joshuaunitus
Joined 8 years ago
Joined 8 years ago
I don't think they are speculating though, they are simply doing what they do and have always done. Provide a means of exchange from national currency to digital assets. It is up to the people who build around these protocols to create more ways of utilizing these digital assets through services.
It's hard to say what's going on in this market but I don't think it's a bust. A lot of money went in really fast and then huge sell offs from Mt Gox recovered bitcoins. Bitcoin is still somewhat interconnected in price with most altcoins because of pairings, and any major selloffs seem to drag the whole market down. I think it will mature in time and more people will actually utilize cryptocurrency and not just buy it for speculative reasons. Value will be established over the next few years as practical use grows.
Your analogy is flawed though, Coinbase wouldn't be selling pickaxes they are simply providing a means of digital asset exchange as well as selling the digital assets directly. Mining hardware would be the pickaxe.