Re: Tulips again
"You missed other reasons it could become a bubble - if people stop using it, either because of governments cracking down against it (which is already happening) or because of a loss of confidence due to exchanges or wallets being hacked (which has happened before, and will surely continue to happen)
"Bitcoin has first mover advantage but there are no barriers to entry for similar "currencies" to exist, as Litecoin, Dogecoin and so forth have demonstrated. A crisis in confidence in those will impact Bitcoin as well, though the specific circumstances would dictate whether that leads to more or less confidence in Bitcoin."
This seem accurate. Bitcoin, interestingly, has no pretense of underlying value. Its value is purely based on abstraction, that of people's faith in its value. Ironically, that might be its greatest strength as compared to other stores of value.