Isn't that true of every crypto currency based on block chain? Even if the concept has a long term future, maybe BTC is the next Betamax or the next Friendster. The barrier to entry is low and banks talk about creating their own coins.OldCannon wrote:On the other hand, the basis of BTC is pretty strong, not so much on what it's backed by, but the fact that it's getting harder and harder to make more of it.
What's the transaction cost when you pay with paper dollars? What's the cost when you play with debit card? Now what's the cost of a bitcoin transaction?OldCannon wrote:Of course, before you turn your nose up at "fake" currency, do you think your dollars are backed by ACTUAL gold?! Last I checked, only 3% of circulating US currency is backed by gold, the rest is "full faith and credit", which is pretty much what Bitcoin is, except with cryptography/full custody chain accounting.