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It's pretty funny. Almost all the investment interest in Bitcoin and Ethereum isn't about the technology's potential. It's all just speculation on the current c
by ryandvm 9y ago
It's pretty funny. Almost all the investment interest in Bitcoin and Ethereum isn't about the technology's potential. It's all just speculation on the current cryptocurrencies as commodities.
Just about everyone asking "should I buy Bitcoin?" is doing so because they want to know how high it will go. They don't really give a shit whether the technology has the potential to disrupt centrally planned economies.
Bitcoin being worth $5,000 right now is all about not being the last guy holding the bag when the value collapses again...
- rothbardrand 9y agoSpeculating on the price growth is literally speculating on several things: 1. The technologies future potential. 2. Investing based on the realized potential we have seen in the last year. 3. Speculating that the technology will more widely adopted. Just because its a currency doesn't mean it's not going thru the technology adoption cycle, like the internet did and the smart phone did. More people owning bitcoin means more demand means higher price in the face of relatively fixed supply... so "Just speculation" doesn't really make sense as a criticism--- ALL investment is speculation, all investment in early stage technologies is higher risk, and more "speculative".
- kobeya 9y agoThe supply argument isn’t any different from Tulips in the mercantile Netherlands back in the day. This is coming from a bitcoin enthusiast that loves the technology.
- rothbardrand 9y agoSupply of tulips is not fixed. Bitcoin is.
- kobeya 9y agoThat didn’t really have a bearing on the tulip mania.