From the Clouds to the Swamp: Bitcoin at 6,000 USD

This day has also come: on the morning of February 6, 2017, around 9:00 AM, one Bitcoin is worth approximately 6,000 USD on the market. Not so long ago in December, the price was around 19,500 dollars, and it has been in a steep decline since then — but is the situation really this bad?

The bubble appeared to be bursting when Bitcoin's price plummeted in the first half of January, then in the second half as well, and the situation didn't improve by the end of the month either. Truth be told, the price has been reaching ever deeper lows since then.

From a mining perspective, however, it's irrelevant to worry about the price since the hardware can mine the same amount of Bitcoin (BTC) — it's just that its value is slowly reaching a point where it's worth nothing. I console myself with this too: given how much I've invested in this virtual play money, in the end I won't even be able to get a pizza for it by the time one Bitcoin equals 1 USD...

I don't know where the bottom is. The chart clearly shows we've arrived around the November level, but the situation isn't that rosy either, because okay, we've arrived, but there should be some progress to show rather than the current price underperforming the November average.

Now all the braggarts can be happy that we got burned, but that's how it goes with the real estate market too, with used cars, and this negative outlook asserts its influence in numerous other areas as well. Even currencies backed by official gold reserves and other stocks aren't in a particularly great position at the moment either.

Miners! There's not even enough for the electricity bill anymore, so hang in there or sell your stuff as soon as possible while it's still worth something!