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> If you're someone who loves Bitcoin (and it would make sense to think the people buying Bitcoin love it), then it's likely you think of it as a safe haven. T
by aquova 9y ago
> If you're someone who loves Bitcoin (and it would make sense to think the people buying Bitcoin love it), then it's likely you think of it as a safe haven.
The problem with this statement is that many people getting into Bitcoin don't understand the underlying concept behind it, nor do they really care. I've spoken to several people who are treating BTC as a new stock investment, and only care about the steadily increasing value and think they can make a quick buck. If Bitcoin crashes (and I think it'll crash to some degree fairly soon) it won't be the core BTC enthusiasts who will leave, it'll be these opportunists getting frightened and leaving in droves.
Now, this may actually be healthy for the long-term state of BTC, but I still think it'll have to happen.
- brndnmtthws 9y ago> The problem with this statement is that many people getting into Bitcoin don't understand the underlying concept behind it A lot of the people proclaiming "Bubble! Stay away!" are in the same category. Or I'd go as far as to say they don't really understand market dynamics, and the fact that the value of anything is only the price someone else is willing to pay for it. And then there's the people who spread anti-Bitcoin FUD because they are either a) mad they missed out or b) threatened by what Bitcoin offers (maybe they're a rent-seeking middleman who would be rendered obsolete).
- kgwgk 9y agoValue and price are different things.