Quote from: Mosper on March 19, 2013, 10:59:27 PM

Quote from: Wekkel on March 19, 2013, 05:56:20 PM

Quote from: Vince Torres on March 19, 2013, 05:22:26 PM

Quote from: SgtSpike on March 19, 2013, 04:47:04 PM

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts. People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

When given hard thoughts, euro's do not have tangible value either. It all boils down to trust, the same as with Bitcoin.

Modern money is backed up by the ability of the country to which it belongs to backup the given worth/value most notably through factoring things like GDP/debt/deficit. Bitcoin has nothing behind it and is given value purely through speculation and an assumed worth. It is more of a penny stock or commodity than a currency and an extremely volatile one at that. I think it has its uses but I think they are niche and anyone investing their life savings or mortgage into it has lost their damn minds.

The pair of socks I'm wearing right now is pretty rare as they are one of a kind but that doesn't make them valuable.

This isn't even mentioning how bad of an idea deflationary currency is as an actual currency.

I actually agree that the deflationary nature/fixed supply rate of Bitcoin and all similar currencies will limit their ultimate growth to well below the nation-state level. However, in places like Cyprus, Bitcoin seems to be better backed up and a safer investment than conventional bank accounts for the moment. You can put your money wherever you please, but would you rather put it in Cyprus savings accounts or Bitcoins right now?