Subject: Re: A thought about AI
I think a lot of what we are seeing is a function of WHY people buy Bitcoin. While Ethereum is a decentralized blockchain with smart contract functionality and therefore potentially offers financial institutions a method to move money more efficiently than using the legacy methodology, Bitcoin is not as well suited to this process.

So, why buy Bitcoin?

1) You're a geek who thinks it's the coolest thing since sliced bread

2) You are a (fill in the blank with someone who wants to hide ill-gotten gains) who wants to store cash and move it across borders in a medium which is not trackable by (fill in a name) government.

3) You are a (fill in the blank with someone who wants to hide ill-gotten gains) who wants to store cash and hide it from tax collectors in a medium which is not trackable by (fill in a name) government.

4) You feel this diversifies your asset holdings

5) You think you can sell it at a profit at a later date.

Number 1 makes a great deal of sense - unless it's costing you a 100 grand to play. Numbers 2 and 3 are counterproductive to society and tax payers. Number 4 might be a reasonable argument if you made allowance for the risk. I'm guessing Las Vegas might give you better odds than number five in the long term.

Jeff
(Disclosure: I own zero crypto currency for the same reason I've only bought one lottery ticket in my life. I think I bought it in the 1970's. I gave them a chance to let me win - and they blew it. I make it a point not to invest in anything I can't explain to my wife)