Comment by linkregister

I think that Bitcoin is the Friendster or Napster of cryptocurrencies. It is paving the way, but the fundamentals of how it works are unsustainable. Transactions cost too much, take too long, and require too much proof of work. I also expect that a mild inflationary aspect is necessary to maintain liquidity and discourage hoarding.

I think the South Sea Company or tulip mania are good analogies.