"I'm really curious if somebody here could venture a guess about the reasons for the sudden drop"
A more telling question is how it has held any value at all for as long as it has. There was a period where BTC's rise was rationalized via its promise to become the currency of the future. Does anyone actually believe that now, though? BTC instead has become nothing more than a speculation vehicle built on a foundation of absolutely nothing. No rational analysis sees it being the basis of really anything at all, and that mad rush has seen an outrageously inefficient system put in play. It wouldn't be bad if it were actually the basis of meaningful purpose, but instead GWs and GWs are going to effectively nothing.
I suspect at some point a psychological threshold is going to be hit and BTC is going to plummet through the floor. A lot of very specialized hardware is going to derelict.
As an aside, many of the comments in this discussion, and the moderation of the same, is indicative of how profoundly irrational people can become when they have skin in a game. If I held BTC I'd probably be trying to rationalize why it should be worth something, against all rational analysis.
A more telling question is how it has held any value at all for as long as it has. There was a period where BTC's rise was rationalized via its promise to become the currency of the future. Does anyone actually believe that now, though? BTC instead has become nothing more than a speculation vehicle built on a foundation of absolutely nothing. No rational analysis sees it being the basis of really anything at all, and that mad rush has seen an outrageously inefficient system put in play. It wouldn't be bad if it were actually the basis of meaningful purpose, but instead GWs and GWs are going to effectively nothing.
I suspect at some point a psychological threshold is going to be hit and BTC is going to plummet through the floor. A lot of very specialized hardware is going to derelict.
As an aside, many of the comments in this discussion, and the moderation of the same, is indicative of how profoundly irrational people can become when they have skin in a game. If I held BTC I'd probably be trying to rationalize why it should be worth something, against all rational analysis.