Bitcoin Crash Prompts Suicide Concerns
The Bitcoin crash and the fading crypto currency market generally speaking, which are both in the red this week, are now raising suicide concerns among crypto-aficionados. Judging from one of the most popular sub-Reddits, the losses of the 20 largest cryptocurrencies on Tuesday made the top trending posts on Reddit’s Bitcoin forum to be information for suicide prevention hotlines.
Which means that crypto-hard-liners may be in serious emotional distress. Why? Well, this may give you a hint:
As Bitcoin plummeted in January after hitting record highs in December 2017, Reddit users manifested the same type of behavior. Currently speaking, Bitcoin is down 57 percent, BCH is down 80 percent, ether is down 67 percent, and XRP is down 87 percent. In the last 8 months, the overall crypto coin market has lost over $600,000,000,000 in value.
So futures expire in one day, alts just capitulated 20%, hodlers are on suicide watch, bitcoin shorts are stacked to the ceiling and someone just sent 100m$ to Bitmex. Interesting.
— CryptoSpaced (@cryptospaced) August 14, 2018
Here’s the Bitcoin misery index for Aug. 14:
I have never heard a reasonable explanation why Bitcoin has any value at all. This has nothing to do with investing and everything to do with gambling. Not that the experts didn’t warn investors (speculators) that they were buying a college students’ “chain letter” with their only hope of profit being that they would find someone dumber and greedier than they were! Bitcoin will not become money. It is an asset, but one that has no intrinsic value. The world of cryptocurrency can be destroyed at whim by governments in any number of ways. We have already seen how easily it is manipulated or stolen. I think the idea was great, but it seems like a really dangerous place to put your money.
Never risk more than you are willing to lose. If you invested enough in crypto to kill yourself after a loss, you shouldn’t have invested in the first place.
If you or someone you know is in crisis, the U.S. suicide prevention line is free and open 24 hours per day: call 800-273-8255.