Some historical price perspective is in order:
Bitcoin's price is actually higher now than before the spike. It spiked up starting in late October, then fell, but it's still higher now than any period in the history of Bitcoin prior to October 2017. If you got coins any time between 2009 - October 2017, you're still in profit now. If this was a stock, no analyst would be saying the price is down, because it's just not. People are just talking the price down but, it's entirely against actual factual reasoning to say that.
A lot of people constantly predict it'll plummet to zero "any day" whenever there's a drop, but the price just keeps stabilizing at higher levels than the stable points before. That it peaked then fell isn't a good argument. Long-term trends are in fact more meaningful than short-term trends. Remember that the coins from mining will halve in just under 2 years. Every time there's been a halving so far has been met with price hikes since the supply of new coins is reduced.
Some people will counter that crypto-coins have no "intrinsic" value. But this argument is pretty meaningless. Hardly anything has intrinsic value. For example gold being a good investment is only because other people agree that gold has "trade value".
Similarly governments don't "guarantee" the value of paper money (counter to some people's claims), because you can't give money to the government and get anything tangible goods back (such as gold during the gold standard days), all governments do is regulate inflows and outflows of money to maintain liquidity in the market. And that's something you could totally build into a crypto-coin. in 2 years, there's going to be a supply reduction in bitcoin. If we assume the same logic holds as for fiat currencies, then the price rises in reaction to a contraction in supply.
I'm not saying any current crypto-coin is the way to go, just pointing out that many of the criticisms aren't necessarily valid. Bitcoin is like a stock, warts and all. But, just like stock market bubbles don't disprove the stock market, a bitcoin bubble doesn't disprove bitcoin. so people who make arguments like "it must be inherently worthless because there's a bubble" aren't really being logical, they're just expressing an opinion "bitcoin is worthless" then using confirmation bias and finding all problems with bitcoin, then claiming those problems mean "bitcoin is worthless". Which is the very point they set out to prove, so they're using circular reasoning.
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Topic: Cryptocurrency? (Read 14418 times)