
Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash - prlambert
https://www.bloomberg.com/news/articles/2018-09-12/crypto-s-crash-just-surpassed-dot-com-levels-as-losses-reach-80
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carlmr
I think that headline is an outright lie. It's not as big as is stated in the
article itself, and it has basically no impact on most people's lives, because
it was expected by almost everybody.

They have hype in common, that's all.

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coldtea
> _and it has basically no impact on most people 's lives, because it was
> expected by almost everybody._

Worse for those that have invested in crypto it means, not most people

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jstanley
It's only worse for those that invested in crypto during a period of a couple
of months last year.

People who gambled on crypto any time before October are still up.

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imustbeevil
That's 11 months ago. You're saying that for virtually an entire year everyone
who has invested in cryptocurrencies has lost money. That doesn't seem
significant to you?

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jstanley
Fair point

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TangoTrotFox
What exactly precipitates articles like this? Reading this headline I went to
naturally go check the price of Bitcoin [1] and was expecting some... well
something. Instead it's up about 5% on the month, a bit more than 1% on the
week.

In my cynical mind this just reads _' It sure is a slow news day, but we need
to put something out. I know! the old trusty Bitcoin is crashing... or
something!'_ Is there some other event that precipitated this that I missed?

[1] - [https://www.coindesk.com/price/](https://www.coindesk.com/price/)

~~~
coldtea
> _What exactly precipitates articles like this? Reading this headline I went
> to naturally go check the price of Bitcoin [1] and was expecting some...
> well something. Instead it 's up about 5% on the month, a bit more than 1%
> on the week._

It was $19000 last year and ~ $6200 today, doesn't that give you any pause?

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brazzy
It was already $6800 in February. What has changed since than to write about
"Crypto’s 80% Plunge" _now_?

~~~
coldtea
Articles are not just for breaking news.

They are also for reflective pieces covering a longer period of time.

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woodpanel
Headline is a bit misleading - but nonetheless the crypto-route has been a
huge destruction of capital.

My biggest issue with the article: You cannot just compare 2008's route of
_one stock index_ with some arbitrary Crypto-Index. It's an unfair comparison.

I've did this just weeks ago myself: 2008's loss in S&P500 market-cap vs. this
years loss in market-cap of the 5 leading crypto-curriencies. Which was about
a third (Yes, it is just an approximation - it lacks the 2008's loss of
market-cap in assets around the world, but so does it exclude ICOs and crypto-
derivatives).

What makes such a comparison interesting though: The crypto-route was huge
nonetheless, but it was more or less isolated. Which maybe was a good thing.
If we were to believe in cyclical markets, with bubble-bursts being a
recurring integral part, then maybe crypto was a "booby-trap" for spoofing
speculation into it and save the rest of the financial markets this time?

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jake_the_third
I've actually been hoping and waiting for this to happen.

I've been keeping an eye on bitcoin long before the bitcoin faucet dried up,
and am a big believer in bitcoin as a practical currency rather than something
to gamble with. Hopefully with this, bitcoin becomes usable again as means to
transact in low-value trades with other people.

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phpnode
So... This is good news for bitcoin?

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bernardlunn
These types of MSM clickbait headlines are a pretty reliable buy signal

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klingebeil
I will never understand the reflex of decrying news as "FUD" or outlets as
"MSM", if journalists don‘t write what you want to hear.

