according to data from the website. The damage is likely to be particularly bad in places like South Korea and Japan, where there was minimal cryptocurrency activity before last year, and where ordinary investors with little expertise jumped in with abandon. But for now he has stopped trading and is looking for another job. She drew on savings, an insurance policy and a 25,000 loan. Roberts, the British investor who has seen most of his 23,000 vanish, is holding on to his coins in case they turn around.
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Order Reprints Todays Paper Subscribe Tony Luong for The New York Times André Chung for The New York Times Leo Correa/Associated Press Mandel Ngan/Agence France-Presse bitcoin mining laskin kh/s Getty Images Joe Buglewicz for The New York Times Pierfrancesco Celada for The New York Times Trending Transgender Could. Interested in All Things Tech? That bull market was followed by a crash in which the price of Bitcoin dropped more than 80 percent. On Reddit, a user in the United Arab Emirates posted a picture of the 100,000 loan that he had taken out in December to buy cryptocurrencies and that he will now be paying back out of his salary for the next three years. Image, a screen showing exchange rates of cryptocurrencies at the Bithumb exchange in Seoul, South Korea, in June. It is down about 70 percent from all-time highs, rather than the 90-percent losses that lesser-known digital tokens have suffered. That thinking has been encouraged by the people who invested in Bitcoin in 2013, when it first topped 1,000.
He said he now felt that he had wasted 10 months of his life trying to play the markets. Many of the groups that raised money last year are still working on the products they promised, with lots of serious engineers drawn to the projects. Now, eight months later, the 23,000 he invested in several digital tokens is worth about 4,000, and he is clearheaded about what happened. Much of the anger that investors feel is toward the smaller virtual currencies, or alt coins, that entrepreneurs sold in so-called initial coin offerings. Yoo is still a big believer in the idea that these tokens can provide a new way to transact online, without the big corporate middlemen we rely on today. I thought my family and I could escape hardship and live more comfortably, but it turned out to be the other way around. Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote : Its really hard to stomach losing all my hard earned money. Yoo said he was still a big believer in the idea that cryptocurrencies could provide a new way to transact online, without big corporate editRozette Rago for The New York Times.
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