hZti (OP)
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June 19, 2022, 03:40:13 PM Last edit: June 19, 2022, 04:26:14 PM by hZti |
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Since the price has gone down drastically many new topics arise in this forum about disappointed members that think bitcoin will fail or will never recover from this. This makes me wonder if people are in the Bitcoin ecosystem because they want to make money. Because nobody complains if bitcoin has a bullrun even if it is equally bad for bitcoin as a payment solution or store of wealth. For example the ECB says about it monetary policy: Price stability is the best contribution that monetary policy can make to economic growth. (1) This is because people can rely on the currency and it has never been proven successful if a currency was volatile because this always creates winners and losers. If you look for example now at bounty payments, campaigns that pay in usd are in a shitty position since they run out of btc quickly and vice versa. A more stable currency makes your business more predictable and therefore more successful. What would you do if you could influence the monetary policy of bitcoin? (1) Source: https://www.ecb.europa.eu/mopo/html/index.en.html
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Hispo
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June 19, 2022, 04:15:56 PM |
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I assume there is people how are into Bitcoin for the sole purpose of profit, like traders. But there are also people who are here because the vision of Bitcoin and the ideologies behind it.
I'd say most of the people are a bit of both, like decentralization and want to make a profit in mid-long terms.
Perhaps the vision is different depending on whom you ask, but in my humble opinion Bitcoin being a volatile assest, coin or currency is part of its history and essence at this point. I did not meet satoshi but I would assume he/she could not created a crypto-currency both decentralized and stable, so he went for the decentralization (the important characteristic that make Bitcoin special).
Nowadays, we have a variety of stablecoins that offer good liquidity and with the advent of CBDC's there will be more options to keep money "stable", Bitcoin may have not accomplished its original goal but it does not mean it has not accomplished others which are also important: increasing adoption, awareness, institutional adoption, etc. All this without changing its monetary policy.
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avikz
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June 19, 2022, 06:19:18 PM |
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A stable price is best for bitcoin in terms of mass adoption. Along with other reasons, volatility is one of the major reason why merchants do not prefer to accept bitcoin. Because the volatility can either give them a huge profit or they will incur loss. Every small merchants don't have a huge financial backup, so they have to roll their money within the business. The volatility is a major bottleneck there. So if bitcoin's price stabilizes, it will be great for mass adoption. Some miners will be definitely disappointed but largely, it will be great for the bitcoin ecosystem in the long run.
So if I could influence the bitcoin's price, I would push for stability over anything else!
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hatshepsut93
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June 19, 2022, 08:27:48 PM |
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Bitcoin will always be more volatile than fiat currency, because fiat currency has central banks that can intervene and push the price to the opposite direction and negate volatility. And you are right - it's hurting Bitcoin's attractiveness as a payment method to some extent. But Bitcoin could become less volatile, like gold for example, which also doesn't have any central bank. So, hypothetically this problem could disappear in the long run.
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Fortify
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June 19, 2022, 08:37:50 PM |
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Since the price has gone down drastically many new topics arise in this forum about disappointed members that think bitcoin will fail or will never recover from this. This makes me wonder if people are in the Bitcoin ecosystem because they want to make money. Because nobody complains if bitcoin has a bullrun even if it is equally bad for bitcoin as a payment solution or store of wealth. For example the ECB says about it monetary policy: Price stability is the best contribution that monetary policy can make to economic growth. (1) This is because people can rely on the currency and it has never been proven successful if a currency was volatile because this always creates winners and losers. If you look for example now at bounty payments, campaigns that pay in usd are in a shitty position since they run out of btc quickly and vice versa. A more stable currency makes your business more predictable and therefore more successful. What would you do if you could influence the monetary policy of bitcoin? (1) Source: https://www.ecb.europa.eu/mopo/html/index.en.htmlThere are a lot of conflicted people here and pretending that everyone was only into bitcoin out of some noble attempt to see a groundbreaking technology rise up is kinda pathetic. I would say that 95% or more people who got into Bitcoin ultimately only did it after seeing the price rise constantly, week after week and month after month, until that bubble got too big and it ultimately had to start bursting. Bitcoin is a currency, it is meant to be used to trade and that was it's original purpose, many years ago people started holding it up as some sort of comparison to gold - except it had no intrinsic value. Speculators blew up the bubble far larger than it ever should of gotten and now we're seeing it deflate as they all leave.
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Dunamisx
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June 19, 2022, 08:52:37 PM |
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Since the price has gone down drastically many new topics arise in this forum about disappointed members that think bitcoin will fail or will never recover from this. This makes me wonder if people are in the Bitcoin ecosystem because they want to make money. Because nobody complains if bitcoin has a bullrun even if it is equally bad for bitcoin as a payment solution or store of wealth What else should we expect from people if not a kind of response in this manner, everyone want a new ATH not minding the rough path bitcoin would have been through in other to achieve and sustain such a high value, either we like it or not it will continue to rise and keep rising and will not either the way stop or cease to fall as well because that's what the word being volatile means, no one will make a complaints whenever there's a bullrun but will act negatively wjen the other ways shows up instead.
