I've been saying from the beginning that Bitcoin has no intrinsic value and there is no such thing as value based on maths; but rather its value is derived from sheer perception (up until critical mass/speed/velocity is achieved). Furthermore, this perception can be duplicated, under the right circumstances and with the proper timing.
Zing!!!Really interesting excerpt, supporting this theory, from the GQ article:
"Collective Hallucination" [so I'm missing the [collective] part]. lol
As with all currencies, bitcoin is only valuable because people think it is. This is something bitcoin developers I spoke to call a "collective hallucination". The idea being: if everyone has the same hallucination, it is, to all intents and purposes, real.Interestingly, this is also the same characteristic of a cult following. And yet you call me crazy.
I was thinking similiar thoughts myself today only to remember I spent the previous hour playing "angry birds" and then wondered why angry birds is worth a couple of billion only to conclude its because fools like myself spend an hour playing the crap while I pretend to be working.
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