Bitcoin and other cryptocurrencies see prices fall amid global market turmoil

[Wicked Blue]

Source: AP

After holding relatively stable during last week’s global market turmoil, cryptocurrencies have joined the sell-off.

Bitcoin, the world’s most popular cryptocurrency dipped below $75,000 Monday morning before seeing a slight rebound.

Bitcoin’s prices haven’t been this low since just after President Donald Trump’s Election Day victory last year launched a bull run in crypto prices. Trump, whose tariff announcements led to massive stock sell offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December. Bitcoin has been on a relatively steady slide in price since Trump took office earlier this year.

Bitcoin’s backers say it is a type of digital gold that can act as a hedge against volatility. But Garrick Hileman, an independent cryptocurrency analyst, said bitcoin’s price slide shows that thesis still hasn’t proven to be true.

Read more: https://apnews.com/article/trump-bitcoin-crypto-tariffs-ether-4b59eeac841cb1dd1b71d7fec14be94e

[Passages]

1. A total scam no politician should support.

Joseph Stiglitz: Bitcoin ought to be outlawed

The World Economic Forum
https://www.weforum.org › stories › 2017/11 › joseph-...
Nov 30, 2017 — Nobel prize-winning economist Joseph Stiglitz has said the cryptocurrency 'doesn't serve any useful function'.

[Moostache]

2. Useful and Lawful are different aims...

Cyrpto currency is a gambling addicts wet dream and a criminals deliverance for converting toxic or illegal assets into spendable ones.
People do not "invest" in crypto as much as they gamble on it.

HODL
MOON
DOYR
and the grand-daddy of them all - FOMO

These are all terms frequently heard in crypto discussions or by the obnoxious carnival barkers looking to bring in new suckers to support their asset thievery under cover of being 'cutting edge' and 'the future of currency' (still). These things remain legal but they have little to no legitimate function in the real world.

Yes. Currency in general is all a scam of one kind or another... but there are rules and guard-rails, painfully developed over centuries for the traditional markets. Crypto is silicon valley "move fast and break stuff" ethos set loose on people's ability to function in our current economic systems. It should be tightly regulated and all criminal elements driven out of it permanently.

[TygrBright]

3. This is not surprising. Who has time for imaginary money when real money is evaporating? n/t

[reACTIONary]

4. Bitcoin: A limited supply of...

.... nothing.

[love_katz]

5. Good!

I hope every form of crypto tanks completely.

This is fake money that is used to be untraceable for money laundering, political bribery, sex and drugs trafficking, etc, ad nauseum.
Fake money, whose value is tied to the whims of the issuer.
May crypto tank to numbers on the negative number scale.
Oh, and I forgot to mention the huge and increasing energy demand, because block chain can only be continually lengthened. A rip off on all counts.