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December 17, 2018, 02:39:13 AM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be.
One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.
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Potato Chips
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December 18, 2018, 04:29:04 AM |
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No, the exchanges don't set the price, it is the whole demand and supply that affects it, which they are not in control of. Now, if you want them to manipulate their own market, it still not enough since they can't force people to buy and not everyone would join knowing they can be sued for it.
I can't really see how bitcoin would be stable when nothing backs the price 乁( ͡ಠ ʖ̯ ͡ಠ)ㄏ. If ever it happens tho, I think it'll be easier for big companies to trust cryptocoins.
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Kemarit
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December 18, 2018, 04:35:07 AM |
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Then it will totally defeat the purpose of having Bitcoin or crypto in general. Although that's one disadvantage is that its very volatile but we have battled it in the last 10 years that people learn how to live (and die) with it. I don't understand how you can't make a profit through volatility though, might be difficult in the beginning but as you mature as trader then you will learn how to embrace and take advantage of its price fluctuations either short or long term goal.
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ralle14
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December 18, 2018, 05:08:50 AM Last edit: December 18, 2018, 10:25:21 AM by ralle14 |
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Most traders will likely stop using Bitcoin and exchanges could go out of business if they keep this $5,000 rule. This will never happen because all exchanges will change anything to keep their users happy and if it occurs at some point it won't last long because there are other places where people can sell and buy BTC for more or less than $5.000.
Another thing that can happen is bitcoin mining will become unprofitable since the required power to mine a block increases over time and having a fixed price won't be enough to sustain their expenses.
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figmentofmyass
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December 18, 2018, 10:38:45 AM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be. it would never happen. exchanges wouldn't collude to end volatility because that's how they profit. in theory, trading would just grind to a halt since traders wouldn't be able to buy and sell at real prices. everyone would just withdraw their coins and fiat and send them to legitimate exchanges that weren't trying to rig the price. exchanges really aren't that powerful. there are so many now all across the world that effective collusion like that is totally impossible. it's the market---traders and investors---that determine the price, not exchanges.
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stiffbud
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December 18, 2018, 09:32:48 PM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be.
One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.
If the price of the Bitcoin is fixed, then I simply don't see the importance and use of Bitcoin in the mainstream and its use in everyday life. If the price of the Bitcoin is stable (fixed), then why in the world would I exchange my government backed fiat currencies which are accepted everywhere for crypto like Bitcoin which have a very limited acceptance and can be banned by government any day they like. If I prefer stability then I would prefer fiat over any investment because value of 1$ will always be 1$ so no need for me to let go of my money. Fiat is without any doubt the more stable than anything in the world. The only use of that crypto left would be anonymous transactions which will be needed by a very few people on a daily basis and that crypto would loose all its popularity and I don't see a very long future for this kind of coin at all.
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Potato Chips
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December 19, 2018, 11:01:27 AM |
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The only use of that crypto left would be anonymous transactions which will be needed by a very few people on a daily basis and that crypto would loose all its popularity and I don't see a very long future for this kind of coin at all.
Not really. If price is stable ppl would actually put more trust to it primarily because the risk of your money dropping value, would be gone. In that case we can assume more merchants! Additionally bitcoin is easy to set-up, so it would be useful to countries where most ppl doesn't have bank accounts. Can't really see it having no future when it has an actual use. If I prefer stability then I would prefer fiat over any investment because value of 1$ will always be 1$ so no need for me to let go of my money. Fiat is without any doubt the more stable than anything in the world. Not always. Fiats are backed by governments so naturally, the value would drop if its backer falls into crisis.
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shield132
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December 19, 2018, 06:14:13 PM |
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You don't want stable coins like tether but then say that you want to see stable bitcoin, can't understand what you mean. Such an agreement mustn't be made and also people decide bitcoin's price, not exchangers. Also fixed price of btc is unusable because increased mining difficulty will make mining unprofitable. Without mining, your transactions won't be confirmed and so on. Bitcoin's main idea is decentralyzation, what you say goes against it.
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harizen
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December 19, 2018, 06:29:09 PM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be.
One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.
Don't know how you think on this. Even we applied the "what if" here, it's quiet difficult to imagined because that's how crypto exchanges gets their profit. And pointing to bitcoin, take note also of the circulating supply which plays a big role on it's volatility. Anyhow, it can applied on some alts. *
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Kiryahs
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December 19, 2018, 07:06:35 PM |
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Get something stable if you don't want to lose. Or dont get anything at all
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figmentofmyass
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December 19, 2018, 08:45:39 PM |
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The only use of that crypto left would be anonymous transactions which will be needed by a very few people on a daily basis and that crypto would loose all its popularity and I don't see a very long future for this kind of coin at all.
