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Mon Dec 3, 2018, 03:13 PM

Bitcoin is close to becoming worthless [View all]

https://www.marketwatch.com/story/bitcoin-is-close-to-becoming-worthless-2018-12-03

ust 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 BTCUSD, -8.53% 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.

...

So, it appears bitcoin is now entering a death spiral: If the price continues to drop and the cost of mining does not fall correspondingly (the cost of mining will algorithmically decrease, but not necessarily to same extent as the decline in prices), bitcoin will quickly go to zero.



It was just about a year ago that I overheard a co-worker on a phone conversation trying to talk a friend into investing into Bitcoin with him. it was about $13,000 per back then.

Today it sits at about 1/5 its value from the beginning of the year. Under $4,000 and dropping precipitously.

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