September 7th promised to be a memorable day for Bitcoin. But even the most recent correction will probably not mean the end of the cryptocurrency, although the voices declaring Bitcoin (once again) dead are getting louder again.
The past few weeks have gone really well for Bitcoin. The coronation could have been El Salvador’s BTC introduction. But things turned out differently. Because on yesterday, September 7th, Bitcoin and the entire crypto market fell brutally within a few minutes. We could now hold long slogans and try to donate hopium. Talking about the fact that one or two large whales were responsible for the crash and that BTC and Co. will soon be showing green candles again.
But let’s let the bad news of the past – and the fact that they have never come true – speak for themselves. The following article looks back at the still young history of crypto currency No. 1 – in the period from 2010 to 2021.
It has only been 2 years since Satoshi Nakamoto introduced the concept of Bitcoin via a mailing list. Writes in 2010 The Underground Economist under the title “Why Bitcoin cannot be a currency”:
In nature, positive feedback loops, like Bitcoin, are deadly; the only thing that has kept Bitcoin alive for so long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to death faster than you can blink.
Bitcoin was available for less than $ 0.23 on December 1, 2010, and the article was published that same month. Bitcoin has been such a “novelty” for over 10 years since this post. And you could definitely blink more than once during that time.
An article was published on May 8, 2011 under the title “Why Bitcoin Will Fail” Apenwarr. In May 2011, the BTC rate danced around the line of three US dollars – an increase of 1,300 percent compared to the previous year.
The article argues that Bitcoin is just like the gold standard, just a digital form. The author further expands his views as follows:
Bitcoin mining (they even borrowed the word!) Is pointless work that produces nothing of real value. Bitcoin is less convenient than paper money. Bitcoin denies the truth of capitalism that it is about value and not about money by preventing the money supply from growing when the economy does. BTC enables random, unrecoverable effects like the depression of the 1930s. Bitcoin is removing control of the economy from the government, which means it no Control over the economy there.
Another article, “Well, that’s the end of Bitcoin,” appeared on Forbes on June 20, 2011. At the time, one BTC was trading at $ 15.15. In the post it says:
The Bitcoin community faced yet another crisis on Sunday afternoon when the price of the currency on the most popular exchange, Mt.Gox, fell from $ 17 to pennies in a matter of minutes. Trading quickly ceased and visitors to the homepage were directed to an explanation that traced the crash back to a compromised user account.
In fact, it looked dark for Satoshi’s coin back then. The Mt.Gox hack exposed BTC to one of its greatest threats to date – and survived.
Bitcoin in 2012
Another article followed on December 24, 2012, prophesying the collapse of the crypto reserve currency. At that time, the Bitcoin price was quoted at $ 13. The author writes:
At the height of its popularity, BTC was hailed as a viable alternative currency for the Internet age, a monetary system designed to prevent theft, gambling, and criminalization. Then came malware, the black market, the legal confusion … today you can’t even buy Facebook shares with it.
Even if Bitcoin lost a little of its value as a result of yesterday’s price slide, that you can’t even buy Facebook shares with Bitcoin, it is no longer entirely true today. On December 21, 2012, Facebook shares were worth $ 26 and Bitcoin roughly half that value. Today, a Facebook share costs $ 382, while Bitcoin is trading at around $ 46,000. Today you get an impressive 120 Facebook shares for one Bitcoin.
On April 5, 2013 the portal released Chron an article entitled, “Why Bitcoin Is Doomed To Fail”. During the period, BTC was trading at $ 141. The author writes:
I heard about Bitcoin in 2011 just before it saw its first massive surge, from less than a dollar to a high of $ 35 in the summer. I didn’t think it was worth anyone’s time then, and it’s still not worth anyone’s time unless you have a love for gambling and some money that you don’t particularly care about. The very reasons why Bitcoin is taking off today will be the main reasons its value is likely to collapse tomorrow.
Bitcoin will fail because it has no fundamentals beyond the message cycle. Why is the price of a single Bitcoin so high right now?
It continues with a contribution from Business Insider. This was published on November 6, 2013 under the title “Bitcoin is a joke”. Back then, BTC was trading at $ 433.
Before I go any further, I want to make it clear that to say something is a bubble does not mean that it is going to fall. It could go up to $ 500 or $ 1000 or $ 10,000. That is the nature of mania.
