Re: BitPay raising $30 million of capital, gives itself a ridiculous valuation

Quote from: bluemeanie1 on May 12, 2014, 12:49:30 AM

Quote from: turtlehurricane on May 11, 2014, 04:55:38 PM

BitPay raising $30 million of capital, gives itself a $160 million valuation which is ridiculous - an article by The Cryptocurrency Times http://www.usacryptocoins.com/thecryptocurrencytimes/uncategorized/bitpay-raising-30-million-of-capital-gives-itself-a-160-million-valuation-which-is-ridiculous/

I just bought this for $100. I now declare it's worth $500. This means I'm a brilliant businessman.

-bm

This is exactly what happened, and is still happening, with Bitcoin. Every single day, people pay $500 for something (1 BTC) that less than a year ago, everyone agreed was worth ~$100.

Many assets appreciate and depreciate with time. Automobiles depreciate. Fiat scrip depreciates. Art appreciates. Cryptocurrency appreciates. That's what makes these things sound investments.