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by think33
4813 days ago
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It is being used as a currency, and any metric on this far exceeds where people thought it would be a few years ago. It's also having massive adoption from a wide number of people. The reason the price is moving is not "speculation" as people seem to assume, but adoption. MtGox said they were getting 20,000 new accounts a day recently. By definition, new accounts are not "speculators" putting in trades to manipulate the price, they are people putting in trades to acquire their first bitcoins. People rushing into a currency, right after the EU forced bank depositors to lose %40-%60 of their money in a state run bank (which was only insolvent because they were forced to buy greek debt by the very same EU) is not "speculation" -- it is seeking a safe haven. A lot of people hope bitcoin will be a safe haven away from these increasingly manipulated and untrustworthy national currencies. That's a huge level of success, given the limited expectations for bitcoin only a few years ago. Suddenly it's actually considered a viable store of value for some segment of the population. Sure, it's a small percentage, but still, it's massive. |
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What definition are you talking about? That sounds exactly like speculation. You do not need to manipulate anything to be a speculator, you simply need to be making a gamble that what you are betting on will increase [or decrease if youre betting against] in value.