Hoping for the greater mug to come along?
For every mug there is a greater mug - until you reach peak mug, I guess. I can't see that happening any time soon.
There's another forum I'm a member of - everyone there tried to convince me the future was buying property in 2007, then when that went a bit pear shaped they urged me into gold because reasons. Their reasons appeared to be no more than hopeful post-rationalisation now, and silver has followed a similar trajectory. I had advice to buy wildly ballooning stocks in the dotcomboomandbust 1.0 which wiped out sugar daddy companies like Marconi and saw Murdoch and ITV take big nut-kicks. They told me to invest in the facebook IPO, too.
I've come to the conclusion that people talk up things they have already taken great stakes in, hoping they can cover their arses and get rich quick. I suspect Herr's Winkelvoss have taken a haircut after buying bitcoins at their peak, know dumping them all on the market to cash in will wipe them out altogether, so are trying to create an artificial valuation to mitigate their monumentally poor choice of investment vehicles.
Problem with bitcoins is they're a truly fiat currency. Most world currencies are fiat, of course, but are ultimately backed by armies, tanks, bombs and the land they defend. Bitcoins are backed by a metric fuckload of wasted processor cycles which could have been folding proteins or finding aliens...
Biting the hand that feeds IT
