bitcoin rose by over 40% in 2 days last week, then fell by almost 20% on the 3rd day
depending on what valuation site you look at,
therein lies another issue, different brokers value the currency differently
I still think its a type of pyramid scheme , albeit perhaps not in the traditional sense of one,
those currently at the top have got their coins really cheaply, those currently at the bottom have paid a much higher premium for their coins
will they rise enough for them to make it to the top, only time will tell,,,,
the difference is that you can cash out of the bitcoin pyramid at any stage, you dont have to wait until you get to the top,
but, its value will only keep increasing while more people enter at the bottom,
why I liken it to a pyramid scheme
if it gets to the stage where all coins are successfully harvested, then perhaps the value will level out, and as someone else said, become a bit like gold, where the market will determine its price
but, until it becomes accepted normal currency, I cant see that ever happening, you are basically buying a line of code,
the only people I see as having any real benefit from this sort of thing are people that need to hide money, and move it anonymously
oh, and the people that charge commission to allow you to buy or sell your share in the line of code,
in all honesty, as I said earlier, I can see the price hitting a certain level, then all the big stakeholders will offload what they have for an enormous profit,
the market will be flooded and its value will plummet, almost as if the bank of england had just printed and gave a 1 million pound note to everyone in the country, the £ would be almost worthless overnight, if the market is flooded with currency it becomes devalued, [ hyper inflation ]
