lot of positive feedback, especially from enthusiasts.

很多積極的反饋，特別是來自愛好者的反饋。

But whenever I talk about its flows, these are the types of comments I get.

但每當我談論它的流程時，就會得到這些類型的評論。

Thank you, Unsubbed!

謝謝你，Unsubbed！

You have no idea about cryptocurrencies and blockchain technology, unsubscribed.

你對加密貨幣和區塊鏈技術一無所知，退訂。

This is when smart people become dumb!

這就是聰明人變笨的時候!

However, whether you like it or not, a lot of people lost money by investing in bitcoin.

然而，不管你喜不喜歡，很多人因為投資比特幣而虧損。

On the other side, some people made incredible fortunes.

在另一邊，有些人賺取了不可思議的財富。

So In this video, let's try to understand what really happened to bitcoin and cryptocurrencies

所以在這段視頻中，讓我們試著瞭解一下比特幣和加密貨幣到底發生了什麼事。

in general.

總的來說，。

Why did it dramatically jumped to 20K dollars and then suddenly crushed!

為什麼急劇跳水到2萬塊錢，然後突然就被擊垮了!

Remember when bitcoin just came out.

記得比特幣剛出來的時候。

No one gave a damn about except its true fans.

除了它真正的粉絲，沒人在乎。

So it was growing slowly.

所以它在慢慢成長。

In fact, within the first 5 years, its price didn't even cross 50$.

事實上，在前5年內，其價格甚至沒有突破50美元。

Most people didn't hear about its existence leave alone the technology behind it.

大多數人都沒有聽說過它的存在，更不用說它背後的技術了。

But as its price started growing to a hundred dollars and above, some investors noticed

但當其價格開始增長到百元以上時，有投資者注意到了

it and those who understood its potential gave it a shot and decided to invest.

它和那些瞭解它的潛力的人給了它一個機會，並決定投資。

That demand further increased the price and in the next couple of years, by the summer

這種需求進一步提高了價格，在接下來的幾年裡，到了夏天的時候。

of 2016, it crossed 500 dollars.

的2016年，它突破了500美元。

At this point, the media started talking about it and it gained some popularity.

這時，媒體開始議論紛紛，有了一定的知名度。

More and more investors realized the potential opportunity to make money.

越來越多的投資者意識到了潛在的賺錢機會。

So they threw some cash into it.

所以他們投了一些現金進去。

And within the next 6, 7 month by January of 2017, the price has doubled and reached

而在接下來的6、7個月內，到2017年1月，價格已經翻了一番，達到了

a thousand dollar.

一千美元。

The media quickly spread the message, people all around the world were talking about it.

媒體迅速傳播，全世界的人都在議論這件事。

It was the new hot thing to invest, it was like the new internet.

那是投資的新熱點，就像新的互聯網。

In fact, a new cryptocurrency would come out every day.

事實上，每天都會有新的加密貨幣問世。

There were hundreds if not thousands of different cryptocurrencies in the market already and

市場上已經有數百種甚至上千種不同的加密貨幣，而

people were throwing money into them hoping to make a fortune which further skyrocketed

人們把錢投進去，希望能賺到錢，這就更讓人感到興奮了

the prices.

的價格。

Some investors bought large sums of bitcoin to artificially inflate the price to attract

一些投資者買入大量比特幣，人為抬高價格，以吸引

more people.

更多的人。

By summer of the same year (2017), bitcoin hit a new record.

到了同年（2017年）夏天，比特幣創下了新的紀錄。

At that moment, celebrities, singers, athletes even people who had absolutely no idea what

那一刻，明星、歌手、運動員甚至完全不知道什麼的人

on earth is a cryptocurrency decided to jump on the board.

在地球上是一種加密貨幣決定跳板。

This huge demand inflated the price by thousands of dollars.

這種巨大的需求使價格膨脹了數千元。

and but by 17th of December, it peaked at almost 20 thousand dollars ( $19,783.06).

但到了12月17日，它達到了近2萬美元（19783.06美元）的峰值。

And the same thing was happening to everything cryptocurrency such as Ethiruim, Litecoin

而同樣的事情也發生在一切加密貨幣上，如Ethiruim、Litecoin。

and so on.

