Well, isnt Bitcoin (or any other crypto currency) then basically just a cash cow for those who own so many bitcoins that they can manipulate the market? They will just outcash their bitcoins from time to time. Then they wait for the smaller participants panicking and do so too. Until the price is at the bottom. Then they buy the same amount of now cheaper bitcoins, simulating a rise (keeping the leftover money as their "income"). And wait until other small greedy participants have done so too. Then they sell all those bitcoins again, and so on and so on.
This link seems to describe this behaviour:
steemit.com/bitcoin/@tonylondon/how-bitcoin-pumps-and-dumps-workFurther, this:
en.wikipedia.org/wiki/Bitcoin#CriticismAnd this:
en.wikipedia.org/wiki/Cryptocurrency_bubbleIn the last link a lot of smart (admittedly also some very rich) people, including eight economics Nobel prize laureates call crypto currencies an "Economic Bubble". (However, one says: "There is no bubble for blockchain, but there's a bitcoin bubble")
Some (but not all) even seem to see it as some form of a pyramid scheme. Eg. Warren Buffet gets quoted:
"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along"
What are the arguments against these views, if there are any?
Notice that i was not aware of these links when i wrote my previous post. But i was aware of the posibility i describe in the first paragraph.