Bitcoin Price Ends November with Worst Monthly Decline in 7 Years

Megalith

Megalith

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The world’s largest cryptocurrency has managed to score a new record, although it’s nothing to brag about: CoinDesk looked at Bitcoin’s performance last month and found a -37.4 percent drop (near $2,400), which is “its worst on record since August 2011, when it fell from roughly $8 to $4.80 to print a -40 percent monthly loss.” BTC is currently valued at just over $4K.

At the beginning of November, the total market capitalization recorded a value of $203 billion, yet today that figure records $130 billion, a 35 percent loss. The total capitalization of the cryptocurrency market has now lost over $690 billion and 83 percent of its value since reaching its all-time high north of $820 billion this past January, according to CoinMarketCap.
 
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That's what I meant when I mentioned that a currency without the economy of a country behind it is inherently unstable. But ofc I was only salty for not getting on the bandwagon in time.

Still the biggest issue with bitcoin is the energy requirement, which is a total waste of resources.
 
WhoMe said:
Where are all those people who told me is going to hit $60,000...on their way to filing bankruptcy? Wonder if any bitcoiners are joining GA?
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Right. The same ones who begin every sentence with "Fiat currency....". They are losing their fiat currency now and their house.
 
if it starts to make a recovery (which is not guaranteed) Now would be the time. I still think the forks are doing much more harm then good at this point.
 
It's been doom and gloom before. Remember folks, this is a market and for every seller there is someone buying in.
 
Ultima99 said:
It's been doom and gloom before. Remember folks, this is a market and for every seller there is someone buying in.
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I used to think that too but there is actually a sort of gate keeper that buys when no one else is buying, a sort of insurance policy. When the gate keeper can't handle it = big crash.
 
If there were a buyer for every seller the price would be stable. There's obviously more demand for selling than buying right now as illustrated by the fact that we are looking at these declines. That's how markets work.
 
Blood in the streets.

BCH is cheaper than any point at which I bought, ever.
 
Glad I cashed out earlier this year. It was just a fun little experiment with my gaming machine overnight for a few months so I didn't make much money. But it was nice to at least make some profit on it before it crashed again.
 
Here we go again... Every time there's a drop, everyone's on there b.s. that oh finally it's done with bitcoin will die

Fast forward 3 months, steady growth
 
I mined coins in '14 and still mine a little, and made lots of money. I also just bought some nice used cards on eBay for very cheap, a RX 480, 580, Fury, 7950, etc. I lost count. Did I win?
 
Can't wait for $0.
Just fucking tired of the "this is the only safe fiat" crowd rambling like a friend you haven't seen in years about the fortunes he'll make in AMWAY.
 
triwolf said:
I mined coins in '14 and still mine a little, and made lots of money. I also just bought some nice used cards on eBay for very cheap, a RX 480, 580, Fury, 7950, etc. I lost count. Did I win?
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No, me supper jelly because I picked the wrong coin to mine.
 
filip said:
No, me supper jelly because I picked the wrong coin to mine.
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Good luck in the future, all you can do is make your best decision and invest only as much as you are willing to risk. I wouldn't count cryptocurrency out yet, there may be some good things coming, but right now it's extremely volatile even for as volatile as the market has always been.
 
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Cryptocurrency has one aspect which may not be good - it is virtually impossible to kill - meaning all these crap coins will hang around for a very long time - weeds smoothing out any good ones comes to mind here. It does not take much to keep any block chain running, even years/decades after the developer/team disappeared. If is not like a business or like most things where it just stops and disappears.

Still it seems like a misconception dealing with Bitcoin and energy costs - as Bitcoin value falls off a cliff, miners who can't afford the cost will turn off their ASICs -> hence less hashrate less energy expended- Difficulty will go down and the blockchain is still chugging along at 8 min a block like before and just as secure. You can turn off every ASIC mining Bitcoin in the world and Bitcoin will survive via GPU's and CPU's. The blockchain/ledger would continue on intact - accurate - maintaining an impeccable record and releasing the same number of coins per block, at the same rate designed for.
 
dont blame cyrpto for gpu high prices and stock issues..
mining is pretty much dead and unprofitable and look, nvidia is still charging out the ass for minimal uptick in performance..

blame nvidia for taking advantage of a situation.
 
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TorxT3D said:
dont blame cyrpto for gpu high prices and stock issues..
mining is pretty much dead and unprofitable and look, nvidia is still charging out the ass for minimal uptick in performance..

blame nvidia for taking advantage of a situation.
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Well with NVidia deliberately holding gpu’s away from the gaming market could be construed as market manipulation to raise prices. With token MSRP sales from their site to protect them legally. I can’t fathom hundred of thousands of Gpu’s available and yet for the previous 6 months the gaming cards are 150% over msrp+ July 18 time frame.

Something new I see is NVidia is selling AIB cards on there site while many of those same cards are not available elsewhere it seems. So are AIB makers forced to supply NVidia their cards? Agreements made prior with NVidia GPP BS?
 
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