Bitcoin Value Death Spiral

How close did Bitcoin get to disastrous chain death spiral?

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Michael Molman 6 years ago Contributor's comment

People usually say something is a bubble when people who have no history and no knowledge of investing start promoting it. I think that description fits bitcoin very well. The only thing that gives bitcoin value is peoples belief in it. History shows it doesnt take much for belief to evaporate. #bitcoin

Danielle Rogers 6 years ago Member's comment

Don't forget the criminal element. #CryptoCurrencies have been a huge boon to them. They pump billions into #bitcoin and other cryptos since it is untraceable. $BITCOMP

WOWCD 6 years ago Member's comment

This guy is talking bullsh*t.

Barry Hochhauser 6 years ago Member's comment

I've always enjoyed Ernie's posts. I wouldn't be too quick to dismiss what he has to say. He may not be right all the time, but he often has good insight that's worth a listen. And the best investor take into account all perspectives without dismissing them out of hand.

Sensible Cents 6 years ago Member's comment

Why do you say that?

WOWCD 6 years ago Member's comment

BTC market cap : $118,950,369,948

He thinks this money will disappear? Cryptocurrencies are a bubble but give it 5-10 more years and we will see what will evolve from it.

BTC holders won't allow for crash to happen. Forks can happen but "Death Spiral" this dude needs to chillout with his fear monger

Bill Johnson 6 years ago Member's comment

Where do you think it's headed? You think it's a bubble but think it will increase in value long term? That's an interesting viewpoint I haven't seen before. Why do you think that?

Ernie Varitimos 6 years ago Author's comment

Bitcoin is benefitting from strong brand recognition. It's technology is being eclipsed as new projects and new use cases are addressed. Bitcoin's use cases are there's really only one path for the original, and that's as a store of value. But even that it tenuous because there are so many ways the value could be cutdown that branding cannot save.

Sensible Cents 6 years ago Member's comment

The headline may be sensationalistic, but you can't say bitccoin holders won't allow a crash. First of all, it may be out of their hands. Second of all, crashes have happened many times before. Remember when bitcoin lost around 70% of it's value when Mt. Gox went bankrupt?

Ernie Varitimos 6 years ago Author's comment

there have been at least two instances where Bitcoin experienced significant drawdowns, one at 84% the other at 93%. The most recent drawdown, the result of the Segwit2X debacle, Bitcoin drew down 50%.

Duke Peters 6 years ago Member's comment

Sure, #bitcoin owners can't necessarily control what happens, but they have a rabid fan base and loyal owners which will make it hard for the value to drop long term. I'f say they are as faithful as $AAPL owner. I think that's what @[WOWCD](user:56252), was referring to.

$BITCOMP #crypocurrencies

Ayelet Wolf 6 years ago Member's comment

What do you mean "what will evolve from it?" I'm curious to hear your thoughts.

Ernie Varitimos 6 years ago Author's comment

You may be hurt because of your personal investment, and want to believe that it is invincible, but investors need to know just how vulnerable #Bitcoin is and what those vulnerabilities are.

Michele Grant 6 years ago Member's comment

Very true, I've often warned about getting mixed in with the #bitcoin craze. At some point, governments may make it illegal or require regulations. Or hackers could potentially steal all the value. Give me good ol' gold any day. $Bitcomp

WOWCD 6 years ago Member's comment

I dont have personal investment, you are just talking nonsense. If you are such a good analyst where are your millions?

Dick Kaplan 6 years ago Member's comment

I don't understand why people get so emotional about #bitcoin? It is an investment like any other with it's own inherent risks and upside potential. While I'm not convinced that bitcoin is the holy grail of currencies, I don't believe it will be going away any time soon. I certainly wish I had invested in it long ago. Had I, I'd be doing very well right now.

Ernie Varitimos 6 years ago Author's comment

The big difference is that most other investments have a commodity or something physical that can't be diminished or wiped from existence.

Ernie Varitimos 6 years ago Author's comment

So you have no rebuttal to my points, just disagreement without any real opinion. You are likely very inexperienced. I do very well by the way.