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Author Topic: So wide price changes make bitcoin not business ready  (Read 963 times)
Findeton
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June 12, 2011, 12:00:12 AM
 #1

Bitcoin's price goes up and down at a rate too fast for business to take place. How can we change that? Maybe using more the short option? Perhaps it won't be so easy to move the market when we move 40M$ a day?

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niemivh
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June 12, 2011, 12:25:42 AM
 #2

Like I've mentioned before the BTC economy resembles a small island nation with nearly nothing to buy with it's currency.  Speculative capital rushes in and buys up the currency creating a bubble, then sells it off and profits to the late comers whose money had to go through dwolla taking fucking forever.  Without capital controls and exchange controls (which are impossible to implement with BTC) the only thing we can do to raise the value of BTC is for vendors to accept BTC, which will be challenging enough without the infantile state that all the software and clients involving BTC are in.  If you are a programmer, get to work on improving the clients for non-geek use.

If you are a person holding BTC now in despair then get active and spread the word of Bitcoins, not to more speculators but to merchants.  The added benefit of more vendors and merchants means that price stability will be a natural function of actual exchange of goods and services rather than massive capital speculative bubbles.

This goes for anyone who bought in during the up-curve of the latest bubble.  If you want to get your 'money back' you should invest some of your time in getting more people to use BTC as a real method of exchange.  Or better yet, use your BTC you bought to buy things from other people.

I'll keep my politics out of your economics if you keep your economics out of my politics.

16LdMA6pCgq9ULrstHmiwwwbGe1BJQyDqr
Anonymous
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June 12, 2011, 12:27:06 AM
 #3

It's a non-issue. Businesses can insure themselves through securities and prices will just have to adjust in real-time according to market rates.
kiba
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June 12, 2011, 12:28:22 AM
 #4

Like I've mentioned before the BTC economy resembles a small island nation with nearly nothing to buy with it's currency.

Sir, did you take a look at this article that refute your argument?

Quote
Speculative capital rushes in and buys up the currency creating a bubble, then sells it off and profits to the late comers whose money had to go through dwolla taking fucking forever.  Without capital controls and exchange controls (which are impossible to implement with BTC) the only thing we can do to raise the value of BTC is for vendors to accept BTC, which will be challenging enough without the infantile state that all the software and clients involving BTC are in.  If you are a programmer, get to work on improving the clients for non-geek use.

You mentioned a bubble.

Bit_Happy
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June 12, 2011, 12:28:58 AM
 #5

Like I've mentioned before the BTC economy resembles a small island nation with nearly nothing to buy with it's currency.  Speculative capital rushes in and buys up the currency creating a bubble, then sells it off and profits to the late comers whose money had to go through dwolla taking fucking forever.  Without capital controls and exchange controls (which are impossible to implement with BTC) the only thing we can do to raise the value of BTC is for vendors to accept BTC, which will be challenging enough without the infantile state that all the software and clients involving BTC are in.  If you are a programmer, get to work on improving the clients for non-geek use.

If you are a person holding BTC now in despair then get active and spread the word of Bitcoins, not to more speculators but to merchants.  The added benefit of more vendors and merchants means that price stability will be a natural function of actual exchange of goods and services rather than massive capital speculative bubbles.

This goes for anyone who bought in during the up-curve of the latest bubble.  If you want to get your 'money back' you should invest some of your time in getting more people to use BTC as a real method of exchange.  Or better yet, use your BTC you bought to buy things from other people.

+1
Build the economy first, and people will adapt to price changes.

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
kiba
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June 12, 2011, 12:31:16 AM
 #6

+1
Build the economy first, and people will adapt to price changes.

The economy is growing. You just need to look at the marketplace forum. It's the third largest forum section in the bitcoin community.

adrian33
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June 12, 2011, 12:32:38 AM
 #7

challenging enough without the infantile state that all the software and clients involving BTC are in.  If you are a programmer, get to work on improving the clients for non-geek use.

Right on. Just wrote article: "Brainstorming a Next Generation Wallet App"
http://www.bitrific.com/2011/06/brainstorming-next-generation-wallet.html

Bit_Happy
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June 12, 2011, 12:40:38 AM
 #8

+1
Build the economy first, and people will adapt to price changes.

The economy is growing. You just need to look at the marketplace forum. It's the third largest forum section in the bitcoin community.

True, plus we need more websites and businesses to use BTC.

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
niemivh
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June 12, 2011, 12:56:50 AM
 #9

Like I've mentioned before the BTC economy resembles a small island nation with nearly nothing to buy with it's currency.

Sir, did you take a look at this article that refute your argument?

Quote
Speculative capital rushes in and buys up the currency creating a bubble, then sells it off and profits to the late comers whose money had to go through dwolla taking fucking forever.  Without capital controls and exchange controls (which are impossible to implement with BTC) the only thing we can do to raise the value of BTC is for vendors to accept BTC, which will be challenging enough without the infantile state that all the software and clients involving BTC are in.  If you are a programmer, get to work on improving the clients for non-geek use.

You mentioned a bubble.

While the growth of the businesses accepting BTC is great and I applaud that still 99% of businesses don't, that's my point. In addition your article doesn't seem to notice the fact that as this S-curve moves upwards it translates into a higher market capitalization meaning more "real" USD/etc "lost" on the downswings.  I don't know if you have other articles that take this into account but that is a factor missing in this one that should be there. 

I'll keep my politics out of your economics if you keep your economics out of my politics.

16LdMA6pCgq9ULrstHmiwwwbGe1BJQyDqr
Steve
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June 12, 2011, 01:31:39 AM
 #10

A whole lot of people are working on the infrastructure of bitcoin...there is no doubt about that.  In due time, it will become much more user friendly.

Bitcoin is certainly not good to use as a pricing mechanism right now, but that doesn't take away from its utility as a medium of exchange and store of value (the one week speculative bubble and pop notwithstanding).

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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