Anyone that bought BTC at 18k is a bumbling idiot and they deserve their wealth to dwindle. Probably sucked in to the hype after watching it double several times and the greed set in their eyes.
Cryptocurrency like the Blockchain is here to stay, and of course there will be many casualties but after all this is a gorilla game. I remember when a typical cryptocurrency market cap was several millions of dollars and even then doomsayers predicted the worst. Now tens of billions of dollars later despite the fall, more regulation, an "ok" from CFTC, SEC, Governments, etc... it would be inconceivable to think a winner won't emerge.
Intrinsic value you ask for? One of the most innovative technology ever. The Blockchain is what you call a Platform tech. These cryptocurrencies is what you call pilot studies. There is a bigger payday for those that solve issues such as scalability.
@tradergurl I'm starting to suspect you traded crypto and got burned, and since then your mission is to give it hell =)
Dude, if I traded crypto I'd be able to solve world hunger with the profits lol :-) I actually really like the idea of crypto, and really want it to become mainstream. I just can't stand all the hype and bullshit and fantasists and dreamers who think they're all going to be millionaires on it... Bitcoin to $100,000 by the end of the 2017 ? lol.
I don't doubt some crypto will survive, probably not bitcoin but one of the useful ones. Until there is mass adoption it's just a highly speculative market for short term profits, nothing else.
Something to note... you see that other side of the curve after the big bitcoin peak ? As you already know, for every seller there has to be a buyer, so people were still buying into it, all the way down to where it is now... If find that sad but interesting :-(
The "mass adoption" needed is a delusion. The market caps should tell you that it'll go whenever, wherever it wants to. I also doubt VC's, Banks, and others whom is fueling the infrastructure race wants their positions to be diluted by the masses. Despite the rise and fall the majority of bitcoins biggest wallets did not decline, hence no dumping by biggest shareholders. Market manipulation is easy in this space, human sentiment is even easier to manipulate.
I do believe the forces at work are more sinister, and devious than previously imagined.
Awww you care about others potential loss... This is my face -_-
lol, I feel bad for the people that bought into that bubble. That wasn't a tiny minority of geeks on the internet who knew what they were doing, that was the 'ordinary folks' piling in because they were told that bitcoin was going to the moon and they could make it rich.
An awful lot of normies got stung, that would be pension money, college funds, life savings. Yes I know it's nobodies fault but their own, but they made bad choices based on bad information.
The problem I see for Bitcoin now, is where is the money going to come from ? All those people got stung, some probably still in pain, so they won't be investing any time soon. Virtually all the geeks are already long, so who else is left to buy ?
Not many institutional investors will touch it because a) it's a penny market to them and b) too risky for too little gain. All this "$100,000 by the summer !", where exactly is the 2 trillion dollars coming from that would make that happen ? I just don't see it, especially when investable dollars are now being spread over 1500+ currencies.