then don't agree with me.
    and ,so, there was more lost in a month of bitcoin then was lost in the crash of 29. thanks for that.

    your still speculating. you got a crystal ball or something,sell everything and buy all bitcoin then if that pleases you. the dollar survived the depression ,because there was nothing else , it was a government regulated currency, everybody was already invested in it .it couldn't just die.when crypto totally fails,the dollar will still be a dollar.around 80 cents cdn give or take .backed up by Governments and real assets. and the blockchain may be usefull by then.

    pretty shabby for anyone that paid more than 6 or 7 thousand per as some did.if you got in early ,good for you..I hope ya don't lose to much, in the crash..

    and I didn't use my hockey cards from the 60/70's for spokes ,I clipped them on to the forks with clothes pins off the clothes line .so they would make a noise when the spokes hit them as I rode ,lost a fortune there :( .and Gretsky rookie card ,and some others I have ,will allways be worth, something to someone .more so than a bitcoin. now I'm speculating.

    I've already sold a couple of complete sets ,and made some money ,I can't lose.

    back on topic.
     
    Last edited: Feb 7, 2018
  18. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    Did you even read the link you posted? It actually has the Great Depression in it.... thanks for proving my point for me...

    And the Great Depression still had far more impact than a bitcoin crash - the cash losses are comparable but the IMPACT isn’t.... not to mention we still have no idea what Bitcoin’s value will end up at...

    For the record, I have no money invested in bitcoin and have never had more than about $20 invested in it - used it once to make a donation to a website...
     
  19. captaincranky

    captaincranky TechSpot Addict Posts: 13,720   +3,143

    While we're on the subject of "the great depression", a lot of factors led up to that, including, "the dust bowl". It makes sense that the stock market can't trade in commodities which for one reason or another, didn't come into being.

    But, the bulk of those commodities were corn wheat, and other food stuffs. You can't eat or sell food you don't have.

    After the great depression, the US Federal Reserved either came into being, or was massively strengthened. This was justified as a way to stabilize our currency. Also keep in mind we were still on the silver standard, and you could still demand silver for paper.

    Now, crypto-currency is neither a food stuff, or a precious metal. Which means you can't either eat it, or trade it for silver or gold. It's just a jumble of letters on some clown's server. The internet has made cyber-space "real", when it is still in the realm of the imaginary. And I guess it's sequitur that imaginary money becomes real under that illusion. Any businesses which are embracing this nonsense, I would bet, are getting rid of it for "real money", (fiat or otherwise), ASAP.

    Food, fuel, and clothing are tangible goods. Google's billions of dollars raked in for advertising, just take genuine currency out of circulation, and places a burden, not a benefit, on the world's economies.

    The world is chock full of parasites who have never gotten their hands dirty in honest work, and those launching string upon string of numbers portrayed as "money", fall easily into that category.

    Now, since we've had the Federal Reserve, we've never experienced another true depression. Stock brokers and bankers shouldered the responsibility for almost causing another depression, but they all fall into the category of parasites which siphon off the nations cash reserves as well. Still, "almost" only counts in horse shoes and hand grenades, or so they say.

    In any event, ponder these images while you try to eat bitcoin for dinner:
    [​IMG]

    [​IMG]

    https://en.wikipedia.org/wiki/Dust_Bowl

    https://en.wikipedia.org/wiki/Timeline_of_the_Great_Depression

    Keep in mind the depression followed "the Roaring Twenties", a period of decadence only surpassed by modern "politically correct everything goes America", and prior to that, the teachings of the Marquis DeSade.
     
    Boilerhog146 likes this.
  20. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    Totally awesome post there Captain,

    I didn't think it was necessary to go into such detail,the Great depression affected everyone ,of that there is little doubt,again, as the link shows ,the only effect it had on starting WWII was the added preasure it put on Germany,as they were still paying restitution for WWI, which the Germans and others also started.HItler .another SNAKE OIL SALESMAN. he got his.

    I read every word .Did you? oh, that's right, your a History major,you didn't need to.you read down to where the Great Depression was mentioned ,then ,came back and posted.it was not mentioned again for all the information contained .

    No point was proven.only how far someone will go off topic to try to prove a meaningless point.for the sake of argument,
    it has absolutely nothing to do with the losses to bitcoins value,the topic of the article.

    A bitcoin is that and the Dollar is something else all together ,no relation,,still speculating, spin it again. I got all day..

    Ya stroked a nerve there captain..

    the womens pic .is a copy of many women here in NFLD, that had Husbands and sons and daughters also ,that never came home ,some of them were direct decendents,FAMILY.I remember,every day ,the pictures are on the walls, still.,.thankyou..
     
