Quote from: elegion on December 01, 2017, 02:56:50 AM

Quote from: pjmis on November 30, 2017, 05:10:12 PM

BTC dropped. BCH dropped, ETH dropped. Here is my theory on this guys.

There is a few individuals on the live exchanges at the moment who are profit chasing by 20 dollars. For example. Loads of people will buy up to $10,000, soon as it hits $10,000 or a specific set number. You will see a massive number of sell rather than buy, but some will be still buying. Is it the new hedge fund guys getting in on it?

You think Bitcoin is down because you're comparing it to Government currency, you fail to realize that Cryptos operate under their own economy, it has its own financial ecosystem and global financial market. It's rising value is based on market adoption that constitutes its technological use.

It's a very easy concept. The more people join the network, transact with Bitcoin, accept Bitcoin as payment for services, store Bitcoin away to Hodle the larger the network grows. There's more fiat currencies in circulation than there are Bitcoins, there are more people than there are Bitcoins. The current price of one Bitcoin in Us dollars is a sign that you should probably exit the fiat currency system soon or at least within the next 2 - 3 years.

Bitcoin is not a hedge fund, a bond, or a mutual fund. Those type of paper instruments can be reissued as they only exist within the Keynesian Economic system. Bitcoin is similar to a very rare and scarce stone that has no other choice but to increase in value due to its intrinsically scarce nature and that is what you call Austrian Economics; it's a feature not a bug.

Rarity doesn't make something valuable, utility does. I'm not sold on the concept Bitcoin will retain the current level of value once the current mania wears off. There are an increasing number of suitable replacements in crypto that do a better job of being Bitcoin than Bitcoin does. The main concern for a Bitcoin holder isn't whether crypto will continue to prove useful, but whether Bitcoin specifically will. And Bitcoin's value is down, because it is priced in USD and everything else is priced in USD too. When Bitcoin's value drops in USD, it's not just in comparison to government currency, it's in relation to literally everything, so that's not an accurate rebuttal.