BitcoinPorn
|
 |
August 08, 2011, 12:37:08 PM |
|
Bitcoin, the world’s first peer-to-peer digital currency, has lost almost half of its value against the dollar since the start of August, falling from $13.50 to around $7: It’s now looking increasingly likely that the record-high price of $32 on June 8 represented the peak of a speculative bubble that is now slowly deflating. The interesting question is: where will the price decline stop?
Most assets have a “fundamental” value: the value that reflects the practical use to which that asset can be put. You can always live in a house regardless of what happens to the real estate market, so we can be confident that house prices won’t fall to zero. Similarly, if the price of gold fell too much, people could always use it to make jewelry, so gold is a relatively safe investment.
The puzzling thing about Bitcoin, which I pointed out back in April, is that the currency doesn’t seem to have any fundamental value at all. True, you can currently purchase a limited selection of goods and services with Bitcoins. But the volume of Bitcoin-denominated commerce is small enough that Bitcoin-denominated prices seem to be driven by the current value of Bitcoin rather than the other way around.
This is different from traditional currencies. The fact that there are 300 million Americans who use dollars for their day-to-day transactions creates a floor for the value of dollars. Most of us don’t pay much attention to the exchange rate between dollars and other currencies, because we’re used to thinking of dollars as our fundamental unit of value. And even if we wanted to stop using dollars, it would be hard to do since most of the people around us won’t take anything else. So, barring a major screw-up by the Federal Reserve, we can count on the value of dollars not falling very much.
In contrast, there’s no significant community of people who conduct commerce exclusively (or even primarily) in Bitcions. And you can’t eat, live in, or make jewelry out of Bitcions. And this means there’s no logical stopping point to Bitcoin’s price decline. So far Bitcoin enthusiasts have been buying Bitcoins as the price falls, convinced that the price will go back up eventually. But as the hoped-for rally has failed to materialize, more have gotten discouraged or bored and cash out, pushing the price down further. This process has been going on for a couple of months, and now it appears to be accelerating. I suspect it’s terminal. http://blogs.forbes.com/timothylee/2011/08/07/the-bitcoin-crash/
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
|
|
|
airdata
|
 |
August 08, 2011, 12:42:31 PM |
|
And as always, you can always remove 'Bitcoin' and replace it with 'USD' and all statements will be true.
|
|
|
|
makomk
|
 |
August 08, 2011, 12:48:25 PM |
|
And as always, you can always remove 'Bitcoin' and replace it with 'USD' and all statements will be true.
You're trolling, right? Because the reason the same isn't true of the USD is fairly thoroughly explained in the bit of the article BitcoinPorn quoted.
|
Quad XC6SLX150 Board: 860 MHash/s or so. SIGS ABOUT BUTTERFLY LABS ARE PAID ADS
|
|
|
the founder
|
 |
August 08, 2011, 01:04:18 PM |
|
the problem is the article is partially correct.
If we continue down this path of stealing, hacking and robbing each other regarding bitcoins, it WILL fail. I spent large amounts of money building flexcoin... I'm betting big that we'll be okay.... but in order for that to happen there cannot be another "150,000 coins stolen / robbed " every 10 minutes....
think about it.
1 - dude saw 25,000 coins vanish from his desktop 2 - Goxed 3 - polish exchange 17,000 coins 4 - mybitcoin 150,000 coins ---- this list goes on....
I understand hackers... but what's happening with most of those cases isn't hackers... it's criminals and thieves... that's not the same thing... not even close.
hacking always meant (at least when I grew up) to try to break something... just to see if you can.... and if it turns out to be a security flaw you told the developer before publishing it.
This? These are people that steal bitcoins and in essence destroying what they are stealing, hence they are idiots.
Picture this... a company builds a program that secures stock transactions on NASDAQ and is listed on the said exchange.... hackers target the company, and hack their software where they "steal a bunch of shares of it" ... then the criminals try to dump it as everyone else is because their "secure" software isn't so secure.
In a nutshell, each time they are stealing it it's destroying the very nature of what makes it appealing... hence destroying it's value.
