How much is this bitcoin? Renminbi (RMB)

Record gains are dispensable. The more important result is: "What is compared with Bitcoin?" . Others in the same asset class are particularly convenient, and there is no precedent for setting a value benchmark for cryptocurrency, so it is difficult to value it.

Difficult valuation puts us in a dilemma. Investors should at least try to record the value of enough assets in digital form. According to the definition of value contrast, any rational evaluation of the value of things must be compared with the value of other things. Value is a relatively extended concept.

Contrast turmeric spray nasal foam

This is a value comparison worth thinking about.

Three weeks ago, when Bitcoin was only worth $7,000, ConvoyInvestments pointed out that the only other asset in history that exceeded the implied price of Bitcoin was the notorious enthusiasm of Yujin in the Netherlands between 16 19- 1622.

Most teachers majoring in finance know that it is not easy to interrupt Yu Jin's enthusiasm.

Although many critics of Bitcoin quote Yujin's saying that it is a bit old-fashioned, many people who look at special coins will naturally laugh at them for quoting it-often very simple and similar.

Last week, WilliamMallers angrily responded to the comments of financial blog JohnLothian about the launch of bitcoin futures business in Shang Zhi.

Therefore, this answer is often based on critics misinterpreting the far-reaching social potential of Bitcoin, failing to grasp the main point, and thinking that it is as useless as Yujin's nasal spray.

The result of Yujin's nose foam is not that Yujin's nose ball is worthless, but because of the cycle of fanaticism, speculation and dislocation, the price far exceeds its true value. I feel that a similar phenomenon is pushing the cost of Bitcoin far beyond its unproven potential, which may or may not be strong.

A fanatical investment mind

What worries me most is the fanatical investment mentality of investors, shouting the slogan of "running to the moon" and suggesting a simple defense of the price.

For example, the extensional scarcity of bitcoin will endlessly push its price up; Long-term prospect of bifurcation: Of course, there is no skill to improve in Bitcoin, but it provides investors with future choices.

Suppose they find these forks more attractive-who can say there won't be a better proposal? -It doesn't matter, because the total number of bitcoins is only 2 1 ten thousand.

The result of the immature investment civilization of Bitcoin is not that it will regulate the market. This limits its application of skills to replace more basic social values.

Speculation is inevitable, and it can even lead to innovation. However, if Bitcoin is to change the lives of billions of people, it needs to become a more mainstream asset class, and what kind of asset class should be related to the real world. Although we can or may all like how abnormal and abnormal the "money honey badger" is, Bitcoin needs to be twice as normal.