Under "Why did it correct so strongly," don't you mean that money passes from the professional traders to retail? Or to the everyday user?
The "Buying on credit" bit can also somewhat explain the fall as people who invested in cryptocurrency perhaps wanted to use some of that money to buy stuff during the holiday seasons? :P No, not an entirely serious point, but one that's fun to think of. That would make any massive expenditure date one that leads to the coins going down, at least until retailers accept cryptocurrency themselves.
The Coinbase by Email option is interesting, and really incentivizes Coinbase users to get others on the platform. I do hope the Bitcoin fees sort themselves out, but it seems like an entire redesign or platform abandonment may be needed at some point at this rate.
Thanks for your comment. By the BTC correction i mean - when we almsot hit 20K, one could almost smell the retail traders euphoria in the air. I follow hundreds of non-crypto people on Twitter and at that time it was getting hard to find a non-crypto tweet there. Hence an old-fashioned shakeout was in order, imo. The way of the markets - late newcomers get their lessons delivered to them quickly.
Oh yeah, the BTC fees are f-in horrible >:(
Ah, I see, I thought you meant "physical shop owners" when you mentioned "retail" :D
And well, the question is when. I think when the non-crypto people buy in it shows you the bubble is forming. Usually the correction happens later, and in a much more severe manner.
Except I guess you're right, some people who have been in for a while used this opportunity to cash out, knowing many of the non-crypto afficianados might also run out as the coins crash, and they'll be able to just buy back in and make a bank?
Hm.