[Mad Dawgg]

"they lost confidence that the value would continue going up and sold."

So then your statement "people still trust it completely" is false... at best some people still trust it but being the price of bitcoins dropped drastically due to the fact there were more sellers than buyers shows us that a blanket statement has little basis in fact.

If the people still trusted it they wouldn't get rid of their bitcoins.

[varyouga]

just because something changes value over time (and current events) does not mean people don't trust it for immediate exchange. nobody can trust gold to maintain the same value even tomorrow but it can be independently verified to be genuine and have some value during an exchange today. if a major player makes a political move today, gold can drastically change in price within hours.

if you buy a bitcoin today, you can trust that it is real, trade-able and worth today's market price on the exchange. you can even use it to buy physical goods at the market price without question.

yes, the day-to-day value is unstable due to inherent factors but that is offset by other benefits.

there are various levels of trust for various financial instruments for different purposes. just like with tools, there is no one perfect instrument that does everything

IMO, the only way we will see the end of bitcoin is grid collapse, cheap quantum computing or government attack