Comment: Bitcoin is for people who

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Bitcoin is for people who

Bitcoin is for people who don't understand money. A bitcoin has no value of its own. It has market value, driven by the confidence some people have placed in it, but this is an illusion.

http://en.wikipedia.org/wiki/Confidence_game

Market value must be based on the qualities of the asset. Bitcoins cannot be used for anything useful themselves. Bitcoins are not redeemed by any entity for anything useful, and so they are not backed by anything.

The only thing that separates Bitcoin from the Fed Dollar, is that the Fed Dollar is legal tender. Bitcoin fanatics want us to believe that this is a point in Bitcoins favor. Clearly, this is not the case. Very few people use Bitcoins, and Bitcoins are not good for tax purposes.

If you own Bitcoins, I advise that you sell while the price is good and be glad you didn't ride this crazy train to the crash.