People are into BTC cause they believe in this new idea, or they are hoping to get rich (like having faith in a certain stock to increase in value).
For those people trying to get rich, yeah lots of money they lost.
And for this new idea? Its dying now. It won't completely go away though. Even a 10-20 year old video game still has a few people that play it once in a while, even though majority of people could care less.
For those people trying to get rich, yeah lots of money they lost.
And for this new idea? Its dying now. It won't completely go away though. Even a 10-20 year old video game still has a few people that play it once in a while, even though majority of people could care less.
Don't worry pal its not dying at all, if the price hits under $1 for a long time, then maybe that is like a death almost.
Even if we hit a low of $20 we are will higher than beginning of January!
We was in a bubble pure and simple, everyone was positing about the bubble popping all the time, the writing was on the wall. I expected the bubble to pop after reaching $1000 a coin but someone attacked the Gox and caused a preemptive popping of the bubble.
Remember the growth could not sustained, within a year a single Bitcoin would make you a billionaire, the rate of increase was exponential at least. If the dream of Bitcoin is that rate of increase against USD then that is a fantasy dream and could not be sustained by anything in the world ever. Even exponential adoption can only go a year before saturating every market and store on earth.
But Bitcoin will rise. Remember Bitcoin is a confidence currency, its value determined by the confidence of the sellers and buyers. Bitcoin will rise, hopefully a little slower this time!!
