Bitcoin's historical low and the lessons it teaches us

[oriontab]

This post is not about the price of the famous 'bitcoin pizza' that saw Laszlo Hanyecz buying two Papa Pizza in 2010 with 10,000 bitcoins (yes, for those who didn't know,it happened) but the actual lowest price of bitcoin recoded formally by coinmarket.com, Here are the details below:
Bitcoin lowest price was 66.62 $ per bitcoin
Date was July 07, 2013
Market cap. for that day was a mere 782,352,000$

To put that in perspective , current bitcoin's market cap. is 108,199,097,492$ (three extra zeros) and price is approximately 100x, You see, we have really come a long , it is not yet time to give up hope, they is a bigger picture than the current market sentiments.


source: https://coinmarketcap.com/currencies/bitcoin/historical-data/?start=20130428&end=20180816
            https://www.investopedia.com/news/bitcoin-pizza-day-celebrating-20-million-pizza-order/

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[pooya87]

i don't know why coinmarketcap has become popular for people as a go to when they want to check the price! it is the worst place you can check the price from. it gives you the average, the charts aren't accurate,...

but the actual lowest price of bitcoin recoded ~

there you go: https://bitcoincharts.com/charts/mtgoxUSD#czsg2010-06-01zeg2010-08-17ztgSzm1g10zm2g25
$0.05 on July 2010.
since you love (the meaningless) market cap so much by July 2010 supply of bitcoin was
19 months * ~30 days * 144 blocks/day * 50 BTC/block = 4,104,000
market cap of bitcoin = 4,104,000 * 0.05 = ~$205,200

[Levin23]

I understand the meaning of your writing, we should not panic with this down-market situation because there was once a worse decline than this and now more can be expected than before.

[oriontab]

i don't know why coinmarketcap has become popular for people as a go to when they want to check the price! it is the worst place you can check the price from. it gives you the average, the charts aren't accurate,...

but the actual lowest price of bitcoin recoded ~

there you go: https://bitcoincharts.com/charts/mtgoxUSD#czsg2010-06-01zeg2010-08-17ztgSzm1g10zm2g25
$0.05 on July 2010.
since you love (the meaningless) market cap so much by July 2010 supply of bitcoin was
19 months * ~30 days * 144 blocks/day * 50 BTC/block = 4,104,000
market cap of bitcoin = 4,104,000 * 0.05 = ~$205,200

Thank you, i have never really used bitcoincharts.com, it is kind of amazing, the figures are even nicer ,learning each day thanks man.

[louie69]

I believe you are right where people shoud not panic in every bear market that will occur from time to time as btc is still at a tolerable price level. Every bear market, people shoud have to accept that it is just a normal thing to happen on btc due to it's volatility and after several days or weeks btc will manage to move up again and making an up trend movement.

[FlamingFingers]

i don't know why coinmarketcap has become popular for people as a go to when they want to check the price! it is the worst place you can check the price from. it gives you the average, the charts aren't accurate,...

Unfortunately, most cryptocurrencies, especially bitcoin, news outlets (save coindesk and CCN) use CoinMarketCap's information and charts as a reference for prices in their daily "bitcoin/altcoins is up/down–bull/bear" articles. I admit, I often use CoinMarketCap to check prices as it has tools and markets lists that make navigating exchanges for trading opportunities easier. 

[tonysitaly]

I think we should stop spreading these 100X or 1000X stories. Bitcoin has indeed experienced rapid growth, but over-exaggerating these will only strengthen speculation in Bitcoin and do nothing for community growth.

[jseverson]

I think we should stop spreading these 100X or 1000X stories. Bitcoin has indeed experienced rapid growth, but over-exaggerating these will only strengthen speculation in Bitcoin and do nothing for community growth.

I'm not saying you're wrong, but I feel like stories like this also improve optimism that the community and adoption is growing. It may also encourage outsiders to dip their toes for whatever reason they may have. Some users don't particularly have high opinions on speculators, but I'd say speculators are one step closer to being actual Bitcoin users than those who don't own any at all (most of them do trade and experience the technology first-hand), and are thus still good for the community and adoption.

I see where you're coming from too. Talking about nothing but the price could encourage some bad practices and even worse mentality. We can't really stop that from happening though, so we might as well embrace it and look at the bright side.

[BitcoinNewbie15]

I think we should stop spreading these 100X or 1000X stories. Bitcoin has indeed experienced rapid growth, but over-exaggerating these will only strengthen speculation in Bitcoin and do nothing for community growth.

