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Title: The Chinese were right Post by: dedcoin on October 13, 2014, 02:07:30 PM With the price going down, despite unprecedented merchant adoption, makes me think that merchants don't care about bitcoin, and this will keep crushing it. More selling than buying pressure.
This suggests that bitcoin is no use as a currency, the only option left is bitcoin as a store of value. Thus, the title... Title: Re: The Chinese were right Post by: maker88 on October 13, 2014, 02:15:12 PM umm. no. declining value makes it have no use as a currency? what are your thoughts on the declining value of all government currencies then? you do realize there is not currency currently in use that isn't declining in value right? except those have been declining for decades with no way to stop declining, while bitcoin has only declined for 9 months, following a thousand times growth spurt.
duno why I'm responding to this though, your username indicates you're not worth talking to. Title: Re: The Chinese were right Post by: dedcoin on October 13, 2014, 03:41:17 PM what are your thoughts on the declining value of all government currencies then? It's called inflation. duno why I'm responding to this though, your username indicates you're not worth talking to. How dumb of a statement is that...Title: Re: The Chinese were right Post by: botany on October 14, 2014, 01:14:32 AM If price continuously goes down, it is no longer a good store of value. :)
Title: Re: The Chinese were right Post by: brg444 on October 14, 2014, 01:28:03 AM :D
These threads always get a good laugh out of me. As if everyone out there was spending their bitcoins at these merchants. In reality, the volume of bitcoins used for such transactions is so negligible it should not even be mentioned in the same sentence as "selling pressure". In fact you are right, you should not be concerned with Bitcoin's use as a currency at this stage. All we need people to do is hoard it. btw, merchants are scammers http://nakamotoinstitute.org/mempool/everyones-a-scammer/ Title: Re: The Chinese were right Post by: lyth0s on October 14, 2014, 02:46:08 AM :D These threads always get a good laugh out of me. As if everyone out there was spending their bitcoins at these merchants. In reality, the volume of bitcoins used for such transactions is so negligible it should not even be mentioned in the same sentence as "selling pressure". In fact you are right, you should not be concerned with Bitcoin's use as a currency at this stage. All we need people to do is hoard it. btw, merchants are scammers http://nakamotoinstitute.org/mempool/everyones-a-scammer/ I actually really enjoyed that read. Thanks! I LoL'd at that newegg article encouraging everyone to spend all their coins because bitcoin is likely to fail >.< Title: Re: The Chinese were right Post by: zimmah on October 14, 2014, 09:03:30 AM If price continuously goes down, it is no longer a good store of value. :) This is exactly the reason why you should step away from the dollar and into gold silver or bitcoin. Bitcoin may be decreasing in value for some months, but it is designed to increase, and it will increase. Don't get confused because of a few bad months, bitcoin will still win in the end. Title: Re: The Chinese were right Post by: zetaray on October 14, 2014, 09:25:18 AM The market is saturated with speculation. The volatility reflects that. More merchant acceptance may crush the price, but it is good for bitcoin in the future.
Title: Re: The Chinese were right Post by: porcupine87 on October 14, 2014, 09:40:09 AM If price continuously goes down, it is no longer a good store of value. :) Ah, if I get 100$ today, what is the decline in one week? Title: Re: The Chinese were right Post by: Elwar on October 14, 2014, 10:09:58 AM Ah, if I get 100$ today, what is the decline in one week? If you had $100 last week you could have bought .3 bitcoins. Now you can only buy .25 bitcoins. Your money is losing value. Title: Re: The Chinese were right Post by: Beliathon on October 14, 2014, 12:36:31 PM Your money is losing value. Doubly true if you live in the U.S.http://www.history.ucsb.edu/faculty/marcuse/projects/currency/2002_07DollarEuroGraphic1000pxw.jpg Title: Re: The Chinese were right Post by: fewcoins on October 14, 2014, 01:22:32 PM Your money is losing value. Doubly true if you live in the U.S.http://www.history.ucsb.edu/faculty/marcuse/projects/currency/2002_07DollarEuroGraphic1000pxw.jpg Dollar manipulation up! Gold, silver, bitcoin manipulated down!!! Title: Re: The Chinese were right Post by: NotLambchop on October 14, 2014, 01:25:23 PM Title: Re: The Chinese were right Post by: gog1 on October 14, 2014, 01:31:02 PM what does that have to do with the Chinese?!
