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Not many selling, now holding for the moon... ie, supply/demand /shrug
Except if btc doesn't make higher highs on this run then the likelihood of it ever doing it again just reinforces the belief the 2017 bubble was a once off. Basically it's a massive blow to btc dreams of 100k etc. If the halvening happens with btc under 10K it's not very feasable to mine it and you will never see the speeds and fees to sustain its use case. I understand it's profitable to short btc but why not just wait for it to top out? Longing it should it falter to new lows sub 3k and then hoping next time to wish for it to make new post 20k just seems like gambling. There is already so much bubble stigma after the last burst, who says it will survive another?
I get that. Side note :I don't see alts as all shitcoins. Many projects and you see this increasingly in many apps, are trying to decentralise the internet away from an advertising and data control model. The shared ledger model that is useful for btc has many use cases other than financial transactions. Privacy coins like Monero have their use case for bypassing draconian banking/government regulation of moving your assets overseas etc. Eos/Tron/ether/cardano etc have a use case for a new way to network without some massive conglomerate at the centre controlling the data flow. The currency in cryto currency is more than just financial in nature.
I get that. Side note :I don't see alts as all shitcoins. Many projects and you see this increasingly in many apps, are trying to decentralise the internet away from an advertising and data control model. The shared ledger model that is useful for btc has many use cases other than financial transactions. Privacy coins like Monero have their use case for bypassing draconian banking/government regulation of moving your assets overseas etc. Eos/Tron/ether/cardano etc have a use case for a new way to network without some massive conglomerate at the centre controlling the data flow. The currency in cryto currency is more than just financial in nature.
The issue is that there's nothing to justify this price right now. There's nothing majorly new when it comes to Bitcoin. There's no real uptrend when it comes to crypto in general. It's nothing but fomo (and perhaps manipulation) and when it eventually reaches the top, wherever that is, and sinks again it will hurt it more than just remaining stagnant again for a while. The best case for its future would be for it to drop 50-60% now before it goes further.
You might have timed that badly. Virtually no mans land above with very little historical resistance above (btc has only spent 48 days above 10k). Currently 10700 and we could glide a lot higher if fomo kicks in.
Was there ever anything to justify the price? In the age of free swiping, paying with your phone, low fees etc the banking sector is miles ahead of crypto for convenience, ease of use and fees.
Yes, in 2017 you could say it was the forks. We all know they were just money grabs with only 2 being semi successful but still it created demand. That's what it's about. It's scarcity and demand which creates value. So yes fiat currency has a reason to have value. Increase the supply and it loses its value. Decrease the supply and it gains value. It's still scarce even if people use it. For Bitcoin to be successful people have to use it.
I disagree. Who uses their Gold or diamonds? Both materials actually have industrial use, but if that was their only purpose they'd diminish in value. Nobody would dangerously venture deep into the earth to gather them. Their value is that people hoard them on their fingers, ears, necks, wrists and in their safe. The more people hold btc like some precious stone the more valuable it becomes and more scarce.
