
End of Cryptocurrency is near as Bitcoin drops to new lows - akosipops
https://www.newsweek.com/bitcoin-price-crash-news-extreme-fear-and-sell-grips-cryptocurrency-market-1224221
======
will_pseudonym
"Neil Wilson, the chief market analyst at Markets.com, called it a
"bloodbath."

“Things looks like they only get worse from here. Where is the incentive to
buy? It does rather look like the bottom is coming out of this market,” Wilson
told The Guardian."

Disclaimer: I have never owned cryptocurrency.

It's always humorous to me that analysts end up recommending you buy when the
prices are at absolute highs, and never recommend buying at relative lows. The
fundamentals of BTC haven't changed from a year ago. If you believe in BTC at
all, it's a steal right now compared to its potential future value or its
previous high from last year.

~~~
sdinsn
> The fundamentals of BTC haven't changed from a year ago

Arguably, they have, due to hard forks.

~~~
will_pseudonym
I don't have a lot of knowledge of the hard forks, but I can see that it could
definitely change the potential demand of BTC. Is there a BTC fork in your
opinion that is most likely to succeed?

~~~
Fjolsvith
Also, there seems to be a 'war' going on between the two forks. [1]

1\. [https://blog.cotten.io/bitcoin-coin-fork-satoshi-vision-
losi...](https://blog.cotten.io/bitcoin-coin-fork-satoshi-vision-
losing-1-500-an-hour-7b49a5e5bae1)

------
yasp
I have zero financial interest in cryptocurrency. However, I don’t expect this
to be any different than the pop of the dot com bubble. Many people will swear
off cryptoassets, but eventually will emerge certain coins that will end up
analogous to the current “dot com” stalwarts.

------
Yetanfou
I'd like to propose a currency which value is linked to an intrinsic,
unchangeable property of the human race: the amount of water needed daily by
an average inhabitant of this planet. Mark that I state 'needed', not 'used'
as that number varies enormously depending on where you look and who you look
at. To makes things a bit easier we'll set this amount to 5 liters, this being
slightly more than needed but still a small enough number to work with. 1 unit
of this currency will buy you this amount of water both now as well as in the
future. This should make the currency worthless as an investment option but
stable as an exchange medium, just what is needed to allow this currency to
remain viable in the now and in the future no matter how many very hungry
caterpillars [1] try to hoard it. Call the smallest fractional denomination a
Drop, 100 Drops are a Thimble, 100 Thimbles a Swig, 100 Swigs a Pail, this
being the smallest non-fractional denomination.

Yes, there are problems here, e.g. how to organise emission of this currency
into the market without creating the same problems as current fiat currencies.
The basic idea of having a currency which by nature can not be used for
investment purposes as its relative value is guaranteed to remain stable over
time does serve a purpose but it needs some more thought.

[1]
[https://en.wikipedia.org/wiki/The_Very_Hungry_Caterpillar](https://en.wikipedia.org/wiki/The_Very_Hungry_Caterpillar)

------
bitxbitxbitcoin
This isn’t the end anymore than any of the last times were the end.

------
electic
Seems like a clickbait title that is not even the title on the original
article on the site.

Either way, this is nothing compared to the 2015 crash and probably the 100th
time someone has said it's over when it really isn't.

------
moneytide1
I don't hoard BTC so I can "get rich".

I use BTC to actually purchase goods/services, but this recent roller coaster
is starting to spook my vendors away from transactions.

Thanks alot, bitcoin "investors"

------
arnvald
It's the end for a lot of cryptocurrencies (which is good, they've been so
hyped and yet most of them didn't provide any value), but not the end of the
concept of cryptocurrency.

------
deweller
I remember when Newsweek was a credible news organization. But they lost all
of my respect when they published a piece claiming that they had found Satoshi
Nakamoto.

------
willio58
No it isn’t. It’s just one more dip as the bubble sheds some volume. There
will probably be more dips, but the ideas behind cryptocurrency are being
implemented in some businesses as this bubble pops.

------
ggm
end for some.

