I think one of the interesting things is the lack of reason why. There are plenty of theories and many people yelling for the end of crypto, but it seems despite of what people say or predict the crypto market has a mind of it's own. There has been speculation of market manipulation, but it seems odd for there to be a crash now.
You don't even need fowl play to get here. The reasons don't have to be economic, they can be psychological.
People sometimes just ride the wave and everything around them might convince them it's the way to go, keep going. But there is a point when the realization that it's unsustainable can creep in. That moment where you go from "infallible" to "hmm... can this keep going?" is when the bubble starts to burst. Panic can spread just as quickly or faster than the euphoria of a quick win.
Chicken-fowl, I see what you did there :). But no, chickening out will never fall under any definition of fowl play. This involves cheating, malice, breaking the rules, all premeditated perhaps. Playing it safe with your money? Definitely not.
My conspiracy theory: Criminals have laundered all the money they needed to last christmas when the boom happened. Jobs done, time to go home. They bought a bunch of bitcoins from clueless techies using dirty money, the blogsphere amplified the news to the world, and the mob sold the bitcoins to a bunch of blue collar Joes who thought they'd get in on the next gold rush.
I don't understand your logic. A crash is still a crash. Consider all the people didn't buy 1.5 years ago, and bought recently. They have lost money. And judging by historical volume, a lot of people are losing money.
They already are. You can go and buy an AMD RX 580 with 8GB VRAM for 250€ in Germany. The RX 580, 570, 470, and 470 were the most efficient cards for mining Ethereum in terms of power usage, hashrate, and cost.
Can only hide from fundamental issues for so long I suppose...
Here's a compelling and fun to watch lecture that
James Mickens (Harvard SEAS) recently gave about the problems with Blockchain - https://www.youtube.com/watch?v=15RTC22Z2xI
Stop comparing percentage. Look at absolute value - no where near the dotcom crash. Re money laundering having finished: ridiculous. The banks do that job just fine,at significantly bigger amounts.
21 comments
[ 2.9 ms ] story [ 33.7 ms ] threadPeople sometimes just ride the wave and everything around them might convince them it's the way to go, keep going. But there is a point when the realization that it's unsustainable can creep in. That moment where you go from "infallible" to "hmm... can this keep going?" is when the bubble starts to burst. Panic can spread just as quickly or faster than the euphoria of a quick win.
I think a more likely story is a pump and dump by some large investors.
Surely it's sitting unused somewhere, right?
Here's a compelling and fun to watch lecture that James Mickens (Harvard SEAS) recently gave about the problems with Blockchain - https://www.youtube.com/watch?v=15RTC22Z2xI