Bitcoin surges to all-time high above $1,700

Re:Bitcoin surges to all-time high above $1,700 by placeybordeaux on Tuesday May 09, 2017 @05:56PM (#14304142)

> The fact that bitcoin's value keeps skyrocketing proves that it is a speculative currency which is too volatile for use.

Or it shows that the market still hasn't figured out a reasonable price for it.

> It could literally drop to zero tomorrow if something happened to it (like a major country making it illegal, for example).

There are use cases for it in the illegal markets that keep it from dropping to zero IMO (holding files for ransom, moving capital out of china, buying illegal goods etc), a major fall in price is possible though.

[ Parent | on HN ]

Re:Bitcoin surges to all-time high above $1,700 by NicoJuicy on Tuesday May 09, 2017 @05:59PM (#14304168)

And everytimes a fall happens ( eg. 30%), it gets back up way too fast. Bitcoin seems here to stay

[ Parent | on HN ]

Re:Bitcoin surges to all-time high above $1,700 by placeybordeaux on Tuesday May 09, 2017 @06:54PM (#14304545)

In my opinion the market is still very much in price discovery, but the month to month price is entirely dominated by short term speculation.

[ Parent | on HN ]