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And that valuation is based on ..?

• xur17 9y ago
  The price people are currently paying for it on exchanges [0], with > $1 Billion in volume over the past 24 hours. [0] https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#markets
  • RikNieu 9y ago
    Ok, but why? Why are people willing to pay that much for it?
    • lokimoki 9y ago
      shhhh you'll burst the bubble
    • deadmetheny 9y ago
      Because some other nerds got really rich on Internet fun bucks and other people want in on it too.
    • Anderkent 9y ago
      Mainly because they believe it will stay valuable. Which is what backs all stores of value - gold and diamonds are definitely not bought for their practical applications. Now why exactly people believe it is and will stay a good store of value is more complicated, but mostly a mix of trust in how miner self interest will keep the keys safe and general desirability of online currency