Quote from: hightax on September 07, 2011, 03:54:39 PM

Quote from: bitconformist on September 07, 2011, 11:23:48 AM

It's just flat-out wrong though. BTC "soared"...then collapsed and hasn't risen again. It's also undergoing massive inflation, not deflation.

As a currency, its value it deflating because more and more of the currency is being hoarded by a select few who are still delusional enough to believe that bitcoins would be a viable, useful currency. Right now it's just merely a highly efficient method of grifting wealth from one person to another.

It's already viable and useful for online gambling, since exchange rate fluctuations don't matter as much there. I doubt John Q Public will want it for buying groceries until the rate of production slows significantly and the exchange rate settles down. It's going to take years of early adopter cash-outs, bubbles, and crashes.