I thought that's what was already going on.
Not unless you know the fundamental value of a Bitcoin, and are able to determine that it's current trading price is significantly out of line with its that value.
GOLDSTEIN: The people in the experiment, they were buying the stocks for sometimes for more than it could ever pay out. And this gives us a definition of a bubble: It's when the price of something rises way above what you might call its fundamental value.
KESTENBAUM: So let's apply that definition to gold: Is gold in a bubble? Here's Tim Harford. He's an economist and a columnist at the Financial Times.
Mr. TIM HARFORD (Economist and Columnist, Financial Times): Gold is a tricky one, and here's why. Remember we said bubbles should be defined in terms of fundamental values? The price of corporate stock should be looking at future profits, and you need to make your best judgment on what that would be.
But price of gold, it's just not clear what the fundamental value of gold is. I mean, it's worth something because people have always thought it's worth something. And that's really weird, because what that really tells you is, well, gold's in a 4,000-year-old bubble. And if it's lasted 4,000 years, maybe it'll last another 4,000 years. Who am I to say?
To clarify, when I said "we should do this with bitcoins", what I meant was to set up a system similar to their simple stock market, except you would play the "game" with your real bitcoins.