First of all let me say that you are probably right, but you being right or wrong about this is a matter of timing. Having said that, you provided no facts to support your conclusion. Was it fairly valued at 10k? 5k? 0k? What is the fair value and how would you determine it. How would you calculate the fair value of most other commodities? Like oil, corn, wheat? Isn’t the vast of the commodities space value determined by supply and demand?
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Well, Bitcoin is not a commodity. It's not a store of value, merely by definition; pretending otherwise is a fantasy that allows people to hold onto a ridiculously overpriced asset because they think they have a reason to do so. Bitcoin is a digital currency. It has no intrinsic value; it's not a physical object that can be used for any other purpose. It can only offer utility value as a payment network, which at ~5 tx/s and prohibitively high fees is pretty close to zero. The problem, of course, is that rampant speculation is what's filling up bitcoin's blocks and driving up its fees, destroying most of the utility value it could have commanded at, say, < $0.05 fees with 150-200k transactions/day available to be used in commerce. And that's the most annoying thing about bitcoin: the hysterical speculation not only drives up the price too much, but also shrinks its utility. Instead of going from, say, 20% utility/80% expected value to 11%/89% (a doubling of the expected value portion), the same increase in expected value drives it from 20%/80% to 1%/99%, making the bubble its in look even more bloated than it otherwise would.