Quote from: _cryptofan on November 06, 2018, 10:54:09 PM

"The peculiar thing about Bitcoins price is that it has these cycles. First, a slow and steady accumulation by people who understand the tech and buy it when it is ignored as worthless. This is usually after the price had just crashed. Then it starts to reach a point where the media picks up its growth. And then, a parabolic buying frenzy where even your grandma starts buying Bitcoins. Finally, after reaching a dramatic peak, it finally pops and drops, leaving only those who believe in the tech and support it even after a crash. Back to square one,with a bigger base price and a larger user base. Rinse, repeat."

there are a lot of things wrong with this statement!
first of all this is not a "peculiar" thing at all. this is a normal trend that happens in anything that is similar to bitcoin. for instance take Apple (the company). at first there was slow rise where "smart money" was being invested in it without anybody knowing. then the rises began and when the peaks was reached and Apple was popular everyone else came.

but the biggest mistake in this statement is that it is confusing two different things: the short term rise and falls with the long term overall rise and adoption.
the "rise and repeat" that this is describing is a rise and fall of the market on the way to that top mass adopted stage. but it is using attributes that belongs to the mass adoption stage for example the bold part about "everyone starts buying bitcoin" which is clearly wrong.
you can see during 2017 we had a bubble but there was no "everyone, or grandmas" buying bitcoin. it was a temporary short term rise and fall which is ignored when you look at the big picture.

and now we are still on the same rising trend and in the early stages when people still don't even know about bitcoin and only the "wise money" is coming in. we have not even reached the "buying frenzy"... these big rises that happen are not because of "buying frenzy" or "media coverage" or "grandams" it is because the market is small and the exchanges have thin orderbooks.