^^ Just for the record though, the "March 2017 from nearly $1,300 to $900" was due to the supposedly ETF filing by the twins and the hope that it will get approved by SEC, but it was rejected, hence the price goes down abruptly.
That's just an after the fact rationalization. Bad news just catalyzes corrections that were going to happen anyway,
I agree with both but I remember that sell and it was a hold anyway because of the action in Feb prior was too bullish to let go of, closing weekly prices being most important in conclusion it was surely tested. The ETF getting turned down was predictable, my own bank refuses to let me deal some ETF types half the time because they must protect me. BTC is TNT in regulators mind certainly back then and probably not far from that now, widows and orphans and all that. I think government debt is TNT, its perfectly arguable its a failed system just examine the average term to repay and they've done the equivalent of buying a house with an overnight rolling overdraft.
Such mass destruction of money makes the OP wrong and also right, in that volatility will be gigantic if debt blows up or swings out of control. He can be correct on his bearish calls but overall its hard to agree with.
Every time we have a price movement, this thread comes up. I hope we pass $16.5k soon and so this thread can RIP...
It wont be proven by a nominal number being passed, perhaps that figure is significant in why the market is hitching back and forth here right now not sure. That'd be bullish because nominal figures dont mean anything beyond face value.
The modern Russian Rouble is exchangeable for 10,000 old Russian Roubles and so they never defaulted perhaps they might argue, awesome. The 2020 Venezuelan Bolivar is not the same as the 2019 Bolivar and the 2020 US dollar used in any country is no longer the same Dollar we exchanged when this thread first started, its something else now. I'm not arguing we made a ratio of 10,000 to 1 from 'modern' Dollar to the 2005 US dollar or 2000 whenever it peaked recently but obviously its a similar kind of default, a trick. We're all trying to count in units which arent equal or stable, its easy for alot of nonsense to occur.
if people didn't buy gold for speculative reasons it wouldn't be worth a fraction of what it's worth now, only a small percentage of that gold is actually used.
The gold is used while being unused and its why I dont think BTC and gold compete because I do expect BTC to be used actively where as gold is purely a fixed asset. Quite alot of gold sits still in the same vault for the last century even if the owner changes theres never much point to altering something that provides value from being inert. I think my main take on gold is that the ultimate worth of money is in security not luxury or wealth (this is why capitalism works imo) and so if other factors change in an economy towards instability then the value in that available security rises. Security also enables trade which makes value indirect in whichever enables thats trade, comparative advantage and all the efficiencies globally we rely on for modern prosperity. ie. gold is not a relic much as I like technology its not being superseded by greater utility elsewhere
- I'd agree that if it breaks the prior ATH convincingly that could spark a new phase of speculative mania. I really didn't think it would happen, but thats BTC for ya 
