Exactly! And big panics and crashes show that some people still have not fully appreciated how permanent and *here-to-stay* cryptocurrency is... People who are still warning that "Bitcoin is not a tangible asset and we should not take any more seriously than we would a lottery ticket", or that "Bitcoin is essentially a tulip flower"; are really failing to understand a core part of what the Bitcoin protocol, blockchain, and network; **_are all about_**

Bitcoin only seems to get more and more solid... Now don't get me wrong; there are reasons to become wary. First of all, when we talk about "speculative bubbles"; this is absolutely correct... During the massive bull runs, it's very easy for the monetary value of Bitcoin to become unhinged from the underlying economies that have sprouted around Bitcoin (and a few other altcoins), which do help to circulate Bitcoin and maintain its value (a steady flow of supply and demand being required)...

Trade is definitely what gives currency it's value, at least in a non-volatile sense... If x amount of goods are bought and sold over the internet using Bitcoin, that adds a baseline value for it... The costs of mining Bitcoin can also not be neglected. (I've heard the number $1000 used a lot for the minimum cost of mining a Bitcoin in terms of power alone)... No matter what the actual number; depending on the country; the costs of production also add as a minimum baseline safeguard for the value...

So one has to really try to take as many variables as possible when it comes to Bitcoin... Yes it can be extremely volatile; yes there are short-term, medium-term and of course long-term risks to its viability and potential to keep growing...

But like the article highlights, panicking really serves no purpose.

One has to carefully analyze what kind of activity is really going on, try to find that information about what is really happening in the markets... Panic and volatility are to be expected; **_however one shouldn't "proclaim the death of Bitcoin" based on price-swings...

A price swing doesn't mean the demand for Bitcoin has dissapeared... It means many complex market-forces are all pushing the price down... For however long that particular combination of forces **_can_** do that... Then; they will switch and push it up...

I like to use the analogy of wind, and cold and hot air... 

Hot air equals demand and hype; cold air equals supply and panic...

When these two forces collide; you get those crazy ups and downs, the result of hot air pushing price up, and cold air pushing price down... Just like the wind, it can also go fucking crazy and be really annoying, or quite soothing and pleasant... Sometimes it's predictable; sometimes its completely unpredictable...

Crypto analysists and weather men actually have a lot in common LOL

Hahaha! :3