The Death Of Reddit Bitcoin.

Reddit bitcoin

Back in 2014, at a Reddit bitcoin and cryptocurrency conference I attended in Dublin, Reddit's r / bitcoin platform was mentioned several times on stage and even more by audiences.

This was emphasized by its epic 2017 bull run of bitcoin globally three years ago, in which the price of bitcoin rose from $ 1,000 in January to around $ 20,000 around December, making it easily the best investment of the decade .

Reddit was once very important to the bitcoin and cryptocurrency community - but it no longer seems to be.

Does anyone else remember the Reddit bitcoin

"Does anyone else remember the 'Bitcoin: Magic Internet Money' MS Paint ad that aired on Reddit in 2013," Nick Carter, a partner in the blockchain-focused Castle Island Ventures and creator of bitcoin and crypto data site Coinmetrics, back on Twitter Asked 2017. "I liked that stupid advertisement a lot."

A user of Reddit said at the time of the creation of the advertisement, "Nothing speaks of my belief in posture like a crappy MS Paint doodle." The ad was still created by a somewhat active Reddit user, named mavensbot.

The R / bitcoin subredit, which was created in 2010, now boasts about 1.3 million subscribers - double that at the peak of Bitcoin's 2017 bull run.

But the bitcoin discussion on Reddit is bigger than r / bitcoin. There are subredits dedicated to most major cryptocurrencies as well as extensive forums such as R / Cryptocurrency - all of which regularly discuss bitcoin and bitcoin value.

As Reddit bitcoin and cryptocurrency prices rose

As Bitcoin and cryptocurrency prices rose in 2017, Bitcoin mentions Reddit's momentum, data gathered by analysts on the cryptocurrency data platform Chartstar revealed this week.

The subsequent sell-off of bitcoin during 2018 saw that bitcoin is mentioned along with the price.

However, last year, when rumored technology companies, including social media giant Facebook and iPhone maker Apple, were preparing to jump into cryptocurrency, the price of bitcoin rose, something changed - the number of bitcoin mentions on Reddit bitcoin Failed to climb inline with. cost.

Chartstar chief executive David Gilbert said, "Institutional investors and more mainstream companies have expressed interest in bitcoin, it has managed to break away from the dependency of niche communities like R / bitcoin," he said in research with his colleague Sam Smith did. "It's a sign that bitcoin has matured and is starting to hit the mainstream."

Gilbert and Smith analyzed billions

Gilbert and Smith analyzed billions of reddit comments made over five years, which found that the mention of bitcoin was broken by the price of bitcoin in May of last year, and noting that it had previously "led to many significant price movements [] The comment was precipitated by a noticeable change in frequency "" -redit can be used to estimate the price of bitcoin Was.

In the last two years, global financial institutions ranging from JP Morgan to Goldman Sachs have bought bitcoin, cryptocurrency and blockchain technology. Once thought of as an alternative piece of financial technology, bitcoin-related bitcoin-related coffee shop chats are now more likely to involve startup CEOs and finance executives than grassroots libertarians and economic revolutionaries.

Meanwhile, some smaller Reddit cryptocurrency communities closely reflect their respective digital token prices - and Gilbert Recon's analysis can be used to estimate the price of Ethereum and litecoin, for example.

"I suspect there are social data mining for insights right now," said Gilbert. "I hope it works best for medium-sized market-cap cryptos and uses more sophisticated sentiment analysis techniques on observations than frequency calculations."

Last year, there was a post on R / bitcoin calling to remove the Bitcoin Wizard ad, in which Reddit user TiltMastery complained: "For anyone to take us seriously long-term, we all need to grow up Is. I just got it. The picture must be immature. "

At the time, the Bitcoin Wizard no longer featured prominently on the stage, sitting on the lower-right of the newly redesigned site.

"Keep bitcoin weird," Reddit user Gonzobon answered. "This is our culture."

Back in 2017, Nick Carter said

Back in 2017, Nick Carter said: "No matter what happens with initial coin offerings, hard forks, Goldman, anti-money laundering and your-customer regulations, or China, Russia and USA, bitcoin will always be the magic internet for me. For money. "

But bitcoin is not "weird" any more and its "magic" is being dissolved by corporate interests. The individuals who created bitcoin are what it is today, discussing the development of bitcoin on R / Bitcoin and BitcoinTalk threads, losing control and losing interest.

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