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Author Topic: Why isn't bitcoin becoming a stable currency ?  (Read 638 times)
wottting
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March 02, 2014, 10:59:39 PM
 #1

Excuse in advance my english & this is my first post but long time lurker here.

I've always wondered why Bitcoin isn't becoming a stable money such as the dollar, euro, without huge variations of the value. As the bitcoin won't be worth mining within the next few months even with ( and because of ) the ASIC that'll be shipped, I don't see why there should be variations of the course, except because of speculation. I mean, imo, atm speculation may tend to kill bitcoin as only whales can influence the course. Why won't "we" ( but can't tell who and how ) put the bitcoin at a stable value of 600-700$, and speculate on alt-currencies, and use bitcoin as a change money.

I don't know if people here will understand what I'm saying as I think I've got a terrible english, but I don't get how the Bitcoin community would grow without the increase of sellers accepting it. And those sellers could accept the Bitcoin atm only if they're trading it. I don't get why a shop would accept bitcoin if the value could drop, it's risky.

Schematizing what I'm saying :

Miners & Speculators -> Alt Currencies

Alt Currencies -> Changed in btc

If BTC is stable, you could either change it in dollar or buy things with it, and not only drugs or shit tier objets on random stores.

The problem imo is that mining influences on the alt currency price in BTC, and speculators influnce the price of 1 BTC, which is nonsense.

Again, sorry for my english.
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Dalmar
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March 02, 2014, 11:01:45 PM
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Simply because of the small market cap and low liquidity. Comparing it to the dollar or euro is ridiculous.

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TERA
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March 02, 2014, 11:01:59 PM
 #3

bitcoin's volatility is it's greatest pitfall. Since bitcoin is decentralized and there is no central issuer, there is no way to control or back the price - only the market sets the price, and the market consists of people, people whose emotions are constantly and rapidly changing along with the growth of bitcoin. It is the biggest or one of the biggest reasons that bitcoin hasn't already become a large and therefore stable currency - it's like a circular paradox.
rmines
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March 02, 2014, 11:03:38 PM
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Simply because of the small market cap and low liquidity. Comparing it to the dollar or euro is ridiculous.

This.
Also, as there is no regulation people are able to manipulate the price as they see fit.
I do expect the price to stable once there is a much larger market cap.

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TERA
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March 02, 2014, 11:07:31 PM
 #5

Once bitcoin is fully grown and acting as a huge global currency, it will THEN be stable. But in order to get there, it has to go through several growth phases, which are not stable and consist of volatility. This volatility hinders the growth. Another paradox. But maybe we'll get there, eventually...
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March 03, 2014, 12:37:35 AM
 #6

It is stable if the vendor cashes out at the time he accepts it. Why do people use this stupid argument that vendors are taking a risk on volatility anyway? why is cashing out simultaneously such a difficult concept?
Ibian
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March 03, 2014, 12:38:14 AM
 #7

You can certainly sell your own coins at a set price regardless of what everyone else think they are worth. I will be happy to buy them from you once the market price is higher than yours.

Non-jerk answer: Bitcoin has not reached its full valuation yet. Once the market is saturated - that is, once the whole world uses bitcoin - the price will stabilise. That will happen somewhere north of $100000.

There is no bubble.
TERA
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March 03, 2014, 12:53:45 AM
 #8

After the next rally to $4000 and consolidation to $1500, we will be having this exact same topic again.
coinpharmer
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March 03, 2014, 12:56:58 AM
 #9

Excuse in advance my english & this is my first post but long time lurker here.

 As the bitcoin won't be worth mining within the next few months even with ( and because of ) the ASIC that'll be shipped,




thats very wrong. Who gave you your crystal ball?

the people mining bitcoin day 1 had ZERO reason to do so, those were the stupid people. who would waste computing power on something so pointless that could buy nothing at all and had zero value? In fact, you could easily argue they were crazy if they mined for longer than a month, because it still had no value after a month!!11!!11

hopefully you can understand that "worth mining" is very contextual. mine and hold.

the coins Ive mined sub 1k will not be sold for less than 10k period.  the coins I mine from 1k-10k wont be sold for less than 100k, etc.
wolongong
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March 03, 2014, 12:58:16 AM
 #10

Simple, no government is demanding tax to be payed in it.
cocrehamster
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March 03, 2014, 01:17:49 AM
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I think that a forwards or futures market would probably help to reduce the volatility. A study showed the introduction of a futures market significantly reduced the volatility of the Chinese stock market. http://onlinelibrary.wiley.com/doi/10.1002/fut.21573/abstract
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