in order of importance of "value"
1. The utility of the currency, and how easy it is to use and store.
2. Energy put in in the form of electricity to secure the blockchain.
3. Blockchain difficulty level.
4. Limited Supply and supply/demand.
5. Innovation.
6. Perceptions on its value by the public.
7. Price of Bitcoin.
8. Media.
9. Investors.
10. Market dilution.
11. Confidence in traditional systems.
12. Legal/Governmental issues.
i say this because. my dog only goes to the toilet 2 times a day. and as it gets older it will become less.. in its life it will only do 4000 doggy bags of mess.. so scarcity/limited supply is 4000 bags,,,, now would that make you want to buy it for more than $2m a bag.. no?
thats because you dont know and have no USE for it once you have it.
next even if you know that my dog can easily do 2 bags of dogsmess a day, it will be mor difficult for my dog to go toilet as it gets older.. will that make it more or less value? no?
well thats because you still dont know what to do with it after and the cost to create the doggy bag of mess was just a bowl of dogfood hours earlier befor digestion.. so its not worth $2mill even if you know it cant just poop on demand when required, and know it will get harder to produce
but if it cost $2m to create and there was no other way to create it for less.. and it had utility. that nothing else could rival.. then you would buy it because it does something and you know you can get your money back because someone else will find it useful.
now thats the underlying value..
lets say thats the $5.8k bottomline of the last 10 months.. the bit ontop that is volatile that makes the PRICE go from $5801-$19-500 is th speculative bubblle of points 5-12
Coming into this thread i thought 'yes its also demand which means value, supply is only half of the picture' but franky1's post has opened my eyes, there are other factors which combine to create value I had not considered UTILITY to be as big a factor than it truly is. Bitcoin and a few other coins have proven to date that they offer a real world useage or solution and therefore have value because of the combination of factors above. |
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Just amazed about the situation of bitcoin nowadays, despite of the decreasing price of cryptocurrencies still more countries are now ready to adopt bitcoin.
a "country" is not adopting bitcoin, unless they throw away their fiat and use bitcoin as their national currency which is not happening. what is happening though is that people are adopting bitcoin because it is useful and then the country regulates its usage to prevent chaos and illegal activities. and people aren't adopting bitcoin because of its price, they are adopting it because of its utility. the "price guys" are speculators that come and go, they don't shape the long term. Could it be really possibly eliminate the middlemen? Please share your opinions.
yes of course! when you use bitcoin you are doing exactly that. but it is not killing the middlemen like banks for example because again banks are providing utilities and because of that they are still used. It is hard to see bitcoin replacing "the middleman" which are the banks. It would mean a total overhaul in the world financial system, i just cannot see it. Even from a society point of view, how would anyone access financial support if there were no banks to issue loans for education, transport and housing? How do we change the trust that we put in banks? If i want to send my kids to college this year and i dont have the finances to do it there is the option to get a bank loan but there is no bitcoin bank. Society wants to progress and the FIAT banking system is interwoven into this idea. The vast majority of people are happy to follow this system and dont realise there is a system which offers an alternative to part of that system while we here in this space have chosen to remove some of the trust from the FIAT system. No country has adopted bitcoin as a currency to date while a few have recognised it as something which can be used as a payment system by a small percentage of their population (for now) |
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For many years, there are has been several misconceptions and negative speculations surrounding the world of crypto, you might have noticed that bitcoin always come up top despite these negative speculations.
The year 2018 has not been different, bitcoin has endured up to this time. There are has been several ups and downs especially concerning the price. The changes in the price were largely caused by negative news such as those in the media circles. In spite of all these problems, bitcoin has seen the light of day as the biggest digital currency in the world. As the year enters the third quarter, all crypto enthusiasts can only hope for the best.
To answer the question of the thread title. YES bitcoin has survived everything as in all the negative and false news and manipulation that was aimed at it and as long as there are believers in the tech and what it offers it will continue to survive future attacks. Ultimately we dont care what financial experts, government officials or banks think about bitcoin although positivity is always welcome. |
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The key point that i am taking from this is the long term point which Charlie Lee
is referring to. Even though it is a speculators market now i would agree that it
will be less in the long term.
I dont think there is "a price" for bitcoin and crypto, the price is determined by
a lot of factors and i believe when bitcoin goes to $20k and hovers there for
a number of months the same questions will be asked about the price.
When is it going to go up?
Why is the price only $20000?
Etc.
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Hi guys, i just want to know, what the advantage for dumping the ICO coin?
I think that was a stupid thing. Why do that thing? ICO has giving you a free coin, but you sell it for cheap price. And this is was still happen till now. LOL
How stupid who dump the ICO coin. I guess, Their mind set is $1 its worth than $10.
