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Bitcoin just ended its worst-performing month in seven years in terms of month-over-month price declines. While this is comparing rate of fall and not absolute values, the world of economics is run on rate.
The world’s largest cryptocurrency began November at an average price across exchanges of $6,341, but as of 0:00 UTC on December 1 is trading at just $3,964, according to CoinDesk’s Bitcoin Price Index.
As it stands, the near $2,400 drop in bitcoin’s price has created a -37.4 percent monthly performance, which is its worst on record since August 2011, when it fell from roughly $8 to $4.80 to print a -40 percent monthly loss.
This may have some good impact for PC gamers:
Bitcoin miners hit hard by the cryptocurrency’s crash may be throwing in the towel.
The Bitcoin network’s hash rate, one way of gauging the computing power dedicated to mining the digital currency, dropped about 24 percent from an all-time high at the end of August through Nov. 24, according to Blockchain.com. While the decline may have partially resulted from miners switching to other cryptocurrencies, JPMorgan Chase & Co. says some in the industry are losing money after Bitcoin’s price tumbled.
A big miner shakeout could be bad news for chipmakers including Taiwan Semiconductor Manufacturing Co. and Nvidia Corp. who supply the industry, along with mining-rig designers like Bitmain Technologies Ltd. that are pursuing initial public offerings.
(Score: 0) by Anonymous Coward on Monday December 03 2018, @08:28PM (2 children)
Not sure why you care so much about net worth. I know people living very comfortable lifestyles with negative net worth. I live more frugally (in general) but have positive net worth.
(Score: 2) by Thexalon on Monday December 03 2018, @08:53PM (1 child)
Why I focus on net worth:
1. Net worth is an indication of whether people are earning more or less money than they need to stay afloat. If net worth is going up, that means people's standards of living are going up too - for instance, if you have a few months' salary in the bank you can weather a crisis much more easily than someone who doesn't have that.
2. It's an indication of whether personal debts are "good debt" where they get a durable physical asset out of the extra cost of the debt (e.g. a house or car, which counts towards your net worth) or "bad debt" where the debt is spent on stupid stuff or on just paying bills.
3. If you have substantial positive net worth, it can be used to earn more without working for it. If you have substantial negative net worth, then you're losing money with absolutely nothing to show for it. In short, it determines whether capitalism is working for you or against you.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 0) by Anonymous Coward on Monday December 03 2018, @09:19PM
The 'bad debt' I see around is mostly in the form of student loans. I also wouldnt consider a mortgage or car loan to be a good thing but whatever. Anyway, at least amongst my peers, I see very little effect on quality of life by net worth. That metric is definately missing something.