Someone is looking to buy low. Joking aside, I think what's happening in the cryptocurrency world is what has happened in the financial world before, just on a

Someone is looking to buy low. Joking aside, I think what's happening in the cryptocurrency world is what has happened in the financial world before, just on a much more accelerated and aggressive pace. Cryptocurrencies have value as commodities or even a securities through ICOs just like many things in the real world, too. I don't think they are that fundamentally different. People just tend to think of them as being different because they are digital assets and not something you can touch, even though people "buy gold" all the time that they also never get to touch. And don't get me started on fractional reserve banking's "virtual money"... Pretty much everything in this world doesn't have inherit value. It's the value we assign to it in a marketplace that makes things valuable. I remember an older discussion on HN about this, with Bitcoin being more like tulips and gold not being like that because it has "inherit value." No it doesn't. Gold is like tulips, too, except it lasts longer, so it's a better (key word) "store of value" because of it. Think about how things were in let's say the 1600's. Why did kings store their wealth in gold? Because they thought other kings regarded gold (and not some random rock or mineral) as valuable. Bitcoin is the same. It's valuable because people who hold it believe others think it's valuable, too. Same for the USD, or the Venezuelan bolivar. People still believe the USD has value right now, but in 50 years it could be another bolivar if everyone starts believing that the US will never repay its $100 trillion debt (or whatever it will be then). Then nobody will think the USD has any value. FIAT has no more inherit value than anything else. It only has value as long as everyone agrees it has value (and even that changes on a micro-time frame, as people compare it to other currencies or gold on any given day).