
Bitcoin Bloodbath Nears Dot-Com Levels as Many Tokens Go to Zero - tzury
https://www.bloomberg.com/news/articles/2018-06-29/bitcoin-falls-below-5-900-to-wrap-up-a-gloomy-2018-first-half
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joe_the_user
I have no idea if this will end the madness but I hope it will.

Given bitcoin's vast energy consumption, the "production" of bitcoins produces
enough pollution to be responsible for a significant number of deaths,
amortized. [1]

Thus I have zero sympathy with those who may lose money here.

[1]
[https://www.forbes.com/sites/shermanlee/2018/04/19/bitcoins-...](https://www.forbes.com/sites/shermanlee/2018/04/19/bitcoins-
energy-consumption-can-power-an-entire-country-but-eos-is-trying-to-fix-
that/#38659b301bc8)

~~~
DougN7
I always wonder about this attitude.

How do you feel about the aggregate energy consumption of all Candy Crush
games being played (servers, network, phones, PCs, monitors)?

What about all the energy used to grow, harvest, produce, transport and
distribute alcoholic drinks?

For that matter, what about all distributed energy used by Twitter, including
all clients, data centers, network routers, corporate offices, etc (where few
tweets communicate something worthwhile to an actual human)?

~~~
joe_the_user
Obviously, modern humans use energy for consumption (and hopefully for
enjoyment), to varying degrees of efficiency. Racing muscle cars isn't my
thing but I recognize here's an average person spending their gasoline on
something they might get something out of.

Bitcoin seems especially heinous because it a group of moderately well-off
folks burning a truly vast amount of energy essentially for the purpose of
getting more wealth than, say, non-bitcoin owners.

And given that unbridled energy consumption currently promises local and
global disasters on an increasing scale, this particular use of energy
especially outrageous.

Does that explain things?

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aphextron
This is really clickbaity. The title implies Bitcoin just rapidly fell in
value. It's been slowly declining all year, and is still nearly 10x where it
was last year.

~~~
tigershark
Going from 20k to 5k seems like a crash to me...

~~~
donpdonp
Here is another way to look at the price:

    
    
      June 29 2017 BTC $2,480
      June 29 2018 BTC $6,414

~~~
forthefuture
If a stock dropped 60% you wouldn’t consider “it was very recently 10 times
lower” a positive.

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for_i_in_range
If you bought $25k of BTC the first time an article like this ran in 2011
you’d have $75M right now.

Maybe I’ll go ahead buy. Thx.

~~~
ruskerdax
I always have a hearty chuckle when articles like this are published. It was a
little amusing when I saw people freak out when it "crashed" back down to a
value over 500% of what it was just a short time earlier. Now it's even
funnier. I don't know how many times people like this have to watch this
happen before they get a clue.

There are few things more pathetic than someone who has been screeching
arrogantly about the demise of cryptocurrency for over half a decade, laughing
and taunting when the price decreases or someone gets scammed, and gnashing
their teeth and desperately tweeting or posting when it soars, yet again, in
response to market demand. If they'd used one PC to mine BTC in their downtime
instead of screaming "LOL libertarians" they'd have paid off their house. If
they'd put a few hundred dollars into it at literally any time in 2013, they'd
be sitting on at least as much.

Please keep doing this stuff. It never gets old to me.

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Haydos585x2
Hmm, I'm not sure this will end cryptocurrencies but I think it might make
some of the less tech-savvy users really think about their investments and who
is giving them what advice. I have a small holding that I've held for a while
now and I like that but when BTC/ETH was reaching their highs and I had non-
tech people buying into it because "it has to go up" had me rolling my eyes.
It almost feels like people that are true believers in real estate and think
that purchasing a house at any price is a good idea. I'd hate to see this end
any long term cryptocurrency development/adoption and I don't think it will.

~~~
api
Never invest in something you don't understand.

~~~
lsd5you
Which apparently is the psychology of others.

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trishmapow2
Clickbait title and actually references 'Dead Coins' website which is
completely unreliable - not to mention the fact that I could 'create' a new
token worth zero in about 5 minutes.

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chrisco255
Almost immediately after this article was published, the BTC price jumped
8.72% : [https://coinmarketcap.com/](https://coinmarketcap.com/)

Crypto market caps move rapidly in either direction. They're extremely
volatile. And this is nothing new. BTC has had much bigger dips before (%
wise) and it will have more peaks and valleys as time goes on.

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KasianFranks
A long tail of under performers exists for websites, apps, stocks (especially
OTCBBs) etc. Crypto is no different. Just as with websites and apps, crypto
will have it's own long tail of under performers. It makes perfect sense.

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mavdi
According to such articles bitcoin has been crashing for nearly 10 years. The
problem often being it being compared to other assets. It's a totally new
concept and has never followed any previous pattern in human history.

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granaldo
Price movement with jumps like this

See
[https://www.coingecko.com/en/coins/bitcoin](https://www.coingecko.com/en/coins/bitcoin)

It is always too early to call it dead or alive

------
ganeshkrishnan
News of my death have been greatly exaggerated.

\- Mark Twain

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lostmsu
Dollar bloodbath nears dot-com level as many shitstocks go to zero.

