they ran out of greater fools, with the last batch holding their now worthless bags ...
People should read up on PONZI it may spare them losing their money.
The price schedule for bitcoin was published as going down over time in the first place.
The computing price was silly and retarded, too.
Why would anyone consider it an “investment”??
IOW, their currency is worthless.
At 1,000,000% inflation rate, any currency would be worthless.
Turned $23k into $4k?
He would have had better odds with a state lottery.
"It's a new online currency that's been developed. Uh, it's just like actual money, except you can't see it, hold it, or spend it on anything."
I'm in!
An individual on a bulletin board specializing in cruises described his scheme to get a ‘free’ cruise costing $10K. He planned to invest the $10K in Bitcoin and by the time of the cruise, it would be worth $20K allowing him to pocket $10K and use the other $10K to pay for his cruise, ie, a ‘free’ cruise. He hasn’t come back to tell us how that worked for him.
Note: Article prepared and written by the public relations department of the U.S. Federal Reserve Bank, whose own version of a crypto “bitcoin” is still on the drawing boards.
“I got too caught up in the fear of missing out ...”
This motive has been at the core of every asset bubble going back to the Tulip bulbs.
Fortunately for the guy in this story, he is in his 20’s.
I missed the dot com boom...and the collapse.
Cryptocurrency is not an “investment.”
It is an alternative to cash and the private transactions cash enables.
Big Brother doesn’t like private transactions, which is why he wants to outlaw cash.
"I don't understand. I bought at it's peak. What went wrong???"
it is not, and was never intended to be an investmentCryptocurrency is the best tool for the black market has they use it the most.
HO HO HO, if he had listened to what I said he wouldn’t be weeping now.
Tulip bulbs, anyone?
$6700 today. I actually think that is pretty good. I figured it would be <$1000 by this time.
Bitcoin is hype, while Blockchain IS getting adopted for other things like certificate authenticity and asset tracking.
Neo does one better by being built with digital contracts and asset tracking in mind. It does help the value of the currency if you have to buy it to back your digital contract for selling X copies to be printed on someone’s 3D printer or your house loan to be collateralized but better tracked than the CDO’s that killed the housing market when no one could claim the rights to the house when the mortgage went into default.
That said, a lot of the potential is still potential. The technology needs to be easier to use and work faster to have a strong business case and widespread adoption the way IBM computers dramatically sped up payroll processing and payments processing while lowering costs.