It's different because when the market cap of Bitcoins was less than one million, an 80% drop or pop did not mean much. One somewhat wealthy person could pump

It's different because when the market cap of Bitcoins was less than one million, an 80% drop or pop did not mean much. One somewhat wealthy person could pump the price up at will. When it hits a market cap of $334 billion, it becomes something more real. That is when Warren Buffett and Charlie Munger take a look at it and declare it something to avoid "like the plague" (Munger called Bitcoin "rat poison"). The greater market looks at it and it drops 80%. Bitcoins are completely worthless. They have no value whatsoever. So the entirety of its current supposed market value of $61 billion (which was supposedly $334 billion a year ago), is closer to $0 than $61 billion. Many overpriced dot-com stocks in 2000 or over-priced real estate in 2008 are still things which have value, even if the price went down for a while. Bitcoins have no value. I said so when the market cap was supposedly $240 billion ( https://news.ycombinator.com/item?id=15986475 https://news.ycombinator.com/item?id=15986475 ), I say so now, when the market cap is supposedly $61 billion, and I will say so until its graph starts hitting the $0 limit. People say "it's valuable because it can be traded electronically", which is meaningless. Dot-com stocks could be traded electronically in 1999. The important thing is the value underlying what is traded. Bitcoin has none.