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At this point, apart from investor's demand, what bitcoin is backed by? Did those numerous ICOs actually help to make the market cap sustainable?
by noway421 9y ago
At this point, apart from investor's demand, what bitcoin is backed by? Did those numerous ICOs actually help to make the market cap sustainable?
- ufo 9y agoNo, but they did attract a new wave of speculators to the ecosystem.
- arcticfox 9y agoNothing, the only reason to buy it is that people think they'll be able to sell it to someone else for more later. Other cryptos are way better at actually doing things.
- haakon 9y agoDemand is probably almost entirely speculative, which is nothing new. The Chicago Mercantile Exchange is launching Bitcoin futures in a few weeks, which I think contributes to the current run-up.
- scotty79 9y agoBitcoin is backed by same thing art is: scarcity, durability, transferability. Anything with these qualities will appreciate in value as wealth of civilisation grows.
- notahacker 9y agoPenny stocks are also scarce, durable and transferable...
- TrickyRick 9y agoPenny stocks are generally not scarce (You can buy a lot of them) not durable (Companies tend to go bankrupt). Gold would be a better analogy.
- notahacker 9y agoPeople can't create new types of gold by taking an open source coin and forking it...
- TrickyRick 9y agoGold is only analogous to Bitcoin (or any one specific crypto), not the entire phenomenon. People can create new companies and list their stock but that in itself has no impact on stock prices.