So the future of Bitcoin IS reliant on rich people being near-brain-damage-daft or have a simultaneous stroke. Nice to know.
Well if you define the future as "super high prices," it's most likely going to involve a lot of suckers, sure. Whether they're a handful of rich suckers or a truckload of middle-class suckers doesn't make much difference. If XBT is going to work as a currency or a store of value then it needs to be able to handle multiple daily near instant XBT/fiat conversions on the order of at least $10 million without the price fluctuating wildly (more than 0.5%). For that to happen you need high XBT prices and high volume. Of course you could say that the destiny for XBT is to enable kids to buy apps and ring tones to their phones without their mums VISA, but that is hardly what Bitcoin was supposed to be. |
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Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"
That question is important, because if it canīt be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.
Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else.
Because a majority of those rich people investing in bitcoin are caught up in the emotion of excitement and greed, just like many others. It's a cash grab for most investors. They don't care about the technology or the ideology regarding bitcoin. They just want to hopefully line their pockets some more on the backs of greater fools. So the future of Bitcoin IS reliant on rich people being near-brain-damage-daft or have a simultaneous stroke. Nice to know. |
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Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"
That question is important, because if it canīt be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.
Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else.
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Rich people are rich because they have made more good investments than bad, so why would a majority of them choose to buy a depreciating asset with no other use case than speculation?
This is not necessarily true. You could inherit money, you could make 100 bad investments and get incredibly lucky with one amazing investment, you could have busted your ass running your own business until it became a huge success (I guess you could consider that an investment in a sense, but again, one good investment), etc., etc. The point is, there are a lot of ways to get rich, not all of them have to do with investing, and not all rich people who invest are good at investing. Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else. Whether investing is bitcoin is one of those dumb things has yet to be seen, but it's not a guarantee that bitcoin will skyrocket again simply because rich people are investing. Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?" That question is important, because if it canīt be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely. |
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I understand that this is a wall observer thread but does anyone have anything else than (fake) ask/bid depth and useless TA to help predict price movement?
(Please donīt say monkey)
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with so many good news... i dare you dumper... i dare you bahahahahaha Elliot Insurance Brokers announced that it will now allow clients to pay for their insurance and other financial products through Bitcoin. Good news is poison to Bitcoin. rubbish Good news causes movement. Lately (2014) that movement has been down. There are more traders who want to short the heck out of Bitcoin than people with deep pockets who believe in Bitcoin enough to put their money where their mouth is. will that trend continue ? Why would it? Rich people are rich because they have made more good investments than bad, so why would a majority of them choose to buy a depreciating asset with no other use case than speculation? It cannot be reliably used as a currency. What other currency at the moment tends to drop 30% every time there is a day in a month? Russia? Itīs illegal there. Even Zimbabwe and Argentina look like safe havens compared to Bitcoin. Store of value? Pfffff.... Bitcoin lost half its value since July, If that happened with any conventional store of value people with ak47s would take over the country(whichever country you live in). If the price could stay still for 3-6months, or consistently climb slowly, Bitcoin could get swept up by the recent interest in mobile phone payment systems like those presented by PayPal and Apple, but that looks unlikely. I donīt want this to be the case but all I see in this and other threads is either pictures of bears on railway tracks or astronauts drinking beer on the moon. Any reasonably convincing argument is hard to find. |
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with so many good news... i dare you dumper... i dare you bahahahahaha Elliot Insurance Brokers announced that it will now allow clients to pay for their insurance and other financial products through Bitcoin. Good news is poison to Bitcoin. rubbish Good news causes movement. Lately (2014) that movement has been down. There are more traders who want to short the heck out of Bitcoin than people with deep pockets who believe in Bitcoin enough to put their money where their mouth is. |
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with so many good news... i dare you dumper... i dare you bahahahahaha Elliot Insurance Brokers announced that it will now allow clients to pay for their insurance and other financial products through Bitcoin. Good news is poison to Bitcoin. |
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But why would they decide to spend money on a long-term pump when they have the shorting bonanza of legends right now for free?
On the other hand, with all the VC money flowing into bitcoin why donīt any of these entrepreneurs do anything to stabilize the price of bitcoin? They sort of depend on bitcoin being an attractive proposition.
Just look at the pump from 300- to 400+, why they did that? Profit. You may think they are net buying during a pump but that is seldom the case. Regarding venture capitalists, most of them are rich kids that will lose all the money their dad has hard-earned during a lifetime. Some of them get lucky, once in a while, but that is all. Do not count on them stabilizing the price. And now we are back to ≈$300 and peering into the abyss. What could result in bitcoin not plummeting every time it climbs a bit? I understand speculators manipulate the market quite fiercely, but a pump without some new influence on the fundamentals would have to be a bubble, even if itīs from $10 to $100. What would make anyone here honestly believe we where heading up? We need some news , good news . Paypal is one of them  . But Paypal is here, it didnīt help. I thought it would. But it didnīt. Thatīs what makes me worried. If it behaved like a share it should have gone consistently up after such an announcement. If it behaved like a currency it certainly shouldnīt plummit like it does now. If someone wanted to make money it would surely be worthwhile to pump that news to heaven and back, but it just plummited. I would imagine an adoption wave would make XBT prices rise, but who would adopt a digital currency that halves in value in a matter of days. This is not a rhetorical question, I want to know! |
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But why would they decide to spend money on a long-term pump when they have the shorting bonanza of legends right now for free?
On the other hand, with all the VC money flowing into bitcoin why donīt any of these entrepreneurs do anything to stabilize the price of bitcoin? They sort of depend on bitcoin being an attractive proposition.
Just look at the pump from 300- to 400+, why they did that? Profit. You may think they are net buying during a pump but that is seldom the case. Regarding venture capitalists, most of them are rich kids that will lose all the money their dad has hard-earned during a lifetime. Some of them get lucky, once in a while, but that is all. Do not count on them stabilizing the price. And now we are back to ≈$300 and peering into the abyss. What could result in bitcoin not plummeting every time it climbs a bit? I understand speculators manipulate the market quite fiercely, but a pump without some new influence on the fundamentals would have to be a bubble, even if itīs from $10 to $100. What would make anyone here honestly believe we were heading up? Edit: slight typo "where" to "were" |
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The mother of all pumps can change that, nothing less. But a pump has to come for somewhere, or are we waiting for the Messiah of the "More money than brains club"? Messiah? When/if the big market makers decide for a long-term pump we'll get one. But why would they decide to spend money on a long-term pump when they have the shorting bonanza of legends right now for free? On the other hand, with all the VC money flowing into bitcoin why donīt any of these entrepreneurs do anything to stabilize the price of bitcoin? They sort of depend on bitcoin being an attractive proposition. |
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The mother of all pumps can change that, nothing less. But a pump has to come for somewhere, or are we waiting for the Messiah of the "More money than brains club"? |
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Can anyone give me a likely scenario that would send the price up, or at least stabilize it so that XBT could work as a currency?
Remittance doesnīt make sense because you are likely to loose less by using Western Union or bank transfer.
Paypal using XBT sent the price down!?!
Argentina and Ukraine using XBT sent the price down!?!
Just about every piece of good news in 2014 has sent the price down. What can change that?
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