“It’s hard not to look at that and conclude that obviously Bitcoin is a bubble that will go to zero. But there is at least the possibility that what we’re seeing is network effects pricing themselves in real time, and acting like any other Internet protocol (or company) whose value grows like crazy the more people who are using it. If you were able to put a ‘value’ on Napsterin its early days as more and more people put their files on it, the chart might have looked similar. Does that mean Napster was a speculative bubble? No (although eventually it crashed for other reasons).”
http://www.businessinsider.com/im-changing-my-mind-about-bitcoin-2013-12
Related posts:
Quagmires Are Often Just a Few Steps Away
The Detroit (or New American) Yard Sale … Coming to a City Near You
‘Inside the law enforcement bubble’
Oil Demand Is Not Declining
Does Fear Lead to Fascism? A Culture of Fear and the Epigenetics of Terror
Public Justice Under Attack?
Continued EU Weakness Gives Rise to Two Inflationary Trends
Three Other Presidents Targeted for Befriending Russia
The Treasury Payoff
Marijuana Prohibition Going Up in Smoke? High Hopes for a Drug War Peace Dividend
Why (was) Geithner in Germany?
Body Cameras Are for the Benefit of Prosecutors, Not You
Confronting America the Torturer
Bill Bonner: This Should Make Every American Angry…
Banish the trolls, but web debate still needs anonymity