Quote:
Originally Posted by GregWeld
Well the REAL difference in actual currencies is that they're backed by countries that make things - or produce things - and have tax payers (so actual revenue) etc. Of course we all know that the "full faith and credit" of some of these countries is complete BS.... and that only works IF they have enough cash flow to pay their gianormous debt load... But what I'm saying is there is a monumental difference between a national currency and a digital "game"/"trading scheme" for lack of a better definition which solely relies on the greater fool theory (i.e., someone else will pay more than you did).
I'm not saying that Bitcoin can't or won't catch on and become an actual currency that can be used for everyday functions... I'm not a guy that believes in ANYONES predictions. That's just guessing or wishful thinking. But you never know!
Personally - I think Bitcoin would catch on and would more likely become a currency if there were more of them and they were worth LESS.... and were used to buy things and pay bills --- rather than just (for the most part) being traded amongst the "faithful few".
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Yes, obvious differences. But I like the principle of the bitcoin decentralized peer to peer, free market system. That's where the real value has always been. It's too bad that it seems like the popularity was exploited. It remained very stable for almost 2 years until this bubble. Bitcoin reminds me of the Gold market since 1971 on a nano scale. lol! It's not going anywhere, there's still a use for it. It will level off and slowly climb as options for usage expand.
Full disclosure, For what little that I have I'm staying in as its still trading for more than I paid.
I am very happy for my buddy (who unlike me!) bought in at $8. He sold almost all of his on Monday for $188. He made out very well.. so I'm very happy for him recognizing the bubble and jumping ship at a good time!