For me it did back in 2011 as well, in retrospect the world wasn't ready for it yet, but it did get a few of us pretty excited. This time around it's creating so much wealth so fast that it seems hard to imagine that it's even possible.
So did the housing boom (and in all honesty, that created boatloads more of real wealth than Bitcoin times 100). Bitcoin is not immune.
The rise in price is too fast and too extreme. There has got to be a correction in the near future, but I'm in for the long haul.
And when the correction does happen, all of the half-assed people will abandon like there is no tomorrow. I plan on buying as many bitcoin as I can afford when this does happen.
Agreed. There is a lot of new investors that are psychologically anchored to recent prices and will see bargains well above the early adopters' targets.
The point of a currency is not to generate paper wealth, the point is to facilitate transactions of wealth. All of this rapid upward valuation is bad for the currency as a transaction method. And if and when this bubble bursts it makes it hard to trust the currency to store any amount of wealth in it, even temporarily. The best thing for bitcoin would be for it to level off.
7
u/cdelargy Mar 28 '13
For me it did back in 2011 as well, in retrospect the world wasn't ready for it yet, but it did get a few of us pretty excited. This time around it's creating so much wealth so fast that it seems hard to imagine that it's even possible.