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mk · 4290 days ago · link · · parent · post: Bitcoin loses 44% of its value in one day. Dropping from over $250 to around $150
I think it's likely that bitcoin might maintain value as the first digital commodity. For some time, it will be the most widely held, and the one with the most extensive infrastructure built around it. People buy and sell gold based on the strength and weaknesses of other markets, not based on a change in the perceived value of the metal itself. In that sense, BTC could serve the current role that gold does, but even better. Currently we scoff at people trading bits, but someday I would guess that it will seem equally bizarre that we traded these: Although they are pretty.