It's my feeling that these people are not actually motivated by money... they have a goal.. and that includes destroying bitcoins.
|
Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me Say thank you here: 1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
|
|
|
BitcoinPorn
|
 |
August 08, 2011, 01:10:34 PM |
|
Though this thread is not the place it will be heard best, great point regarding the misuse of the word hacker, which I know I do just to get points across to people. But in that dumbing down the terms used for people, that is really taking away from the positive aspects to hacking, I need to be more aware of that personally.
|
|
|
|
Steve
|
 |
August 08, 2011, 01:57:45 PM |
|
The puzzling thing about Bitcoin, which I pointed out back in April, is that the currency doesn’t seem to have any fundamental value at all.
This statement is nonsense. A bitcoin itself might not have any intrinsic value, but the bitcoin platform has plenty of fundamental value. The author is dead wrong on this point. The issues will get resolved in time, effective defenses against theft will be crafted, and bitcoin will survive.
|
|
|
|
Rob Lister
Newbie
Offline
Activity: 54
Merit: 0
|
 |
August 08, 2011, 02:10:51 PM |
|
the problem is the article is partially correct.
If we continue down this path of stealing, hacking and robbing each other regarding bitcoins, it WILL fail. I spent large amounts of money building flexcoin... I'm betting big that we'll be okay.... but in order for that to happen there cannot be another "150,000 coins stolen / robbed " every 10 minutes....
think about it.
1 - dude saw 25,000 coins vanish from his desktop 2 - Goxed 3 - polish exchange 17,000 coins 4 - mybitcoin 150,000 coins ---- this list goes on....
I understand hackers... but what's happening with most of those cases isn't hackers... it's criminals and thieves... that's not the same thing... not even close.
hacking always meant (at least when I grew up) to try to break something... just to see if you can.... and if it turns out to be a security flaw you told the developer before publishing it.
This? These are people that steal bitcoins and in essence destroying what they are stealing, hence they are idiots.
Picture this... a company builds a program that secures stock transactions on NASDAQ and is listed on the said exchange.... hackers target the company, and hack their software where they "steal a bunch of shares of it" ... then the criminals try to dump it as everyone else is because their "secure" software isn't so secure.
In a nutshell, each time they are stealing it it's destroying the very nature of what makes it appealing... hence destroying it's value.
It's my feeling that these people are not actually motivated by money... they have a goal.. and that includes destroying bitcoins. I feel your rage but disagree about the motivation for the theft. It's mostly about the $ they can make. Sure, they're dumping and causing the market to fall but it is a 'bird in the hand' issue. Their 'investment' is the time and expense of stealing the coins, not mining or selling or other legitimate earning. Plus, if Bitcoin (the market and the algorithm) can't withstand this sort of problem, then fail it should. After all, we're always going to have thieves and the system must be robust enough to withstand them. I like Bitcoin but I haven't bought any. I'm not motivated to otherwise earn any either. I simply don't have a warm fuzzy about their security...neither their future utility.
|
|
|
|
malbritten
Newbie
Offline
Activity: 14
Merit: 0
|
 |
August 08, 2011, 02:14:49 PM |
|
The only thing that will kill BTC are the hoarders who sit on more than 500 BTC hoping to just cash out. Spend your BTC on businesses that will, in turn, encourage more to accept BTC. If you won't spend it, give it to me and I will.
|
|
|
|
lettucebee
|
 |
August 08, 2011, 02:32:43 PM |
|
Bitcoin's value is that it is a people's currency, independent of central bankers, decentralized and therefore very hard for the Authorities to attack. They like to carve up the globe into little farms and prevent Their property (people's money) from moving from one farm to another. Bitcoin can be very anonymous and ignores farm borders, which makes it a very good option for people who want to move their money off one farm and onto another where they might have a little more pasture.
|
|
|
|
Phinnaeus Gage
Legendary
Offline
Activity: 1918
Merit: 1558
Bitcoin: An Idea Worth Spending
|
 |
August 08, 2011, 02:39:12 PM |
|
the problem is the article is partially correct.
If we continue down this path of stealing, hacking and robbing each other regarding bitcoins, it WILL fail. I spent large amounts of money building flexcoin... I'm betting big that we'll be okay.... but in order for that to happen there cannot be another "150,000 coins stolen / robbed " every 10 minutes....
think about it.
