Quote from: Peter R on April 21, 2014, 06:39:40 PM

Quote from: dead_bit on April 21, 2014, 05:42:23 PM

The idea that Putin or any other elite will go into bitcoin is at best a fantasy. BTC is used primarily as an investment tool not a store of wealth. Anyone who is using BTC as a store of wealth is sweating bullets right now, and obviously no one who has that kind of money can possibly be that stupid. BTC has to stopped being used as an investment tool if it ever hopes to become all of the things you people are talking about.

Imagine that tomorrow everyone knew for a fact that bitcoin would no longer increase in value. But they also knew that it would no longer decrease in value. 1 BTC would forever buy the same basket of goods. What would happen? Aggregate demand would increase simply due to bitcoin's useful properties as a store of value. But of course if aggregate demand increases, so must the price.

The only reason the price of bitcoin isn't much higher is because people believe it could also be a lot lower.

So you're basically agreeing with me, BTC would not be a good idea because it is not a store of wealth. The situation you're speaking of is a fantasy right now. Could the future hold that very situation, well of course it could, but it most likely will not. Why because the greed of the community will force it to maintain it's investment vehicle status.