Categories: Ripple

Cryptocurrency community reacts to crash

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Down it goes.

Bitcoin and other cryptocurrencies crashed hard, and many people aren’t taking it well.

Down from the near-$20,000 highs of early December, Bitcoin plummeted 25 percent on Tuesday to as low as $10,194. This hasn't gone over so well with those who poured their life savings into cryptocurrency.

Just how bad is it? Well, at the time of this writing, a post providing the phone number of the U.S. National Suicide Hotline sat at the top of the cryptocurrency Reddit.

Image: reddit

Importantly, it's not just Bitcoin that's down. Everything from Ether, to Ripple, to Bitcoin Cash, to Litecoin is presently taking a bath.

Notably, according to several Redditors, this is not the first time a suicide prevention post has made it to the Bitcoin subreddit — one commenter even went so far as to call it a "meme." And while this all may seem rather silly to people who haven't taken out second mortgages to buy digital currency, for others this is truly no laughing matter — hence the posting of the aforementioned phone number.

Today's cryptocurrency market plunge has sent the collective capitalization to below $500 billion, with many top-15 coins down 30% or more pic.twitter.com/uEKE4XCOHu

— CoinDesk (@coindesk) January 16, 2018

And while the reasons for this downturn are varied and not entirely clear, the responses have mainly coalesced into two categories: HODL (i.e. brushing off the losses and waiting it out) and oh shit. It's the latter that has garnered the attention of the so-called nocoiners.

Others, perhaps not as worried about the loss of money, are grappling with different concerns. One post on r/bitcoin, titled "possibly the worst thing about this crash...," laments that the latest downtrend is bad for reasons other than the red in everyone's portfolio.

"All the shit I have to hear in the office," the post complains. "The god damn 'i-told-ya-so' from John," it continues. "Yea ok mate, if i need a status update on that box of donuts in the break room, you're my go-to guy."

Meanwhile, despite it all, the jokes flow.

Which, well, in the face of potentially staggering financial losses, it probably is best to keep a sense of humor. And, of course, reach out for help if you need it.

If you want to talk to someone or are experiencing suicidal thoughts, text the Crisis Text Line at 741-741 or call the National Suicide Prevention Lifeline at 1-800-273-8255. For international resources, this list is a good place to start.

Down from the near-$20,000 highs of early December, Bitcoin plummeted 25 percent on Tuesday […]

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