RE: "The Price Of Bitcoins Is Bananas" (businessinsider.com)

[nameface]

http://www.businessinsider.com/this-chart-of-bitcoins-is-bananas-and-it-looks-a-lot-like-the-price-of-gold-2013-3

Author states that deflation is bad for bitcoin because it discourages spending. But surging value encourages innovation among those who hold bitcoin, a pool of humans full of programmers and entrepreneurs, etc...

I guess it's a game of chicken: Can the development of the bitcoin ecosystem outpace the traditional banking system? Does it not have to? Anyone can trade in and out of BTC to fiat and spend fiat. IOW where bitcoin discourages spending, it also encourages innovation and investment, and I think this is more of a blessing than a curse.

[Bit_Happy]

You can buy a lot of bananas for one BTC.

[notig]

That gives me an idea for a fun website. What if someone took a site and put the current price of bitcoins as a picture of bananas. Over time the resolution of the image would have to get bigger as you added more bananas

[davecoin]

You can buy a lot of bananas for one BTC.

If bananas are $0.19 each at Trader Joes, that means you can feed 217.37 monkeys for one BTC.

[BitcoinAshley]

Based on the current USD price of bananas at the wholesalers near me, and the current price of bitcoins, I could buy 2 cases (or 80 lbs total) of conventionally grown cavendish bananas for one bitcoin, or 1.3 40lb. cases of organically grown cavendish bananas.

That's bananas!

Maybe we should start pricing bitcoins via the new Banana Index. But regional pricing of bananas varies quite a bit, so...

[yucca]

only keynsian dinosaurs think deflation is bad, they also call investing and saving "hoarding" while they do lots of it themselves. of course "hoarding" is bad if your agenda is to gather everyone elses coins.

deflation is not bad for BTC, thats why we have option for millis and micros in the wallet.

But boy the BTC chart does look like faster version of gold chart. how weird is that!

[yucca]

That gives me an idea for a fun website. What if someone took a site and put the current price of bitcoins as a picture of bananas. Over time the resolution of the image would have to get bigger as you added more bananas

lol eventually it will be the million banana homepage. you could sell adspace with sticker on each banana for 1 satoshi.

[yucca]

overlaid charts for your perusal:

[yucca]

the latest intraday down moves are further mirroring gold chart front. weirder and weirder!

[yucca]

the volatility on the front of gold is almost a rising pennant, this volatility subsides and often leads to a breakout to the upside.

http://en.wikipedia.org/wiki/Wedge_pattern

[Lethn]

Deflation doesn't discourage spending, it does the exact opposite because everything is cheaper   it's pretty obvious these days for me to tell who's just absorbed what they were taught at school and who actually went out and did research on economics.

[nameface]

That gives me an idea for a fun website. What if someone took a site and put the current price of bitcoins as a picture of bananas. Over time the resolution of the image would have to get bigger as you added more bananas

+1 good idea, I'll get right on that

[nameface]

You can buy a lot of bananas for one BTC.

If bananas are $0.19 each at Trader Joes, that means you can feed 217.37 monkeys for one BTC.

It's amazing to think how far we've come.
There was a time when all 10,000 BTC could get you was a single pizza... Now that much BTC could feed over TWO MILLION MONKEYS!

[nameface]

the volatility on the front of gold is almost a rising pennant, this volatility subsides and often leads to a breakout to the upside.

http://en.wikipedia.org/wiki/Wedge_pattern

thanks... I just learned something

[Richy_T]

You can buy a lot of bananas for one BTC.

If bananas are $0.19 each at Trader Joes, that means you can feed 217.37 monkeys for one BTC.

It's amazing to think how far we've come.
There was a time when all 10,000 BTC could get you was a single pizza... Now that much BTC could feed over TWO MILLION MONKEYS!

Now we just need to work out how to get monkeys to make pizza! And leave the poop out.

[blockbet.net]

Deflation doesn't discourage spending, it does the exact opposite because everything cheaper  

Exactly. There's no sense of being a Bitcoin millionaire if you're not willing to spend any of it.