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Unless the post was edited, the quote is: > It is possible that most folks are not buying Bitcoins right now to sell it for a profit before the music stops (in
by aneth4 14y ago
Unless the post was edited, the quote is:
> It is possible that most folks are not buying Bitcoins right now to sell it for a profit before the music stops (in which case it would be a bubble).
Certainly many are, if not most. Otherwise, why are they buying bitcoin? To store value? To buy drugs and passports? Not, I suspect, to buy electronics, for which fiat currency does just fine.
Also, look at the order volume. People are buying $10k chunks of bitcoin. If they are not buying for speculation, what value are they receiving?
- daeken 14y agoThe post was indeed edited; the original quote is in my parent comment. > Certainly many are, if not most. Otherwise, why are they buying bitcoin? To store value? To buy drugs and passports? Not, I suspect, to buy electronics, for which fiat currency does just fine. I know many people buying BTC based on a belief that they will be dramatically more valuable in the future, if BTC takes off in a serious way. Not too many uses for it outside of that and short-term speculation, though, right now.
- aneth4 14y ago> a belief that they will be dramatically more valuable in the future And the definition of speculation: "engagement in business transactions involving considerable risk but offering the chance of large gains, especially trading in commodities, stocks, etc., in the hope of profit from changes in the market price" It's not necessarily a bad move to speculate on BTC. But it is certainly not based on any current fundamentals. Speculative bubbles ALWAYS crash, though some rise far above the value they crashed from after a long period of stabilization and development of fundamentals.