Quote:
Originally Posted by Pornopat
So who is panicking today?
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You wouldn't be able to sell 2m worth of bitcoins. In any instance where there is demand, there is perceived value and a market will be made.
Bitcoins have recovered a bit from there 2011 implosion but they still are not backed, they still have no "faith and force", they are actively referred to as an agent for allowing nefarious transactions and thus "on the radar" of the security folks in a bad way.
Bitcoins are a hobby where 99% of the owners have no idea what they are holding. The "capitalization" you refer to is significantly less than, oh, say, Solyndra. Demand by those who have a little knowledge can sustain a price in an atmosphere of illiquidity, but a currency must have a sustaining value to survive.
Bitcoins have been valuable as a demo concept, so perhaps their legacy will have some value.