Quote from: AirFlame on September 05, 2018, 07:56:01 AM

Quote from: horse_white on August 17, 2018, 05:43:00 AM

Quote from: figmentofmyass on August 16, 2018, 11:06:53 PM

Quote from: gabmen on August 15, 2018, 02:23:09 PM

Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.

only to an extent. whales and large miners can withhold coins from the market, but nobody has this market cornered. and as the years go by, coins become more and more distributed. something like 5-10% of americans now own crypto. so the whales of yester-years really aren't as important anymore.

what matters most is all the supply from bagholders from 2017 (including institutions like novagratz' fund etc) and whether or not organic demand can outweigh that.

That's the big problem we are facing is the heavy supply weighing down from above. There needs to be more organic demand and not just algos driving the price up for short periods. I'm a bit worried about the future of bitcoin because of that. These futures contracts are no good in my opinion, and the ETF won't make a big difference either.

What would really help bitcoin is more trust and widespread adoption by major figures who actually use the coin for what it was intended for, rather than just quick swaps or pump & dumps.

The supply only increased because of the low buying demand. I think that if we attract some new investors in the market, they will start buying which will increase the bitcoin demand and therefore the supply start decreasing. I think we have very good example in 2017 when the demand was increasing from time to time and the supply was decreasing which caused the price to increase too much.

To attract bigger and new investors to the market, I believe we will need more than just speculations to make that work, but some real and organic demand like someone mentioned which can only be based on the real life usage and development of bitcoin as a currency.

2017 demand was obviously a manipulated pump all in the name of trying to get gullible smaller investors into the market and we have all seen the outcome so far. For now, I guess we just have to wait to see how far this $5k region is going to end up holding until further notice.