Quote from: TheRealistMassiah1 on July 13, 2015, 02:37:09 AM

Just think of it rationally and logically ... Bitcoin uses a base standard currency = USD / EUR / CNY .... now think of it, those currencies alone account for 80% or more of the worlds GDP with established economies and backing of those currencies with the IMF and in net imports and exports to account for their value. How ever Bitcoin is based on backless speculation of a realized "Value" ... How is this value determined?? a ledger? value in property? value in its source code? backed by debt? ... There is only one way to increase "bitcoins value" currently its low volume and an influx of increase of buyer side = short term DELTA of a sellers market instead of a "buyers" market... just think of it as wanting to buy candy and the candy maker was not expecting for an increase in 100% of volume so he has to increase the price to decrease the volume. This is easy to manipulate when there are very small key players in the market. So to the question of delusional... it is up to you to understand the economics and viability of bitcoin. It is only valued as people pump real currency into it and this money is held by your Exchanges... Remember what happened when MT Gox? that is just a reminder.

Edit and addition to my post.
Jeffrey Robinson is quite correct about virtual and digital currency as the future path for currency as its more efficient and is the only measurable answer for the future. Example is Denmark, how ever it is not a "Crypto" system of money its more of a standardized system like using your debit card. This way they can deter fraud and account for various aspects of the system.

You don't think the relative value of foreign exchange rates is based on speculation? If so then why is 90% of FX volume speculation related?

Global fiat currencies and the international banking system are backed by nothing except money printing and perceived value, most financial institutions are technically bankrupt since 2008 and the whole system is very vulnerable to intermediary insolvency. The only reason banks remained as the international value ledger system after the GFC is because everyone is running on their closed source cartel API and they will destroy the ledger if they go bankrupt. Central banks have printed (electronically) in excess of US$15 Trillion in the last 7 years just to keep the current system running. Their own trust in fiat currencies is actually so low that they also hold 10,000s of tonnes of a relatively useless yellow metal to barter with. This is very heavy and hard to move around.

In contrast, cryptocurrency is an open source public value ledger, trustless and almost instant in comparison. Bitcoin has it's own technical problems, yes, so it won't go on to replace the global financial system, but crypto is, in my opinion, very likely to, so this is the start of a very positive move by the global economy.