1 - dude saw 25,000 coins vanish from his desktop 2 - Goxed 3 - polish exchange 17,000 coins 4 - mybitcoin 150,000 coins ---- this list goes on....
I understand hackers... but what's happening with most of those cases isn't hackers... it's criminals and thieves... that's not the same thing... not even close.
hacking always meant (at least when I grew up) to try to break something... just to see if you can.... and if it turns out to be a security flaw you told the developer before publishing it.
This? These are people that steal bitcoins and in essence destroying what they are stealing, hence they are idiots.
Picture this... a company builds a program that secures stock transactions on NASDAQ and is listed on the said exchange.... hackers target the company, and hack their software where they "steal a bunch of shares of it" ... then the criminals try to dump it as everyone else is because their "secure" software isn't so secure.
In a nutshell, each time they are stealing it it's destroying the very nature of what makes it appealing... hence destroying it's value.
It's my feeling that these people are not actually motivated by money... they have a goal.. and that includes destroying bitcoins.
I'm going to read the article after I make two comments. Since I opted to quote "the founder", I state my second comment, first. In a nutshell, each time they are stealing it it's destroying the very nature of what makes it appealing... hence destroying it's value. Please correct me if my example's incorrect:I'm a modern artist, and my work is highly sought after. To date, I have created 10 pieces of art that had a fairly high and stable value--until a break-in occurred and two of the artworks were destroyed by people who don't like art. Now there are only 8 of my masterpieces in the world and their value went up because there's fewer works of art with my name on them. Granted, I have more art in the pipeline, therefore seeing the value of those remaining 8 pieces of art worth less when my new art enters the marketplace. In a nutshell, if there's 7 million bitcoins, and 1 million are destroyed, doesn't that increase the value of the other 6 million? Comment 2 (before I read the article):From Wiki: http://en.wikipedia.org/wiki/ForbesForbes.com now employs a new slogan – "Information for the World's Business Leaders". According to Forbes.com, the Web site is among the most trusted resources for senior business executives, providing them the real-time reporting, uncompromising commentary, concise analysis, relevant tools and community they need to succeed at work, profit from investing and have fun with the rewards of winning. My question(s) (although you may have been expecting a comment): Aren't Forbes articles mainly read by investors seeking out places to invest their money? Aren't Bitcoin now on the radar of even more investors due to this article? Aren't some investors favor a downturn in some investments, seeing a future correction because the fundamentals are sound? (Thank god all my high school English teachers aren't around any-more!) Now, don't bother me while I go and read the article. I sure the hell hope it aren't long, for I have lots of stuff to do.
|
|
|
|
Phinnaeus Gage
Legendary
Offline
Activity: 1918
Merit: 1558
Bitcoin: An Idea Worth Spending
|
 |
August 08, 2011, 02:49:52 PM |
|
SOB! Forbes has Trolls. This enforces the truism that one should read articles before commenting on such, but I feel my comments aren't that badly.
|
|
|
|
the founder
|
 |
August 08, 2011, 03:09:50 PM |
|
I'm a modern artist, and my work is highly sought after. To date, I have created 10 pieces of art that had a fairly high and stable value--until a break-in occurred and two of the artworks were destroyed by people who don't like art. Now there are only 8 of my masterpieces in the world and their value went up because there's fewer works of art with my name on them. Granted, I have more art in the pipeline, therefore seeing the value of those remaining 8 pieces of art worth less when my new art enters the marketplace.
In a nutshell, if there's 7 million bitcoins, and 1 million are destroyed, doesn't that increase the value of the other 6 million?
That's not what happened... some of those coins (I know for sure Meze Grill in New York) earned them by selling sandwiches.... so the thief came in and stole his hard earned work. He didn't destroy the coins, he just gave a big FU to hard work and stole them... and now is dumping them on the market. I'd be surprised if the grill continues to accept bitcoins if this is allowed to continue.
|
Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me Say thank you here: 1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
|
|
|
flug
|
 |
August 08, 2011, 04:07:49 PM |
|
1 - dude saw 25,000 coins vanish from his desktop 2 - Goxed 3 - polish exchange 17,000 coins 4 - mybitcoin 150,000 coins ---- this list goes on....
