Originally Posted by
BigMass
problem with bitcoin is that nobody needs it. People need US dollars, Canadian dollars etc. Bitcoin is something gamblers use to speculate and CAN be used as a form of currency. But it's pretty useless as a currency now because it doesn't have a consistant enough value. Nobody that isn't just a media whore is going to sell you their house for $900 bitcoin when tomorrow it could be $10 bitcoin. That's a terrible characteristic of a currency.
Another problem is that, while bitcoin may be limited, crypto currencies are not. It's just a popularity contest. What if Lady Gaga or Justin Beiber come out tomorrow with their own crypto currencies that function just like bitcoin? Why use Bitcoin when you can use Beibercoin? Really you can have 1000000000000 different virtual currencies. One week bitcoin might be the latest fad, the next week Gagabux might be the next fad. There is NO REASON that bitcoin would hold any value because it's %100 arbitrary and based on NOTHING but a greater fool mentality. People that compare it to government fiat or gold etc have absolutely no clue about money and currency