Hardly. Those companies make things. The provide services to people. That's real, concrete value. Companies can be over valued, but certainly there is some val

Hardly. Those companies make things. The provide services to people. That's real, concrete value. Companies can be over valued, but certainly there is some value even in snapchat. There is zero non-notional value in bitcoin. It's just a currency. But if it's only used as an investment and not a currency then it's unlikely to retain value indefinitely. Fiat currencies certainly have some similar problems, but because they are used heavily as currencies much of those problems are mitigated. Everyone around me is getting paid in dollars, everything at the store is denominated in dollars. Taxes are in dollars. Etc. Because of economic activities there is a tremendous amount of inertia to the value of the dollar. The only inertia inherent in bitcoin is the market valuation, and that is dependent on, effectively, a pyramid scheme. Once the value of bitcoin starts falling everyone will want to divest from it as quickly as possible, merely accelerating the collapse. This is economics 101, we've seen countless speculative bubbles before, if you don't believe that speculation is a risk in the BTC market then you're just unaccountably naive. If the BTC market started falling at the same rate it is going up right now, and persisted in doing so for 6 months what would you do with your BTCs?