All it does is attract get rich quick noobies. The fact of the matter is this is what a majority of the people that joined the community in 2017 are.  Bitcoin is not about getting rich, or even making money for that matter. Bitcoin is about changing money. Spreading stories about moonshots harm the market in the short term because of these get rich quick people. They will see their plan isn't working, and they are actually losing money so they panic sell, which further prolongs the bear market.

Stories about what Bitcoin is and why its important should take precedence over any story about making money or becoming successful with Bitcoin.

[pooya87]

i don't know why coinmarketcap has become popular for people as a go to when they want to check the price! it is the worst place you can check the price from. it gives you the average, the charts aren't accurate,...

Unfortunately, most cryptocurrencies, especially bitcoin, news outlets (save coindesk and CCN) use CoinMarketCap's information and charts as a reference for prices in their daily "bitcoin/altcoins is up/down–bull/bear" articles. I admit, I often use CoinMarketCap to check prices as it has tools and markets lists that make navigating exchanges for trading opportunities easier. 

well coinmarketcap.com is bad (in my opinion) but it is not useless. all i am saying is that when you want to look at a better chart specially for bitcoin, there are a lot of better options. for instance TradingView is the best place which also has altcoins, then my personal favorite is bitcoinwisdom which is faster and easier to load and finally bitcoincharts that i posted above.
CMC is very good when you want to find where each coin is listed or find their links such as ANN topic, website, source code,...

[AntonDalrymple]

It is right that the fall of bitcoin is really historical because in the history to bitcoin this kind of fall occurred for the first time but it also gives us a good lesson that crypto market is really unpredictable anything could be happen here.

[btCHOOop]

Yes you are right, we have no reason to worry, because the Bitcoin market has collapsed earlier but from there we have come up a lot in the present situation. And hopefully we will move further in the future. So there is no reason to worry.

[FrozenPhantom]

Let this be a lesson for the people that from buying pizzas to a coin that is worth a fortune now. So there is hope. A fallen market will rise, even if it takes time for ti.

[MainIbem]

IMO, it is highly irrational to believe that the price of bitcoin will continue upswing without a crest and a trough. The best way to evaluate this price and come to a reasonable conclusion is to find the best value which will serve as the crest. To me, $19,000 do not seem to be the right crest because it is a highly inflated crest.

[BeeRoach]

This is not a historical low. It's just 1/4 of the price in December. But the lesson remains the same every time. Hard times go by and those who are patient enough will be succesful.

[Bounty_Hunter]

Hope? I think hope is needed for alarmists who bought bitcoin for $ 20,000. We need to rely on market analysis, which tells us that we will see the green light soon. IMHO.

[Jolozxc]

Yes, I know bitcoin will going to make more and another reach another highest peek for this year. last year the same month the price is not good but after that the price start increasing and we hit more than $15 000.

[Red-Apple]

Hope? I think hope is needed for alarmists who bought bitcoin for $ 20,000. We need to rely on market analysis, which tells us that we will see the green light soon. IMHO.

nobody needs hope, even those who bought at the ATH. only people cling on to things like hope that don't have an understanding of the market and how it works and needs something to justify their irrational investment behavior.

[boyshx]

i don't know why coinmarketcap has become popular for people as a go to when they want to check the price! it is the worst place you can check the price from. it gives you the average, the charts aren't accurate,...

but the actual lowest price of bitcoin recoded ~

there you go: https://bitcoincharts.com/charts/mtgoxUSD#czsg2010-06-01zeg2010-08-17ztgSzm1g10zm2g25
$0.05 on July 2010.
since you love (the meaningless) market cap so much by July 2010 supply of bitcoin was
19 months * ~30 days * 144 blocks/day * 50 BTC/block = 4,104,000
market cap of bitcoin = 4,104,000 * 0.05 = ~$205,200

Thats a nice analysis and literally I did not know anything about bitcoin since those very first day. Actually never thought about it because that wasn't necessary one.
But when I come across such information then it tells us in rarity how fast and far we have come since those days. Can imagine easily how wonderful it owl have been back in the time when the reward was around 50 btc per block. I mean easily one can perform the action with computer process power and have those much BTC.
Well, yeah coin market is kind of too basic version that we see today and that is why most of the people like it. May be not all of them are being to techie.

[transformt]

Similarly, in 2021 we will look at 2018 and think how cool it was to buy bitcoin at the prices of 2018