okay, a little thread on cryptomarkets and what I think is going on:
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first, on Bitcoin's alleged "bubble": there aren't currency bubbles. it simply makes no sense. a currency "bubble" is another currency's hyperinflation.
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of course, Bitcoin's price denominated in USD has "gone parabolic" and might vary wildly.
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but these "boom and bust" cycles are unlikely to be similar to previous economic bubbles, simply because Bitcoin has a real function irrespective of demand: it's a really good currency.
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Replying to @alicemazzy @cyborg_nomade
It's not really a currency in the sense of the official money of a state, unit of account, means if final settlement for debts and taxes, etc. Eg the dollar is a currency, but your deposit account, denominated In dollars, although money in the broader sense, is not.
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Bitcoin could potentially function as money in the broader sense, but is unlikely to for the reasons you mention (transaction costs, etc).
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