Quote:
Originally Posted by housenuts
Isn't this the reason people buy stocks? The stock market is a ponzi bubble. cool.
retail shopping malls, also a bubble.
People buy part of a company because they think that company will be successful--->their investment goes up in value and they make money.
Bitcoin is similar in the sense that a lot of people invest in it because they think they are buying a % of the worlds future reserve currency (lol) and that one day it will be so widely used and impossible to not use that it will be worth 500000, or 1000000 a coin or whatever.
The problem is, it will never be widely used as a currency because it has virtually no utility over ACTUAL currency, and anything it's blockchain could do that real currency cannot can already be done by far better by other software like ethereum.
No one within bitcoin of course realizes this yet, or is ready to admit it, because the fever of speculation is still running hot. Give it a while, pretty soon the fever will dissipate and bitcoin will crash. All the late baghodlers will lose their shirts and the guys who got in early and out late will either make a ton or lose a little ==== ponzi.