Is it Game Over for Bitcoin?

[Abiky]

Prices have been on a constant decline ever since this year began. There's been FUD all over the place, and governments have been cracking down on Bitcoin and other cryptocurrencies. In addition, there have been several hacks which have also contributed to the decline in the value of the whole cryptocurrency market. As such, many people have lost their faith in Bitcoin and cryptocurrencies in general, as they've lost a lot of money.

Despite this, it seems that most holders would not give up on Bitcoin no matter what. But, if Bitcoin keeps declining in value until it becomes worthless, then long-time holders (like me) would become disillusioned. For those who want to protect their investment, there's the option to sell Bitcoin into USD or exchange it towards a stablecoin like Tether. However, even Tether has lost its peg (although in some occasions it heads back to $1) sometime this year, which means that not even stablecoins can be trusted.

Nonetheless, what are your thoughts about this? Will it be Game Over for Bitcoin? Or will everything go back to normal soon?

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[Coinifyx]

Why game over? Btc price in 2016 was just $500-600

[1Referee]

Bitcoin isn't the one that should be blamed for people's greed, because the price in no shape or form reflects the utility of Bitcoin, just people's greed.

It actually surprises me that you bring this up, because when I look at the date you registered your account, you (in case you are still the same account owner) very likely have seen the market tank below $200 back in early 2015. Back then people said it's game over as well, and here we are. It's just another cycle we are going through.

$20,000 versus the various correction scenarios.

80% = $4000
85% = $3000 (my guess based on technical ball analysis)
90% = $2000

We're getting there.

[slaman29]

Game Over when we're still not yet at 90%? I would worry at that, so 1999 will be the price that gets me a little scared. But I'll know from the past others have been through that it's a cycle that's happened before and will definitely happen again, but maybe with more years in between. Everybody talks about experience and yet they're still not prepared when the old stories come round again. Glad to be in my first bear. Stories for everybody to share in a few years from now!

[cameron_EMI]

Bitcoin isn't the one that should be blamed for people's greed, because the price in no shape or form reflects the utility of Bitcoin, just people's greed.

It actually surprises me that you bring this up, because when I look at the date you registered your account, you (in case you are still the same account owner) very likely have seen the market tank below $200 back in early 2015. Back then people said it's game over as well, and here we are. It's just another cycle we are going through.

$20,000 versus the various correction scenarios.

80% = $4000
85% = $3000 (my guess based on technical ball analysis)
90% = $2000

We're getting there.

Yes, greediness took the troll out of everybody. If you take a good look at bitcoin's price history, it always repeats itself. This is a great deal now because many newbies started investing in bitcoin and altcoins last year, especially during around December 2017 and they are pissed off plain and simple. Angry mob gets bigger and bigger every time bitcoin crashes hard.

[seoincorporation]

Not game over but is a hard moment for bitcoin. Is really sad to see the price below $5k, but still a nice price. When i join this crazy crypto world, btc was at $600 and after that, it goes down to $250, so, watch it over $4000 for me still a great price. But to be honest will be hard to see it hitting the $20,000 again. At least will take some years.

[Bttzed03]

There has been a lot of price speculation but, from what I read, none have said that it is the end of Bitcoin. Personally, I think it's not but when it tanks to below $1000, maybe many will rethink.

[tomahawk9]

Game over? Far from it. We've experienced this kind of drop in the past and the price always ends up recovering. The only ones thinking or even wandering if it's the end of the bitcoin are either the noobs, also known as weak hands and panic sellers, or people who have no idea how this market works.

There's a lot of fear and panic surrounding the market right now, but even though we could even lower in terms of prices, people need to understand that this trend won't last forever, just like the past "crashes", where prices took a big hit before boucing back to new ath's.

[Phinnaeus Gage]

"It ain't over till I sing !!!
Meanwhile, I'm puttin' my money in TitCoin.
And, nobody's gettin' fat 'cept Bitcoin Cash.
My bad. That was last week."

[budiarmed]

I don't think the weak side of the market now will make bitcoin over, it's true that bitcoin falls very low but bitcoin still has a chance to recover and jump high again.

[harizen]

If the basis of that "GAME OVER" is because of the current happenings today then it's not making a sense to me. We are used to experienced the $200+ price back then and the current price is considered as "dream price" before. Yes from around $20,000 last year to what it is now is really a disaster but it doesn't happened overnight. And now from $7.000 mark to $4.000 mark at least we should withdstand it.

Wait for bitcoin to become worthless and that's a 100% game over. That is also the end of crypto as I believed even how good other coins are, it will have a domino effect once bitcoin become doomed.

"Trust the process"

[bitcoincitr]

People were at the limit of their patience, and this drop has meant that the game is over for many people. We all know that game is now on. There are people whose plan work very well.

[boyptc]

It's all in gamble to me. This is one of the life time investment that I've got, if bitcoin goes to zero then that's it but I'll never regret it. This isn't a game over for bitcoin,  everything's going to be good soon and it will come back.

Game over for bitcoin means game over for the crypto market itself.

[HabBear]

governments have been cracking down on Bitcoin and other cryptocurrencies.

I think governments have been generally ignoring bitcoin.

In addition, there have been several hacks which have also contributed to the decline in the value of the whole cryptocurrency market.  

What hacks?

For those who want to protect their investment, there's the option to sell Bitcoin into USD or exchange it towards a stablecoin like Tether. However, even Tether has lost its peg (although in some occasions it heads back to $1) sometime this year, which means that not even stablecoins can be trusted.

No investment can be trusted to lose value, that's one half of the equation you accept when you buy an investment...the opportunity to gain is matched equally with the opportunity to lose.

[RonF]

The US dollar has been decreasing in value at 5% per year for decades.  Look it up - it is fact.  The government is 22 trillion dollars in debt and total individual debt is another 12 trillion dollars.

Where do you think this is going?  Use your brain.

I would count on gold, silver, bitcoin, gardening, chickens and eggs, friends and family, living in the country where farming dominates and everyone understands arms, ammo, and freedom.

Alternatively live in big cities where you will be eaten alive when the economy collapses.

[satosibtc1000]

I don't think the game is over, bitcoin will recover in the future. Think this is done for order to get rid of an extra people on market !

[yecats]

I think you should  add more   trust  and  faith  about   Bitcoin     in today's  price  is in correction maybe and  there's lot  of thing  that  happen including  news  about cryptocurrency   it has  a big factor  why  the  price  goes down. OR you can have  your  option  invest  on other   token  but don't quit

[messito]

there is nothing wrong with that and, as we have seen before, the price of bitcoin very often declined over several years and still returned

[Wingleness]

One major reason I don't believe the game is over is the fact that people keep.buying from those selling. If actually it's over then one will buy from all those willing to sell off this assets. This is just a test of high and low risk takers.

[squatter]

Prices have been on a constant decline ever since this year began. There's been FUD all over the place, and governments have been cracking down on Bitcoin and other cryptocurrencies. In addition, there have been several hacks which have also contributed to the decline in the value of the whole cryptocurrency market. As such, many people have lost their faith in Bitcoin and cryptocurrencies in general, as they've lost a lot of money.

This has all happened before -- FUD, hacks and all. After the 2011 run, the price dropped by 94%. After the 2013 run, the price dropped by 87%. So far this time, price has dropped nearly 80%. Not too bad.

The highs are epic and the lows are gut wrenching. This is the same Bitcoin market I've always known. Grab some popcorn and try to enjoy the ride. Stop worrying about the price so much!