Will it work again?

Historically, if you'd backed up the truck near the bottom of a BTC bear market, and held for a few years, you would have made a killing. A drawdown of around 80% was typically near the bottom.

Will this repeat again? It kind of seems a bit too obvious to everyone now.

Possible reasons why it might not work:

1) maybe there won't be another savage bear market; 80% drawdowns might be a thing of the past

2) if we do get another 80% drawdown, it might not be near the bottom; it could go much deeper and/or go on for a lot longer

3) a savage bear market might not be followed by another roaring bull market; the days of >1000% gains from a bear market low might be over

 

The valuation of bitcoin will at some point become relevant. And that valuation is more or less zero.

 

Isn't its value rarity like gold? (Obviously, gold has a bit longer track record as a SoV)

 

The utility of BTC is in the censorless transfer of value across the globe. This feature is unique to BTC alone thus it will always have some value. You could calculate it's production cost to get a grip on how much premium you are currently paying over production.

People like @nooby_mcnoob will probably need another two bull runs to understand this

 

Let me introduce you to Monero, which actually has some semblance of privacy.

I'll trade it if I can.

 

Monero vs Bitcoin transactions per day. One is growing One is not. I'll let you see which.

 

Is Monero still needed when there are innovative solutions like coin mixing

 

Yes there is a possibility that such things implement features that improve the privacy of Bitcoin. But that still doesn't make it valuable. That puts it on par with other coins that have the same features. At this point the only differentiator is first mover advantage. Inertia. No other intrinsic value.

 

try to find an exchange that let's you trade Monero with size. Good luck with that....it's prohibited in most countries and I'm sure that no exchange that accepts US clients will allow XMR

 

So what you're saying is the main advantage of Bitcoin is the fact that governments allow it.

If I were to pick a coin with intrinsic value that governments allow, it would be ETH not BTC. ETH actually has intrinsic value (smart contracts). No one uses Bitcoin's smart contracts. So it's actually the laggard here.