Title: Re: The Chinese were right Post by: MF Doom on October 14, 2014, 01:33:52 PM With the price going down, despite unprecedented merchant adoption, makes me think that merchants don't care about bitcoin, and this will keep crushing it. More selling than buying pressure. This suggests that bitcoin is no use as a currency, the only option left is bitcoin as a store of value. Thus, the title... I dont think they care about bitcoin either, they all just saw a quick opportunity to boost sales, and it worked for them Title: Re: The Chinese were right Post by: NotLambchop on October 14, 2014, 01:34:04 PM what does that have to do with the Chinese?! Dollar inflation charts? No frikin' idea. http://s4.postimg.org/ghbs29i0t/bitcoin.jpg Title: Re: The Chinese were right Post by: Unbelive on October 14, 2014, 02:04:50 PM With the price going down, despite unprecedented merchant adoption, makes me think that merchants don't care about bitcoin, and this will keep crushing it. More selling than buying pressure. This suggests that bitcoin is no use as a currency, the only option left is bitcoin as a store of value. Thus, the title... Merchants will take anything that have less fees attached. If they will get something better then bitcoin will take. Currently there is none. Title: Re: The Chinese were right Post by: NotLambchop on October 14, 2014, 02:16:30 PM ^
Most merchants accepting BTC right now aren't. They are accepting fiat, through processors like OKPay. Title: Re: The Chinese were right Post by: AtheistAKASaneBrain on October 14, 2014, 07:50:05 PM ^ This. It seems most merchants don't care to hold Bitcoin or use it in any shape or form so they just sell at market price, whatever that price is. This generally shrinks price.Most merchants accepting BTC right now aren't. They are accepting fiat, through processors like OKPay. Title: Re: The Chinese were right Post by: sidhujag on October 14, 2014, 07:52:01 PM ^ This. It seems most merchants don't care to hold Bitcoin or use it in any shape or form so they just sell at market price, whatever that price is. This generally shrinks price.Most merchants accepting BTC right now aren't. They are accepting fiat, through processors like OKPay. No wrong... btc price int he long run will be correlated with the transaction rate... more merchants = more tx's... hopefully this makes sense to you. Common misnomer is to relate merchant offloading risk of holding btc to a falling price, and although it may have this affect in the short term, it should do the opposite in the long run. Title: Re: The Chinese were right Post by: Amph on October 14, 2014, 07:58:29 PM Ah, if I get 100$ today, what is the decline in one week? If you had $100 last week you could have bought .3 bitcoins. Now you can only buy .25 bitcoins. Your money is losing value. this could be used against who say that the quote "you don't lose unless you sell" is bullshit lol Title: Re: The Chinese were right Post by: piramida on October 14, 2014, 08:04:16 PM Ah, if I get 100$ today, what is the decline in one week? If you had $100 last week you could have bought .3 bitcoins. Now you can only buy .25 bitcoins. Your money is losing value. this could be used against who say that the quote "you don't lose unless you sell" is bullshit lol but with fiats, you lose even if you don't sell - because their inflation goes one way. your dollar will never be able to buy more than today. Title: Re: The Chinese were right Post by: dedcoin on October 14, 2014, 09:17:31 PM what does that have to do with the Chinese?! Well, that's how the Chinese gov decided to treat bitcoin: "commodity" rather than "currency".Were they right? only time will tell Title: Re: The Chinese were right Post by: MrBig on October 14, 2014, 09:22:16 PM Ah, if I get 100$ today, what is the decline in one week? If you had $100 last week you could have bought .3 bitcoins. Now you can only buy .25 bitcoins. Your money is losing value. this could be used against who say that the quote "you don't lose unless you sell" is bullshit lol but with fiats, you lose even if you don't sell - because their inflation goes one way. your dollar will never be able to buy more than today. If you know where to look, you can find cheaper prices, so that dollar can stretch further. The same can't be said for BTC at this point, as we're still limited where we can spend it, and we have to pay premiums to acquire it. Title: Re: The Chinese were right Post by: NotLambchop on October 14, 2014, 09:23:09 PM ... but with fiats, you lose even if you don't sell - because their inflation goes one way. your dollar will never be able to buy more than today. Good argument for investing in Bitcoin. And lottery tickets. Title: Re: The Chinese were right Post by: Meuh6879 on October 14, 2014, 09:27:29 PM but with fiats, you lose even if you don't sell - because their inflation goes one way. http://www.techartgeek.com/images/2014/06/sheldon-cooper.gif |
