Well there are always buyers at a price, think of pricing as a voting mechanism where people are voting at what prices they are willing to buy, the market then finds its price from this.
Though to say it keep sliding is way off the truth, it has been growing for 9 years and is up +1,000% in a year.
Backed by nothing is also not true. All currency has different inherent value and many of the Crypto tokens which support services derive value from the cost of the service.
Well what you are saying is true, but in the article you do talk about prices going down that's why I said what I did, to me this crypto market is like they say "It is a riddle, wrapped in a mystery, inside an enigma; but perhaps there is a key" I believe no one really knows where it's going unless it is being driven a certain way by people we don't know about and these people do know, but the prices just change for no apparent reason, I have seen no pattern, I keep reading about waves but that doesn't work until after the price changes then a lot of people will tell you why it happened. I know a lot of people have made tons of money here but I would figure it was more out of luck and holding on out of sheer stubbornness than logical thinking. As for the value thing, it only has value as long as people give it value, if people lose interest it just ceases to be of any use. I am not trying to be critical, I just write what I think, and in reality my knowledge of this world is minimal at the most.
Hey man, it is a valid view and many share it. For me, it is a highly speculative market, but then the stock market is speculative, all markets are speculative. Prices are wild and definitely manipulated in the short term but the long term the prices tend to reflect the opportunity. I expect, like the DotCom bubble that when it finally bursts the real survivors will be the ones that change the world. Crypto isn't going away.