Bitcoin isn't the one that should be blamed for people's greed, because the price in no shape or form reflects the utility of Bitcoin, just people's greed.
It actually surprises me that you bring this up, because when I look at the date you registered your account, you (in case you are still the same account owner) very likely have seen the market tank below $200 back in early 2015. Back then people said it's game over as well, and here we are. It's just another cycle we are going through.
$20,000 versus the various correction scenarios.
80% = $4000
85% = $3000 (my guess based on technical ball analysis)
90% = $2000
We're getting there.
Yes. Back in 2015, prices used to decline massively which caused many disappointments across holders of Bitcoin. However, I didn't worry much at that time since I was nearly starting with Bitcoin and didn't have any large investment in it. As soon as I've started to learn more about Bitcoin, I've decided to buy more coins to hold them into my wallet for a long time. In 2017's price surge, I've managed to gain lots of profit, by selling to USD. I've left a certain amount of Bitcoin in my wallet for future prices increases.
Nowadays, Bitcoin prices have declined sharply (probably at a higher level than past occasions), which seems to be quite disappointing at least in the short term. Some way or another, Bitcoin's prices must rise to unprecedented levels (due to its finite supply). As you've said earlier, it's not about the price but instead the utility of a specific cryptocurrency. However, looking at how negatively prices are being impacted each day, I have no other choice but to sell all my BTC to USD (at least in the meantime while the market settles) to prevent any further losses.
Nonetheless, from what I've seen, this is only a matter of patience. Those who cannot wait would greatly miss an opportunity of a lifetime to multiply their investments. If Bitcoin remains fully functional as a cryptocurrency for censorship-resistant payments, then there should be nothing to worry about.
I think governments have been generally ignoring bitcoin.
Well most of them, but there are still some governments which have been against Bitcoin. For example, India has banned Bitcoin completely, as well as, China. It's said that they might consider legalizing Bitcoin in the long term, but it's up to debate. At least, Bitcoin and other cryptocurrencies are much friendlier within the US, UK, and even Malta.
What hacks?
Coincheck exchange hack (which affected NEM) and Parity wallet hack (ETH). Although, I don't think they've been the main reason why the market has been on a downfall, they've had an impact on both ETH and NEM at least in the short term.
No investment can be trusted to lose value, that's one half of the equation you accept when you buy an investment...the opportunity to gain is matched equally with the opportunity to lose.
Thanks for the tip. I guess that it's best to secure profits in USD whenever prices rise a little, to prevent further losses in the long term. I'd say that I would keep at least 25% into Bitcoin, while the rest (75%) will be kept in USD. That way, no matter if prices fall, my losses would be less than having it all in Bitcoin. With that same USD, I would be able to buy more Bitcoin at cheap prices. However, it's best to wait until prices have reached a bottom before deciding to grow your stack of coins.
