Bitcoin Forum

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I think it depends on the person, If you're the type that has load of cash and just throws away money then you probably wont care about the price.

Bitcoin price always matter, when the price is low it's a good opportunity to buy, but for the average joe is bad press. Seeing this in manstreaim media is definitely not good for us..:

http://time.com/money/3474838/bitcoin-price-crash/

It doesnt. As long as you are in to it. It doesnt really matter how much it cost..

Bitcoin is to ugly, to complicated and to unnecessary for the average joe anyway. He doesn't need mainstream media to scare him off.
The average joe will join only after everything is polished and only when enough vendors offer discounts for purchases with bitcoin.

Pretty much the same thing that happened with the internet.

It matters only to the short term speculators. Most of them have been scared away in any case.  :)

its good and bad - Good because I like to add each month if its on a dip (like when it hit 311 I bought 2)  But its also bad because I have to hear from all the morons who question why I am running a s2 and other asics trying to invest in btc. 

The naysayers always start running their mouth to me on big dips lol

Dips from the price benefits the long term hodlers but scares the hell out of the weak hands. Yes, the price does matter because it helps bitcoin to gain more attention to the media (and the common people also, of course).

Whether Bitcoin's price matters or not both depends on your psychological reference point for 'value' and on the use case.

If your psychological reference point for 'value' is the US-Dollar, you'll see Bitcoin as a more or less ordinary investment like stocks or bonds. A drop in price will hurt you, because you'll get less $$ if you sell your Bitcoin which equals to a negative return on investment.

If your psychological reference point for 'value' is Bitcoin, you'll see the US-Dollar gaining value and maybe you'll ask yourself if buying US$ is a good investment. But you'll know for sure that the US$ is manipulated by a central bank and that such currencies will be a thing of the past. So it doesn't hurt you at all. ;)

That's for the investment / store of value use case. The merchant / trade use case isn't affected by the price at all, because either Bitcoin is directly converted into US$ (for those merchants with a US$ value reference point) or it is kept and never converted, making US$-price meaningless.

Yes, it matters for the mining farms runned for the profit from cashing out the mined bitcoin. They have a lot of overheads such as electricity, upgrade, rent, staff salary etc deducted from the cash through converting bitcoin, the amount of which largely relies on the bitcoin conversion rate. They must be covered , furthermore extra profits are needed to satisfy the shareholders to carry on the mining business.

The price only matters to speculators and miners. The Bitcoin system works well regardless of the price. The price needs to rise in order for the Bitcoin economy to grow, but a growing Bitcoin economy will cause the price to rise anyway.

Price drops seem to attract a lot more attention from the media.  ;D

I think this comment is very correct and logical.

Price spikes attract even more media attention.

Of course the price matters and it matters differently to different people. If you want to trade it's bad if it loses value or if you want to spend it and it loses value before you get the chance it's bad because you've lost money, but in the grand scheme of things the price today doesn't matter that much because it's what it's value and worth will be once it reaches it's full potential imo.

The answer to this depends on if you are holding large amounts of bitcoins, or if you are in it for the technology. If you are holding over 1000 coins, then the price definitely matters for you. But if you are someone who doesn't hold a large amount for long, and just use its technological advantage like low transfer fees, then it doesnt.

I think the best price of 1 BTC should be around 100$ making it affordable and allowing everyone to make good use of it. Just because of the 21 million coin limit , it is at the price where it is now. I never hold large amounts because I can't take the swings, but I think, it doesn't matter much.

I disagree with this. People who hold less probably feel the weight of the low price more, especially if you actually want to spend it. People are unlikely to transact with their coins at a loss. Doesn't make sense to spend something if you're losing money. In this instance I would hold until I've at least broken even before I part/sell my coins.

I meant that if the price of bitcoin had always averaged around 100$ , then the price wouldn't really matter to people who just use the bitcoin protocol technology .But if you hold smaller amounts and the price falls from 400 to 100, then Holding is a decent thing.

