This is your task, Veeky Forums:

This is your task, Veeky Forums:

Explain to us, as briefly or as long-windedly as you wish, why this happened.

Why 2017, and why 2000+%?

WHAT DROVE THIS?

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en.wikipedia.org/wiki/Network_effect
twitter.com/NSFWRedditGif

More popularity, limited bitcoins, supply and and demand.

tulip mania

a huge surge in the demand for drugs, weapons, and child slavery

People thinking inflating currencies is a viable buisness model and not something just a few lucky bastards can profit from.

bitcoin didn't die after previous bubble phase and enough time passed in 2017 for a round two
but this time it's wasn't just one mt.gox and willy bot
this time everyone pulled their weight in pumping
more bots, more exchanges, tether and forks, hence 2000+%

...

It only got "more popular" in 2017 because of the mad price gainz, not the other way around.

bitcoin has been around for 8 years. It and the tech behind it is not news to the world.

So why did this price spike just suddenly start happening out of nowhere this year, without widespread social or financial adoption, or some kind of financial crisis, or SOMETHING? Something related to FUNDAMENTALS?

I don't know what the reason is for this spike, but clearly the reason is non-transparent, and unrelated to fundamentals, and if you're a HODLer and not FUDing at least a little about that, then you're a naive fella.

I require more answers, especially from coinhuggers.

Bitcoin cash

en.wikipedia.org/wiki/Network_effect

Speculation

You wont get them here, ppl are just fomo buy and hold or buthurt by holding better shitcoins and losing so they engadge in pure fuding.

Fundamentals are same, normies are fomoing in due media coverege and institutions buying in to short later on.
Thats all to it with this legacy coin.

Mike jewigratz, Mcafee and rest of HUGE bagholders in game sayong shit like 'you cant apply math this time/new paradigm/1 milion dolar per bitcoin -is all fucking information you seek...

TRUMP TRUMP TRUMP

Its the adoption of a new technology into normie culture.
Its happened for every tech in history. picrelated

>Not naming the jews
God you're fucking retarded. Bet you fell for the Link meme.

Forget about those post about "adoption of technology" and etc...
Public acknowledgment and more easy access to btc.
Then you can add whatever you want like tether and shit...
You need very little articles about few people that invested few thousands and cashed out millions after 1 or 2 years. People get jealous and want the same. It drives them insane, they want to become rich too.
You can add trading bots too. They keep price in tact when nobody is trading.
You can't have market cap of 300B and have daily volumes of 4M dollars.
More public acknowledged btc and poured their cash into exchanges. That's what holders waited for to finally be able to cash out millions instead of thousands.
Tether may is a tool for easier input of cash into crypto.
But I'm still skeptical about shady background there. Are they hiding real investors? what are they hiding? why they refuse to clear things up?
This shadiness is what I'm skeptical about. Tether is may be a tool to louder corrupt money into crypto with banks help.

I understand the network effect and all that jazz, but the problem with this is that it's pure psychology.

When price spikes purely due to psychology, then that pretty much guarantees that it's also going to obliterate due to pure psychology.

Volatility, especially recent volatility, is also a really bad sign. That's the market saying, "yeah, we basically don't know what the fuck we're doing or why."

Trump is an interesting idea for a catalyst. It did indeed start to pick up right around his election. And also, like somebody said, finally getting back to pre-Gox levels was obviously good for creating bullish feels.

But still, this is all psychology stuff! You can't base the price of something on pure psychology...

Where was the spike in actual adoption and use, either consumer or business?

Seriously, while traders can fuck around with this shit, and they will, and many will profit, long term HODLers really need to start asking themselves some tough questions.

That technology is blockchain, not bitcoin

"I'm currently reading Digital Gold by Nathaniel. As I progress, its clearer that bitcoin might or might not be a great economic tool but its an awesome case study in game theory. I think the real innovation of Satoshi (whether he intended it or not) is to keep the players (how ever big or small they are) chained up to the eco system. At every level of new expansion, new players (usually bigger than current ones) join in the game and gets entrapped in the net. Then the game uses these players's strength to pull it self forward. There are real risks to bitcoin at points of these expansions. My guess is that if too strong players join at a time when the net is not yet ready for them, there is a risk that they break free of the net and destroy bitcoin. Here too game theory comes to its rescue. Assuming the net is not strong enough at any given time, there is little chance that the whole thing attracts stronger players. This is why I believe bitcoin has better chances of success than other crypto currencies. Its a constantly evolving monster that will gobble up everything eventually (Isn't it beautiful :))"

>Its the adoption of a new technology
its not new
furthermore bitcoin is not technology itself but a medium
mass adoption leads to mass production which leads to low costs
which means boring shit like ripple (but not ripple itself) will be adopted, not bitcoin
so good luck investing in daguerreotype, when we already have cheap film and ready for digital cameras

Youre right, but Bitcoin is getting the attention.

>coinbase
thousands of chads downloading the app and buying small amounts of btc forming a mighty faggot

I'm gonna be totally honest, I exited this market last week (CryptoKitties causing ETH to dump was the final straw), because over the last month or so I'm just seeing more and more that there doesn't seem to be anything under this whole thing but hot air and "it's coming!" promises, and I admit that I'm mildly FOMOing now. But I feel like I made the right decision based on the information that I have, and this thread is sorta confirming to me that the coinholders really can't give a solid, fundamentals-based reason for why the price of BTC should have ballooned to what it is.

Really just does seem like a combination of Chad retards, insane gambling chinamen, and some sort of secretive Jew machinations that we can only guess at.

So even though I'm losing money by being out, I feel far more comfy now overall. This shit feels so shaky.

Very interesting, thanks for posting!

supply/demand imbalance

rising price brings greater awareness brings greater adoption brings greater awareness, etc. virtuous cycle.

Also add to that the halving we saw in 2016 and we've had a year and a bit now of incrementally lower block rewards every 10 minutes. Same happened with 2012 halving and 2013 rally.

FOMO

Trump, uncertainty, grudge against banks and elites

twitter com/Bitfinexed/status/940048141499342849

Because we're in the best timeline where neets become billionaires and trump became president.

tether and wall street

Blockchain got popular. Major organizations started taking notice, and joining Ethereum etc. looking for how to implement it in the real world. Everyone hears this and thinks "its happening!"

Media/normies hear blockchain/cryptocurrency, they think bitcoin.

Bitcoin had all the major exhanges setup, some stores accepted it (steam etc.), and people got interested, and bought bitcoin, the largest and oldest cryptocurrency.

Price went up, more people interested, and so on.

tether