It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.
Perhaps that's because we've seen this pattern (and it's knock-on effects on the wider economy) three times in the last 20 years?
Is it possible your rose colored glasses are just the other side of the spectrum to the against view?
Past experience would suggest a double digit move either way isn't surprising. But equally, it's not correcting anything as there's no meaningful book value to correct to.
These are likely just fairly arbitrary moves that will be followed by other arbitrary moves.
As the markets are almost completely opaque, unless you're the person dumping, attempts at attribution are mostly futile.
The Washington Post had it right in 2015 even though they didn't even use the neologism "hodl":
> - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. - Sounds great. How does it do that? - Well, Bitcoin saves you money by making transactions irreversible. - So ... if I get scammed, I got scammed? There's nothing I can do about it? - Yes. - Okay, but is it at least easy to use? - The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. - Oh. - Yeah. So you should buy some Bitcoins and use yours.
This is nothing but a scam. We don't want people to be scammed.
How does it do that? Irreversible transactions allow the currency to be decentralised, but I don't think they were even intended to be a means of saving money.
> So ... if I get scammed, I got scammed? There's nothing I can do about it?
Cash has much the same problem.