Drudge Retort: The Other Side of the News
Monday, December 03, 2018

Just one year has passed since bitcoin enthusiasts forecasted that the cryptocurrency would hit a price of $1 million. But that was then. With the price of bitcoin ... having fallen almost 80% from its peak, and now trading well-below the support level of $6,000, everyone is wondering where it goes from here. The answer is, a swift and painful drop to zero.

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Link to article is as worthless as bitcoin.

#1 | Posted by 726 at 2018-12-03 09:47 AM | Reply | Funny: 1 | Newsworthy 1

www.marketwatch.com

good link

#2 | Posted by TaoWarrior at 2018-12-03 09:57 AM | Reply


... what am I going to do with a set of numbers that I cannot prove makes me an owner of anything? ...

Well, if you mined those numbers yourself, you are likely the owner of a huge electric bill....


#3 | Posted by LampLighter at 2018-12-03 10:02 AM | Reply | Newsworthy 1

I don't think it will go to worthless.

It was never really meant to be an investment strategy it was a Utopian medium of exchange. Free from government taxes oversight and regulation. What I foresee happening is that the day traders bail on it, the price goes down to a more rational level and the folks who want to use it as a medium of exchange take back the market. The price will probably bobble in the cost to mine range and barring any major hitches like another Mt. Gox hack or something that causes users to lose faith it will survive as the uber-libertarian medium of exchange.

#4 | Posted by TaoWarrior at 2018-12-03 11:18 AM | Reply | Newsworthy 1

Ideally a currency should have a stable value.

#5 | Posted by visitor_ at 2018-12-03 11:45 AM | Reply

Beanie Babies are fairly priced at $5.

That's actually a decent bargain.

Once, someone told me about a penny stock that was gonna go through the roof. It is for some anti-oxidant drink. So, I bought about 10,000 shares of it for $100. Then the company went bankrupt and the price of the stock went down to $.00000something.

So, I did what any normal guy would do, I bought 1 million shares for like $1 (ya know, so I could say I owned a million shares of some stock).

#6 | Posted by kudzu at 2018-12-03 11:54 AM | Reply

Boaz is ruined

#7 | Posted by ChiefTutMoses at 2018-12-03 12:52 PM | Reply | Funny: 1

Boaz is ruined
POSTED BY CHIEFTUTMOSES AT 2018-12-03 12:52 PM | REPLY

A fool and his money are easily parted.

#8 | Posted by LauraMohr at 2018-12-03 12:55 PM | Reply

Who knows how it will turn out. I thought it had seen its peak when it first hit $1,000 and then dropped to 250, and bounced between 400-500 for a year. Then the price skyrocketed to $20,000. My college roommate bought at $420 a few months after the $1,200 peak and he definitely has no regrets about that gamble. There is still a proof of concept in the idea of near-untraceable currency, unfettered by central government control.

#9 | Posted by GOnoles92 at 2018-12-03 02:21 PM | Reply

When I suggested Bitcoin was a fools errand, Boaz told me I was crazy...After buying it at the top of the market.

#10 | Posted by Danforth at 2018-12-03 03:40 PM | Reply | Funny: 1

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"Worthless"

Still worth thousands of US dollars.
Are we Venezuela?

#11 | Posted by GOnoles92 at 2018-12-03 06:38 PM | Reply

for the life of me I don't understand why you'd want it. I could see it if it were the only accepted lucre for an illegal deal but the american $100 bill still reigns supreme around the world. I never made a damn dime off of bitcoin...but on the other hand, lol

#12 | Posted by ABlock at 2018-12-03 06:51 PM | Reply

Are we Venezuela?
#11 | POSTED BY GONOLES92

I caught onto the story when bitcoin was trading at $0.05 per. I was just interested in how it was being used in areas like the Silk Road (I was a criminology major at the time and did a paper on the 'dark web' site).

Told my buddy about it and he started mining. Did pretty good considering the electric bill and just held on to the coins to play on the market for fun. He's still dipping into a bunch of 'altcoins' but cashed in his bitcoin a while back, even before it went through the roof.

Has been fun to watch but glad I didn't dive in like some people I've experienced. I've heard about people buying up a bunch of coins using credit cards. They are hurting now, along with their credit score.

#13 | Posted by rstybeach11 at 2018-12-03 06:54 PM | Reply | Newsworthy 1

About a year ago Bitcoin peaked.

