Quote from: dinofelis on June 08, 2017, 03:22:00 PM

Quote from: Bitcoin Guy on June 08, 2017, 11:28:50 AM

"Mark Cuban has attacked Bitcoin on Twitter, claiming it is not a currency, it is a bubble, and that the whole system of valuation concerning it is wrong. But is he right?"
https://futurism.com/mark-cuban-asserts-that-bitcoin-is-not-currency/

His comment caused the Bitcoin price to drop before it hit $3000. He said Bitcoin's increasing price now is a bubble. What do you think?

He's right, of course. What he's missing, is that bitcoin and the rest of crypto are perfect speculative assets (by definition "bubbles") and that finance loves to gamble on speculative assets. That's why bitcoin has indeed a bright future - but not as a currency, but as the thing it has been doing since the beginning: a greater-fool game. There's still a world of greater fools to take. The whole gambling sector of speculative finance (the derivatives market cap) is 10 times the world economy (about 1.2 quadrillion dollars). This is the sector that crypto plays in, not "fiat money" (which is 100 times smaller).

The growth of Bitcoin hasn't even really begun yet. Like @dinofelis said by calling it a 'greater fools' game, it is true that a massive amount of the world population doesn't even have a clue about crypto yet... there is so much room for exponential growth left. The next few years the amount of people involved in crypto will be 5 to 10 times greater than it is now, maybe even more.

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