Speculators who are in it soley to make themselves more USD are pumping capital into btc infrastructure. They'll realize their error.
You assume that it
is an error.
I do. If they aren't putting those extra dollars back into getting bitcoins, I imagine that they must eventually change their minds or keep using fiat until they come around. Im assuming that the dollar is dying, of course. Its only an error if they sell out of btc.
Reread. Sounded like I meant pumping capital is error. did not mean that...
OH! Yeah, I get it. I first read it like myrkul, thinking you were saying that the error was "speculators who are just in it to make themselves more money." The error you were talking about was specifically those speculators thinking that USD is where they should be making their money, i.e. that BTC is a way to get rich in USD, when those speculators should buy into BTC and STAY in BTC.
Speculating has no value if you don't trade back and forth.
I think the error is that they use BTC to gain value trading back to USD, when they should be using BTC to gain value in-and-of itself and trade for goods and services.
Basically, it sounds like a different take on "cashing out of BTC is a stupid idea, akin to cashing out of dollars"
Well, I agree that ending the back and forth with a pile of
BTC > ending the back and forth with a pile of $, but we can't really judge people's economic actions without asking, "did you make a profit?" Profit = success, loss = failure.
Now, if the dollar devaluating erases all their profits, well, that's a loss, now, isn't it?
(Same could be said, however, if
BTC crashes.)
