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Comment by allanmacgregor | Hacker News Reader

Right now Bitcoin value is purely based on speculation, and interestingly enough the more the price of Bitcoin increases the less usable it becomes as a payment method.

Also there is some concerns that the bitcoin price is being artificially inflated by the people behind Tether, here is some related reading:

- https://www.bloomberg.com/news/articles/2017-12-05/mystery-s... - https://seekingalpha.com/article/4129543-bitcoin-one-way-go-...

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Was reading more into Tether and I thought this was interesting: Tether Default Swaps

https://www.reddit.com/r/Tether/comments/7lx3bw/introducing_...

> Right now Bitcoin value is purely based on speculation

That isn't factual. Analysts have found an almost perfect correlation between new wallets growth and btc's price. Transaction clearing delays will be fixed. Give it time.

> Analysts have found an almost perfect correlation between new wallets growth and btc's price.

The question here (at least to me), is what all those new wallets are doing with their bitcoin, what percentage of the community is actually using bitcoin as a currency vs an "investment" and they are just holding.

Now, this doesn't mean that I don't believe in Bitcoin or Blockchain tech for that matter, quite the opposite.

Right now high fees are halting usability. But LN should ease that and encourage wallet owner to transact more.

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