It’s been a bad year for cryptocurrencies. Observers are beginning to compare the collapse in value to the dotcom bust of the early 2000s. While Bitcoin has collapsed, it at least still has some value, which is more than can be said for 800 lesser known cryptocurrencies that have gone to zero.
Weighing the vapor money market down has been increased regulatory scrutiny as more national governments suspect the alternative currencies are a means to conduct illicit activities. There are also worries about major holdings being hacked and plundered by increasingly more sophisticated thieves. More
Thank God we held on to our IOTW Bucks that we’ve accumulated over the years!
With interest!
lost all my iotw bucks in the crash of 2008.
What?!!! You mean a currency not backed by a tangible commodity, or a government, and only backed by ones and zeros is tanking?
Huh…
This can not be right. Glen Beck talks about what a great opportunity it is, and we should all jump in.
I sold something on CraigsList the other day.
They actually had a box to check: “Cryptocurrency OK.”
Sure thing, a site that’s ripe for fraud accepting a fraud currency.
I’m not investing in cryptocurrency until William Devane tells me he’s put all his savings into Bitcoin.
The article is a little premature on the demise of bitcoin. It’s trading at $5,000, up from $600 just a year or 2 ago and that was up from $50 2 years before that. And “regulation” isn’t crushing it. That is it’s one feature. It can’t be regulated or traced.
Nobody knows what will happen to bit coin. That said, there is nothing to prevent there being thousands of bit coin copy cats, so it likely will not survive long term. Even though Amazon survived and hasn’t earned a dollar a share yet a far as I can tell, it was premature to predict its demise.
I tried really hard to understand crypto currency and never thought it to be more than hucksterism. Do bitcoins have the image of the Brooklyn Bridge on them? I was always interested in buying that.
No thanks. I’ll stick with my WhooshBoom stocks.
You know. Companies that build missiles, bombs and the conveyances to get them to their targets.
There is no shortage of people who need killing. Why not profiteer off of it?
I agree there is hucksterism feel to bit coin. That said, I think the appeal to bit coin is pretty high to people who live in Venezeula and shit hole countries and I’ll bet you that is what propelled it up so high.
The crypto buyers can always store their “currency” with their beanie baby collection.