The price certainly matters if you are holding bitcoins over an extended period of time. No one likes to lose value. However, the value in the long run is what really matters rather than the short term.

It's not really matter if you adapt bitcoin
But, it's very matter if you want to get more fiat with bitcoin


Yeah, if the prices suddenly went up  ;D

Yes , we need Bitcoin price range between $600 - $700 .
If bitcoin always in good price ,im sure lot of people in the world began to see this as a good investment.
More people use and invest in Bitcoin , price will always high.

It matters if you're an investor who bought into bitcoin hoping for a profit. It matters if you bought into bitcoin because you view it as a store of value and would rather hold btc than fiat in the bank.

all depends on the people who use the bitcoin, if the person is using bitcoin as a stock or investment, then the price of bitcoin to be decisive whether his investments succeeded or not, but if bitcoin is used as a trade currency, then the same bitcoin as other fiat currencies, excess bitcoin is that bitcoin is free of central bank manipulation ...  ;D

Remember always that price of money is a value introduced by Keynes. The value of something is intrinsec and BTC also is instrinsec because what matter really is the concept and what BTC stand for.

no one is going to shy away from looking at the price. Of course it is important. However, day traders will likely use the huge volatility to make money regardless of what price its at.

Wrong!!!
At best Keynes introduced the "velocity" of money (and it is a tricky indicator because it must have a lot of assumptions behind and people usually do not understand them)

The price of money is called "interest rate".
And when the politics of a central bank put the price to zero, the currency it is on the road to become worthless.

AND, please, repeat slowly "There is not such a thing like an intrinsic value. Value is always subjective and not objective"

The concept of intrinsic value is very clear...
If something which is used as currency (gold, bitcoin, fiat) also has other uses, what could be its maximum value in those uses?

Gold has some industrial uses, use in jewellery. This determines the floor price of gold, even if it is not used as currency.
Fiat is worthless.
I guess bitcoin also has no intrinsic value.

Listen to mainstream media..... it is all bad news for bitcoin, when mainsteam media in love with bitcoin, that is when I will be selling my coins.

I have a few issues with your clear concept of intrinsic value.

Silver is much more useful than gold, so its intrinsic value must be higher, yet its value is lower. That implies either that there is something about intrinsic value that is not so intrinsic, or that intrinsic value doesn't really mean anything.

It is assumed that bitcoin has no intrinsic value because if everyone stopped using it, it would be worthless. However, the same thing could be said about gol or anything. Either bitcoin has intrinsic value because it could be useful, or nothing has intrinsic value.

What is the value of gloves to a person without arms? The value of an object cannot be intrinsic to the object if it is different for each person.

Why is that? Rather wouldn't it increase the price of bitcoin in the following days?

Of course it matters. If it's very low in comparison to the amount of USD you want to invest, then you'll lose a lot moving the market while buying.

New maximum prices also make headlines, which attract more users.

FTFY

BTC price is always very important  ;) If you know the things  ;D

The price matter as it is an indicator of the expected value for the future.

The stability of the price is most important. Single digit inflation of the price is ideal.

Stability means no change in value. You have been brain-washed by the people running the Federal Reserve who claim that stability means 2% inflation.

BTW, I think you got your term backwards and you meant "deflation" instead of "inflation". Bitcoin is ultimately deflationary at the point when coins are lost faster than they are mined. Still, single-digit deflation is not stable and is really no better than single-digit inflation.

I meant when the price of BTC is compared to fiat, the 2% (single digit) inflation per year is reasonable. The volatility should also be low so that merchants will not have to change BTC into fiat the moment they receive it. They can even use it to pay the goods they sell. That will help the expansion of BTC usage, increasing the value of BTC ultimately.

But isn't it just a little bit concerning that 70% of BTC have never been in circulation?

That 70% is a potential kill switch.

In my limited opinion

If the price is high enough, these coins will come into circulation.

It depends. Are you a hobbyist or a hardcore bitcoin user?