Quote:
Originally Posted by Emma
Buffett tells CNBC why he thinks bitcoins don't have any intrinsic value and investors should stay away.
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Yes ?
Are you saying you think Buffet is wrong ?
You said that Buffet does not "get it".
What is there to get ?
Bitcoin does not have any long term value outside of the hype and speculation.
The beauty of Bitcoin is not that it is going to solve the problems of value transfer on the internet, the beauty of Bitcoin and therefore it's popularity amongst the fanbois is solely due to speculation. The speculation is fuelled by it's method of distribution (mining.) and by the fact that it's value is variable. The mining creates haves and have nots, the variable value creates a market. The haves hype the wonder product into a religious frenzy, and the have nots want a piece of the action. The price rises, and the frenzy increases.
All the hype about how the poor oppressed masses will be freed from the shackles of central banks and government regulation is just nonsense to hype the have nots into wanting some of the action. There is nothing like greed, and feeling that you are missing out, to make usually rational people turn into crazed zealots.
Site owners are adding it as a payment option, not because they think they will increase sales, but because they would like to own a few coins and be in on the action. Punters are losing their money in scams and exchange collapses because they are ignoring all of the normal rules of investing and keeping your money safe.
Tulip anyone ?