It's incredible that Bitcoin has kept its value as much as it has given what's happened. Just imagine how strong it will be once the Bitcoin community has sorted its security issues. To say that Bitcoin is in a deflating bubble is a bit like saying gold's in a deflating bubble if Fort Knox gets raided every other week. (Assuming there's any gold in there)
|
|
|
|
wndrbr3d
|
 |
August 08, 2011, 04:30:16 PM |
|
Here's all I got from the article: 
|
|
|
|
indio007
|
 |
August 08, 2011, 04:32:39 PM |
|
This what I posted for Mr. Unimaginative at Forbes..
Why do people keep saying that bitcoins have no fundamental value? Is a service a valuable consideration in the law? YES! Even a promise is a valuable consideration.
The bitcoin network and it’s nodes authenticate , verify and reverify a transaction over and over and over. You can’t access the network without bitcoins. They are a right of access. They are a license to use. All valuable considerations. Third party authentication is obviously a valuable consideration, ask any notary public, clerk of court, or recorder of deed.
|
|
|
|
makomk
|
 |
August 08, 2011, 05:35:44 PM |
|
I'm a modern artist, and my work is highly sought after. To date, I have created 10 pieces of art that had a fairly high and stable value--until a break-in occurred and two of the artworks were destroyed by people who don't like art. Now there are only 8 of my masterpieces in the world and their value went up because there's fewer works of art with my name on them. Granted, I have more art in the pipeline, therefore seeing the value of those remaining 8 pieces of art worth less when my new art enters the marketplace.
In a nutshell, if there's 7 million bitcoins, and 1 million are destroyed, doesn't that increase the value of the other 6 million? That depends. If there are 7 million of - for example - a particular brand of washing machine and 1 million of them burst into flames, that obviously makes the remaining 6 million rather less valuable. (Also, most of the bitcoins lost so far have been stolen rather than destroyed, so the number in circulation hasn't decreased that much.) On the one hand you have the decrease in supply, and on the other loss in confidence in Bitcoins as a result of the heists.
|
Quad XC6SLX150 Board: 860 MHash/s or so. SIGS ABOUT BUTTERFLY LABS ARE PAID ADS
|
|
|
BitVapes
Full Member
 
Offline
Activity: 140
Merit: 100
BitVapes.com
|
 |
August 08, 2011, 05:37:49 PM |
|
This what I posted for Mr. Unimaginative at Forbes..
Why do people keep saying that bitcoins have no fundamental value? Is a service a valuable consideration in the law? YES! Even a promise is a valuable consideration.
The bitcoin network and it’s nodes authenticate , verify and reverify a transaction over and over and over. You can’t access the network without bitcoins. They are a right of access. They are a license to use. All valuable considerations. Third party authentication is obviously a valuable consideration, ask any notary public, clerk of court, or recorder of deed.
nice, I've been struggling to put into words to convey this fundamental value to bitcoin and you accomplished it well.
|
|
|
|
Mike Moceri
Newbie
Offline
Activity: 38
Merit: 0
|
 |
August 08, 2011, 05:41:06 PM |
|
The only thing that will kill BTC are the hoarders who sit on more than 500 BTC hoping to just cash out. Spend your BTC on businesses that will, in turn, encourage more to accept BTC. If you won't spend it, give it to me and I will.
More particularly, buy drugs off of Silk Road with your BTC. Drugs are a great store of value, they have a long shelf-life, and are easily convertible. You'll be building the bitcoin economy and be able to hoard to your heart's desire!
|
|
|
|
the founder
|
 |
August 08, 2011, 06:31:38 PM |
|
I'm a modern artist, and my work is highly sought after. To date, I have created 10 pieces of art that had a fairly high and stable value--until a break-in occurred and two of the artworks were destroyed by people who don't like art. Now there are only 8 of my masterpieces in the world and their value went up because there's fewer works of art with my name on them. Granted, I have more art in the pipeline, therefore seeing the value of those remaining 8 pieces of art worth less when my new art enters the marketplace.
