You decide the value of these intangible coins. Even USD only has value because you believe in it. Take fine art for example, is ANY painting really worth a million dollars. How many eviction notices in my neighborhood cold be wiped away for the price of a rich guys art piece.... But because there is a market for it, it sells, no matter how obscene. This is the future some dread and others dream of for Bitcoin.... A future where everyone realizes how useful Bitcoin is... Is a future where Bitcoin is very expensive. The same principle that propels fine art in to the millions of dollars... that principle is scarcity.
There are millions of Bitcoin, but there are billions of people and trillions in USD. The rate at which Bitcoin Steem or any other currency rises is due to the confidence in it and nothing else. Well one thing else, the scarcity. 21 million Bitcoin will go fast when people don't want to part with theirs. The same goes for the few hundred million STEEM in existence.. It does not lower the price if nobody wants to sell cheap it just inflates the marketcap. Supply and available supply are two very different things.
People are not as different as we all think we are... We think that pro-traders and normies look at charts and see different things but that is false. We usually see that same things but pro traders can explain , identify and dissect it better. Giving them a slight confidence edge and the decisiveness necessary to survive trading crypto. Indecision hits the best trader there is and so do stop losses. Do you think traders spend late nights watching charts because they are 100% their prediction will hit. If that were the case we would all get more sleep.
Chances are when you look at Bitcoin charts or just Bitcoin as a software, you are thinking the same thoughts as everyone else. From "This is magic internet money" to "This is the best thing since internet". From "Its going to crash now" to "Moon!".
I can prove it. Your outlook on BTC right now is you "Have no idea what Bitcoin is going to do in the short term." Giving us this flat line around 900. But what is holding us here is that you "Think Bitcoin long term is guaranteed to go above its previous ATH " right yeah we all agree.
