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Old 01-13-2018, 09:15 AM  
ilnjscb
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But "because I think so" is a valid argument. The fact that an asset rises in price is solely due to demand for it. Cryptocurrencies rise in price solely due to demand. If enough people who are not educated in how to evaluate intrinsic worth believe it will go up, they are correct.

There are a lot more of them then there are people who have to the tools to determine the actual value of these assets.

To muddy the waters further, these currencies do have a value, which is the ability to transfer value without a cost. Therefore their intrinsic value is the fact that one doesn't have to pay the 3% - 15% cost of credit card processors, et. al.

They additionally have a perceived value in that the transactions are imagined to be hidden, allowing those who wish to skirt legal issues to transact without anxiety.

The idea that every one of these coins will retain demand and increase in price is, of course, a ludicrous fantasy, but the fact that people believe they will is going to sustain the bubble for a bit longer.

I personally believe these technologies will evolve and actually replace fiats in 10 - 15 years, but who really knows. It won't be BTC or any of these today, but newer, better, safer technology that allows, rather than frustrates, government surveillance. Guns always win in the short term.
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