Quote from: FenixRD on April 08, 2013, 11:25:11 AM

Quote from: Geddi on April 08, 2013, 10:43:42 AM

Read this topic https://bitcointalk.org/index.php?topic=169410.0 (to which i can't reply):

Being a huge fan of open source, non-government bitcoin-like intiatives, this whole 'bubble' stuff worries me a lot. People are getting rich quick (at least they think they are), and the whole community applaudes if evil bankers get into bitcoin causing a big rise in the so-called 'price' for a single bitcoin. Everybody speculates as if there's no yesterday and even projects that have scam written all over it (sorry BFL) are praised in a Stockholm syndrom like manner. And in the end its all about money, fiat money to be precise. We seem to love the most that what we fight against...

Isn't it time we all wake up and take a step back in time to the point where someone traded a pizza for a shitload of coins? Wouldn't it be so much better if noone cared what a bitcoin is worth in fiat currency? F*ck exchanges f*ck this bubble. Make bitcoin what it was; a currency. Someone traded a pizza for it without fiat being mentioned. If enough people adopt the philosophy -and NOT the hyip properties- of bitcoin they would just like me accept bitcoins for a trade, for repairing the car or for helping someone carry the groceries. That would be a start of a currency. This is (a start of) something else.

Just my 2 mBTC

geddi

Any evil bankers will do the same they do with the stock market. Shake the branches, collect the spoils that fall. Repeated pump-and-dump. This necessitates they rebuy, and why wouldn't they? It's free money from the skittish investors who can't stomach the market movements. It's a far trip to the days that this threatens anything so severely that it gathers attention from any uberbankers who try to crash it entirely. I'd expect something more akin to the 1933 Gold Confiscation Act...

Unless you are a Keynesian at heart, watching the price rise, regardless of why, shouldn't make you feel bad about a pizza bought for fair market value at the time. I've saved coins, spent coins, and lost coins. Back around 4 years ago I'd mined several hundred for shits and giggles. No idea where they are. Spent an hour or so searching old externals for any bitcoin stuff but no luck. Am I concerned? Only that I can't get that hour of my life back. Wink

What you just stated is an assumption though.

It's not your fault, most people fail to understand the discrepancies in price.

In the price of a pizza, many variables are ignored. Such as the cost of raising cattle, pigs. The labor required to grow tomatoes...etc;

If market value actually reflected the true cost of manufacturing, most pizzas/hamburgers would cost in the realm of 200 dollars.

So, it isn't fair market value that is determining anything. It's subsidies. Most prices are completely made up. In that regard, the free market can't ever be, because the government plays such an integral role in keeping prices low on most things.

For their to be realistic market value of any kind, most fast food chains would have to file for bankruptcy. And most people would have to grow their own vegetables for sustenance. *Because that would be the most affordable way*

Bitcoin at least seems more reasonable in what people charge for services. And even if the prices are made up, they seem more logical then what exists in the broader monetary structure.