I'm referring to the most recent one that I believe most are familiar with: when Bitcoin reached ATH of $20,000 and then plummeted to $4,000 [ I think that was the lowest... ]
I'm not against BTC, and I'm not saying it's dead, I'm just pointing out the obvious crash that recently happened :^)
You're cherry picking my argument. My point was that we've seen this happen numerous times in the past to the point where its a trend. Every other time we saw this pattern, the price ended up higher than where it started.
So, its more "bitcoin hasn't crashed yet, and has exhibited this trend before and didn't crash then, therefore if I'm not wrong and its still following this trend then it will not crash"
At this point, BTC is very much known for its extremely high volatility (source: look at the price history since inception).
There hasn't been a single year since it launched where it hasn't displayed outrageously wild swings: at this point, it's pretty clear that the wild volatility is an intrinsic attribute of this particular asset class.
Therefore: not a crash, just Bitcoin's business as usual.
i don't think its crashed at all in the last 8 months. we've seen some shakeups, sure. But I can think of two crashes in the entire history of bitcoin.
June 2011. from 30 down to under $1, and Feb 2014 when MtGox finally imploded.
These last few have been sell offs and market manipulation which only lasted a few days.
BTC crashed from 19k down to 9k. A lot of people lost a lot of money. Why are you discrediting this? Because BTC was even lower before? How is that related?
I'm sure it's been stated already... And well, I'm no Bitcoin fanboy, but didn't the price just go back up to what it was 2 days ago? That hardly sounds like a "crash" to me.
Obviously he's referring to the current value compared to the high last year. You know where the current price of bitcoin is over 75% less than it was last year...
Any time something loses 75% of it's value (and still dropping) and you say, "what crash?", you're not fooling anyone but yourself. Even if you got into bitcoin on day one.
Are you trying to say that the price of bitcoin crashed from ~$3000 to ~$300 immediately on August 1st 2017, and that coincidentally at the same time, a brand new asset appeared that had the same price that bitcoin did a few seconds earlier?
A lot of people calling "crash" and saying the bubble has burst. Yeah it's "crashed" back to double what it was a year ago at it's peak. People in the Bitcoin world have extremely short-term memories. Remember the April 2011 crash? Oh you don't, well then have a look at this chart: http://arstechnica.com/tech-policy/2011/10/bitcoin-implodes-...
I sold my BTC late Jan 2021 for around $30k. Everytime ppl say it has crashed since then, the price is still hovering around 29-30k like the universe is playing some sick joke to me.
So no it hasnt crashed yet. Let me see under 10k, then we can talk.
If you want serious discussion, you should first realize, that there's no "gold standard" of value and it is all relative. So there's not much difference in saying that BTC crashed 50% from its peak, from saying every other currency crashed 50% when BTC was at its peak.
Isn't it too soon to call this a crash (honest question)? I mean, it's at 12k or so now. It was at 6k a month ago. In the eyes of skeptical me, even not knowing anything about financial markets, those numbers don't exactly seem like crashing. Yet.
* Bitcoin reached the price of 10k 2 months ago, at the end of November. The Bitcoin has only lost "one month" of its price, for the moment.
* There has been a dip in the price of Bitcoin every January for the last 3 years. It fell from ~1200 to ~700 in January 2017, for example.
I'm not saying that this is not the "final crash", just that what's happening for the moment isn't really surprising. I saw numerous people predicting that the price will fall at least back to ~8k.
A crash implies you came down from somewhere. Bitcoin came from a price of zero. The 20k peak was just price discovery fueled by mindless speculation for a brand new asset. It will keep settling down, but I highly doubt it will ever be worth less than its value a few years ago again.
I'm not against BTC, and I'm not saying it's dead, I'm just pointing out the obvious crash that recently happened :^)
reply