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Title: Better technology than a year ago Post by: Elwar on October 18, 2011, 07:26:36 PM Bitcoin is more robust and has more applications and technology associated with it than a year ago. That is all that matters.
The price can be wherever it needs to be, but it all comes down to how much easier it is to use as a means of exchange. And as far as that goes...it has come quite a long way. The technology is sound. The blockchain has held on. Bitcoin will continue on for decades to come. Title: Re: Better technology than a year ago Post by: MaxSan on October 18, 2011, 07:32:46 PM Scenario A
Merchant: "Bitcoins eh? New fangled payment system that cost next to nothing to implement? Overseas payments n all? Sounds amazing. What are these bitcoins worth? 20 Dollars each?! Wow thats amazing.. They went up how much in value in how little time? Scenario B Merchant "Bitcoins eh? New fangled payment system that cost next to nothing to implement? Overseas payments n all? Sounds amazing. What are these bitcoins worth? 2 Dollars each! And these can be changed relatively easy into dollars? If a new merchant is taking a risk on accepting payments the psychological impact of only getting 1BTC instead of 10BTC for an item costing 20USD is immense. This is why I think its better poised for adoption by merchants now more than ever. Title: Re: Better technology than a year ago Post by: evoorhees on October 18, 2011, 07:44:55 PM Bitcoin is more robust and has more applications and technology associated with it than a year ago. That is all that matters. This is why it's silly when people confuse the "value" of bitcoin with the "price." The value of Bitcoin as a monetary system is undoubtedly higher than a year ago, and higher than 3 months ago, and higher than last week. The "price" on the other hand, has fallen. Those who see a price fall and equate it with a fall in Bitcoin's fundamental value will always be missing the boat. A wise investor figures out how to measure and perceive value, then looks at the price, and if there is a discrepancy he goes long or short. I'm long on Bitcoin. We'll see if I'm a wise investor =) Title: Re: Better technology than a year ago Post by: Erratic on October 18, 2011, 09:40:24 PM Bitcoin is more robust and has more applications and technology associated with it than a year ago. That is all that matters. This is why it's silly when people confuse the "value" of bitcoin with the "price." The value of Bitcoin as a monetary system is undoubtedly higher than a year ago, and higher than 3 months ago, and higher than last week. The "price" on the other hand, has fallen. Those who see a price fall and equate it with a fall in Bitcoin's fundamental value will always be missing the boat. I agree with you. Title: Re: Better technology than a year ago Post by: Bitcoin_Silver_Supply on October 18, 2011, 10:01:19 PM Scenario A Merchant: "Bitcoins eh? New fangled payment system that cost next to nothing to implement? Overseas payments n all? Sounds amazing. What are these bitcoins worth? 20 Dollars each?! Wow thats amazing.. They went up how much in value in how little time? Scenario B Merchant "Bitcoins eh? New fangled payment system that cost next to nothing to implement? Overseas payments n all? Sounds amazing. What are these bitcoins worth? 2 Dollars each! And these can be changed relatively easy into dollars? If a new merchant is taking a risk on accepting payments the psychological impact of only getting 1BTC instead of 10BTC for an item costing 20USD is immense. This is why I think its better poised for adoption by merchants now more than ever. Scenario B fails to include the fact that the first thing your average merchant will do when seeking to set up a new business would be to pull up news stories on the currency and immediately see "Bitcoin loses 90% of its value in 3 months." This likely won't be followed by any positive stories unless the price shoots up in a short time frame again. That doesn't make for an attractive payment platform for new merchants. I do agree with one point in the other comments though - Bitcoin's value runs much deeper than its day-to-day price. The issue is that the fluctuations are deterring average merchants from jumping on board right now. |