Quote from: freightjoe on November 20, 2017, 08:22:57 AM

Quote from: Betwrong on November 20, 2017, 08:21:41 AM

No one knows the "real value" of anything, it's the demand is what the key factor for the price we pay for things.

And in terms of demand, here is a detailed step-by-step guide to how the events will unfold for Bitcoin (and the other cryptos):

- Bitcoin will start dropping in value sharply
- Bitcoin promoters and investors will say that this has happened many times before
- In this forum especially all will be saying to buy because it is cheap, and many will say to hodl
- price drops further, and all promoters will keep saying we have seen this before and it is a good time to buy and hodl
- price drops further, and waiting transactions are now mounting rapidly because despite the cries of "hodl!" quite a few people want to get out. But the way Bitcoin works prevents all from exiting when they want to.
- The price to get your transactions through becomes very high, in reality meaning only people with large holdings of Bitcoin can afford to get out. And they do because they have in many cases bought at below 1000$ and therefore they want to take their profits.
- As it becomes clear price keeps declining and it is impossible to get out, the smaller investors start to panic. It is the same as being in a large building with many people and only one small fire exit when there is a fire
- Prices now decline to a level where the miners can only make money by charging very high prices for transactions
- The high prices for transactions and the low price of Bitcoin means that no smaller investors can now get out of Bitcoin
- The price stabilizes at a very low level and it is impossible for the small investors to get out as no miners can make money any more
- Nobody want to buy into Bitcoin because of the very high transaction fees
- Game over.

All what you said may happen (or may not happen) only after the first thing in your list happens, namely " Bitcoin will start dropping in value sharply".
What do you mean by that? How much should Bitcoin lose in 24 hours, in your opinion, to be in this situation? Or did you mean this will be happening during a month or two?

And the main question. What makes you think that demand will go down in the future?