Crypto’s 80% Plunge

[Vapys]

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000.

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[hero76]

Unfortunately interest in crypto is plain dead. Lets face it there has been no mass adoption and no one even knows what 99% of the tokens even do!

 

[artur core]

Unfortunately interest in crypto is plain dead. Lets face it there has been no mass adoption and no one even knows what 99% of the tokens even do!

And?
I mean where is the problem? You and all your ancestors together also dont know how 90% of the food on this world tastes. Why should everybody know what every token / coin is for?
Crypto isn't even close to dead. Its just your weak hands which will complain in a few years again.

 

[blogzandstuff]

And?
I mean where is the problem? You and all your ancestors together also dont know how 90% of the food on this world tastes. Why should everybody know what every token / coin is for?
Crypto isn't even close to dead. Its just your weak hands which will complain in a few years again.

It's dead in the UK other than a few cryotokiddies who refuse to believe it. As all ponzi schemes, sooner or later you run out of idiots with money to waste

 

[artur core]

It's dead in the UK other than a few cryotokiddies who refuse to believe it. As all ponzi schemes, sooner or later you run out of idiots with money to waste

QQ, MEH MEH. Call sec i've lost my money! QQ
...

:'DD

 

[cparevs]

To be fair i have lost 90% of the money I invested, lost to much to sell now, what is remaining I just have to hope that one of them will pick up at some point and cut my losses lol

 

[artur core]

To be fair i have lost 90% of the money I invested, lost to much to sell now, what is remaining I just have to hope that one of them will pick up at some point and cut my losses lol

Why didnt you take out your investment + a nice bonus?

 

[rimvy]

It's dead in the UK other than a few cryotokiddies who refuse to believe it. As all ponzi schemes, sooner or later you run out of idiots with money to waste

Ok. How Bitcoin/Crypto is ponzi scheme for you, because looks like you don't know how ponzi scheme looks like.

 

[INCC]

It's dead in the UK other than a few cryotokiddies who refuse to believe it. As all ponzi schemes, sooner or later you run out of idiots with money to waste

It's dead in the UK because of the regulations and because some of the biggest banks refused to deal with it and started to ban people who traded coins.. it didnt just die out for no reason. There was a quite big market for it.

 

[redjebo]

Why didnt you take out your investment + a nice bonus?

Well why should he? You just said crypto is well alive and doing great and only weak hands do complaining. So why should anyone "take out their investment + a nice bonus" when that's what "weak hands" do and everyone should invest and not retract investments, there is a bright future for crypto, keep investing, hodl, to the moon etc?

 

[overdozer84]

Crypto just need time, blockchains are the futur for sure

 

[The Blackhat Guy]

It's dead in the UK other than a few cryotokiddies who refuse to believe it. As all ponzi schemes, sooner or later you run out of idiots with money to waste

Lol dude you have any idea what ponzi scheme means?

 

[blogzandstuff]

Lol dude you have any idea what ponzi scheme means?

Lol! Didn't someone else say that
Someone else also thinks so
https://www.bloomberg.com/news/arti...-are-like-ponzi-schemes-world-bank-chief-says

 

[trunkss]

Ex-banker here...

Crypto was never meant to be an investment but a transaction "instrument". I bought bitcoin for the first time when it cost 17$. I just bought, used and kept the change.
Obviously this means that had I kept some bitcoins I would have made thousands if not millions. However, I never saw crypto as an investment and really, it wasn't what it was made for. That's why I think the potential for vallue growth, now, in crypto is very limited.

That's just a personal opinion. As I said above had I kept some bit coins I would probably have millions now.

 

[trunkss]

Sorry, for posting again. It's not that I don't see value in crypto. I find it very valuable and very useful, but not as an investmnet.

 

[Dantello]

Ex-banker here...

Crypto was never meant to be an investment but a transaction "instrument". I bought bitcoin for the first time when it cost 17$. I just bought, used and kept the change.
Obviously this means that had I kept some bitcoins I would have made thousands if not millions. However, I never saw crypto as an investment and really, it wasn't what it was made for. That's why I think the potential for vallue growth, now, in crypto is very limited.

That's just a personal opinion. As I said above had I kept some bit coins I would probably have millions now.

Exactly. The attitude these days is the exact opposite for most crypo fanatics. People refuse to use the coins because they believe that the coins will increase 10-100x in the future, so ironiocly the cryptocurrency community slows down the development of crypto.

When people went crazy for cryptocurrency in December, did they talk about how this revolutionary technology has the potential to give more freedom to the people and take power from the financial institutions? Hell no. The interest lied in the fact that the currencies saw a extreme gain in price.

 

[justbrowsing1]

Hardly surprising, I got lucky and cashed everything out when bitcoin was $9-12k on the way up, was hard work not to FOMO back in but fairly clear to anyone with an IQ above 5 that companies without a product or any income aren't worth $1 billion or more, best part is you don't even own shares in those worthless companies, just a useless 'utility token' lol.

 

[jasonforrest]

I have made bad investment decisions before, lost a lot, but will own up to it.

The guys in here calling Bitcoin/crypto a ponzi, scam, or other bs have obviously been hurt, I see this a lot. Usually it is people who bought into the hype, probably at the top or near top, having no idea what crypto is, does, used for, nor did they care. And the bubble burst and crashed down, they panic sold, thinking they're damage controlling and salvage whatever they can, sell, at loss, upset and angry, and will take weak stabs (as one loser in this thread has done already)

Then again, calling a ponzi without knowing what a ponzi is, just because "someone else called it a ponzi" also shows his character and credibility a million times through lol

 

[blogzandstuff]

I have made bad investment decisions before, lost a lot, but will own up to it.

The guys in here calling Bitcoin/crypto a ponzi, scam, or other bs have obviously been hurt, I see this a lot. Usually it is people who bought into the hype, probably at the top or near top, having no idea what crypto is, does, used for, nor did they care. And the bubble burst and crashed down, they panic sold, thinking they're damage controlling and salvage whatever they can, sell, at loss, upset and angry, and will take weak stabs (as one loser in this thread has done already)

Then again, calling a ponzi without knowing what a ponzi is, just because "someone else called it a ponzi" also shows his character and credibility a million times through lol

When top experts not bedroom economists call it a ponzi scheme then I'd certainty listen to them than someone who doesn't know what it is

 

[Dantello]

I have made bad investment decisions before, lost a lot, but will own up to it.

The guys in here calling Bitcoin/crypto a ponzi, scam, or other bs have obviously been hurt, I see this a lot. Usually it is people who bought into the hype, probably at the top or near top, having no idea what crypto is, does, used for, nor did they care. And the bubble burst and crashed down, they panic sold, thinking they're damage controlling and salvage whatever they can, sell, at loss, upset and angry, and will take weak stabs (as one loser in this thread has done already)

Then again, calling a ponzi without knowing what a ponzi is, just because "someone else called it a ponzi" also shows his character and credibility a million times through lol

The technology is definitely here to stay, problem is rather that the industry is very young and the HODL attitude prevents mainspread use. Additionally the most popular has a lot of problems that needs to be adressed, e.g. Ethereum, the main blockchain behind over 90% of cryptocurrency tokens can't handle one single functional app (look at how clogged the network became when cryptokitties was popular).

Even though I have lost a lot (still holding, never lost faith), I am glad that the crash came. During the bullrun, everyone suddenly thought they were expert investors since they managed to increase their portfolio with 5-10x. People who had no clue what Bitcoin was suddenly wanted to invest. The positive side of the bear market is the fact that more of these immature players are getting out of the market.