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RE: Proof of Work Is Our Guarantee For a High Bitcoin Price
That is quite interesting and a new perspective. I agree with your assessment but do you think the miners really have the power to provide the major support that it needs? In a way it has to because as soon as it becomes unprofitable, the miners will shut down and then it will start to collapse on itself. Let's hope it does not get to that point :)
The miners are also some of the biggest stakeholders and buyers. And most of them are from China, that's why their New Year is such a big deal in relation to the price. Sure, as @hustletoparadise mentioned above, margin trading has also affected the price and these big financial companies aren't doing the price any favors. But I'm not panic selling and will HODL for as long as it takes to make a profit out of my investment.