Re:Warren Buffett: Bitcoin Is Pure FOMO
by adamnemecek on Wednesday December 27, 2017 @12:04PM
(#16016061)
You don't need A. Re B, which countries have a useful currency really? Say Hungarian Forint. Do you consider that a useful currency?
Ok what do you think would be a justified price and why?
Re:Warren Buffett: Bitcoin Is Pure FOMO
by imtringued on Wednesday December 27, 2017 @08:29PM
(#16019608)
A useful currency is a stable currency with predictable small inflation or deflaction. It doesn't really matter if this currency is implemented with people having "faith" in the currency, backing the currency with real assets or via a blockchain without a central bank.
A "currency" that can rise or fall by 30% on a single day is not useful as a currency.
Re:Warren Buffett: Bitcoin Is Pure FOMO
by adamnemecek on Thursday December 28, 2017 @01:54AM
(#16020751)
We are very early on. Like' it's still very much in the beta stage.
The intersection of (a) countries with reliable Internet access and broadly-available Internet-connected devices, (b) a useless national currency and (c) effective controls on the use of cash hard currency is small. The GDP of that intersection certainly doesn't support anything close to Bitcoin's price.