1. Bitcoin value is all based on sentiment. Most people say it is under valued now, but that is only a reflection of how you feel about it. And this is fine, because in comparison most stock prices are irrational as well (especially these days). people make lots of money buying over valued stocks. But the problem I see is that the fear-of-missing-out sentiment has passed. Almost everyone know about bitcoin now. And they also know Bitcoin has dropped 70% of the value since its highest peak? Once someone get burned by something, the others will be a lot more cautious. And when people become rational about a investment that is built on sentiment, that is a huge problem for future growth. there are many examples of puffed up stocks crashing down to earth, and never to recover its value. The ones that can recover and soar in the long run all have great business fundamental to support its value, in other words "making money".
Bitcoin value is not based on Sentiments, It is always on Supply and Demand + cost of Miners. Sentiments do take some places in Bitcoin price but those sentiments for new and freshers who are here only to make few bucks, They dont even care what Mining is, What Blockchain is and what is the Importance of Bitcoin in the real world.
About your 70% back in 2014 happened same thing looks like you forget that it dropped 70%+ and created another ATH in 2016, this is one of the normal practice while trading is infantil, Which happened to Gold, Silver, Petro and Regular stocks also if you go back and check in its infantil period. Point to remember here in bitcoin value is Supply and demand and Cost of Bitcoin mining, according to cost of Bitcoin mining Average (Not according to different region) $3700+ is not in loss mining and $5400+ in term of US Mining is not in loss so Bitcoin price in $5400+ will still be profitable for most miners and that price is still Higher than 2017 price while 2017 Mining profitability price was $1800+
2. Bitcoin is no longer unique. Regardless of what people say, bitcoin is not like gold. Sure, the amount of bitcoin is finite, but it is not unique compared to other cryptocurrency. The only thing special about it, is the name itself. And there are tons of new cryptocurrencies now, and people can create infinitely more types, IF it is profitable. Correct me if I am wrong, what is the fundamental difference between a "bitcoin" and a "ripple" other than the value? nothing at all.
How you even thought that Bitcoin is no longer Unique? is Ripple is Unique for you
, Let me remind you Bitcoin is not the First Cryptocurrency in the world but Bitcoin is the
First Decentralize Crypto Currency which itself is Unique. If you know the Concept about Decentralize than you will understand the Bitcoin, Again please don't forget that Bitcoin Blockchain has the Longest Blockchain and record which is 99.99% Hack-proof than any other altcoin in the market, Bitcoin is the least possibility of 51% attack than any other alt coin in the market.
3. technology risks. There is always a possibility a more advanced cryptocurrency will emerge and completely outshine bitcoin. I believe there are already some cryptocurrency that transact faster than bitcoin? Not sure of the detail but I have read it somewhere. And when it happens again and again bitcoin will be wiped out. Remember we used to use CDs? tapes? camera films? Bitcoin was created almost a decade ago, that is a lifetime ago in the technology world.
There is always possibility of New Cryptocurrency to come but will never come as strong as Bitcoin because of its Longer and larger and Stronger Blockchain. If you are concerned about fast transaction than Bitcoin than you are rite there are but if you are still looking about faster and Safest than that is Bitcoin, I do believe you are concerned about safe also because you said a lot of people lost there coins.
and yes bitcoin was created decade ago that is also a Unique about Bitcoin being developed decade ago this technology was hundreds years advance. Don't forget Internet was developed back in 60's we are still using the same thing only difference is few updates.
other issues: practicality, and safety. It doesn't actually make paying for something easier, and some argue this is safer than traditional banking, well just look at the news of people lost coins or got hacked.
How you feel traditional Banking is safer? They can control your money anytime anywhere. and if you leave your locker open than please don't blame anyone to take your stuff from locker. Keep your locker Bitcoin itself is only safest Financial system in Universe which exists, Loosing your bitcoin from exchange or your computer getting pissed is not bitcoin network problem its because of your negligence.
I do think it is possible for bitcoin to go up (not skyrocket though), but it seems the headwind is getting really strong. So why do you think you should hold on? Instead of just saying "it will go to the moon", "it will change the world", please provide reason.
Here is what you gone completely wrong than any other of your statement, Bitcoin is not only money making game: if you want some money making game than please go and buy some Stocks where company performance will determine its value.
Bitcoin and Blockchain is all about Technology, Supporting technology and the mean time making money. Anything goes to Moon will come back to Earth again but anything goes towards Strong Development , Safety, Unique, Powerful is beyond the moon.