In a nutshell, if there's 7 million bitcoins, and 1 million are destroyed, doesn't that increase the value of the other 6 million? That depends. If there are 7 million of - for example - a particular brand of washing machine and 1 million of them burst into flames, that obviously makes the remaining 6 million rather less valuable. (Also, most of the bitcoins lost so far have been stolen rather than destroyed, so the number in circulation hasn't decreased that much.) On the one hand you have the decrease in supply, and on the other loss in confidence in Bitcoins as a result of the heists. That's the exact problem... it can be fixed... and given enough time it will be fixed... but honestly these criminals have set back bitcoins by at least 6 months, or longer.
|
Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me Say thank you here: 1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
|
|
|
bitrebel
|
 |
August 08, 2011, 06:36:48 PM |
|
Did you expect an article of Praise instead? The system will beat up on bitcoin every chance it gets.
|
Why does Bitrebel have 65+ Ignores? Because Bitrebel says things that some people do not want YOU to hear.
|
|
|
nighteyes
Member

Offline
Activity: 105
Merit: 10
|
 |
August 08, 2011, 06:58:25 PM |
|
And as always, you can always remove 'Bitcoin' and replace it with 'USD' and all statements will be true.
You're trolling, right? Because the reason the same isn't true of the USD is fairly thoroughly explained in the bit of the article BitcoinPorn quoted. The author is comparing the US dollar(supply value=trillions of dollars in total value) to the bitcoin? Come on...we know that the bitcoin wont be the size of the US dollar anytime soon. But what happens when the dollar collapses? The author says "So, barring a major screw-up by the Federal Reserve, we can count on the value of dollars not falling very much."....what planet is this guy on? In fact, we CAN count on the dollars falling...how does this blogger think the deficit is going to be paid? One or two years of actual payments in the last 30 or so years? LOL....not to mention promises made to other people. Debt is greater than the GDP! Interest rate of debt(assuming balanced budget) is greater than GDP growth rate! Of course debt is expanding 10%+ over 1-2 years, with no one having economic growth close to that. Now if you ask me, its going to be much much worse...the US dollar is about to devalue massively, probably could be slowly held off for 5 years if they play their cards right. But once the Eurozone falls out, the spotlight will be on the USA and we go third world. Yeah, I know our lowest rating is AA. Wouldnt you give a AA rating to an unsecured loan from a company that has $100,000 in sales, $100,000 in debt(and also $10 million in promises to others) and has made 1 or 2 payments the last 30 years? Yeah, I would too. 
|
|
|
|
Steve
|
 |
August 08, 2011, 07:01:08 PM |
|
That depends. If there are 7 million of - for example - a particular brand of washing machine and 1 million of them burst into flames, that obviously makes the remaining 6 million rather less valuable. (Also, most of the bitcoins lost so far have been stolen rather than destroyed, so the number in circulation hasn't decreased that much.) On the one hand you have the decrease in supply, and on the other loss in confidence in Bitcoins as a result of the heists.
Actually, I'd say the number in circulation has likely increased rather dramatically as a result of the heists. Consider that the thefts were from people hoarding bitcoin and the thieves are likely trying to circulate them and cash them out as soon as possible.
|
|
|
|
error
|
 |
August 08, 2011, 07:05:05 PM |
|
That depends. If there are 7 million of - for example - a particular brand of washing machine and 1 million of them burst into flames, that obviously makes the remaining 6 million rather less valuable. (Also, most of the bitcoins lost so far have been stolen rather than destroyed, so the number in circulation hasn't decreased that much.) On the one hand you have the decrease in supply, and on the other loss in confidence in Bitcoins as a result of the heists.
Actually, I'd say the number in circulation has likely increased rather dramatically as a result of the heists. Consider that the thefts were from people hoarding bitcoin and the thieves are likely trying to circulate them and cash them out as soon as possible. Really? Hoarding? Do you even know what that word means? This doesn't make your company look good.
|
3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
|
|
|
Atdhe
Sr. Member
  
Offline
Activity: 326
Merit: 250
Atdhe Nuhiu
|
 |
August 08, 2011, 07:15:59 PM |
|
The statement, that there is "nothing" behind BTC is incorrect.
There is pure energy behind BTC and around price of energy the price of BTC has to fluctuate. BTC is function of energy and development of graphic cards. Now the price is too low, so probably no miners are around, so this way automatically money supply drops.
