However at some point, if speculation becomes bigger than the real world economy thats being speculated on, then you have a BIG problem, because speculators are no longer trying trying to predict real world changes in economy or finance, but are trying to predict what other speculators will predict. It doesnt take a genius to understand how this creates huge bubbles and bursts. This is precisely whats happening in the real world commodity markets (*), and bitcoin is a caricature of this, with speculation FAR FAR outpacing any realworld trade.
wrong again. i'm a speculator and i'm not speculating on what i expect other speculators will do. i speculate on Bitcoin b/c of what i believe are the underlying fundamentals.
you're once again claiming your world view is the correct one when it could in fact be wrong.