Bitcoins are in a speculative bubble. This bubble is attracting fringe merchants, which provides a veneer of legitimacy to the dramatic speculative rise. Note t

Bitcoins are in a speculative bubble. This bubble is attracting fringe merchants, which provides a veneer of legitimacy to the dramatic speculative rise. Note that there is no way to effectively short bitcoins at this point, so there's no counterbalance to the speculation. When the bitcoin market turns south, it will fall hard as the shallow liquidity evaporates quickly.