Well, hardly anyone is using it for anything other than speculating it might be useful one day. Everyone buys and lets the coins sit and for some reason people think this is a good useful thing to do?
Also it's quiet interesting that every major price increase, and nose dive has been associated with multi-million dollar margin trading on Bitfinix via Tether markets (which are suspected to be created out of thin air).
If the allegations are true, Bitcoin's price is mostly the result of a market controlled by a single exchange, who now holds a significant percentage of the supply.
It's perfectly reasonable to simply buy bitcoin and sit on it, if only for the reason it acts as a store of value relative to unstable government currency (eg. Venezuela, Zimbabwe).
The Bitfinex conspiracy is fun and entertaining to read about but more likely than not the guy probably sold early and is trying to affect the markets with FUD.
The store of value is a myth, as the value requires buyers on the markets.
The unregulated exchanges are able to act in fractional reserve as they're not required to audit their deposits. The exchanges are also able, and have been wash trading, front running, and spoofing orders, creating a false sense of volume and activity.
Transaction volume took a cliff dive once Chinese regulators forced exchanges to charge per transaction.
Bitcoins are produced for a nominal value, it's not magic or limited in supply, it's reproducible software. The same service is offered by many other blockchain networks.
Also it's quiet interesting that every major price increase, and nose dive has been associated with multi-million dollar margin trading on Bitfinix via Tether markets (which are suspected to be created out of thin air).
If the allegations are true, Bitcoin's price is mostly the result of a market controlled by a single exchange, who now holds a significant percentage of the supply.
https://medium.com/@bitfinexed/latest