Let face it. Over the past few days Bitcoin droppped 50% of its value or so. Then yesterday Washington post published an article in regard to Bitcoin. The article title Revealed: Bitcoin is a ponzi scheme. Many Bitcoin enthusiast saw it, and didn’t even read it because the title already point out to a writer whom is a bias.
I myself didn’t read the whole article either, but did read the comments and reactions from some people responding to that article. Those whom responded to the article doesn’t appears to know much about Bitcoin either, I think they got influenced by the article, and these are smart intelligent people I believe because they can read and comprehend, just not thinking outside the box.
To me, based on my knowledge and experience. I don’t think Bitcoin will ever go away, even if it’s at 1 cent which is next to impossible to happen ever. Today if bitcoin fall to below $100 this will cause a surge in many will buy Bitcoin and will make the price go up again. I will be be a little generous and say $25-$50 is the lowest it will go if Bitcoin ever crashed again. At the price of $25 to $50 a Bitcoin, this will cause a big surge in Bitcoin buying from everyone! and perhaps even the one that don’t know much about bitcoin, but does know that it once at $1100 +
It is sad for the miners, and off course sad for the data center or business that charge fees based on bitcoin % not USD or EUR or whatever paper currencies. Let say if 1% of bitcoin for 1 btc is .01BTC, and price the for BTC dropped so does that 0.01BTC fee, and if the business cashing out daily for sure loss of profit and will most likely have chain reaction throughout its business process of making a profit. Take example CEX.io could not make earning to pay for data center maintenance because they’re paying in USD, so had to end Cloud mining service in the data center because of no profit, they will resume when Bitcoin hit $320 again.