[quote=Hastings]Weren't tulips, ostriches, and other big bubbles destined to fail because of the unlimited potential supply? Is there a finite supply of bitcoin? I am curious because I don't understand it. I bought RIOT Blockchain at somewhere between $2 and $3 last year and it went almost to $80 and today closed at $48. Wish I had bought 20,000 shares instead of 200.
I think perhaps in part that was the case. Not the case for the wildcat bank notes though. One problem with bitcoin is its fictionalized creation. This is just a "thing" crated by solving computer puzzles. What is that "thing". It is definitely a fad and people are trading it and that creates value. But what is the intrinsic value? I could be wrong but I do not see how some fictional asset with no intrinsic value can possibly be worth anything in the long run unless it is backed by a government as legal tender. The mob might like it but once they realize it is really worthless they will use some other less traceable asset. Kind of like the dotcom stocks of the late 1990s that traded at high prices and then disappeared.
