Yes more of these should be brought back. Just stupid people throwing out crazy numbers which make no sense and are totally unsustainable.
I was like the only one posting that the prices were outright crazy and not sustainable.
I mean 5K or 6K a bitcoin. It would have taken a lot of bitcoin holders to hold and not sell. This is why it took so long for the price to fall, too many people had this 5K 40K bitcoin in their mind. Outright ludicrous and delusional.
It is as if people just didn't think it through. The only thing that still baffles me is how long it held above $800 before falling. I would think people would quickly cash out. I guess it was because of the long length of time it takes to get your money out of the exchange.
Now that more people probably are members of multiple exchanges, they can get their bit coins and money quick into the system and take advantage of ridiculous price hikes and cause spikes to happen far less.
i think one of the biggest reasons people are selling more now and that we didnt keep getting higher after 1k (or in fact see any rally in 2014) was because we didnt get a wave of new buyers in to meet building selling pressure. i think it was widely expected that after china, another couple of big territories would come along to keep the momentum, sadly not...yet.
prices in the 6k ~ 10k range are not impossible. just think of the ratio of people who have not yet bought btc compared to those that have. in other words if the small amount of world market penetration / adoption that weve reached so far can get us to 1k, what will it look like when market saturation is reached (when nearly everyone has bought some btc)?
i bet youll say, yes but that also means more selling: relatively that is not necessarily true. now we dont have many means to solely live using btc... but as the eco system develops there will be less reason to sell - because theyll be more and more ways to use btc (using is not same as selling. these days it seems like it cos of merchant dumps).
anyway, were in an awkward time right now of very lttle mass/mainstream adoption (and lack of new territory momentum) + merchant dumping + lack of solid infrastructure. not a good time to fairly call a price.
