Cryptocurrency people are hoping for all sort of things... that's part of why enthusiasm can be currently quantified at a $1trn.
While I'm sure you're right for most of the current bets (bitcoin owners are long, after all), there's something to be said for blind, dumb momentum. Connecting more people & financial nodes to the network, however disintermediated, for whatever reason.
Maybe the "mastercard model" of denominating in bitcoin and clearing yourself in dollars is an early version of how bitcoin transaction costs actually get to normal. That's not unlike how stocks, bonds, forex & such are exchanged.
I know. I know. Irony. Inevitable though, I think. Pretty much all currency & currency-like stuff gets moved around through clearing houses. Direct blockchain transactions are the theoretically ultimate transaction in the same way that NYSE transactions are theoretically ultimate. Actual stock transactions generally happen within a broker, the broker's broker or whoever else is between them and the actual stock market. The logic is similar.
TLDR... People are giddy or hypocritical because they're long (or short) on bitcoin. That doesn't mean that momentum isn't momentum.
Cryptocurrency people are hoping for all sort of things... that's part of why enthusiasm can be currently quantified at a $1trn.
While I'm sure you're right for most of the current bets (bitcoin owners are long, after all), there's something to be said for blind, dumb momentum. Connecting more people & financial nodes to the network, however disintermediated, for whatever reason.
Maybe the "mastercard model" of denominating in bitcoin and clearing yourself in dollars is an early version of how bitcoin transaction costs actually get to normal. That's not unlike how stocks, bonds, forex & such are exchanged.
I know. I know. Irony. Inevitable though, I think. Pretty much all currency & currency-like stuff gets moved around through clearing houses. Direct blockchain transactions are the theoretically ultimate transaction in the same way that NYSE transactions are theoretically ultimate. Actual stock transactions generally happen within a broker, the broker's broker or whoever else is between them and the actual stock market. The logic is similar.
TLDR... People are giddy or hypocritical because they're long (or short) on bitcoin. That doesn't mean that momentum isn't momentum.