Home / Cryptocurrency / Remember Bitcoin? Some investors may want to forget

Remember Bitcoin? Some investors may want to forget

PALO ALTO, California – Last year during this period, a toy called a cryptokitty was sold for $ 170,000. A real estate agent has made up like CoinDaddy, producing cryptanalous themed music videos. The man behind a company called Ripple became for a moment richer than Mark Zuckerberg. The children just out of high school were buying Lamborghini because of a crypto meme. The experts went to CNBC to say that Bitcoin would have reached $ 100,000 per currency.

For a few sweet months of 2018, the whole Silicon Valley was shrouded in frantic easy money and a fantasy of remaking the world order with cryptocurrencies and a related technology called blockchain. A wave of joy hits the bay area. The New York Times worked with the trend in an article titled "Everyone is getting incredibly rich and you're not." It was temporarily true.

And just as the American public had received all the possible explanations about the blockchain that could be written, the whole thing collapsed. The bubble has exploded.

Today the price of Bitcoin – $ 19,783 last December – is $ 3,810. Litecoin cost $ 366 per coin; now it's $ 30. Ethereum was $ 1,400 in January; today is $ 130.

"It is painful to lose money, but it is a necessary step," said Robert Neivert, investor of the venture capital company 500 Startups. "2018 concerned the transition from the hype to the product".

The computational power needed to "extract" a Bitcoin or another cryptocurrency now costs sometimes more than that currency. The mines – in fact, the data centers in need of electricity – are turning off. Electronic images piled up at street corners become viral. As the demand for Bitcoin has declined, the Bitcoin algorithm has been adjusted and the currency has become easier to extract.

But this is really good, cryptography experts claim.

"The fact that the miners are going out and the difficulty is decreasing is a feature, not a bug, of bitcoin design", venture capitalist Arianna Simpson he wrote on Twitter.

Some in the cryptocurrency business just want the world to know that there are still people working there. Julian Spediacci, a cryptocurrency investor in San Francisco with his twin brother, James, said he would like people to know he is still alive and identifies himself as a HODLer, or someone who does not sell despite market fluctuations.

"A lot of people are trying to figure out what happened to us and if we are still alive, it would be nice to make it clear that there are many OG HODLers," Spediacci said. , using a common language in the cryptography industry to indicate that it would remain an investor.

"I think we will see many real-world cases," said Ms. Iyengar-Emens. "And these guys will be here for those very real use cases."

A use case would be a normal consumer who is able to use a cryptocurrency to do something other than a speculative investment.

The audience sat folding white chairs. The snacks were Ritz Bits.

"What's the QuarkChain?" He asked the public the founder and CEO of QuarkChain, Qi Zhou. "Next generation blockchain."

Kerry Washington, a member of the Litecoin Foundation, which promotes Litecoin, presented the year when the currency lost more than 90% of its value.

He talked about a great litecoin summit this year, which in a slide he specified cost a quarter of a million dollars. There, guests could buy candy with Litecoins. This showed everyone how useful Litecoin could be, he said.

The problem has always been that we already have something that allows us to buy candy.

An announcement reproduced for something called Bitrue, a wallet. It was only half a dozen people staring straight at the camera saying, "I trust Bitrue."

And then Curtis Wang, CEO of Bitrue, stood up to announce a truly special offer. It could promise investors an annual percentage yield of 10 percent. There were cheers scattered in the crowd.

Someone in the audience raised a hand and asked if it was legal to offer it.

Source link