Not really. If price is stable ppl would actually put more trust to it primarily because the risk of your money dropping value, would be gone. In that case we can assume more merchants! only based on unsustainable price fixing. i don't see that lasting too long! ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) the prices on off-exchange/p2p markets and the non-colluding exchanges would just diverge from the fake prices. i think the market is smart enough to recognize which prices are real.
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Potato Chips
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December 20, 2018, 05:54:13 PM |
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Not really. If price is stable ppl would actually put more trust to it primarily because the risk of your money dropping value, would be gone. In that case we can assume more merchants! only based on unsustainable price fixing. i don't see that lasting too long! ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) the prices on off-exchange/p2p markets and the non-colluding exchanges would just diverge from the fake prices. i think the market is smart enough to recognize which prices are real. Oh wait. I wasn't basing it on anyone's idea, I just answered hypothetically ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I still stand by my opinion that I can't see it becoming stable. Nevertheless, this just adds to one of the many loopholes op's idea has.
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ClockworkTrader
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December 21, 2018, 11:26:42 AM |
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Locking the price at one level goes against the principle of Cruptocurrency, as it brings element of control to it - in this case it is the exchanges who will control it. And for sure there will be exchanges that disagree with this position, they will push for their own price etc. etc. etc.
On the other hand, such high volatility is the thing preventing Bitcoin from being a viable substitute to major fiat currencies, the situation is not that obvious.
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Hamphser
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December 21, 2018, 11:53:34 AM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be.
One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.
You already ask your question and the fact that exchangers doesn't have that power to dictate on what should be the price of each crypto. If that's the case then BTC wont be different into fiat money. It wont be called as a crypto if it do have that kind of characteristics and you are right if its fixed or not volatile then making money is impossible and investors will surely lessen up. It wont be recognized as crypto.
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Slow death
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December 21, 2018, 03:07:31 PM |
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I wonder if that could be done and what the effect would be. this could not be done, but exaggerated volatility can be minimized with the entry of large investors and with the entry of governments to make regulations that are favorable for bitcoin, if governments oversee the exchanges, if we do not have more pump and dump groups, if we end this habit that a simple opinion of someone expert or developer of the currency causes that the price increases 50%, if we end this, we will see a more acceptable volatility.
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mwaqar17
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December 22, 2018, 12:55:15 PM |
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In simple words you are going to change the whole crypto market by amending price fluctuation. On positive side people will be happy who are in favour of crypto market. On negative side people will leave crypto currency and there will be very few people who will be using BTC or any other crypto currency. I am in favour of this if it going to happen some day, but I don't think so it will happen.
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Cosbycoin
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December 25, 2018, 06:08:51 AM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be.
One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.
Lol, are you doing campaign for Trump? By the way, what you’re asking isn’t possible, the price can’t be locked to a particular price, it fluctuates always (volatile) and there is no way to change that. What moves the price is demand and supply, so let’s assume that people stops to buy and sell for a week, maybe the price will stay stable. But you can’t stop the buying and selling.
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MFahad
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December 25, 2018, 01:59:46 PM |
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I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.
I wonder if that could be done and what the effect would be.
One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.
Bitcoin price cannot be fixed because it is not controlled by any bank or government or any regulating authority. Bitcoin price should be determine by demand and supply. The more the demand of bitcoins, the more value will be of it. In case if people are not interested in buying it, it will surely lose its value.
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sunsilk
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December 28, 2018, 02:00:20 AM |
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The price of bitcoin won't be locked as you are thinking. Although that's just an example that plays to your mind but let's get into reality that bitcoin won't be volatile anymore if there's no motion for its price.
No one asks you to buy bitcoin if it has "stable" price at $5,000 or same that never moves. The purpose of bitcoin is still there but its value is going high as time passes by and it won't change.
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akram143
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December 28, 2018, 11:19:50 AM |
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The price of bitcoin won't be locked as you are thinking. Although that's just an example that plays to your mind but let's get into reality that bitcoin won't be volatile anymore if there's no motion for its price.
No one asks you to buy bitcoin if it has "stable" price at $5,000 or same that never moves. The purpose of bitcoin is still there but its value is going high as time passes by and it won't change.
at any time we cannot definitely fix her like the value of cryptocurrency because it is not like that , in our country blockchain Technology are more developed nowadays not only in some countries but also in all over the world so the price value will not be fit said it changes every day when people increasing investing then the value will be definitely going up and up.
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