Banks are getting less rich of me today...and the online exchange I use pays ME interest for the risk I take with them. It's working, there's just not a lot of people on board yet. And the media screaming "crash!" because the price dropped 20% in a few days is ironic. The reason it's ironic is because the media's attempt to rationalize the growth as shortsighted and full of hype is as shortsighted and full of hype as their accusations. It's laughable.
Of course no one in the media talks about the 50% correction off the bottom of the last 7 days. No one in the media talks about how Bitcoin is still up 450% since January.
That's the shit Newbies read...fear and greed. So things cool off and then we all buy a bit more, the price rises a bit more, goes on another run, and with each run up we gain more adoption. Newbies start to read about why this thing was created and why it's valuable (and not just in dollars and cents).
It is currency. It's also a store of value (as currency is). I just don't see much adoption...at least not growing at the pace of price appreciation.
"Get educated" is the best advice anyone can give a Newbie here.
Right now, we have big name in online retail and wholesale, some banks and other financial institutions accepting Bitcoin as well as other cryptocurrencies. I don't know about you but to me that's a signal that this craze is real.
I'll challenge you a bit only on who's accepting Bitcoin. I don't think there are really big name online retailers or wholesalers accepting Bitcoin. At least I don't hear of any progression or growth in acceptance among retailers and wholesalers. It's shocking, really. Bitcoin is becoming less and less of a currency and more and more a store of value.
That's what it looks like to this noob. I'm finally paying attention but for now it seems like more of an investment than a currency to be used on the daily. But I look forward to the day that when it's mainstream and banks no longer get rich off us.
