Quote from: deisik on December 07, 2013, 01:29:51 PM

Quote from: hilariousandco on December 07, 2013, 12:20:56 PM

Quote from: deisik on December 07, 2013, 12:02:08 PM

Quote from: hilariousandco on December 07, 2013, 11:44:30 AM

Well, people are still buying things with it. In fact, in the longrun I think you could probably argue that it is undervalued. The more and more merchants start accepting it the more valuable it will become. All it'll take is one big company to start accepting it and boom. Gradual or quick mainstream acceptance will push the price up vastly. Let's see what the price of 1BTC is and what it can get you in a years time. Only time will tell on this one. I'm looking forward to the ride.

No, it is not undervalued if the merchants don't accept it right now. Such mode of "reasoning" is called wishful thinking - "an attitude or belief that something you want to happen will happen though it may not happen or unlikely to happen at all". With such volatility I doubt strongly it will occur any time soon if ever ("one big company to start accepting it and boom")...

But merchants do accept it. Such mode of "reasoning" is more optimism than wishful thinking. As I said, only time will tell and I'm enjoying the ride.

Their numbers are minuscule at best. And the "merchants" you're talking about come primarily from gambling industry and bitcoin mining equipment production. I'm not taking into account somebody selling a Tesla car here or buying a house there for bitcoins. These cases are sporadic and far in between...

Why are you putting merchants in brackets? There's more than you think and more are popping up every day. There's quite a few big developments happening here in the UK already. I reckon the rate of businesses accepting bitcoins next year will be increasing quite dramatically. It's early days for Bitcoin/crypotcurrencies, but it's obviously making waves.