I had co workers frantically buying percentages of a bitcoin, it was as if their lives depended on it.

All of them have lost money.

The only people who made money on Bitcoins were the ones who jumped on before it became a craze and sold everything once it hit its peak.

Imaginary money is only worth what the market will exchange for it. And the market had no interest in the imaginary value of bitcoins.

#14 | Posted by ClownShack at 2018-12-03 07:00 PM | Reply | Funny: 1

Imaginary money is only worth what the market will exchange for it. ...........#14 | POSTED BY CLOWNSHACK

john lennon met yoko ono at an art exhibition...she was charging a penny for a nail that you'd hammer into a board, immersive performance art?, lennon offered her an imaginary penny and hammered in an imaginary nail

#15 | Posted by 1947steamer at 2018-12-03 07:09 PM | Reply | Newsworthy 1

Strange world we live in where an investment can be up 10x in 3 years and clowns say the market has no interest in such an investment.

#16 | Posted by IndianaJones at 2018-12-03 07:12 PM | Reply | Newsworthy 1

Ideally a currency should have a stable value.
#5 | POSTED BY VISITOR_

That's what make Dai so amazing.

#17 | Posted by IndianaJones at 2018-12-03 07:19 PM | Reply

Ok

My take on this: Bitcoin will never be worth $0. The core concept behind crypto is still the same. The blockchain. No one understands it. Once a true use case is found, then the value will rise. Cryto is limited as a coin. But as a token, there is great promise (see XRP).

Bitcoin has been here before. I just waiting before I buy in at these lows. What's going to make the entire market go up is when the US. regulates crypto's. Once that happens, institutional money will come in and it's no telling where it goes from there..

#18 | Posted by boaz at 2018-12-03 09:11 PM | Reply | Funny: 2 | Newsworthy 1

we live in where an investment can be up 10x in 3 years and clowns say the market has no interest in such an investment.
#16 | POSTED BY INDIANAJONES

I guess the market can prove me wrong.

I've never been on the dark web. Currently bitcoins have little practical application. It's a hot commodity for collectors.

So, I guess thats something.

What's going to make the entire market go up is when the US. regulates crypto's. Once that happens, institutional money will come in and it's no telling where it goes from there..
#18 | POSTED BY BOAZ

So, bankers are going to give up controlling people and nations through currency?

#19 | Posted by ClownShack at 2018-12-03 09:24 PM | Reply | Newsworthy 1

#9 There is still a proof of concept in the idea of near-untraceable currency, unfettered by central government control.

What control does the Fed have over US cash?

#20 | Posted by bored at 2018-12-03 09:36 PM | Reply

What control does the Fed have over US cash? #20 | Posted by bored

How much is printed, domestic interest rates, inflation targets...

#21 | Posted by GOnoles92 at 2018-12-03 09:38 PM | Reply

What control does the Fed have over US cash?
#20 | POSTED BY BORED

Can't you trace currency?

#22 | Posted by ClownShack at 2018-12-03 09:39 PM | Reply

I am working on three blockchain projects right now. I am using hyperledger to manage contract information. There are lots of applications for blockchain, but BitCoin is going to zero. Proof of work doesn't make sense. Crypto-currencies, aren't.

#23 | Posted by bored at 2018-12-03 09:41 PM | Reply

#19 | POSTED BY CLOWNSHACK

The benefit is trusting the consensus of the machines on the network instead of trusting an opaque entity like a bank.

For example, we can all see the plonk list. We can all look and agree that snippy has 45 plonks. If someone says otherwise, the remaining 99% of us can tell them to eff off because our consensus agreement gives us a reason to believe 45 is the actual number of plonks snippy has. Now imagine if only RCade could see the plonk list. He says snippy has 45 plonks. We believe him, because he's RCade, sure, but its still simply his word. He could tell us the next day that snippy now has 44 plonks without any proof. We just have to trust him because he is in control of the plonk list.

Now with cryptocurrency; all the machines on the bitcoin network agree that there is/will be a maximum of 21mm bitcoin. We can all go on to the network and check this for ourselves. On the contrary, there is $1.2 trillion dollars of paper USD in circulation. Maybe. I have this number because this is what the government publishes. What if the real number is 2.4T?

The original benefit bitcoin was intended to add to economics was that decentralization through consensus.