Kind Regards,
The thinking is short term, the ICO investing strategy is to gather the free tokens and as soon as the coin is listed on an exchange they are dumped immediately and the seller moves onto the next project if interest or buys back their coins at a much lower rate. Take Dimcoin for example, it has lost 80% of its value since being listed On the first exchange, it took a sharp drop in a matter of days after being listed. There are people who invest in an ICO purely to dump, they are not interested in the project itself. |
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Should bitcoin be approved as a legal tender it will definitely add to the popularity of bitcoin leading to mass acceptance and usage but we should not forget that decentralization is what makes bitcoin unique of its kind
Absolutely, the decentralised nature of bitcoin is one of its main features. bitcoin being adopted by a country as legal tender is one thing and it nay be good for it but governments and banks following on trying to control it is anothet. This would go against the concept of bitcoin. We have already seen high profile countries like germany and japan recognise bitcoin as a form of payment but they dont use the term "Legal tender" |
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If it can only be used to buy clothing, it is still far behind bitcoin which is accepted
worldwide on many online stores.
I agree with the OP that crypto needs to be used and accepted more as a currency
but it will take time and i think it is currently moving in the right direction.
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Yes bitcoin "investing" id risky business at the moment.
Maybe as tge price becomes higher or when att coins have been mined
stability might become a bigger part and the volatility might reduce.
I am basing this on the fact that tge value will be higher and so bitcoin
will be more difficult to obtain. I may need to be corrected on that though.
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Two close up images of the detail added with some structure or texture applied. The next stage of the project will be to add some shapes which will define the bitcoin theme. I hope to have this ready for the weekend.   |
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What a theme to have a bitcoin hostel. Great idea and nice to hear about
bitcoin adoption and promotion. From the article it says that it was set up
in 2016, i wonder how it has progressed in 2 years.
"Initially, Santos revealed, the hostel will only accept BTC payments, but will eventually accept Ripple’s XRP, Monero, and “what we can get through a simple account at an exchange like Bittrex.” The engineer further revealed he plans on selling bitcoin at the hostel, although he “can’t speak [about it] because of a confidentiality agreement.”"
I like this jdea of only accepting bitcoin payments and the fact that bitcoin
can also be bought on site.
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Ive said it before about banks moving [slowly] to blockchain technologies,
Its going to happen but they will be controlled, centralised ones with nothing
to do with bitcoin or any other crypto we are interested in.
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Well a lot of alts will die off for sure and the old reliables will still be
utilised like ethereun, litecoin, dash, monero, zcash and ripple so
bitcoin dominance will never be as high as a lot of people think.
My guess is about 60 to 70% max.
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Yup this is great news, seems like a good service.
My thinking is anything which can provide a service to enable people to
use bitcoin the way it was designed is positive. Using the VISA service
has its positive and negative points though im not entirely sure how the
Square visa works.
"The user can conduct transactions immediately and spend their cryptocurrency
in possible brick-and-mortar outlets using a Visa card given by Square."
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If you are going to use a credit card to get bitcoin you are surrendering
your anonymity. The only other option is to use cash and deal person
to person and this comes with its own risks.
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Next bit of progress was building some layers to create some texture, shade and some colour using five basic colours including Black and White. Next set should show some detail added to possibly enhance the form or define some structure . . . possibly    |
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So as the thread topic asks what price will you panic buy at before that price is gone forever? There is a thinking that the when bitcoins price starts drastically falling it will be the end and that they will never rise again. So imagine bitcoin took a right good flop to $1000, what would your action be? Here is the thread which is the opposite of this > https://bitcointalk.org/index.php?topic=4470811.0 |
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what we need is adoption.
right now as you said you cash-out your bitcoin to a bank or an exchange, in short back to fiat. and most people don't even consider bitcoin more than an investment. but as i said we need more adoption, so that we can see more places accept bitcoin as payment.
for instance if i want to buy a car today, i can not find any dealership that accepts bitcoin. they all want fiat so i have to cash out my bitcoin.
so you can't say it is lost in my opinion. what is happening is that we are not using bitcoin to its full potential.
I do hope it is not lost as you expressed Red-Apple. Adoption is really a big of a word right now for the cryptocurrency world, and more so for bitcoin as it remains to be the most popular and well spent crypto globally. The way i see it, there is a massive need of merchants adopting to bitcoin payments. Perhaps from there, we would start to gain back the gift of pseudonymity in its full potential. Yes adoption is important. I believe that the percentage of holding and cashing back to FIAT is high because bitcoin is not widely spendable. In order to use bitcoin as a currency a lot of the time it has to be converted to FIAT. If there are more traders accepting bitcoin anonymity should remain but the other issue is aquiring bitcoin, most use a bank account to get bitcoin, there is another anonymous way to get bitcoin which is slowly eroding and that is cash. |
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I think i might have over done it a bit though  |
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