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Author Topic: The price of BTC needs to come down  (Read 3952 times)
LHutz
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June 13, 2011, 12:43:08 AM
 #21

I totally agree with the concept. On terms of relative value, nothing will change. While "new btcs" might have a 1/10 of their actual value, everyone would have 10/1 btcs. It would make everyone's life easier, and perhaps provide us with the useful illusion of a higher volume.

Anyways, sooner or later we'll need to do something like this. Oh, and I don't agree with changing the terminology. We could just make big announcements stating that from xx/xx/xxxx 1 BTC equal 10 new BTCs, then, modify the old bitcoin client, and that's it. I think we should take care of putting enough emphasis on "big announcements": This should be announced at least 1 month before the actual modification.

My two cents.

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kylesaisgone
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June 13, 2011, 03:05:20 AM
 #22

The problem with BitCoin is that there is nothing substantive backing the economy, which gives speculators zero incentive to keep prices stable (which is the point of speculation). Speculators in the BTC economy are simpy trying to inflate the currency to make money quick, and sell the profits on MtGOX, there's nothing to be gained but the USD/BTC exchange rate. Until there's more services offered that cater to the speciality of BitCoin (Silk Road, selling online accounts/game currencies, things that require anonymity/decentralization) we're just going to see endless rises in the value, and then crashes as people sell off their coins.

finnthecelt
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June 13, 2011, 03:21:00 AM
 #23

The problem with BitCoin is that there is nothing substantive backing the economy, which gives speculators zero incentive to keep prices stable (which is the point of speculation). Speculators in the BTC economy are simpy trying to inflate the currency to make money quick, and sell the profits on MtGOX, there's nothing to be gained but the USD/BTC exchange rate. Until there's more services offered that cater to the speciality of BitCoin (Silk Road, selling online accounts/game currencies, things that require anonymity/decentralization) we're just going to see endless rises in the value, and then crashes as people sell off their coins.

First things first. There needs to be more bitcoin in the market to provide liquidity. Stable prices will build confidence and acceptance. Needs more time but it will happen if gov doesn't steam roll it.
hello_good_sir
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June 13, 2011, 04:26:25 AM
 #24

We don't need more time, we need more people.  We need consumers.

Want to buy a 2004 Ford Taurus with bitcoin?  I live in Maryland.  Send me a private message if interested.
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June 13, 2011, 05:14:17 PM
 #25

We don't need more time, we need more people.  We need consumers.

Vendors accepting bitcoin would be the floodgate....
kylesaisgone
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June 13, 2011, 09:44:59 PM
 #26

The problem with BitCoin is that there is nothing substantive backing the economy, which gives speculators zero incentive to keep prices stable (which is the point of speculation). Speculators in the BTC economy are simpy trying to inflate the currency to make money quick, and sell the profits on MtGOX, there's nothing to be gained but the USD/BTC exchange rate. Until there's more services offered that cater to the speciality of BitCoin (Silk Road, selling online accounts/game currencies, things that require anonymity/decentralization) we're just going to see endless rises in the value, and then crashes as people sell off their coins.

First things first. There needs to be more bitcoin in the market to provide liquidity. Stable prices will build confidence and acceptance. Needs more time but it will happen if gov doesn't steam roll it.

More liquidity would just make speculation more outrageous; the economy needs to keep BTC in the virtual economy, instead of being a way to double your money in a short period of time. More liquidity won't help anything until BTC has an inherent value.

Babylon
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June 13, 2011, 10:09:45 PM
 #27

We don't need more time, we need more people.  We need consumers.

Vendors accepting bitcoin would be the floodgate....

I've been saying this for a while, more and more are being added though.  It's not a fast process, but it is definitely happening.

finnthecelt
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June 14, 2011, 02:13:42 AM
 #28

The problem with BitCoin is that there is nothing substantive backing the economy, which gives speculators zero incentive to keep prices stable (which is the point of speculation). Speculators in the BTC economy are simpy trying to inflate the currency to make money quick, and sell the profits on MtGOX, there's nothing to be gained but the USD/BTC exchange rate. Until there's more services offered that cater to the speciality of BitCoin (Silk Road, selling online accounts/game currencies, things that require anonymity/decentralization) we're just going to see endless rises in the value, and then crashes as people sell off their coins.

First things first. There needs to be more bitcoin in the market to provide liquidity. Stable prices will build confidence and acceptance. Needs more time but it will happen if gov doesn't steam roll it.

More liquidity would just make speculation more outrageous; the economy needs to keep BTC in the virtual economy, instead of being a way to double your money in a short period of time. More liquidity won't help anything until BTC has an inherent value.

Wrongo friend. More liquidity would mean that the market would more easily absorb large selling without watching the price fall 60%. It certainly would not make it easy to double your money in a short period of time. But it doesn't mean you can't either.

And BTC already has inherent value. It's value needs to be recognized; big difference.
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