Bitcoin Forum
June 16, 2024, 11:04:26 PM *
News: Voting for pizza day contest
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: What's wrong with this picture?  (Read 870 times)
bitcool (OP)
Legendary
*
Offline Offline

Activity: 1441
Merit: 1000

Live and enjoy experiments


View Profile
August 08, 2011, 01:05:16 AM
 #1

US dollar is a mess, euro is a mess, the whole fiat world is a mess.
And yet bitcoin is in a continuous downward spiral?  Give me a break...
vulgata
Newbie
*
Offline Offline

Activity: 55
Merit: 0


View Profile
August 08, 2011, 01:11:05 AM
 #2

US dollar is a mess, euro is a mess, the whole fiat world is a mess.
And yet bitcoin is in a continuous downward spiral?  Give me a break...

It's completely unrelated; Bitcoin is still way too small, untested, and "unsafe" for normal people to use.  It's like asking why WOW gold isn't reacting to the recent financial crises.
BillX
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
August 08, 2011, 01:13:23 AM
 #3

US dollar is a mess, euro is a mess, the whole fiat world is a mess.
And yet bitcoin is in a continuous downward spiral?  Give me a break...

It's completely unrelated; Bitcoin is still way too small, untested, and "unsafe" for normal people to use.  It's like asking why WOW gold isn't reacting to the recent financial crises.

Ill take Second Life Lindens any day over WoW gold! Tongue
evoorhees
Legendary
*
Offline Offline

Activity: 1008
Merit: 1021


Democracy is the original 51% attack


View Profile
August 08, 2011, 01:15:13 AM
 #4

US dollar is a mess, euro is a mess, the whole fiat world is a mess.
And yet bitcoin is in a continuous downward spiral?  Give me a break...

It's completely unrelated; Bitcoin is still way too small, untested, and "unsafe" for normal people to use.  It's like asking why WOW gold isn't reacting to the recent financial crises.


+1  This is it exactly. Bitcoin is too niche and "wierd" for it to have much connection with the international market movements (yet).
bitcool (OP)
Legendary
*
Offline Offline

Activity: 1441
Merit: 1000

Live and enjoy experiments


View Profile
August 08, 2011, 01:33:29 AM
 #5

US dollar is a mess, euro is a mess, the whole fiat world is a mess.
And yet bitcoin is in a continuous downward spiral?  Give me a break...

It's completely unrelated; Bitcoin is still way too small, untested, and "unsafe" for normal people to use.  It's like asking why WOW gold isn't reacting to the recent financial crises.
True, bitcoin is too small, young, and somewhat "untested", but there's no comparison between bitcoin and WOW gold.

Its valuation should follow the direction of physical gold and silver, not in the opposite direction.

vulgata
Newbie
*
Offline Offline

Activity: 55
Merit: 0


View Profile
August 08, 2011, 01:55:36 AM
 #6

US dollar is a mess, euro is a mess, the whole fiat world is a mess.
And yet bitcoin is in a continuous downward spiral?  Give me a break...

It's completely unrelated; Bitcoin is still way too small, untested, and "unsafe" for normal people to use.  It's like asking why WOW gold isn't reacting to the recent financial crises.
True, bitcoin is too small, young, and somewhat "untested", but there's no comparison between bitcoin and WOW gold.

Obviously they are completely different, but from the mainstream financial world's point of view there is no difference.  Actually, there is; Blizzard is a huge corporation that has time-tested servers running the world's largest MMORPG for years, while Bitcoin is an underground P2P network with a history of repeated thefts, security breaches, scams, black markets, illegal drugs, gambling, and crazy bubbles/speculation/market manipulation.

Its valuation should follow the direction of physical gold and silver, not in the opposite direction.

It "should" only if people treat it similarly, but while the ideas are similar, the trust placed in them by the market are not.  I could draw a piece of modern art by throwing paint on a piece of paper, and it would be impossible to recreate (since only the original is worth anything), rare, stored/transported relatively easy, etc., but I couldn't sell it for the billions a real masterpiece is worth until everyone else agrees.  Actually the art trade is very similar to precious metals/Bitcoin as they also have no value until people say they do.  (Yes, art can be used for decoration and gold can be used for electronics, but we have more than enough gold/art for those needs.)

Don't get me wrong, I am a full supporter of Bitcoins, I believe it is brilliant/revolutionary, and I own some myself, but I think we have to be a little more realistic and not start comparing it to the worlds' major reserve currencies right off the bat...
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!