Can someone explain why anyone would pay $7,400 for 1 bitcoin when in 2010 it was literally 10 cents...

Can someone explain why anyone would pay $7,400 for 1 bitcoin when in 2010 it was literally 10 cents. Please explain how this makes rational sense. I have bought bitcoin but I would definitely not buy at this price holy shit.

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U realize people were saying the same thing at 5,20,100,1000,2000 dollars?

increasing adoption of a deflationary currency.

ez

>Can someone explain why anyone would pay $70,400 for 1 bitcoin when in 2017 it was literally $7,400. Please explain how this makes rational sense. I have bought bitcoin but I would definitely not buy at this price holy shit.

>this much sunk cost fallacy
I bet you'll be saying the same thing when bitcoin is thousands of dollars higher than right now.

>i have literally no idea how economics works
>i have no idea commodities are affected by supply and demand

Why would you pay 2$ for a burger when it was 0.10 cents x years ago?

>Why would you pay 2$ for a burger when it was 0.10 cents x years ago?

A burger is useful, I can eat it.

Bitcoin is just speculation. It pays no dividend, has no employees.

Can somebody explain why collecting bottle caps is worthless but in fallout they're worth a lot?

>Bitcoin is just speculation.
It's also a currency and a store of value, look those up.
It also costs money to create, and it's rare

> It pays no dividend,
I just sold my Bitcoin Gold and sold bitcoin cash before it

> has no employees.
It has many people working on it, and many companies that profit from it and want it to be successful.

>It's also a currency and a store of value, look those up.
>It also costs money to create, and it's rare

Logically at some point, it must find a level and steady trading range.

When that happens, the speculators will lose interest.

Why would you pay half a billion dollars for a Da Vinci painting, when 500 years ago it cost ten quid?

when you have that much money the numbers really don't mean anything to you, especially if you are second or third generation wealthy

dumbest argument ever

its still because of supply and demand

soz if you still meant s&d but just wanted to elaborate purely on the numbers aspect

>when you have that much money the numbers really don't mean anything to you

lmao how the fuck would you know?

It's because people love Bitcoin.

From a technical point of view, it makes no sense.
Litecoin is also widely used and accepted. Heck, it has even better tech than Bitcoin, no network congestion and low fees.

Bitcoin is all about marketing and appealing to people's emotions, not logic.
I do get your point, but that's just how it is.

>how do you know things that don't directly happen to you

yeesh

Well if you think it'll keep going for a while then yeah. The number isn't important.

its not even deflationary since there are an infinite number of copy cats in the market.

nice just bought 20 million digibyte

BTC cash isnt a dividend. Its a bribe. Youll realize that soon enough when your precious bitcoins crash to 3500, and BCH rises to 3500. BCH is a chinese trojan horse that will eventually kill cryptos, wait and see.

There needs to be a crypto with actual value. Like you can trade your coin in for computer time like how you use your time to gain the currency.

Think of like that old ps3 protein folding app. So you use your computer cycles for actual work in exchange for coins.

There will be. Its gonna be an official USD crypto, backed by the authority of the federal gov. Independent cryptos beware, you'll get a knock on the door from uncle same one of these days. You aint so anonymous as you think.

>being poor yet claiming to know the mentality of a rich person
It's like a fat guy trying to explain the psychology of an athlete. Total fucking pseud.

Digital tulips

>I would definitely not buy at this price holy shit.

Idiot,i said that when it hit $800,then i felt really bad for buying coins at $1200

>dividend
Bitcoin doesnt produce anything, BCH was a bribe, and youll realize that soon enough when it craters BTC. All btc does is facilitate illegal activities. Some more illegal (and immoral) than others.

glad I didn't buy at 7400 but 5800 instead

Kappa

See it's clearly deflationary
Why would anyone pay 2.20 for a load of bread when in 1940 it was 10 cents?
copycats =/= bitcoin

Smart people don't think bitcoin will be more valuable, they think the dollar will be less valuable, that's why they trade their dollars for bitcoins.

Better question is who are the retards buying (and actually holding lol) scamcoins like eth or bch

It's mostly because they wanted to hit a 55 bagger like btc and are hoping to catch a similar run

It's really 7,500x if you go way back

pastebin.com/ZUxTmR99

Because it has no ceiling so far. Even some 10-20% gains in a large scale is impressive for some quick cash

this kills the digimarine

see curecoin.
bud this shits been around for years

It's because crypto traders are morons OP. How is it that the same technology in 2009 is somehow valuable in 2017. It's almost been a decade, are you telling me that all of the second, 7 years later, the world somehow became woke? No, obviously not. Crypto is a scam, and it's price is a result of mania. In the crypto game, 100 people will enter, 1 will become extremely wealthy, 5 will become wealthy, and the remaining 94 people will end up with no money, as it was all funneled up into the top 6. Typical ponzi scheme

> it's
opinion discarded

>It's
>literally stands for "It is"
>tfw some user is illiterate and this it's means possessive
No wonder why you guys like crypto so much