Loading ...Crypto Chaos Explained – Bitcoin Crashes As ‘Cash’ Tops Ether For First Time
by Tyler Durden
Nov 12, 2017 11:32 AM
Bitcoin collapsed overnight, trading as low as $5555 – down 30% from its highs – before bouncing back above $6000, as Bitcoin Cash soared to as high as $2450 (4 times its price on Friday), overtaking Ethereum briefly as the second largest market cap cryptocurrency.
image courtesy of CoinTelegraph
Bitcoin has lost around $30 billion in market cap, but found buying interest as it ripped below $6000 and has stabilized this morning
A ZH READER responds======
It will likely be replaced by a superior technology such as a quantum entanglement type of super condensed coding DLS before it ever gains widespread acceptance and utility.
As a store of value it is shit. I have no interest in something that can round trip 50% in 2 weeks. Not a good store of value.
So far as a utility it is shit. Granted I live in a small town but there is not a single business where I live that accepts bitcoin.
So far as universal recognition it is shit. Not 1 person I know personally owns a single bitcoin, that is true of most of the people on earth as well. Most people know absolutely nothing about it.
Nothing about it represents a sound choice of money.
It is a speculation play, pure and simple. It is great that you have made gains on your speculation.
Just remember that they are not real gains until you sell and walk out of the casino with your cash in hand.
I have no dog in this fight. Just an observer with no skin in the game. No emotion at all.
Best of luck.