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If you can't see the colossal missed opportunity you had at $50, I feel sorry for you. It's not because "people want to believe" any more than a car has more utility than a horse because people "want to believe" in the car. Such talk completely dismisses the exercise I mentioned, of grading forms of money by specific criteria. (Land, for example, has utility, but is not very fungible, there are limits to its divisibility, and I doubt online retailers will be accepting it as payment any time soon.)

We've reached the point where the naysayers just keep repeating "government will ban it" as their sole remaining argument. But someone just posted an article on FR about the Chinese government criticizing and warning their people against cryptocurrency - again. Why, when they banned it years ago? Because such bans are ineffectual, and they know it. All governments can do now is fight a rearguard delaying action against cryptocurrency.