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April 08, 2013, 04:23:33 PM |
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Yeah it's a scary thought. Funny thing is, even is you look at the crashes and watch it long term it keeps on moving up. I feel like it would categorically fail on a security level to really kill it.
I was showing the MTGOX candle stick to a finance guy on the weekend. He said reading the candle stick... "So many white soldiers, it's going up, and I mean... UP UP!" He compared it to Apple a while back. The whole idea freaked him out a bit I think, because it's so new, it could go anywhere.
Being someone that invested before it went up, I feel like there is less pressure than people getting involved now. But it sure is interesting.
For me the ideal situation is that a) the system is integrally strong enough to stop it being hacked, b) things become stable enough to use this as currency.
Two things I find might be a game changer in the long run...
1) Supply is limited, so can the GDP grow faster than the network can produce small change (even with the 8+ decimal system)? 2) It seems like most of the money is going to Americans. I live in America, but still... it's a concern. Equity is strength in my mind. Not monopoly.
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