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A comment on Bitcoin and almost every other cryptocurrency crashed hard today. Parent comment

Re:Bitcoin and almost every other cryptocurrency crashed har... by lurr on Friday December 22, 2017 @02:46PM (#15990315)
You don't think the fact that the other 99.99% of the population is perfectly happy using dollars is more of a reason?
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Re:Bitcoin and almost every other cryptocurrency crashed har... by vec on Friday December 22, 2017 @03:14PM (#15990549)
No, although that is nice.

Taxes are why I think a piece of paper with a bad portrait of George Washington has some intrinsic value to me, whether or not there's a secondary market for them. It's why I think the purchasing power of that piece of paper is anchored to a real phenomenon in the real world, and why I don't expect that purchasing power to move around much.

Think of it like this. If the dollar lost 20% of it's purchasing power overnight, I would be pretty damn sure something important has happened in American governance. Bitcoin just moved 20% because...?

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