posted on Dec, 5 2013 @ 02:25 PM
reply to post by Arbitrageur
How does one go about even identifying the intrinsic value of bitcoins? What's to stop them from going up to a million dollars each? Why have they had
the runup they have? If you bought at $5 and sold at $250 you would have thought you were doing pretty good before this dip:
I assume by judging the markets that are using them to trade.
Wachovia was nailed for laundering 378 Billion of Mexican drug money
, so, it goes without saying that there is a moderate demand for
less scrutinized money/currency-asset trading.
This is just one area.
Illegal/legal gambling, ***
, which, when you look at it you wonder how the US can even make the determination what with
Vegas and all… In many countries is not illegal, so in this case, we have a legal/quasi legal/possibly illegal business that needs to transfer large
amounts of money around (possibly in and out of the country.)
Given that the US prosecuted various firms for what they believe is illegal gambling, (but the firms never had operations on US soil) again, there is
a market that might make use of bit coins.
I am not justifying nor trying to determine the legitimacy or morality of any of these things, just pointing out that other markets do exist, in many
cases in a very grey area. And to ignore them is simply burying heads in the sand.
Whether or not bit coins will be widespread in this markets is up for debate. Personally, I see it very plausible. Not to mention by use of
governments in any type of operation that is "off the books" whether or not they publicly condemn them.
edit on 5-12-2013 by boncho because:
(no reason given)
edit on 5-12-2013 by boncho because: (no reason given)