Ether flash-crashed 96% today from over $300 to $13 because of a single tweet. It's rebounding but the cracks are starting to show.
Flash crash means it dropped a large amount in a few minutes and the recovered a few minutes later.
Daily open/close may not reflect the price action.
Probably due to a thin, low volume market with computers programs making real time trading decisions.
I bought $50 of bitcoin in early 2011 and got 55 Bitcoin from it. I felt like a genius cashing out at $18
Bitcoin has almost no future because it fails at being what it's intended to be, a good form of currency. The only thing it's good for is doing things that require anonymity and other coins do a better job at it, and even when you use bitcoin in that manner, most people cash it out immediately when able because of how volatile the price is which is the root of the problem with bitcoin. The only reason it's so expensive is that it's the first and it is very easily replicated and improved upon, which is where you get things like ether.
The entire economy of bitcoin is based on investor speculation. it has a 1.5 billion dollar trading volume when it is used for almost nothing else. The key is that people aren't buying it to use it, they're buying it to sell it for their local currency later since they know they can't buy anything with it. The biggest thing that perturbs me is that in what world does the value of a currency equate to how strong it is? Is the Pound Sterling a stronger currency than the USD because it's worth more? It all comes back to the fact that no one wants it except to make more money off of it, which guarantees a crash and to be honest, every other coin, including ether, will have the same problem
If a crypto-coin comes out that has a stable price and has wide adoption, I will consider it successful.
Yes, and when the ETH flash-crash happened many exchanges crashed under the weight of the traffic it caused - trapping in those who wished to bail and preventing any support of the price from buyers. Another giant red flag for anyone viewing these things as "investments" or store of value.