I guess you're betting against all these people then. I held between 2014-2016 because I understand the nature of new, volatile technologies. It didn't got to zero. Much of the 2014 run up was due to fraudulent, internal Mt Gox bot trading which spooked a lot of people. Time will tell though. I certainly think it's worthwhile to diversify in other cryptocurrencies which continues to add pressure to improve Bitcoin.
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Betting against the prevailing wisdom is often the right way to go.
The Mt. Gox problem was a failure of Mt. Gox. This is the first time ever that the problem is the actual Bitcoin protocol failing, rather than just a periphery service.
That's a valid point, but "failing" will have to be defined. Many (myself included) don't view stats like this as failing: https://blockchain.info/stats
The user experience is failing. The mempool is perpetually full. Fees are perpetually rising.
It's in a bubble when we ignore the biggest problems and rationalize them away.
I agree, it has some very real problems that have to be addressed and solved. I think we disagree on if / when those solutions will emerge and on $0.06 to $0.60 being a full failure. It's certainly a problem, as is having to watch the unconfirmed transactions count to get an idea for how long your transaction will take to clear. Let's give it a watch and see what happens. If Bitcoin doesn't make structural improvements, I will gladly accept that my hunch about the future was wrong.
At least you have Steem. The people who were suckered into the vision of Bitcoin sold by many, which is now being disparaged, likely won't have diversified in the same way simply due to lack of awareness.
I'm also long on BitShares and have been diversifying a lot more lately. I'm currently holding about 20 different crypto currencies. I'm not a bitcoin maximalist, but I also don't believe the FUD / doom and gloom talk that it will all go to nothing. That's not rational to me. But again, we can wait, watch and see. :)
Thanks for sharing your views.