Quote from: uki on December 21, 2016, 10:29:00 PM

Quote from: CoinCidental on November 28, 2016, 11:24:59 PM

Quote from: uki on November 27, 2016, 08:08:14 PM

Quote from: 2double0 on November 27, 2016, 06:32:50 PM

Quote from: Slow death on November 27, 2016, 05:54:25 PM

Most people are relying on faith, which in my opinion is something they should not do

Faith might be called as speculation, and that's what bitcoin is based upon.
So, if relying on faith is not correct according to you, then 1000 USD would not have been possible before.

You are right. But even within the speculation, we can distinguish between bets that are relatively safe, and these that are completely wild, not based on any (reasonable) arguments.
I can write, for example, that the price of Bitcoin will be 3000 USD next. I'd love that prediction to come true (and I guess everybody around in here), but I know that this practically impossible.
I have a lot of evidence around that makes me think that the price won't rise to $3000 next year.

Never say never in bitcoinland Cool

Mass adoption hasn't even kicked in yet so
The only users are STILL mainly crypto geeks...

...and speculators.
Yes, I am also waiting for the mass adoption to break out, to finally have some fundamentals behind the price valuation.
Otherwise we are just jumping from one pump to the other, and yes, many things are possible, but that is not the long-term way.

I totally agree. Such a sudden rise in the price of bitcoin is not necessarily a good sign, rather it is a sign that bitcoin is still far from the necessary stability (low volatility) and speculators still have a great influence on its price.