I don't know. On the one hand, it's very easy to see Bitcoin failing as a currency and disappearing within a few years. On the other hand, the aggregate value of all Bitcoins in circulation is ~$120M with millions of dollars worth of Bitcoins changing hands every day. Companies are pouring millions of dollars into custom ASICs to join the Bitcoin network, and there's a solid core community that's unlikely to abandon it quickly.
Two years ago a guy bought two pizzas for 10,000 BTC when it was 1 BTC ~ $0.004 USD, and many people thought the fact it had any real dollar value at all was pretty out there. Now, people are already talking about using mBTC or uBTC by default if the value goes up a lot more. Just because $10 / BTC feels high doesn't mean it isn't still extremely early in the life of Bitcoin.
You can be long or short Bitcoin, but I think that if it does end up working, it has a long way up to go.
Comments
I don't know. On the one hand, it's very easy to see Bitcoin failing as a currency and disappearing within a few years. On the other hand, the aggregate value of all Bitcoins in circulation is ~$120M with millions of dollars worth of Bitcoins changing hands every day. Companies are pouring millions of dollars into custom ASICs to join the Bitcoin network, and there's a solid core community that's unlikely to abandon it quickly.
Two years ago a guy bought two pizzas for 10,000 BTC when it was 1 BTC ~ $0.004 USD, and many people thought the fact it had any real dollar value at all was pretty out there. Now, people are already talking about using mBTC or uBTC by default if the value goes up a lot more. Just because $10 / BTC feels high doesn't mean it isn't still extremely early in the life of Bitcoin.
You can be long or short Bitcoin, but I think that if it does end up working, it has a long way up to go.