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Apparently we're in the "pump" phase of the Bitcoin pump-and-dump cycle. Really, the entire Bitcoin market would fit comfortably inside the volume of your avera
by vannevar 14y ago
Apparently we're in the "pump" phase of the Bitcoin pump-and-dump cycle. Really, the entire Bitcoin market would fit comfortably inside the volume of your average OTC penny stock. Does anyone not think the Bitcoin game is rigged?
- javert 14y agoDoes anyone not think the Bitcoin game is rigged? There are significant reasons why having a deflationary, digital currency (or commodity) would be quite useful, at least for certain people and use cases. If there were no use case for Bitcoin, calling it a scam without presenting evidence would be much more reasonable. Given that there are use cases, calling Bitcoin a scam without presenting evidence is completely arbitrary. To make an analogy - if I ask you to invest in my company that makes a brand new food item with no nutritional value or flavor, it's probably a scam. However, if I ask you to invest in my company that makes a tasty and nutritional food item, regardless of whether you think my food will do well in the market in the long run, it requires evidence to claim that it is a scam.
- vannevar 14y agoI didn't say Bitcoin itself is a scam, only that the market is so tiny that a single player could easily manipulate it. And if someone can, someone will. And while I see Bitcoin's legitimate use cases, few (very few) people are using it for actual trade. The market seems purely speculative, with no underlying Bitcoin economy to stabilize it (save possibly the money-laundering business).
- javert 14y agoI agree that the market is largely speculative. But I think the speculation is mainly very long-term speculation - so people predominantly want to get more bitcoins, or they want to hold them. This will tend to drive the price up.