#24 | Posted by IndianaJones at 2018-12-03 10:03 PM | Reply | Newsworthy 2

" I just waiting before I buy in at these lows."

You already bought, much nearer the peak, thinking those were "lows".

#25 | Posted by Danforth at 2018-12-03 10:08 PM | Reply | Funny: 2 | Newsworthy 1

The benefit is being able to engage in global financial transaction without having to engage the global financial banking system.

It's an existential threat to people who make a living as middlemen. Bankers after all don't create anything. They just benefit from a world where money is used, sort of like the US dollar benefits from a world where US dollars are used to buy oil.

#26 | Posted by snoofy at 2018-12-03 10:13 PM | Reply | Newsworthy 1


@#18 ... The core concept behind crypto is still the same. The blockchain. No one understands it.. ...

So you are saying that something that not one single person understands will be worth something in the future.

If you admit that no one understands it, why do you think that you understand it?

#27 | Posted by LampLighter at 2018-12-03 11:12 PM | Reply


@#26 ... The benefit is being able to engage in global financial transaction without having to engage the global financial banking system. ...

For that to work, stability is required. That's something that, so far, Bitcoin has been unable to demonstrate.

"... never hit 17 when you play against the dealer..."

(props to David Bromberg...)

#28 | Posted by LampLighter at 2018-12-03 11:17 PM | Reply

I just looked up my crypto history, I think I lost $200 on this hype. Not quite as successful as my friend who made $4,000,000. Of course I was also mining ETH on my video card and I might start again; that way I get paid to run a space heater.

#29 | Posted by snoofy at 2018-12-04 01:22 AM | Reply

"For that to work, stability is required."

At scale, sure.
For one-offs, it doesn't really matter what the underlying asset value is provided buyer and seller reconcile quickly.

#30 | Posted by snoofy at 2018-12-04 01:24 AM | Reply

"For that to work, stability is required."

At scale, sure.
For one-offs, it doesn't really matter what the underlying asset value is provided buyer and seller reconcile quickly.

#31 | Posted by snoofy at 2018-12-04 01:24 AM | Reply

#24 | POSTED BY INDIANAJONES AT 2018-12-03 10:03 PM | REPLY | FLAG:

This is the best argument for bitcoin and block chain bring worthless. Thank you.

#32 | Posted by BruceBanner at 2018-12-04 01:33 AM | Reply | Funny: 1

You already bought, much nearer the peak, thinking those were "lows".

#25 | Posted by Danforth

I didnt buy to sell quickly. I've bought some utility tokens, as I think they actually have a purpose. I'm involved in a project called NYC. You can look it up.

I think projects like XRP are the future.

I keep seeing voting being used as an application. You cant say you didnt vote and you cant vote twice. Sorta like how democrats dont want ID's to vote, There's too much power to be given up with this type of application. It may not happen.

#33 | Posted by boaz at 2018-12-04 05:18 AM | Reply | Funny: 1

"My take on this: Bitcoin will never be worth $0." - #18 | Posted by boaz at 2018-12-03 09:11 PM

When asked how he survived the Stock Market crash of 1929, Joe Kennedy said that he divested himself of all his stocks after he heard a cab driver recommend a "hot" stock to him before the crash.

If neophytes were giving stock market tips he knew it was time to get out.

#34 | Posted by Hans at 2018-12-04 06:12 AM | Reply | Newsworthy 2

And there is some truth to that. If you are with the masses, all the money is probably already gotten. But I look at Crypto like I looked at the beginning of the internet. We are truly at the beginning of something.

#35 | Posted by boaz at 2018-12-04 06:15 AM | Reply | Funny: 2 | Newsworthy 1

When I suggested Bitcoin was a fools errand, Boaz told me I was crazy...After buying it at the top of the market.

#10 | POSTED BY DANFORTH AT 2018-12-03 03:40 PM | REPLY

Hey, I made some good money off of fools like Boaz last year.

#36 | Posted by 726 at 2018-12-04 07:23 AM | Reply

What's going to make the entire market go up is when the US. regulates crypto's. Once that happens, institutional money will come in and it's no telling where it goes from there..
#18 | POSTED BY BOAZ

I hear that all the time from my bitcoin dummy friends. As soon as US regulates....as soon as X company starts accepting it....as soon as.....

Hokum.

