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Bitcoin is like a startup. If it works, it's worth a tremendous amount. If it doesn't, it's worth nearly nothing. Right now its proponents are valuing it like
by waterlesscloud 14y ago
Bitcoin is like a startup. If it works, it's worth a tremendous amount. If it doesn't, it's worth nearly nothing.
Right now its proponents are valuing it like a tech startup stock- what's its potential future value?
Its opponents have already decided it will fail.
Either side may be right at this point, though bitcoin has more going for it than it did six months ago.
To me, the trend is currently towards "it's going to work", so I think it's worth a gamble. But it's definitely a gamble.
I think cryptocurrency is without question a force for the future. It makes exchanging money too easy and too fast for it not to eventually dominate economic systems. Economies/companies that don't use it will be at a disadvantage.
What's in doubt for me is whether bitcoin will be the winner of the cryptocurrency market.
- kjackson2012 14y agoThe only way it "works" is if people start using it to pay for goods and services. Right now it is an investment vehicle for speculation. And the crazy volatility suggests to me that most people won't feel comfortable using this as a currency for transactions, until the volatility decreases immensely.
- simondlr 14y agoMy money is on Bitcoin remaining the winner in the cryptocurrency market. It's got enough network effect now for people to keep it a success. The economy is growing, and people have too much vested interest already. Flaws will be fixed, improvements will be made, etc.