    Last edited: Feb 8, 2018
  21. David from LA

    David from LA TS Rookie

    You should re-read what I wrote and maybe pick up a finance book for dummies. What you believe the currency is worth has 0% to do with the currency's spot price. Spot is determined by the macro-factors I mentioned. Your concept of belief (or in finance, we call speculation) only affects financial instruments with no fundamentals, like bitcoin, and does not affect a currency like USD's spot price. It does however affect futures but 99.9% of the population doesn't even know how to trade it, and definitely not you.

    Unlike your overly simplistic illustrations of marbles and pokemon cards, USD is actually backed by the central bank, not by people's beliefs. Essentially, that's like Nintendo saying you are guaranteed a value if you trade in a specific card for the lifetime of the card. Similarly, as long as the macro-factors are strong, USD's value will stay. You should seriously google "how is currency valued" or something. I am not sure if I am getting to you. You are like a politician, the more you repeat yourself some false facts to be true, the more you actual believe it. Either that or you are completely ignorant.
     
    Boilerhog146 likes this.
  22. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    Just because the Wiki article only mentions the Great Depression the one time doesn't mean that it wasn't a major cause of WW2...

    Had the other nations not been in the depression while Germany had already dug themselves out (say what you will about Hitler, he DID get Germany out of their economic hardship - although most wouldn't think his methods were worth it), they might have put a stop to Hitler's expansionism when he tried to annex the Sudetenland... or Austria...We'll obviously never know...

    The reason I mentioned it was simply that it was a major economic disaster - that had incredibly far-reaching effects... yet despite this, it did not end the US Dollar. The Bitcoin "disaster", which I would argue isn't nearly as disastrous as the Great Depression, will also not mean the end of the Bitcoin.

    It really shouldn't have been such a hard logical leap... but hey, now maybe you've learned something :)

    I understand your point of the US Dollar being backed by the central bank.... but what backs the bank? The government.... and what backs them? The people.... It all roots down to BELIEF or CONFIDENCE.... If no one believes that a currency is worth anything, it becomes worthless.

    Now, there are things - REAL TANGIBLE THINGS - that give us confidence in the US Dollar... things like the US' buying power, GDP, military, etc... But if those were to go away.... or if we BELIEVED that they had gone away.... then the dollar's value would plummet.

    I don't think we are really disagreeing here - I'm speaking in generalities and you are going into specifics... The reason I am only speaking in generalities is because my POINT was simply to compare crypto-currencies to so-called "real" currencies.

    People argue that digital currencies are backed by "nothing"... and this is certainly true... But once tons of people believe that the underlying system is secure, fantastic, efficient, etc.... then they will BELIEVE that these cryptocurrencies have value... There will not be a need for a central bank, or government to back the currency up - belief will do fine....
     
  23. Cycloid Torus

    Cycloid Torus Stone age computing. Posts: 3,491   +914

    "once tons of people believe that the underlying system is secure, fantastic, efficient, etc.... then they will BELIEVE that these cryptocurrencies have value..."

    I'm pretty sure that is unlikely. More likely is that the illegal uses of crypto will be under continued pressure - regulations, legislation, investigation and prosecution - so it will not receive broadbased support.
     
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  24. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,880   +909

    I'm glad you think it's unlikely.... however, many people disagree - enough to pour billions of dollars into these currencies... obviously only time will tell, but it would be pretty foolish to simply state "these currencies are doomed"....

    I'm sure that's what everyone said back when Christianity began... "bah, that religion is nuts, no one will ever believe that a Father, Son and Holy Spirit can all be one all-powerful God"...
     
  25. Boilerhog146

    Boilerhog146 TS Evangelist Posts: 608   +211

    Enough to lose billions of dollars in these currencies , that's better.

    Sure .,Give Hitler a Pat on the Back... he .robbed ,murdered ,committed Genocide., got a moment in the sun, before the whole country was virtually wiped from the face of the earth.at the end of WWII, good job indeed.

    ,you are like that guy in Ottawa ,when he gets challenged ,he reads again word for word from the paper with a little more emphasis.on key words..Bad skip on a bad recording.

    these currencies are doomed .they were created ,just as a tool to get every one in on creating the Blockchain,which is the only thing that will survive out of all this madness.other wise those big corp would have had to do it themselves ,footing the bill themselves. Brilliant .

    no one is mining bitcoin anymore, not anyone with a gpu rig anyway.the remaining coins will be mined by the big asics,owned by WHO? exactly.
    there will come a time when all the other coins meet a similar fate .also like bitcoin ,will become so volatile ,no one will trust or believe in them and they will ultimately die.the blockchain will still exist ,controlled by those big corps .that are setting up just for that time.

    Marbles ,Christianity, what next. .... though I did learn something ,what a waste of time it is to reason with some peops.I think I'll go read something relevant now..
     
    Last edited: Feb 8, 2018

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