If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.
That's the definition of the suckers in a pyramid scheme. Indeed, this is prisoner's dilemma meets free market. As long as everyone hoards and nobody sells artificial scarcity means everyone looks wealthy on paper.
Problem is, right NOW this pyramid is starting to wobble. 2/3 of the mining capacity is less than 30 days old. We newbies aren't the faithful, we've got power bills to pay and hardware to re-invest into if we want to catch up to you old fogies. With [H]ocp possibly even more "easy money" miners are coming in. This means that while in the past the vast majority of mined coins were hoarded that's definitely not true now. We really could have most of the mined coins being sold within a week of being produced. In which case, without fresh injection of funds, you'd see action much like what you see in the market -- someone stabilizing the buy side with fake buy walls (and notice how other 'buyers' are too timid to step far away from that wall) while they themselves slowly cash out. I saw a 400+ coin buy taken out quickly, while the tiny orders were left alone.
Short term bear, long term bull is my take on it. Trees don't grow to the sky.
