[fny]

Since 2013, the price of Bitcoin has increased 600 fold.

Neither the global money supply nor inflation has increased by 600 fold. No other asset class has had a 600 fold increase in this environment either. Not equities, not gold, not commodities.

Yes, every position is more or less speculative, but BTC is pricing in tremendous future potential that needs to be realized to justify the price.

[disruptalot]

I'm not sure what you are trying to say. Bitcoin is the best performing asset in the last 10 years yes, and there are clear reasons as to why.

It's the store of value component of Gold and it can perform that role in a much better way. If we took that property alone, it should realize a market value of around $7T.

Shouldn't it be more of a credit to the invention rather than a failure?

[fny]

What I'm saying that it's the best performing aspect precisely because the degree of speculation is astronomical as opposed to the degree of fiat printing.

Mind you I don't think speculation is a bad word. Here are some speculative bets that are in the price right now:

- It will be adopted as the global reserve currency - No other crypto currency will replace it - It will replace gold - It will not be restricted by governments - The price will never stop going higher in the long run - Lighting network will appear - More corporations will add it to their balance sheet - A mature, reliable financial system will develop around BTC - Mt Gox won't happen again - Old coin holders can't dump into the market - The chain can't be attacked - The current leverage in BTC isn't a problem - BTC lending is currently safe - There will never be a run on BTC

Given how much speculation plays a role in the value, these are all fuses that if ever lit could cause significant down movements.

Note I'm not predicting any of these things. I'm just saying that 600x holds a lot of future promise that if unrealized will be painful in the short term.

Gold, having been around for millenia, does not have this issue. The market is mature, well understood, and well regulated.