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Which entities are likely behind these shorts? Wondering what is the Hive Mind opinion.
With BTC and the whole space being given a touch up at the moment, it makes me wonder a bit about the idea of network effects.
Not this network...
... It is an intuitive concept when the price is going gangbusters. Everyone is wanting to "join the network", have a piece etc. So to invert the correlation is easy - the network is growing so the price is going up (demand increasing) - or the price is going up which is generating interest in being a part of the network.
The price is falling so ? The network is what? As it would be harder to say that "people left the network" at $64,000 (the high) to cause the price fall. That argument might justify the negative momentum.
Perhaps the use of network effects was a bit loose with BTC - as it sort of didn't have a use-case (functioning one) - it is an idea, a hope, and while it definitely does have many use cases, they are nascent v the trad finance so don't get a look in at the moment.
Just wondering - I probably need to understand the network effect idea better (why I am starting the discussion).
The second part of this question is will the BTC retain its superiorty when the dust settles from the current price action. When it finds its base and everyone has had time to lick their wounds and regroup - will they think, what about xxxx... (More)