So actually it is more behind BTC than behind fiat money.
|
|
|
|
Steve
|
 |
August 08, 2011, 07:23:45 PM |
|
That depends. If there are 7 million of - for example - a particular brand of washing machine and 1 million of them burst into flames, that obviously makes the remaining 6 million rather less valuable. (Also, most of the bitcoins lost so far have been stolen rather than destroyed, so the number in circulation hasn't decreased that much.) On the one hand you have the decrease in supply, and on the other loss in confidence in Bitcoins as a result of the heists.
Actually, I'd say the number in circulation has likely increased rather dramatically as a result of the heists. Consider that the thefts were from people hoarding bitcoin and the thieves are likely trying to circulate them and cash them out as soon as possible. Really? Hoarding? Do you even know what that word means? This doesn't make your company look good. What aspect of what I said doesn't make sense to you? The thieves stole money from people that were hoarding bitcoin and are (presumably) dumping it on the market. The hoarders had taken money out of circulations and the thieves are taking it from the hoarders and returning it to circulation. Seems logical, no?
|
|
|
|
error
|
 |
August 08, 2011, 07:28:48 PM |
|
That depends. If there are 7 million of - for example - a particular brand of washing machine and 1 million of them burst into flames, that obviously makes the remaining 6 million rather less valuable. (Also, most of the bitcoins lost so far have been stolen rather than destroyed, so the number in circulation hasn't decreased that much.) On the one hand you have the decrease in supply, and on the other loss in confidence in Bitcoins as a result of the heists.
Actually, I'd say the number in circulation has likely increased rather dramatically as a result of the heists. Consider that the thefts were from people hoarding bitcoin and the thieves are likely trying to circulate them and cash them out as soon as possible. Really? Hoarding? Do you even know what that word means? This doesn't make your company look good. What aspect of what I said doesn't make sense to you? The thieves stole money from people that were hoarding bitcoin and are (presumably) dumping it on the market. The hoarders had taken money out of circulations and the thieves are taking it from the hoarders and returning it to circulation. Seems logical, no? Yes, except that you used the words "hoarding" and "hoarders" to describe something that isn't hoarding.
|
3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
|
|
|
TraderTimm
Legendary
Offline
Activity: 2394
Merit: 1074
|
 |
August 08, 2011, 08:00:28 PM |
|
Dow Jones Index: 10,838.08 -606.53 (-5.30%)
Yeah, sounds like someone has bigger problems right now -- right Forbes? Luckily all their dollars are backed by the Federal Reserve, who will no doubt print more money to make everything 'okay'.
As long as the internet exists on this planet, bitcoin is fine. Can't say the same for the U.S. Dollar, though.
What a wonderfully red crashilicious-day.
|
fortitudinem multis - catenum regit omnia
|
|
|
hawks5999
|
 |
August 08, 2011, 08:30:03 PM |
|
Bitcoin, the world’s first peer-to-peer digital currency, has lost almost half of its value against the dollar since the start of August, falling from $13.50 to around $7: Hmm... I've seen something very similar somewhere... Oh yeah:  Sure, it's a 10% drop vs a 50% drop but the point is this - all markets are collapsing (except Gold and Treasuries). BTC has volume measured in the thousands to 10's of thousands per day. The DJIA has a volume of 479 Million. BTC is completely unregulated, DJIA/NYSE is a regulated market. So given that we've had a few flat out frauds recently and the market as a whole is collapsing, a 50% drop seems pretty reasonable. Somebody with better financial analysis skills might be able to show that given the macro picture a drop of 80% is more on order for a pico-cap unregulated instrument. Weak hands are getting shook out that will be buying back their coins at $10 or $15.
|
■ ▄▄▄ ■ ███ ■ ■ ■ LEDGER WALLET ████ ■■■ ORDER NOW! ■■■ LEDGER WALLET Smartcard security for your BTCitcoins ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Decentralized. Open. Secure.
|
|
|
RandyFolds
|
 |
August 08, 2011, 09:07:58 PM |
|
The puzzling thing about Bitcoin, which I pointed out back in April, is that the currency doesn’t seem to have any fundamental value at all.
This statement is nonsense. A bitcoin itself might not have any intrinsic value, but the bitcoin platform has plenty of fundamental value. The author is dead wrong on this point. The issues will get resolved in time, effective defenses against theft will be crafted, and bitcoin will survive. Well, he obviously doesn't know that his bitcoin can get him high as shit.
|
|
|
|
|