Re:Bitcoin implodes: 90% down from June Peak
by SkyMarshal on Tuesday October 18, 2011 @04:39PM
(#3127054)
Bitcoin has value in unique utility:
- no transaction fees you would normally pay to an intermediary
- works internationally, anywhere the Internet is, no exchange rates for cross-country transactions
- anonymizable
- cryptographically ensured trust (solved the Byzantine Generals problem)
All these things can create demand, not too dissimilar from the way gold's luster does, or the Dollar's reserve currency / oil currency / US tax currency status does.
Currencies fluctuate, BTC is no exception. But rumors of its death due to total lack of value are exaggerated.
- no transaction fees you would normally pay to an intermediary
- works internationally, anywhere the Internet is, no exchange rates for cross-country transactions
- anonymizable
- cryptographically ensured trust (solved the Byzantine Generals problem)
All these things can create demand, not too dissimilar from the way gold's luster does, or the Dollar's reserve currency / oil currency / US tax currency status does.
Currencies fluctuate, BTC is no exception. But rumors of its death due to total lack of value are exaggerated.