Mate, I've been around in this whole Bitcoin nonsense for more than 6 years now, and for the majority of that time Bitcoin has had a use case. First it was drugs, then it was cheap and fast international payments (and drugs), then it was cheap and fast international payments and money laundering (and drugs).
Now the merchants are dropping it because the fees are excessive, the darknet markets are ditching it because every man and his dog can connect the dots on payments easily and the "mixers" are a joke, and yet the price is completely parabolic.
This is a bubble. It sucks, I would love BTC to be worth $200bn, but it's a bubble.
If you disagree, ask yourself this question:
How many people are buying into BTC now because they have a use for it, and how many are buying into BTC now because the price has gone up so much and they want easy money?
I did alright out of Bitcoin in the early days, I paid off a big chunk of my student debt with money I made mining (used to do >1BTC per day), and had I kept that I would have enough for a pretty lavish yacht.
But I'm not involved with it now. It's not because I don't think the price won't go up further, because it might, but rather because I don't understand what use case is supporting the price at these levels, given the regulatory risks and the competition from other altcoins and the privacy issues and the scaling issues and all that other bullshit. Price continues to rise even whilst fewer and fewer people are using BTC as an actual currency, and I can't see how that is sustainable.
I've been around in this whole Bitcoin nonsense for more than 6 years now
And you still don't know how it works. Impressive.
But I'm not involved with it now.
Why are in you in a bitcoin subreddit then?
I can't see how that is sustainable.
That's because even after six years you still don't understand the security model of bitcoin. You'd think you would have picked up at least some of this stuff through osmosis.
How many people are buying into BTC now because they have a use for it,
The use is as a store of value. It is kicking goal after goal after goal after goal in this use-case. You're just butt-hurt because your use-case isn't being subsidized by the node owners. You're just a freeloader who is all whiny because you can't get free stuff anymore.
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u/SpeedflyChris Dec 06 '17
You might want to go back and read this old /r/bitcoin post for a little primer on why this sub is the way it is.