Collectivist Banking

Playing with fiat money produces inflation since one can spend with impunity. Playing with funny money guarantees at some point that you will lose your capital.

“People Have Panicked” – Crypto Collapse Accelerates, Bitcoin Plunges Towards $4,000

Having broken below 6k last week, and 5k yesterday, Bitcoin’s collapse is accelerating towards $4,000 as crypto-guru John McAfee wrote on Twitter, summarizing his thoughts: “People have panicked…” [snip]

Bitcoin traded to $4221 this morning before a brief bounce

As CoinTelegraph notes, the events mark a continuation of the unsettled conditions sparked Nov. 15 when altcoin Bitcoin Cash (BCH) experienced a contentious hard fork, which has since resulted in the emergence of two separate competing chains.

While BCH initially held onto much of its value, the 24 hours to press time saw a U-turn for investors, BCH/USD shedding almost 40 percent to test support at $200.

While BCH firmly took the lead as the worst performer of the top twenty cryptoassets, others also suffered heavy losses.

Ethereum (ETH) significantly widened its gap in market cap with Ripple (XRP), cementing its position as now the third-largest cryptocurrency. ETH/USD daily losses were circling 15 percent at press time, compared with XRP/USD’s 6.2 percent. [snip]

Bit coins have nothing to back up their value. This probably will prove to be louder than the dot.com bubble crash.