comment by OftenBen

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comment by OftenBen

OftenBen · 2355 days ago · link · · parent · post: What will the price of Bitcoin be one year from today?

question: why is 1 bitcoin worth 7000 dollars?

For the same reason five small pieces of paper and a few disks of engraved metal get me a beer.

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user-inactivated · 2355 days ago · link ·

no. not at all.

+discuss+discuss

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OftenBen · 2355 days ago · link ·

Allow me to slightly refine my statement.

Because people are willing to exchange $7000 worth of goods or services in exchange for one.

+discuss+discuss

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kleinbl00 · 2355 days ago · link ·

I know you want to be flippant about this but it's a serious question. Asked a different way: what would make people decide it's batshit insane to trade the better part of a jetski for a UPC code? 'cuz that's where we're at.

+discuss+discuss

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katakowsj · 2337 days ago · link ·

Herd mentality? Trust?

Enough people will trade their potential to purchase a jetski for a UPC code because they have a belief that jetskis, like boats, are a hole in the water in which to pour money. Their UPC code, however has demonstrated value, and potentially may increase in value, to so many people, that the risk seems worthwhile.

Besides, if you really want to be out on the water, don't want to piss away money each season on batteries, maintenance, and outrageous insurance and registration fees, you'd be better off picking up sailing or windsurfing.