Quote from: devphp on July 12, 2014, 06:41:43 PM

Quote from: Hyena on July 12, 2014, 11:20:41 AM

Bitcoin traders are sometimes accused of unfairly profiting from an opaque asset beyond the understanding of ordinary people.
http://www.newyorker.com/online/blogs/currency/2014/07/bidding-on-bitcoin.html

Yesterday I met a couple of my old classmates on the street. They asked about Bitcoin and started to whine that most people don't understand the mathematical fundamentals behind Bitcoin and therefore had no realistic chance to invest when it was cheap. Of course, I encouraged them to invest now (better late than never) but seems that people generally rather enjoy wallowing in their own self-pity than take steps to adapt and overcome.

Even in this forum I have seen demeaning opinions about people who bought in when Bitcoin was trading single digits --- "they are not real investors and their earnings are equivalent to winning with a lottery ticket".

I can see that these issues can raise some negative emotions and Bitcoin has even not risen to 6666$ yet Cheesy

. What's the worst case scenario to follow? Bitcoin Jesus getting beaten up by angry conventional Warren Buffer apprentices?

I hope you did tell your classmates there are a few promising altcoins which are still cheap and which can dethrone Bitcoin. I guess you didn't. They will blame you later that you didn't, be sure of that.

Not to those particular individuals but I have promoted Peercoins to several other old friends and course mates in the past.