> Bitcoin's price is mostly backed by speculation
Bitcoin's price is 100% backed by speculation.
Bitcoins are worthless. They are worth $0. They are useless hashes. Their value is $0, and their price is destined to be closer to that than its current $265.
This scam has been over for over a year. The hucksters who created this fraud bailed out for the most part once they hyped the price up to over $1000 in November 2013.
People are still suckered into the Nigerian scam, and are also still suckered into this scam, for reasons unknown to me. The creator, "Satoshi Nakamoto" turns out not to be a real person. Mt. Gox is busted for fraud. The main ASIC makers, Butterfly Labs, are busted for fraud. The coins have no value. What signals do people need to realize to not spend their hard-earned cash on these worthless hashes?
Of course, some high faluting types in Silicon Valley have put their imprimatur on Bitcoins. But they did the same thing to Pets.com, Flooz and other worthless dot-bombs 15 years ago. Just like major banks and Wall Street peddled worthless subprime real estate and mortgages 8 years ago. Caveat empor, before you trade your cash for a Bitcoin hash, ask yourself, cui bono?
