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Originally Posted by crucifissio
bitcoin has lost its role as a payment method and has become a get rich quick scheme...
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it was never a payment method. even zug in switzerland what was know as the first bitcoin city in the world had in the last year 20 bitcoin transactions in the whole town.
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everybody who got in in the last 6 months has lost money and the price and volume are naturally going down...at the moment there is 0 reason to buy coins...they will keep falling until only the die hard coiners are holding...
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it is a logic rule: where are winners there have to be looser. if you you have big winners you have to have MANY looser.
that makes it so similar to the bet system and snowball systems.
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however, bitcoin has pumped up and crashed down several times in the past 10 years and it will do so again...between these periods there were long periods of relatively stable price and low volatility...
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low volatility will cause that people moving their capital into other opportunities because they want to make the fast money.
this makes the whole thing paradox because as soon as it is stable the gamblers go out and will cause a decrease. this is what you will see in the next few years.
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people will get greedy again...it is only a matter of time and now more people than ever know about bitcoin...the pump that will ensue may or may not be bigger than 2017 but it will be easy easy money...
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there are actually more than 2000 crypto currencies in the market and another 10.000 startups in the waiting line.
even when they ALL say that the value of them is based on the limit of the coins there is no limit of the number of different currencies. they can produce unlimited "limited currencies" and the value of all them together will always represent the number of existing goods and services available.
with other words. this is a mega inflation what is just producing costs and no values.
the one and only value in this hype is the energy that is used to mine those coins. but this value is gone after the coin is mined. as i said: coal to ash and the ash shall be the
value. not very logic.