Bitcoin should crash

[aop]

Currently there's no real economy built around Bitcoin. Bitcoin value is purely based on speculation and it has become a ponzi scheme. New investors pay the profits of miners and early adopters. If new investors stopped investing in Bitcoin the price in $ would drop like a stone. "Worth" of all existing Bitcoins got up to $200M before this price drop occured.

Now ask yourself how can Bitcoins be worth $200M when there's maybe couple a million $ worth of stuff that you can actually buy using Bitcoin? Why do people invest in Bitcoin? To actually use them or to get rich quick?

$10 Bitcoin is still a massive bubble, it should crash to around $1 or less to be on solid ground. This would drive most of the speculators out and stabilize the currency a bit.

Maybe Phoenix would rise from the ashes.

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[kiba]

Vitalik Buterin said the opposite.

Since you also said bitcoin is a bubble, here's the comic.

[Jack of Diamonds]

Currently there's no real economy built around Bitcoin. Bitcoin value is purely based on speculation and it has become a ponzi scheme. New investors pay the profits of miners and early adopters. If new investors stopped investing in Bitcoin the price in $ would drop like a stone. "Worth" of all existing Bitcoins got up to $200M before this price drop occured.

Now ask yourself how can Bitcoins be worth $200M when there's maybe couple a million $ worth of stuff that you can actually buy using Bitcoin? Why do people invest in Bitcoin? To actually use them or to get rich quick?

$10 Bitcoin is still a massive bubble, it should crash to around $1 or less to be on solid ground. This would drive most of the speculators out and stabilize the currency a bit.

Maybe Phoenix would rise from the ashes.

If BTC price goes down to $1 there will be nobody left to mine at current difficulty levels.

Since difficulty takes 2016 blocks to adjust and mining would consume more electricity than there is reward to be gained, the network would become unsecured fast.

[bcpokey]

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post

[kiba]

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post

But it gives me opportunity to promote my articles. 

[Basiley]

wrong. you probably had spell-checking fail. not "crash", but "crush". bitcoin should crash, kill and destroy !!
kill/rape/torture people, apart, blow construction, demolish/burn building, destroy humanity !
oh wait !

[Justsomeforumuser]

I like how he said "has BECOME a ponzi scheme".

>implying it was at some point not just a transfer of money from some to others, based solely on "belief"

[Reiku]

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post

Needs a higher amount.
Also expand it to starting new threads, would clean things up a bit.
Keep your heads down and continue feeding on the bad side the media only posts little sheep.

[aop]

I wish these forums had a screening algorithm like

If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post

Needs a higher amount.
Also expand it to starting new threads, would clean things up a bit.
Keep your heads down and continue feeding on the bad side the media only posts little sheep.

Good luck trying to keep the ponzi going. If Bitcoin manages to rise back up to $30 soon I'll buy some HD5770/58xx cards to build a mining rig and cash in.