#37 | Posted by 726 at 2018-12-04 07:26 AM | Reply | Newsworthy 1

"You cant say you didnt vote and you cant vote twice."

If this "voting twice" thing is so rampant, how is it no one ever gets arrested or prosecuted, except a few doddering old fools? How it is no voter impersonation conspiracies have ever had a single shred of ANY evidence?

In-person voter impersonation is
a) logistically near-impossible
b) waaaaay too little reward for the risk
c) almost always meaningless to the final result

MUCH more prevalent are absentee ballot abuse (voting in place of someone dead or incapacitated), and voter election fraud (stuffing ballots).

#38 | Posted by Danforth at 2018-12-04 08:18 AM | Reply | Newsworthy 3

I think projects like XRP are the future.

#33 | POSTED BY BOAZ AT 2018-12-04 05:18 AM | REPLY

XRP peaked and then cratered.

Crypto-currency 2 useful functions. Anonymous currency for trading black market goods. Anonymous currency for funding terrorism.

That's about it.

#39 | Posted by sitzkrieg at 2018-12-04 08:22 AM | Reply | Newsworthy 2

Even the feds know to data mine Bitcoin transactions because it will eventually tell you whom to shoot a hellfire at.

#40 | Posted by sitzkrieg at 2018-12-04 08:25 AM | Reply

I didnt buy to sell quickly. I've bought some utility tokens, as I think they actually have a purpose. I'm involved in a project called NYC. You can look it up.

I think projects like XRP are the future.

I keep seeing voting being used as an application. You cant say you didnt vote and you cant vote twice. Sorta like how democrats dont want ID's to vote, There's too much power to be given up with this type of application. It may not happen.

#33 | POSTED BY Comrade BOAZO

Instead of buying snake oil for an investment and hoping, why don't you leave your mother's basement and get a JOB????

I know that will take some effort and you'll need to take a shower once in awhile, but at least you'll be a productive member of society.

#41 | Posted by aborted_monson at 2018-12-04 08:54 AM | Reply

Bitcoin isn't money, it's a scam. Explain how its a medium for exchange, a store of value and a unit of account. Ever bought or sold anything using Bitcoin, other than dope? How many Bitcoins for that Big Mac and fries? What's 0.4536 Bitcoin worth? What can you get for it. I don't feel sorry at all for the criminals, the dangerously naive and slackers trying 'to live off the grid' for the loss of their real money spent in buying Bitcoin...

#42 | Posted by catdog at 2018-12-04 09:21 AM | Reply

Us dollars aren't real either it's a scam in which we all chose to believe.

#43 | Posted by visitor_ at 2018-12-04 10:18 AM | Reply

#43 - the US dollar is as real as the promise we keep to pay it back.

#44 | Posted by BruceBanner at 2018-12-04 10:46 AM | Reply

Give me material goods and services and I will send you pieces of green paper or electric charge on a silicon substrate.

#45 | Posted by visitor_ at 2018-12-04 11:16 AM | Reply

Salt and hate increasing. We're nearing the bottom.

#46 | Posted by Ben_Berkkake at 2018-12-04 11:56 AM | Reply | Newsworthy 1

Us dollars aren't real either it's a scam in which we all chose to believe.

#43 | POSTED BY VISITOR_

Yes. That's what money is.

Gold is worthless as the Dollar. It has NO actual value OTHER than what we assign it.

Welcome to currency and trading any commodity.

#47 | Posted by Sycophant at 2018-12-04 12:40 PM | Reply | Newsworthy 1

#28 | POSTED BY LAMPLIGHTER

Dai has stayed within 1% of $0.99 USD from Ethereum's all time high of $1390 down to its current price of ~$100. If that isn't stable, I don't know what is. The applied promises of blockchain like Dai are just now being seen.

#48 | Posted by IndianaJones at 2018-12-04 12:43 PM | Reply

Anonymous currency for trading black market goods. Anonymous currency for funding terrorism.
#39 | POSTED BY SITZKRIEG

Sounds like cash.

#49 | Posted by IndianaJones at 2018-12-04 12:44 PM | Reply

#47 | POSTED BY SYCOPHANT

Except, unlike cash, gold has actual use in electronics, is near infinitely divisible, and has extreme durability. And it makes you feel like a pirate.

#50 | Posted by IndianaJones at 2018-12-04 12:47 PM | Reply

Sounds like cash.

