[sbierwagen]

I like Matt Levine's take: https://www.bloomberg.com/view/articles/2017-11-30/bitcoin-f...

>The main question is: In one or five or 50 years, will everyone on earth want to use bitcoin, or a lot of people, or a few people, or nobody? There are no fundamentals, no cash flows or price-earnings ratios, to evaluate. It is pure speculation about speculation, a Keynesian beauty contest where all the pictures are blank.

>[...]

>Arguments about bitcoin are like every other shouty argument about financial markets, but with a void at their core. "Bitcoin is capitalism, distilled," says Adam Ludwin, but it isn't quite; bitcoin traders are not allocating capital to productive uses in the real world. Bitcoin is finance, distilled, though, in the narrow sense that the distillation throws away all the messy productive real-world consequences of finance and leaves you with just an abstract thing to trade.