Quote:
Originally Posted by NEW XTC
another guy putting himself down on paper as being on the wrong side of history:
'We have Zero Tolerance for make-believe money that spikes or craters in value on an hourly basis" said Michael of ZTOD.com.
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How am I on the wrong side of history? Once Bitcoin has a true valuation that is not based solely on speculation and has real anti fraud controls maybe i'll look at it. Right now fraud is rampant in that currency and people aren't able to tell whats real and whats not.
Let me explain it in a way that's easier to understand, a man sits at home he has paper and a printer and spends countless hours printing US currency(forget that this is illegal), he then spends this on goods at stores, he is extremely happy because he is getting money for essentially very little cost. Now he tells all his neighbors about this awesome new way of making money and they all start doing it. As it expands and grows and more and more people do it the value of the original currency will continue to drop. As more and more bitcoin is mined and spread around the value will naturally drop as this value drops less and less people will be attracted to the currency only because its value is no longer there, as this happens the value will drop further.
For reference please look at the 5 year silver price chart.