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"Anyone involved in the space knows the value is largely speculation" I agree value appears to be driven a lot by speculation, but you are changing subject. We
by mrb 9y ago
"Anyone involved in the space knows the value is largely speculation"
I agree value appears to be driven a lot by speculation, but you are changing subject. We were talking about usage. It's pretty obvious from payment processors, from people in the industry (have you ever attended a Bitcoin conference and talked to users? I have), from usage metrics (increasing tx rate, which is normally not related to speculators, as buying and leaving coins on exchange doesn't create a tx), and from other sources, that usage of cryptos is growing.
So, no, you can't say you "just know" cryptocurrencies aren't used by anyone.
PS: I am a crypto dev, wrote miners, founded TAV (mining ASIC integrator), and have been in the Bitcoin industry for 7 years. I know a thing or two.
- gnaritas 9y agoI agree usage is growing, but that is not the topic. Most coins are moving not because of usage but because of speculation, people are buying largely because of speculation, trading because of speculation, and selling because of speculation; the majority of transaction volume is not coming from using Bitcoin as a currency to buy goods and services, it's from speculators entering the market due to the price rise.
- mrb 9y agoSpeculators do NOT (typically) cause coins to move. Buying, holding, and selling BTC on an exchange does NOT create transactions on the blockchain. (Withdrawing and depositing BTC creates transactions, however most speculators do not do this, as most people leave BTC on exchanges.)