As all countries expand their money supplies for the short-term advantage of their governments, more global nominal wealth is created, all looking for a place to park: stocks, bonds, metals, currencies, cryptocurrencies. (That a lot of parking is going on is another way of saying that the velocity of money is decreasing; there are fewer transactions per unit of wealth.) Wherever it gets parked that asset's price booms until it looks too expensive, then another asset type takes over as the preferred parking place. Volatility is a function of the strength of these shifts in parking preferences. The shifts are ephemeral and difficult to foresee.
Exactly your sort of "explanations" lead to the complete IDIOCY surrounding cryptocurrencies. Only LUNATICS can follow these "arguments".... But obviously enough criminals following the "HYPE" of doing business "anonymously"....around the globe!
Lots of scared money in cryptos these days. FOMO definitely kicking in. When you have front pages like these, people gonna be scared:
That scam-coin: "Onecoin" (nothing to do with real crypto's) has just been fined in Itally for 2.5 Mln Euro. https://www.reddit.com/r/Bitcoin/co...5_mln_euros_in_italy/?st=j67s1z8l&sh=70859359 Hopefully other countries follow soon.
Pfff... here at ET, we wrote about Bitcoin from 2011. Many post during the hypes in 2011 and 2013, just the same as now in 2017. And each time guys like you who didn't took some time to study and try to understand what enormous opportunity it really represented, but bashing it instead.... History will repeat itself in 2020 and 2024, I'm sure of that. If you read back my posts from 2013, I predicted a $7000 price for Bitcoin (just 1% of Gold's market). Now my prediction for 2020 is $10,000 and 2024 it's $25,000. Maybe I'm too optimistic but I'm sure we will hit $7000 once. In 2013 I wrote here on ET: "Ignorance is your greatest enemy".
I have said it before, and I will say it again...When that last coin is discovered, BTC is fuxXo0R3Ed. Ignorance at its finest. Know your base, and know it's banality. How can a fixed-amount currency be worth anything when compared to a fluidic world economy? Sure, your fancy coin may jump a whole lot...But it cannot survive, IMHO. You willing to invest in it at it's current price, and pray it gets to 20,000, 50,000, 100,000,000 or whatever? Y'all insane.