諸如此類。

Remember all of those people who invested in bitcoin when it was still under a thousand

還記得那些在比特幣還不到一千塊的時候就投資比特幣的人嗎？

dollar and those who artificially inflated the price.

美元和那些人為抬高價格的人。

They were waiting for this moment.

他們在等待這一刻。

Their investments now worth millions of dollars, so they cashed out.

他們的投資現在價值數百萬美元，所以他們兌現了。

That slightly decreased the prices which led other investors to panic and sell before prices

這略微降低了價格，導致其他投資者在價格之前恐慌性拋售。

plummet further.

進一步暴跌。

The media quickly spread the news that the price of bitcoin is falling.

媒體迅速傳出比特幣價格下跌的消息。

That created a bigger panic in the market since all of those people who invested in

這在市場上造成了更大的恐慌，因為所有這些投資於

cryptocurrencies but didn't really understand how they work were scared to lose all of their

加密貨幣，但並不真正瞭解它們是如何工作的，害怕失去所有他們的

investments, so everyone started selling to minimize losses.

投資，所以大家都開始賣出，以減少損失。

This oversupply drove the prices down and in a matter of a month, bitcoin lost half

這種供過於求的情況促使價格下跌，在短短一個月內，比特幣損失了一半

of its value.

其價值的。

And since people were scared to invest again, prices started falling over time and now they

而由於人們又不敢投資，所以隨著時間的推移，價格開始下跌，現在他們

around 3600 dollars.

3600元左右。

This graph is called the Gartner Hype Cycle.

這張圖叫做Gartner Hype Cycle。

When a new technology comes out.

當一項新技術出來後。

It's usually only popular among the enthusiast.

通常只在愛好者中流行。

But when it gets picked by the media, it blows up because they have to dramatize and exagurate

但是，當它被媒體選中時，它就會爆炸，因為他們必須戲劇化和誇張化

to get more views.

以獲得更多的瀏覽量。

And in a short period of time, it gets extremely popular.

並在短時間內，得到了極高的人氣。

That's when everyone talks about how this technology is going to change the world.

這時大家都在談論這項技術如何改變世界。

How cryptocurrencies are going to replace the banks and the entire financial system.

加密貨幣將如何取代銀行和整個金融體系。

However, at some point, we realize we have been too optimistic and are still far away

然而，在某些時候，我們意識到自己太過樂觀，還差得很遠

from that bright future.

從那美好的未來。

The technology seems to have great potentials however, there are many challenges we have

該技術似乎有很大的潛力，但是，我們還面臨著許多挑戰。

to overcome before it can be truly useful.

要克服的問題，才能真正發揮作用。

So that dramatic rise is followed by a sudden even faster fall.

所以，這種戲劇性的上漲之後，又突然出現了更快的下跌。

That is where most technologies die.

這也是大多數技術的死穴。

However, if it's a truly useful technology, it will gradually grow again.

不過，如果是真正有用的技術，它又會逐漸成長起來。

And bitcoin is somewhere around here.

而比特幣就在這附近。

Whether it's going to make it or not, we will have to wait and see, however, its dramatic

能否成行，我們只能拭目以待，不過，它的戲劇性。

rise and sudden fall weren't random but a cycle that every technology goes through.

興起和突然倒下不是隨機的，而是每個技術都會經歷的週期。

And if you take a look at the development of the internet, it went through the exact

而如果你看看互聯網的發展，它經歷了完全的

same cycle, but it's downfall was way more significant than bitcoin and resulted in a

同樣的週期，但它的跌幅比比特幣要大得多，導致了一個

dot com bubble.

點網保麗龍。

Fast forward to today, after 20 years, the internet has become an essential part of our

快步走到今天，經過20年的發展，互聯網已經成為我們必不可少的一部分。

life.

生命。

And if cryptocurrencies are going to make it, in 10 or 15 years we will see their true

而如果加密貨幣要成功，在10年或15年後，我們將看到它們真正的

potentials.

潛力。

If you have enjoyed this video, give it a thumbs up, make sure you hit that subscribe

如果你喜歡這個視頻，請豎起大拇指，一定要點擊訂閱。

button and the bell beside so that the next video appears on your homepage.

按鈕和旁邊的鈴聲，這樣下一個視頻就會出現在你的主頁上。

Thanks for watching and I will see you in the next one.

謝謝你的觀看，我們下期再見。