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 Originally Posted by KoRnholio
Bitcoins really are the digital version of a tulip bulb. They have virtually no intrinsic value, the only market for them is to sell to other speculators. Once the mass exodus sell off starts, it will run them all the way back down to nearly nothing, as there will be tons of sellers and no more speculation buyers.
IMO this is incorrect. No currency has intrinsic value, even when what are now fiat currencies were gold backed, you can't eat gold. The value of a currency is entirely in it's usability as a store of value and medium of exchange. Bitcoin has a deflationary bias, which reduces it's utility as a medium of exchange and tends to encourage hoarding - who knows exactly what that'll mean for the future price, but it certainly has more "intrinsic" value than the dollars/pounds/whatever in your savings account that can be printed at will.
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