However, is there more to it? Or are we witnessing the price of new tulips?
At some point, price of Bitcoin will stabilize... will it be at 100 grands? A dime? ..."Somewhere" in between?
I honestly don't know much about Bitcon. Who determines how many bitcon are available?
"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros
Bitcoins are a virtual currency in which new coins are created by a slow, complex computer process known as "mining." Once a person acquires a Bitcoin, he or she can trade it online to anyone who will accept it as payment for goods or services. Right now, a single Bitcoin is worth about $140 in U.S. dollars, though that value fluctuates. There are 11 million Bitcoins now in existence, and once 22 million have been created, all mining will effectively cease. The currency isn't regulated by any central bank.
(plus more details at the link if you wish )
(note that value of a Bitcoin is presently over $1,000 and fluctuates strongly)
their is some completely decentralised algorithm for creating new bitcoins that is allegedly beyond the ability for any single person to control, how true that remains over years if/when the people with resources have thrown resources at it, i cant say,
however, bitcoin is purely a speculation bubble, a little mini ponzi of early adopters making their dollars and waiting for the greatest fool (tm) to purchase the peak.
i say that because its tax fraud and is only getting away with existing because its not quite hitting the critical mass that causes governments to react.
inevitable crackdown and media articles about it being used to fund terrorism and drugs in 3....2....
I once owned a Nolan Ryan rookie card. I gave it away along with a couple she boxes of baseball cards. A very few years later it was worth $1200 retail.
"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros
This a financial, economic war, no prisoner taken, everything goes, the targets are the Chinese and Russians .. Arabs in reality don't own anything, theirs can be "frozen" for being "terrorists"
“Christ has no body now but yours. Yours are the eyes through which he looks with compassion on this world. Yours are the feet with which he walks among His people to do good. Yours are the hands through which he blesses His creation.”
"I fancied myself as some kind of god....It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” -- George Soros