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"Which is exactly how you described people "speculating" with Bitcoin. There is no difference." No - utterly not the same thing. When we make assertions about

"Which is exactly how you described people "speculating" with Bitcoin. There is no difference." No - utterly not the same thing. When we make assertions about the 'future' of Apple, we are making rational assumptions about demand, value chains, tax codes. When you see the various predictions or valuations for Apple stock price - there is some 'consensus'. We reward those with better predictive capability - and this enhances civilization at least a little bit. For BTC - there is no 'valuation'. There is no 'prediction'. It's predicting BTC is like predicting the flip of a coin - or rather, it's just a game of trying to predict how average joe's across the street will value it. There is no objective means to value it - so it's a total crap shoot. BTC is just a meme. Analysts doing industrial forecasts add some value to society in the end. Predicting the value of BTC ads zero value.

cup-of-tea 9y ago
Quite honestly you just sound bitter and apparently can't wait for "idiots" to lose money because you're not going to make any. There is no difference between investment and speculation. None at all. If you look them up you'll just find vague notions of one being more risky than the other. But as a HN reader I would expect you to understand that all investment is somewhat risky. Apple could become irrelevant in a few years much like the ice shipping companies of the past. You don't know that. If you buy Apple as an investment you are betting that it won't. If you work for money then you are betting that the government won't just print more and make it virtually worthless. Open your mind.
- alexasmyths 9y ago
  " There is no difference between investment and speculation. None at all. " ... yes, there is. "But as a HN reader I would expect you to understand" ... HN readers tend to have a high level of technical ability, and are very intelligent - but generally have a very limited understanding of finance and economics. Combined with some hubris, this makes for problems. BTC is the intersection of this: super cool tech promulgated mostly by people who have not clue what a 'currency' is, and of course, the hustlers who do know but don't care. BTC is a very neat idea, that won't work for anything, and ultimately, it's turned into a hustle. I hope BTC fails because it's a massively stupid waste of time. It's 'making people money' about as much as any other Ponzi scheme. There are other fintech avenues to pursue that are better for everyone.

cup-of-tea 9y ago

Quite honestly you just sound bitter and apparently can't wait for "idiots" to lose money because you're not going to make any. There is no difference between investment and speculation. None at all. If you look them up you'll just find vague notions of one being more risky than the other. But as a HN reader I would expect you to understand that all investment is somewhat risky. Apple could become irrelevant in a few years much like the ice shipping companies of the past. You don't know that. If you buy Apple as an investment you are betting that it won't. If you work for money then you are betting that the government won't just print more and make it virtually worthless. Open your mind.

alexasmyths 9y ago
" There is no difference between investment and speculation. None at all. " ... yes, there is. "But as a HN reader I would expect you to understand" ... HN readers tend to have a high level of technical ability, and are very intelligent - but generally have a very limited understanding of finance and economics. Combined with some hubris, this makes for problems. BTC is the intersection of this: super cool tech promulgated mostly by people who have not clue what a 'currency' is, and of course, the hustlers who do know but don't care. BTC is a very neat idea, that won't work for anything, and ultimately, it's turned into a hustle. I hope BTC fails because it's a massively stupid waste of time. It's 'making people money' about as much as any other Ponzi scheme. There are other fintech avenues to pursue that are better for everyone.