Quote:
Originally Posted by Nathan
Dirty F, 99% of the people that bought bitcoins in the last 7 days, did so because they thought the value would rise, thus the goal was to sell when they were higher. Do you disagree there?
Most people buying USD buy USD because they need to buy goods from an entity that only takes USD.
This is the basic difference. Sure, there are a ton of people that also simply speculate using currency at a forex exchange, but this is tiny compared to the amount of currency bought and sold each day because of standard trade & commerce.
This simply is not the case in terms of bitcoins and until that changes, the currency will be used to speculate and not to actually use as a currency and as long that is the case, it will continue to fluctuate the way it has the last couple of days.
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it's not accurate to view it strictly as a currency. fact is, it's a proof of concept of crypto-currency. it's still very young, in this stage, primarily mining, it will be volatile, word of mouth is required to introduce it but it can also be a detriment as hoarders create volatility.
i don't anticipate it being anywhere close to being fairly and accurately scrutinized as a crypto-currency for another few years, until most all coins are mined. i also don't think crypto-currencies can be considered currency.