Monday 5 February 2018

Bitcoin down 62% from peak

Bitcoin down 62% from the peak. Usually when a bull market rolls over that much its terminal. The pain felt by true believers is so great the asset class becomes orphaned and those still in sequentially sellout and give up.

However unlike a security backed by an asset (e.g. a defaulted bond or a post bear market asset class) there is nothing there for value buyers to buy into and put a floor in.

I don't see Bitcoin has any application in the real world and blockchain is just a database replication software.

Congratulations to those who cashed out with a profit, but most non-insiders will end up with big losses.

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