People who understand bitcoin believe in bitcoin.

edislucky
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While it may seem that is obvious. It's also astonishing.

Here is a new technology, that not everyone understands. The experts in the field think it's astonishing and the uneducated think it's worthless.

This new technology is being used, replicated, copied, hacked, tested, run through the media, etc. It's over a decade like that and in that time everyone who knows the word bitcoin can be devided into two groups. Those that believe in it and think it's the future and major descovery, and those who think it's a fad or a Ponzi scheme, or a bubble.

Yet, everyone who genuinely understands it is in the group that believes in it. Leaving the group that doesn't believe entirely made up of speculators who also don't understand it.

"If that we're true then there would be an influx of people from one group to the other and the value would go up, but it's crash 80%" - dinner table sceptic.

Well the price is a see-saw and when the group of sceptics smell a quick buck you run to the other side then when you realise you don't know what your doing you run back. As you're the largest group by far that has a huge amount of movement in the price. Meanwhile that growing influx of people to the understand side have done there job of propping up one side of the seesaw. It was worthless, then it was a cent, then a dollar, then ten, then one hundred, then one thousand, now it's at ten thousand and more.

If everyone tells two people and those two tell two, then it's naturally going to be a sudden shift when that see-saw swings needs.

(I'm aware I'm asking this in an echo chamber, but if you are a person who genuinely understands bitcoin and believes it's useless/ no value/ Ponzi scheme/ etc. I would love to hear why you think that.)