Post
Topic
Board Economics
Re: wtf @ the current state of the bitcoin economy
by
benjamindees
on 04/06/2011, 08:45:13 UTC
Newbies DO just 'play the fool', because if they will start seriously, bitcoin society will die almost immediately.

The Bitcoin "society" grows in fits and starts.  What happens is that newbies don't jump in right away.  They wait and lurk until they feel comfortable.  Then they see a reason to buy in -- their peers start to do so, or there is some press exposure, or some opportunity, or just general optimism.  Then they all jump in at once, and the price skyrockets.  Rising price triggers early-adopters to cash out, or to make purchases, and new miners to join.  Purchases attract new vendors to open shop.  And the Bitcoin society steadily grows, a little at a time.