on the one hand bitcoins dont physically wither, on the other hand, it's about the personalities of people who own it. I don't know who pumps the bitcoin bubble, but much of the bitcoin is owned by people who can't quickly cash it out for USD or EUR because it's either illegal, not taxed or going to face big taxes. many of them are also ideologically driven. Sorry i dont have citations, i m (fittingly) speculating over these
> much of the bitcoin is owned by people who can't quickly cash it out for USD or EUR because it's either illegal, not taxed or going to face big taxes.
That's certainly an interesting aspect, but I thought you were talking about all the new, smalltime buyers of cryptocoins, which I assume don't fall into this category.
yes sorry about that. i assume however that people investing a small amount will not panic, because they really don't care. It's like buying an expensive fad fashion item, that is then left to collect dust rather than being sold. fear of missing out is driving adoption atm
Huh... that seems like a separate category from the domestic speculators I was thinking about.
But then, how does an influx of a large number of fad buyers strengthen cryptocurrencies in the long term, if these buyers just completely forget that they own cryptocoins after the hype dies down?
when facebook was growing they went all-in for growth, because they knew if they got the network effect enough, they would have won, and they did. Coins have to grab the opportunity to reach everyone before governments start clamping down on their growth (which i m sure will happen not long from now).
getting people to own cryptocoins (and having a wallet) is really a trojan horse. just like smartphones turned nontechy people to app buyers, the ownership of a wallet creates a platform for many things which i don't know yet or i would be rich.
