Did you take a minute to understand it or did you decide to throw unneeded insults to show the world you're "young, dumb and full of cum"?
"Young, dumb, and full of cum", is an old expression. That you don't recognize it says something about your age.... not a negative about you, just that you're too young to understand. Sorry about your "thin skin". You some kind of snowflake? (Got news for you... all the world doesn't reward/accommodate you for being soft/sensitive... regardless of what your college professors drilled into your brain. Might reward you for being tough, however.) Suggest you "toughen up" and make your way in the word. Not everybody else is a sensitive pussy, you know. Like John Wayne said, "Life is hard. Harder if you're stupid".
My skin is thick enough, no need to worry about it. Since we're in a pissing contest, editing a post multiple times and adding insults each time tells more about one's maturity than recognizing random american pop culture references. I'm sorry for not being an english native speaker and having different cultural background. Keep trying to contain that testosterone, it'll pass eventually and you'll realize there has never been any pussy sensitivity.
Got you figured out. No value to me (or anyone else on ET with half-a-brain) for your posts. As many on ET will attest... I don't suffer fools gladly. ON IGNORE!!
Along with everything that scat is saying, bitcoin may very well one day evaporate due to regulations. There is actually a rule I believe that says in the US that no other form of money can compete. If authorities ever thought that the US dollar would suffer because of bitcoin, I do believe that it can be gone overnight. Its success might actually be its downfall. Also, since all those hacks and stuff, it came out that it wasn't as anonymous as people thought. Right now its mostly used for illegal activities it seems, and if this aspect becomes problematic, then I see the appeal quickly fading. I am surprised it got this high, and has gone for so long, but I too am in the camp that it will one day be worth nothing because it isn't backed by anything of intrinsic value. The US dollar is backed by the government and the world's biggest army.
I've been thinking about the intrinsic value of bitcoin... and any currency really. I'm in the group of people who believes bitcoin could have a value when it's actively being use a a means of transaction/exchange of goods and services. Without that use, I don't see it should have any value really... it should be about utilization, like @Scataphagos said. Outside that, it's a gimmick, it wouldn't be adopted widely... I don't see the point. Not talking about the technology behind it, but that technology is there now, even without the actual coin. If you look at normal fiat currencies... which arguable are not really backed by gold anymore, they are mainly used to buy and sell goods and services. Currency is a means of exchange. Goods and services are measured by GDP... Money by the money supply, of which IMO M2 is the most appropriate, it's what's held in savings/deposits/cash. So money lubricates the economy... it's utilized in creating GDP... without money as a means for exchange it's very difficult to create an economy and trade goods. So money services GDP. The US money supply (M2) is about 13.5 Trillion USD. And the GDP is about 18.5 Trillion USD, that's a ratio of about 70%. If the GDP would be double that... you need more money flowing around to servive that, so you would have to increase the money supply... That M2/GDP ratio is roughly the same for all major economies, between 65% and 90%. Relating this to Bitcoin... if BTC is used as a true currency, as a means of exchange in goods and services... the value is related to it's GDP. So, how much bitcoin is used in actual goods and services transaction, excluding any USD/BTC trading? Currently the money supply of BTC is 16.5 mln units at a value of about 75 bln USD (= M2 in USD). So if you use the 70% ratio, the amount of goods and services in BTC would be 23.5 mln BTC at a value of 105 bln USD yearly. IMO, if there's less BTC utilized this way, say 25 bln USD in yearly transactions, that would mean BTC should be about 1060 USD. If it would truly replace the USD as transactionary system, the sky is pretty much the limit, since at a maximum of 21 mln bitcoins... you do the math... it will be 700.000 USD value per BTC. (But then there are the other digi coins...) Does this make sense? Can anyone else give me a decent analyisi of why it would be worth x? Because I haven't heard any valid argument of why it should be at 4500 USD... except for it will go higher, or TA says so... which are both non-arguments since they don't give a proper economical analysis of value.... This 'Ronnie Moas' (whoever he is...) says it's going to be at 20k since it's in an upward trend... that's just TA, and doesn't hold any fundamental arguments... (I might create a new thread for this...)
Okay, I believe you... that's an excellent and very insightful comment... well done... can't find anything against your argument...