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January 04, 2015, 05:32:29 PM |
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I am not sure what is the gist of this thread. Yeah, price is low when it was high before. You can come up with multiple reasons for it. It does not matter. What does matter (at least for me)- the price of bitcoin in 5-20 years. OP talks about mastercard, amex, points, etc. Everybody got tons of plastic, including myself. GOOD for us all, but fundamentally this is funny money if you can print it at will. At some point fundamentals will matter, as they ALWAYS do. Bitcoin is a hedge against this possibility, no more or less. It is silly to have a majority of funds in bitcoin right now, but to have a meaningful % seems prudent. Bitcoin could be compared to a little Mesozoic mice-like creature from which all mammals had sprung once the dominant dinosaurs went extinct. However, this development was entirely random (due to asteroid, etc.) and could have not happen. Hence, Bitcoin is basically a backup system (in case the dominant system goes tits up). I consider it as such and it makes my life easier and more interesting.
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