>Don't listen to the "it's out of control" or "is very due for a crash because it's rising so quickly" stuff. It comes down to a very simple test: do you think that there are significant reasons Bitcoin would or would not gain acceptance as a mainstream currency?
Bit of a strawman.
>If you think that Bitcoin will ultimately be widely adopted, buy now. $50 / btc is very cheap in that world. If you think Bitcoin will fail, then any price is too much. Any mumbling that "it's doubled in a month and therefore is set up to come back down to earth" is just hand waving.
Bitcoin's use as a currency does not depend in any way on its value. A shirt selling for 1 BTC can sell just as easily for 0.5 BTC. In such a case where the government-mandated currency becomes useless and BTC is used as a true currency fallback, if anything it becomes a major problem, but in this present world it's basically just a proxy for sending fiat currency and a speculative asset.
I love BTC. But I don't need to hold on to any amount of it, or depend on any particular value, to use it to buy stuff. When huge corporations deny donations to Wikileaks, or when Paypal randomly freezes assets, having a digital currency is not only desirable but a necessity. Those of us that would use BTC for its intended purpose (assuming it isn't just a massive social engineernig hack from Satoshi loloolololo) don't even care if it crashes.
That said, I see the price as purely speculative at this point.
Comments
>Don't listen to the "it's out of control" or "is very due for a crash because it's rising so quickly" stuff. It comes down to a very simple test: do you think that there are significant reasons Bitcoin would or would not gain acceptance as a mainstream currency?
Bit of a strawman.
>If you think that Bitcoin will ultimately be widely adopted, buy now. $50 / btc is very cheap in that world. If you think Bitcoin will fail, then any price is too much. Any mumbling that "it's doubled in a month and therefore is set up to come back down to earth" is just hand waving.
Bitcoin's use as a currency does not depend in any way on its value. A shirt selling for 1 BTC can sell just as easily for 0.5 BTC. In such a case where the government-mandated currency becomes useless and BTC is used as a true currency fallback, if anything it becomes a major problem, but in this present world it's basically just a proxy for sending fiat currency and a speculative asset.
I love BTC. But I don't need to hold on to any amount of it, or depend on any particular value, to use it to buy stuff. When huge corporations deny donations to Wikileaks, or when Paypal randomly freezes assets, having a digital currency is not only desirable but a necessity. Those of us that would use BTC for its intended purpose (assuming it isn't just a massive social engineernig hack from Satoshi loloolololo) don't even care if it crashes.
That said, I see the price as purely speculative at this point.