Originally Posted by Rohirrim
So, if I'm reading this right, it means that some guy invented a unicorn, and if he can get enough people to believe in the unicorn with him, he might be able to monetize it and have the market cornered on unicorns?
To be fair most currencies operate on the same premise. They only have value because people believe that they have value.
I do have a few bitcoins, not because I think they will ever replace current fiat money, but because I think the belief in bitcoins is going to continue to rise for a while. Unfortunately, this is also one of the main problems with bitcoins. Most people that have bought bitcoins don't have them to actually transact with them, but instead they see them as a worthwhile investment. If this continues there is absolutely no question that the value will crash, the only question is when will that happen. I believe that we still have a while before that happens.