[Cryptography] Btcoin -- bubble or investment opportunity?
hallam at gmail.com
Sun Mar 2 18:15:23 EST 2014
My take "BitCoin is Stupid" http://www.youtube.com/watch?v=dW8Mn2FaxNY
More precisely it is the Bitcoiners thinking they are going to get rich
quick here because BitCoin is certain to replace money.
12 million bicoins x the price someone would pay for one bitcoin = $7
Seems to me that a better way to estimate the market cap of BitCoin is to
look at what 1% of the float would fetch if it was offered for sale over a
24 hour period. I don't think that it would fetch anything like $70
million. Maybe $7.
But more importantly, currencies are a medium of exchange and I see no
evidence that is happening with BitCoin except on a proof of concept basis
or buying drugs. And why would anyone spend a BitCoin when they believe it
will be worth a million dollars in a few years time??
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