lol most exchanges allow you to cash out $10,000 per day so this is a strange thing to worry about, unless you have peers who are six digits invested, and by that time i doubt those are the type of people who have money problems
10,000 is really nothing. My baby robinhood stock account separate from my major trading/investment accounts has 20k in it.
It will take a lot with it but a lot will also survive. The crypto scene isn't completely dependent on Bitcoin doing well. There's a hell of a lot of real world use cases for many crypto coins which won't simply stop being needed just because Bitcoin has fallen in price.
I don't mean die like stop functioning I mean die in the sense that it's value will be nothing compared to what it is now. When you have nothing backing up value but perception and the largest name in the game crashes it will drag the others down with it. Crypto won't react like other currencies because there is no backing to it. The only real world use crypto fills is for people in 3rd world countries and illicit transactions. Everything else I've ever heard is just fantasy land bs. Not saying there can't be other uses but I've yet to hear one.
It's inherent value is that there is global instability in many currencies and people see it as a viable store of value. Just look at how Russia, Turkey and South Africa are currently performing. US investment is obviously many people speculating but globally there are many uses for people trying to move away from their own currencies which are potentially even more volatile.
I don't even know what you could call cratering at this point... Even if it crashed down to $1500 it would have still had positive growth for 2017. There is so much money invested in it now that the risks of manipulation are quickly declining, it would take a lot of money to be pulled out for it to crater, with it being so volatile, many see it as the ebb and flow of the currency and just hold anyway.
Crypto is far more volatile than any major currency lol. It's had giant crashes how many times this year alone?
The thread isn't titled if you got in at the beginning of 2017 you're doomed in crypto. I'm talking about right now. The people buying in the 8-10k range are essentially lighting their money on fire and I'm concerned about lasting damage to millennials who trust tech more than anyone else. Crypto while having money in it is still very small potatos for a currency/commodity.