I agree and disagree. I agree that currently it's purely based on speculative supply and demand. But I disagree that's what cryptocurrency is. Bitcoin becam

I agree and disagree. I agree that currently it's purely based on speculative supply and demand. But I disagree that's what cryptocurrency is. Bitcoin became popular because people actually used it to buy and sell stuff in the early days. And its main value was that it could provide very low transaction fee. Nowadays that's become impossible because the BTC transaction fee has risen to a ridiculous state. For something to function as currency it needs fungibility. That used to exist in BTC but it's gone now. They're trying to come up with a solution with lightning network, sidechains, etc. But in the meantime all the vendors who used to take payments in Bitcoin have all pulled off because of the transaction fee. And we see all the other cryptocurrencies have risen up because BTC couldn't provide the value it used to provide. To be honest it's been pathetic watching the "civil war" between Bitcoin people because they've been deluded enough to believe they've already won that they were doing petty in-fighting over ego. This crash should be a wakeup call for those complacent devs to realize there's still long way to go. So you're right that currently BTC deserves to drop all the way down, because it doesn't deserve to be a currency. Which is why I'm glad this happened. Because I was getting sick of all those people who've been parroting the "Bitcoin is fine as just a store of value" narrative. It's not, and this crash is the proof. All those people who thought they were "storing value" when there was no fungibility deserve to learn it the hard way.