Quote:
Originally Posted by Sundancefisher
Bitcoin is hype. The more hype the more profit taking. As soon as people feel the profit taking is max the bubble bursts.
Bitcoin value is based solely upon what you think it is worth. No one is backing it with assets. No one protects it. North Korea is printing it for profit and maybe driving the bubble.
It is worthless and pricessless at the same time. It is the pet rock of currency. It could be worth $1 million next week or $0.00000001.
There is no prediction to hang your investment on. Roll the dice. Gamble and don't be the last person holding the BreX share.
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Everything you pointed out here could be said the same for and currency. The only reason any of them work is because we believe it. Currency isn't backed up by anything either.
Also bitcoin is backed up by the security of bitcoin. The blockchain is the interesting piece to this currency. The fact that is based around a peer to peer network is also what has people real interested. Decentralized!