N12
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Activity: 1610
Merit: 1010
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September 06, 2011, 06:25:21 PM |
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lrn2 store of value vs. currency.
Regardless of what bullshit is being spread here, Bitcoin is not a currency, it’s a payment method or USD proxy at best. Noone is being paid Bitcoins as wage. Noone accepts it for basic goods.
Store of value on a long-term scale it possibly is, depends mainly on the integrity of the core system and if it will indeed remain the dominant chain.
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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Synaptic
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Activity: 84
Merit: 10
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September 06, 2011, 06:30:05 PM |
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lrn2 store of value vs. currency.
Regardless of what bullshit is being spread here, Bitcoin is not a currency, it’s a payment method or USD proxy at best. Noone is being paid Bitcoins as wage. Noone accepts it for basic goods.
Store of value on a long-term scale it possibly is, depends mainly on the integrity of the core system and if it will indeed remain the dominant chain.
Hey, I know it's a bullshit pump and dump, it's the fool I was replying to with my original insulting post and all of his ilk that I was addressing... |
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gw4tt
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September 06, 2011, 06:32:20 PM |
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At $4 the market cap is around $30million. Which is barely anything, meaning most have given up on the idea of bitcoin. That's all I was saying.
$2 means $15million $1 about $7 million.
Yes you can still use it as a payment method, however it means barely anyone is using it, so why use it that way? There's barely any customers.
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Synaptic
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September 06, 2011, 06:34:39 PM |
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At $4 the market cap is around $30million. Which is barely anything, meaning most have given up on the idea of bitcoin. That's all I was saying.
$2 means $15million $1 about $7 million.
Yes you can still use it as a payment method, however it means barely anyone is using it, so why use it that way? There's barely any customers.
Uh, the USD value has never reflected how many people are using it as a payment method for actual goods and services. If it did, we'd certainly be blow $1... |
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gw4tt
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September 06, 2011, 06:37:18 PM |
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It is a sign of economic activity in general though. The stats for me show there are more purchases when the exchange rate is higher. At a $7million market cap it means there's barely any activity, might as well move along.
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Synaptic
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Activity: 84
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September 06, 2011, 06:41:47 PM |
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...might as well move along.
My sentiments exactly... |
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JohnDoe
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September 06, 2011, 06:44:30 PM |
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Sold: Yes
Lost faith: Yes
I don't believe anymore that Bitcoin will become a widespread medium of exchange so I sold all my remaining BTC for NMC. Namecoin has the same economic and technical flaws as Bitcoin but I believe it is better suited as a store of value because of its uses outside being a currency.
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Synaptic
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September 06, 2011, 06:51:01 PM |
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Sold: Yes
Lost faith: Yes
I don't believe anymore that Bitcoin will become a widespread medium of exchange so I sold all my remaining BTC for NMC. Namecoin has the same economic and technical flaws as Bitcoin but I believe it is better suited as a store of value because of its uses outside being a currency.
*hypothetical uses the .bit tld is sill just an idea. |
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buttcoin1
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Activity: 56
Merit: 1
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September 06, 2011, 06:57:25 PM |
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Sold everything a $8. Lost confidence? Never really had it.
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JohnDoe
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September 06, 2011, 07:10:07 PM |
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*hypothetical uses
the .bit tld is sill just an idea.
The .bit tld exists. Having low adoption doesn't make it "hypothetical". Also you can register any type of name/value data you like, not just domain names. |
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Synaptic
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Activity: 84
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September 06, 2011, 07:18:59 PM |
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*hypothetical uses
the .bit tld is sill just an idea.
The .bit tld exists. Having low adoption doesn't make it "hypothetical". Also you can register any type of name/value data you like, not just domain names. It exists. It's not usable. And apart from my own ?coin idea, I see no other uses for NMC other than a secure .tld I'm honestly curious what other use NMC would serve besides a .tld? |
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dinker
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Merit: 10
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September 06, 2011, 08:19:58 PM |
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I sold about 1/3 at 8+ and i wish I had dumped all... oh well.
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Help Me Help You Donations:
14kP6tNtrz3woESs9nEE5aDB81QTybGyyZ
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elggawf
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September 06, 2011, 08:47:58 PM |
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It exists.
It's not usable.
And apart from my own ?coin idea, I see no other uses for NMC other than a secure .tld
I'm honestly curious what other use NMC would serve besides a .tld?
It's usable, it's just not user friendly (understatement of the century, but hey). IIRC, Namecoin simply stores key/value pairs - you could use it for all kinds of things, like a public crypto-verified mailing address, storing encryption public keys (so you needn't trust a keyserver)... there's all kinds of uses for such a scheme. |
^_^
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Revalin
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September 06, 2011, 10:46:51 PM |
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There's no way it's going under $2. It's been there before. I believe it's going there again, based on market fundamentals. I've ranted enough about it in Economics and Speculation, so I won't repeat it all here. There's no force that holds it over $1 (other than a bump in market support that will make it hover there for a few days), and there's no reason it becomes useless at that point. There was a small but successful BC economy when it was a small fraction of a dollar. |
War is God's way of teaching Americans geography. --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics. --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g |
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hmongotaku
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September 13, 2011, 02:01:53 AM |
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i sold out at 6 btc/usd if you're wondering... traded 2 btc @ 6 USD since i'd figure i won't even get 5 dollars for them.
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