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<p>[QUOTE="ToughCOINS, post: 5394463, member: 20480"]The reliability of a Doomsday prediction would depend on far more externalities than the fall / demise of a particular representative of monetary value. Especially a <i>supposed </i>one, such as BitCoin.</p><p><br /></p><p>I don’t disagree that BC is likely to go up more this year . . . How much, we don’t know.</p><p><br /></p><p>What I do disagree with is that it represents value. It doesn’t. It represents speculators excitement over a novel development, a new way to ride public interest to outsized profits, and their belief that they can sell off their share of the market before others, so that they are not the one’s who end up catching the falling knife.</p><p><br /></p><p>BELIEVE ME, IF I THOUGHT BITCOIN REALLY REPRESENTED VALUE, IF I BELIEVED IT WOULD TRULY GO MAINSTREAM, I’D HAVE BOUGHT LONG AGO. BUT IT DOESN’T, AND IT WON’T.</p><p><br /></p><p>I understand the motivation of those having huge sums of money, willing to risk a meager percentage on this medium, and then publicly supporting its adoption. They’re trying to make their speculations pay off. I understand it, and I don’t like it one bit. They, with their very deep pockets, can afford to lose the money they’ve put into BitCoin, but the general public they are trying to attract into this market cannot. </p><p><br /></p><p>Is this a pump and dump? In my mind, yes. Not by an individual, but by a class of individuals who can justifiably tolerate the risk, and at the expense of those who cannot.[/QUOTE]</p><p><br /></p>
[QUOTE="ToughCOINS, post: 5394463, member: 20480"]The reliability of a Doomsday prediction would depend on far more externalities than the fall / demise of a particular representative of monetary value. Especially a [I]supposed [/I]one, such as BitCoin. I don’t disagree that BC is likely to go up more this year . . . How much, we don’t know. What I do disagree with is that it represents value. It doesn’t. It represents speculators excitement over a novel development, a new way to ride public interest to outsized profits, and their belief that they can sell off their share of the market before others, so that they are not the one’s who end up catching the falling knife. BELIEVE ME, IF I THOUGHT BITCOIN REALLY REPRESENTED VALUE, IF I BELIEVED IT WOULD TRULY GO MAINSTREAM, I’D HAVE BOUGHT LONG AGO. BUT IT DOESN’T, AND IT WON’T. I understand the motivation of those having huge sums of money, willing to risk a meager percentage on this medium, and then publicly supporting its adoption. They’re trying to make their speculations pay off. I understand it, and I don’t like it one bit. They, with their very deep pockets, can afford to lose the money they’ve put into BitCoin, but the general public they are trying to attract into this market cannot. Is this a pump and dump? In my mind, yes. Not by an individual, but by a class of individuals who can justifiably tolerate the risk, and at the expense of those who cannot.[/QUOTE]
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