In short because it's the most perfect form of money that has ever existed. Eventuslly mr. Market will recognise this and the market will reflect the true value.
Check out Erik Voorhees' articles if you like to reaf a clearly written explanation why Bitcoin is the best money thus far.
I agree, bitcoin is revolutionary. It IS the best form of money that has ever existed. However, it is still in its infancy whatever way you look at it. For it to BE money it needs a stable price, who is going to trade with something with no fixed value or at least some what of a guarantee of your spending power down the line. The ONLY way to get round this is to stop all this crazy speculation that it's bigger than Jesus/the internet etc and actually use it as money. Until it is actually used as money en masse all this volatility is just delaying it being mass adopted. Yes a bubble is great for bitcoin, for publicity and adoption, but it NEEDS to deflate and have steady growth in order to compete as money. All this bullish sentiment that its value right now is in tripple digits or that it will some day be the global currency is irrelevant. Bitcoin needs to walk before it can run and with the only people jumping on the train are expecting it. The price ends up being 99% speculation and 1% asset, this only helps to stunt its growth as a viable currency. And how are big companies like Apple going to use bitcoin as a currency when it has a market cap of 1 billion? It would be the equivalent of an elephant trying to get in through the dog-door. A big market cap helps the viability of the currency. Trying to get straight into the claws of an un-innovative (no idea the Antonym?) company like apple is the wrong approach. We need to build companies from the ground up that USE the currency like paypal would, for example. Whether through adoption or creation. |
|
|
|
In short because it's the most perfect form of money that has ever existed. Eventuslly mr. Market will recognise this and the market will reflect the true value.
Check out Erik Voorhees' articles if you like to reaf a clearly written explanation why Bitcoin is the best money thus far.
I agree, bitcoin is revolutionary. It IS the best form of money that has ever existed. However, it is still in its infancy whatever way you look at it. For it to BE money it needs a stable price, who is going to trade with something with no fixed value or at least some what of a guarantee of your spending power down the line. The ONLY way to get round this is to stop all this crazy speculation that it's bigger than Jesus/the internet etc and actually use it as money. Until it is actually used as money en masse all this volatility is just delaying it being mass adopted. Yes a bubble is great for bitcoin, for publicity and adoption, but it NEEDS to deflate and have steady growth in order to compete as money. All this bullish sentiment that its value right now is in tripple digits or that it will some day be the global currency is irrelevant. Bitcoin needs to walk before it can run and with the only people jumping on the train are expecting it. The price ends up being 99% speculation and 1% asset, this only helps to stunt its growth as a viable currency. I think you are mistakingly overvalueing the impact of price. When people first criticize bitcoin, who actually understand it and don't scream ponzi, initially outline the fact that spending power is of utmost importance in a currency. I don't want to be paid at the end of the month in something that can lose or gain a significant portion of wealth in a very short space of time. Price would follow after mass adoption but why would the mass adopt a volatile currency? |
|
|
|
In short because it's the most perfect form of money that has ever existed. Eventuslly mr. Market will recognise this and the market will reflect the true value.
Check out Erik Voorhees' articles if you like to reaf a clearly written explanation why Bitcoin is the best money thus far.
I agree, bitcoin is revolutionary. It IS the best form of money that has ever existed. However, it is still in its infancy whatever way you look at it. For it to BE money it needs a stable price, who is going to trade with something with no fixed value or at least some what of a guarantee of your spending power down the line. The ONLY way to get round this is to stop all this crazy speculation that it's bigger than Jesus/the internet etc and actually use it as money. Until it is actually used as money en masse all this volatility is just delaying it being mass adopted. Yes a bubble is great for bitcoin, for publicity and adoption, but it NEEDS to deflate and have steady growth in order to compete as money. All this bullish sentiment that its value right now is in tripple digits or that it will some day be the global currency is irrelevant. Bitcoin needs to walk before it can run and with the only people jumping on the train are expecting it. The price ends up being 99% speculation and 1% asset, this only helps to stunt its growth as a viable currency. |
|
|
|
is there ANY reason why coins today should be worth 20-30% more than yesterday? I don't see any.  Is there ANY reasons why coins today should be worth 6-fold more than in January? Of course not. They're worth so much more, it's just the price that's lagging. Mispricing in markets creates opportunity. Don't be one of those people that actually knew of Bitcoin in it's early days and not captilize on this knowledge. What? A commodity that inflates at around 10% per year, which market cap is overwhelmingly overvalued due to speculation, which actual uses currently are unknown and unneeded for the average joe and what little use it is used solely for is illicit activities. Please expand on why you think bitcoin is anything more than an anti-distablishment hype train? (I'm a long term bull btw, but we are not ready for a billion dollar market cap. Soon TM ) My 2 cents |
|
|
|
I would quite like to see a chartbuddy graph over a longer timescale, maybe a day? week? Anyone know what it uses? Seeing it the week of april the 8th would be sweet  |
|
|
|
|
Big sells coming, will the rally last today? Or are we heading sub 70.
