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RE: HODLERs can be uninformed Morons. Do you understand you are NOT buying lottery tickets??
Cryptos, being "the wild frontier" of investing also seems to attract a lot of first time investors and "lottery players" who are attracted by the possibility of 900% returns. It's not that different from what used to be called trading in "pink sheet" stocks and even penny stocks.
I expect Bitcoin could keep going all the way to about the actual current cost of mining.
Personally, I am more of a "fundamentals" type of investor. Which is why I like assets like Steem ad Bitshares that are based on something more than promises and thin air.
Excellent point. Smooth path for price to go all the way down to cost of mining. And for a short period of time, price could even go below the cost of mining. But price couldn't live below cost of mining for too long, before the miners would start to question why they are still mining.