Originally published at: https://boingboing.net/2017/11/30/bitcoin-loses-fifth-of-its-val.html
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In other news, Bitcoin is highly volatile. That’s been the case for some time now.
This too shall pass.
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Will there be drug dealers jumping out of windows?
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Back to $10,000 as of 3:40pm PT.
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It’s a scam, next year it’ll be worthless, he said grumpily.
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In missing persons news - the last greater fool has finally been found.
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Boingboing likes to write articles like this whenever Bitcoin slumps. I’m not particularly a fan of Bitcoin nor do I have any interest in owning any, but the hate-boner for it is amusing.
See, for example:
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LOL. Yes, Bitcoin dropped 20% from a very brief peak, all the way back to the price it was at… three days ago. Alas!
(A price that’s 60% higher than it was at three weeks ago, and over triple what it was four months ago. Yep, sure is collapsing.)
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My favourite thing about Boing Boing comments is the community runs fact checking on the articles while remaining civil and entertaining.
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Uh, oh. Could be a classic bubble blow-off. Look for a huge range and peak in one week with another similar range the following week that doesn’t quite reach the previous high. Looks like railroad tracks on a price chart. A pattern that is usually followed by a sell-off (see charts of the tech bubble bursting in March 2000 to Aug 2002. The NASDAQ rose almost 450% from '95 to early 2000, but by August 2002 had lost over 80% of its value). The problem is that most people in bit coin right now are speculating and have been in it less than a year. The luckiest of those have made 10x their money. Most have made 3x or less. The vast majority are inexperienced traders and likely can’t afford 25% price swings. If it doesn’t get past 11,400 in the next week or so, there’s a decent chance you’ll see 1,000 again before you see 12,000. Bubbles burst. That’s what they do. And no, it’s not different this time.
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If you’d been burned as badly by Beanie Babies as BB was, you’d harbor a grudge against any similar thing too.
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Thank goodness milk isn’t suddenly $20.
Hodlers rejoice! The headline was premature. It should have read:
Bitcoin loses and regains fifth of its value in 48 hours
(For the record, I am aware that if it lost a fifth of its value, it has to regain a quarter of its now-reduced value to get back up to par, but a more accurate headline is less catchy.)
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You might make a good bit of money by speculating on bitcoin, but I’m not sure if it’s liquid enough to take advantage of wild swings like this.
In no case should you consider it an investment.
I tend to avoid anything which looks a bit like it has gone exponential on a chart. Usually you are not too far from the top.
I wonder how much all of this really costs?
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