Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Speculative interest is all that is driving Bitcoin. Well that and Satoshi dice.
Context :
Of course, but the activity of non speculators is not sufficient to support current valuation or anything even close to it; even more so now that Silk Road has gone which did give Bitcoin some unique utility in terms of accessing that market.
Yup. You were right weren't you. That valuation could not be sustained
.It can't. The market can certainly remain irrational for a good while yet, but longer term all these currencies are headed straight back to whence they came: zero.
This is maybe true, but what timeline are you talking about ?
If you could explain what is irrational about a 12 billion market cap for bitcoin based on the information available today ? Unability to understand something and rationality are two different things.
And are the current fiat currencies going back to zero before or after bitcoin ?
Value exists only in the minds of people