These kinds of episodes are making me increasingly depressed. On one hand, I'm incredibly disappointed in the ethics and morality of some of the people who have latched on to Bitcoin. And sadly, I'd have to include tip4commit in that group, particularly since they are "opt-out" and yet have been spamming people after each commit [ubernostrum points out below that they aren't even "opt-out", since they're not honoring…
From Bitcoin's own FAQ [1]: "One could argue that gold isn't backed by anything either. Bitcoins have properties resulting from the system's design that allows them to be subjectively valued by individuals. This valuation is demonstrated when individuals freely exchange for or with bitcoins. Please refer to the Subjective Theory of Value." Like it or not, Bitcoin has a PR problem. It needs be liked and trusted in add…
Bitcoin is a little scam which justifies itself against the backdrop of a much bigger scam.
Gold is valuable because it takes effort to find, mine and refine. People want to exchange other valuable things for it because it is useful - dentists use it to fill teeth, it is used as an electronics coating since it conducts electricity well, and so forth. People have used gold as a currency for thousands of years, but that is only because it has traits that make it a good commodity, such as durability, portability, uniformity and divisibility.
Bitcoins have no value of this type. Which is why it has fallen from $1160 to $326, and will fall to $0.