#49 | POSTED BY INDIANAJONES AT 2018-12-04 12:44 PM | REPLY

They have serial numbers, plus it's easier to steal crypto and get away with it.

#51 | Posted by sitzkrieg at 2018-12-04 01:38 PM | Reply

No one is keeping track of the serial numbers of all the cash in people's pockets. It is only traceable if someone puts effort into it.

The digital derivative of cash (bank accounts) is very traceable if the bank has your identity.

All digital derivatives of money are traceable if transaction participants are not anonymous.

Crypto cash is traceable if some transaction particapants have PI of the others, such as a mailing address. Crypto is traceable, just more work.

Crypto cash is a fraud, but blockchain will have many legal uses.

#52 | Posted by bored at 2018-12-04 02:34 PM | Reply | Newsworthy 1

Oh and proof of work distributed consensus transaction additions are a fraud if someone controls the majority of the nodes, which it looks like is the case for Bitcoin.

#53 | Posted by bored at 2018-12-04 02:55 PM | Reply

Crypto currency is very useful to people stuck in China or Russia or similar countries that have authoritarian governments that prevent currency transfers.
People in the west who bought crypto helped those people get western currency, so I guess it has that going for it.

#54 | Posted by bored at 2018-12-04 02:59 PM | Reply | Funny: 1

Bitcoin isn't money, it's a scam.

It is a useful method for drug dealers, child pornographers and terrorists to hide their money.

I have a client that is heavy into bitcoin mining. Their portfolio hit $6,000,000 last December. Told them to sell half. They doubled down and plowed $250,000 into new servers to mine more with cash. They held all their bitcoin banking on it going higher. Now they are struggling to service the debt on those servers.

Stupid.

#55 | Posted by 726 at 2018-12-04 03:34 PM | Reply | Newsworthy 1

No one is keeping track of the serial numbers of all the cash in people's pockets. It is only traceable if someone puts effort into it.

#52 | POSTED BY BORED AT 2018-12-04 02:34 PM | FLAG:

This is getting much easier. Basic AI scans them rapidly and the SN's are mapped to bank transactions.

It's easier to steal crypto. It's hard to just roll up on somebody with a pistol nowadays, cameras are everywhere.

#56 | Posted by sitzkrieg at 2018-12-05 10:37 AM | Reply

#56 I can see bill scanning working, but only if one participant wanted to scan the bill. The bank transactions are much easier to track.
Agreed, it is easier to steal crypto. It is also easy to lose it by losing the private key. I know several people that mined some in the early days and then lost their key. They didn't think much of it when it was a few bucks, but are kicking themselves now.

This also raises an issue with the fable that there are 21 million Bitcoins. How many are lost? Can the Chinese consortium that controls most nodes mine the dormant coins and steal them? Crypto is a fraudsters paradise.

#57 | Posted by bored at 2018-12-05 10:54 AM | Reply

#38 Danforth Before jumping in on this illegal absentee ballots and voting and its effect on North Carolina's US House election, let's keep a jaundiced eye on WI and MI state legislature's games!. Me? I live in WI, and the crooks won. I have no idea how to get past this!

#58 | Posted by john47 at 2018-12-05 11:29 AM | Reply

The value of any type of "money" is a fiction. In fact, it is a religion. And it is one that seemingly all people in all societies believe in. You may hate another person or another nation, but if they give you legal tender, you believe in it and fight for it. The bitcoin is just another form of "money" trying to garner faith among humanity. It is a fiction that will only have value so long as people choose to believe in it.

#59 | Posted by moder8 at 2018-12-05 03:49 PM | Reply

You could say that about anything Moder8.

Frankly, the price of Bitcoin will never be $0. Too many people waiting until it get affordable so they can buy alot and hold them. If it gets to sub $1K, that's where regular people will start buying into it. I know I will.

#60 | Posted by boaz at 2018-12-05 04:25 PM | Reply

"If it gets to sub $1K, that's where regular people will start buying into it. I know I will."

And how much did you buy it for a few months ago?

#61 | Posted by Danforth at 2018-12-05 04:36 PM | Reply

#61,

Not much. I've been out of Bitcoin since about 11K. I bought more of other crpto's which have done better.

#62 | Posted by boaz at 2018-12-05 06:31 PM | Reply

The fish I caught was over 50 pounds.

#63 | Posted by bored at 2018-12-05 06:48 PM | Reply

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