Edit: Pop pop pop, watching that drop.
|
|
|
|
|
Price of bitcoin in what?
I'm going to go with 1 bitcoin.
|
|
|
|
|
And down we go. That was fun...
|
|
|
|
77.77777  Ha, I noticed that too. That's the phone number for a taxi where I'm from, taxi for bulls? |
|
|
|
Pretty happy with my buy 2 days ago now.  |
|
|
|
|
Surprised this rally hasn't been killed quicker, all the bears sleeping?
Or are they waiting for bids to build? There's 3.5kBTC above 70. That looks like tasty bear food.
Seen more buy pressure today but it's not convincing of a rally.
|
|
|
|
Mini rally with decent sized buys but no bid walls being placed to cover a fall.
Gee I can see this bounce lasting...
If you're hoping for a price rise, be careful what you wish for regarding the bid wall. Many times a large bid wall has come up, it has either been eaten and caused panic sells, or been a fake wall designed to get people to place bids above it, only so they can pull it and sell into all those accumulated bids at a higher price than they would have gotten otherwise. No I'm just hoping for a slower price fall. Without large forces thinking a rally at these prices is achievable this could get nasty very quickly. We've gone down too fast without a considerable bounce in my opinion, that just ads to the lack of confidence which is going to make this spectacular when the fireworks kick off in a week or so. |
|
|
|
|
Mini rally with decent sized buys but no bid walls being placed to cover a fall.
Gee I can see this bounce lasting...
|
|
|
|
Most of these buys are me. I've got a few more up my sleeves.
This jaroslaw shit is getting annoying Ignore is your friend.  |
|
|
|
|
Looking back to the 2011 bubble and seeing a price of 31USD, that's still a bargain to buy then and hold.
All this shorting (now) is too risky and I'm glad what I did sell was over 100. Selling now seems almost as daft to me as buying at 200USD to try to "catch the top" and make a profit.
Good luck to all those "short term bears", I can see plenty of blood in the coming weeks.
|
|
|
|
Alternative currencies as an idea? Valueless. Restoring wealth back to the people has limitless "worth". In use currently? Well, if you factor out speculation I'd give a bullish value of around 1 USD/bitcoin. Very few transactions NEED to be in bitcoin currently that are not illicit and Silkroad by itself doesn't have the volume to push the currency into multi-multi-million market cap. Never mind billion-dollar marketcap. However with all this hype and speculation that bitcoin will root out all evil bankers and offers the chance for speculators to have a portion of a "future-currency" it's easy to see bitcoin in low/middle double figures. Because the market is based about 90% on speculation, bubbles will form and collapse and as a whole the price will endlessly struggle to find a consistent "value" until it is more widely adopted. I doubt this will happen anytime soon. Of coarse these figures are out my ass and anyone giving an accurate assumption of the bitcoin price is purely supposition. TLDR: Price wont find a true value until mass adoption and speculation is minuscule/not needed. And if/when that happens you're good looking at cool quadruple figures |
|
|
|
|
Hey Btctalk,
Been browsing the forums (mainly speculation) on and off since 2012 March/April but have finally decided to make an account because why not eh.
Look forward to chatting to you all at some point.
-Welt
|
|
|
|
|
Show Posts
