[Cryptography] Btcoin -- bubble or investment opportunity?

[Krisztián Pintér]

Phillip Hallam-Baker (at Tuesday, March 4, 2014, 10:38:40 AM):

> Here at the IETF we just had a rather remarkable presentation on
> BitCoin by a CEO who clearly sees buying BitCoin as an 'investment'.

just as people buy oil or wheat as investment. it does not in any
degree changes their nature, they are primarily goods. bitcoin is
money. if anyone uses for investment, it is their business. bitcoin
might be bad investment, but it does not make it stupid, as you
claimed. it is money.

> Extraordinary claims demand extraordinary evidence. Here we have a
> group of people who claim that BitCoin will replace the US Dollar,

we also have a group of people that thinks the earth is hollow. talk
about straw man. but remember, you are still up to prove that bitcoin
is stupid. you are not on track.

> I am not demanding extraordinary evidence, I am demanding some
> evidence that people ARE using BTC to buy stuff rather than the
> abstract possibility that they could do so if they chose. 

and i already said that you can only not see that if you don't look.
actually, the huge relative volume of "speculative" traffic hurts
bitcoin, rather than makes it. should its value be more stable, you
would see many more using it.


> What I see in BitCoin is a classic bubble mentality.

bubble mentality is in everything that rises. does not matter. what
matters is the underlying value. investors do nothing else than hoard,
which temporarily drive up the price (lowering the amount in
circulation). as they stop doing that, normal operations are restored.
if you claim bitcoin is "stupid", you have to show that it represents
no value other than its expected future rise. but as i explained
already, it functions as money, therefore it has its use.

> Nobody in the BitCoin community is arguing against the notion that
> BitCoin will 'certainly' replace the dollar when that is proposed.

sorry?

> There is a principle called projection. 

no shit