After a brutal crash in the spring, 2014 was a little quieter than, for example, the current crypto year 2021. It was published under the title “I’m sorry, libertarians: Your dream of a Bitcoin paradise is officially dead and over” salon published an article on BTC on March 7, 2014. At that time the price was quoted at 637 US dollars. The article says:
Neither Satoshi Nakamoto nor Bitcoin ever had a chance to function outside the confines of conventional society. There will be regulation, there will be consumer protection, there will be rules and taxes and prosecution for those who break the law. Bitcoin is not a cyberpunk fantasy or a Thomas Pynchon novel. It’s boring. The thrill is gone. And that’s why people are so angry.
Bitcoin in 2015
The year 2015 was a bit more volatile again and ended green. Announced on April 7th Coinfox under the title “Bitreserves new COO: Bitcoin will disappear in 5 years” an article. At that time, the price was just quoting again at US $ 220. The article says:
I would be surprised if Bitcoin would still be around five years from now. BTC is a means to an end. Bitcoin’s value is not in currency, but in technology. I think once the world gets used to the Bitcoin platform, the noise will go away, and the currency will go away too. The real change is the idea of removing all barriers and making them ubiquitous. Whatever currency or commodity you want to transact with, you can do it, for free. That’s pretty revolutionary.
Bitcoin in 2016
The year 2016 was similar to the previous year and ended in green. Under the title: “The Bitcoin Bros have lost to the big banks, which are now trying to play with the digital currency” Deal breaker on August 25th an article. During the period, the BTC price was trading at $ 577. It says:
The crypto anarchist revolution is over. My sympathies. The advice of the victorious crypto capitalists is: do what your parents did! Look for a job at UBS, Deutsche Bank, Santander or BNY Mellon.
“Bitcoin exceeds $ 1,000, but the only number that matters is zero,” according to the title of an article Financial Timeswhich was released in 2017. Back then, the BTC price was trading at $ 1,034.
As a phenomenon, Bitcoin has all the characteristics of a pyramid scheme that requires a constant influx of converts to drive the price up based on the promise that it will be used by future converts. So the final value of Bitcoin will be the same as any pyramid scheme: zero.
Another user tweeted on November 21, 2017: “BTC in is dead. It was split in two. There is Bitcoin Cash, and Bitcoin Core / Legacy. Accept it”. Back then, you could still buy a BTC for just under $ 8,000.
The Bitcoin year 2018
the New York Post published an article on July 4, 2018 under the title “Why Bitcoin Could Not Be Worth Any More Soon”. 2018 was a tough year for crypto investors back then. At the time of publication, the BTC price was trading at $ 6,610. In this the author writes:
I thought we would finally get rid of the bitcoin. But the fake “currency” that I like to call Bitcon just doesn’t want to go away.
Bitcoin in 2019
Published on February 25, 2019 CNBC a post in which the US news broadcaster Warren Buffett quotes. The title at the time was: “Warren Buffett says Bitcoin is an“ illusion ”and attracts“ charlatana ””.
Bitcoin has no unique value at all. Basically, it’s a delusion.
With the exception of the Corona crash in March, 2020 was mostly positive for Bitcoin. Published on August 28th Finextra an article with the prophetic title “Cryptocurrencies are dead. Long live the central bank’s digital currency!”. At the time, Bitcoin was trading at $ 11,356.
In the article the author writes:
A much smarter person than I once said that cryptocurrency is “everything you don’t understand about money combined with everything you don’t understand about computers”.
On July 21 was on Gizmodo published an article titled “Billionaire Investor Says Bitcoin Is Heading For $ 0 Which Is Very Far From The Moon”. At that time, Bitcoin was fighting for the $ 30,000 mark again after a soaring flight that lasted into May.
I predict that all of these forms of cryptocurrencies that are not backed by central banks or assets will eventually go to zero. I can’t tell you when that will happen, but it is inevitable that they will go to zero.
As of today:
And now? On September 7th, Bitcoin became legal tender for the first time in a country. Actually, this is good news for BTC, as it shows that the adaptation of the cryptocurrency has advanced over the years. The market crash, or rather: the correction of September 7th, shouldn’t be given too much weight these days. Much more, the September correction and the above news from the past ten years can serve as a teaching object that we are in a highly volatile market. And that corrections are part of the crypto game.