Now that rewards accrue more and more to those at the very top, it’s understandable why people would speculate on bitcoin: “Go big or go home.” Not to mention having the disposable income with which to do this.
Predict bubbles to rise as inequality grows and doing a little better isn’t good enough.
All that said, and while recognizing that the cryptocurrencies are a dangerous game, I think there’s one thing missing from the analyses of the currencies. They’re fun. I built a bitcoin mining rig in 2011, not thinking I would earn much money, but because I wanted to learn how to put together a computer from components and run it using Ubuntu. I don’t see what the big deal is with people getting bitcoin just to have some and not using it in transactions. Would you spend a good book or use it to transact? No, but it doesn’t mean your book is useless. I’m pro-bitcoin, even if it’s a bubble, without being into drugs or anti-government.