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hZti (OP)
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June 20, 2022, 06:39:48 AM Last edit: June 20, 2022, 06:52:35 AM by hZti |
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Bitcoin will always be more volatile than fiat currency, because fiat currency has central banks that can intervene and push the price to the opposite direction and negate volatility. And you are right - it's hurting Bitcoin's attractiveness as a payment method to some extent. But Bitcoin could become less volatile, like gold for example, which also doesn't have any central bank. So, hypothetically this problem could disappear in the long run.
Maybe if more countries like El Salvador adopt it they would buy large amounts if the price only goes down a few percents. For me thats the only way, because normal users are not coordinated. Or do you think the mass adoption itself can help? Perhaps the vision is different depending on whom you ask, but in my humble opinion Bitcoin being a volatile assest, coin or currency is part of its history and essence at this point. I did not meet satoshi but I would assume he/she could not created a crypto-currency both decentralized and stable, so he went for the decentralization (the important characteristic that make Bitcoin special).
He couldnt make bitcoin a stablecoin for obvious reasons but maybe we can see a stabilization from outside of the network later, like from countries or large institutions. This would have the ability to influence the price without compromising the décentralisation. Still this System would need price changes if supply and demand change, which I think is good since bitcoin is not a stable coin. But with large enough sums you could only find a level that is acceptable for the moment like it is done by every central bank with every fiat currency. The only options they would not easliy have is to lower the price by inflating the supply, which could lead to problems.
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coinsrider
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June 20, 2022, 07:00:03 AM |
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The level of BTC has been traded could Increase in the coming hours/Days..? Any Thought's
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bittraffic
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June 20, 2022, 07:00:34 AM |
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As if it had not happened before. I'm sure majority of those who complain are the ones who have not experienced this back in 2018. If they got in Bitcoin trading this 2021, this is the first time they see how disappointing the bear market. The 2nd time around, they may get used to it already.
Steady price will not encourage holders. Steady price is not going to make investors richer but traders will be force to go for leverage trading in hopes to a tiny spike can make them more money. But with volatility, its all about both for holders who has patience and people with trading skills.
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|MINER|
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June 20, 2022, 07:16:24 AM |
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The world of cryptocurrency is dependent on Volatility. For example, if the price of Bitcoin was as stable as it was in 2013, I don't think Bitcoin could raise such a hype. Not only this , Traders are also trade based on volatility, but agree that high volatility often puts us at risk.
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Fivestar4everMVP
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June 20, 2022, 07:57:32 AM |
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The world of cryptocurrency is dependent on Volatility. For example, if the price of Bitcoin was as stable as it was in 2013, I don't think Bitcoin could raise such a hype. Not only this , Traders are also trade based on volatility, but agree that high volatility often puts us at risk.
I agree with you, i can say with all seriousness that the volatility (no matter what other persons think or say) has done Bitcoin more good than harm, the volatility in the price of Bitcoin and cryptocurrencies in general is actually a blessing in disguise, but this blessings can only be tapped into by those who take their earnest time to learn how to turn the volatility into profit rather than loss. The high volatility in the price of Bitcoin and cryptocurrencies in general has brought alot of popularity to this space than it would have if prices were relatively stable, alot of people has made alot of money in the shortest period of time through the unstable prices of bitcoin and every other crypto coin out there, cryptocurrency trading is highly profitable(as well as risky) because prices are highly unstable, to cut out the risky part, and turn your cryptocurrency venture into a highly profitable one, all one have to do is learn the basics, research more and invest wisely.
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yazher
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June 20, 2022, 08:53:52 AM |
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Since most people aren't aware of how bitcoins work, I prefer for them to experience volatility first then they can decide whether to stay in the industry or not but when the time comes bitcoins will gonna be expanding its popularity, we only see a few of event where the volatility occur and most of the time it will gonna have a stable price like we had last year when after the bull run season. Right now is another trial and only strong investors that have already experienced such kind of scenario in the past will stay and gonna invest more later.
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Accardo
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June 20, 2022, 09:30:54 AM |
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When a person cannot control the price of bitcoin he/she runs to create an alternative. One that won't solve a problem at hand. In my opinion, stabilizing bitcoin is close to impossible. No central body that can carry out the decision on bitcoin that's why Satoshi made it decentralized. I think "decentralization" is the first word a trader or investor gets as an answer on bitcoin. However, if the control of bitcoin is in my power I'll rather leave it the way it was made. Or provide a means to stabilize bitcoin on a certain price for a long time such that the price falls in smaller amounts. A process that will affect bitcoin's price growth too. But, the world will love bitcoin if it rises too high and plunges afterwards. Than, rotating on a small amount of profits and loss. The market is filled with traders who are ready to take the big profit and scared of the huge loss in profit.
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Poker Player
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June 20, 2022, 09:56:29 AM |
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Price stability is the best contribution that monetary policy can make to economic growth. (1) Theory is one thing and practice is another, as the ECB's monetary policy has been more concerned with providing liquidity lately than with price stability. Now they seem to have been forced to raise rates. If you look for example now at bounty payments, campaigns that pay in usd are in a shitty position since they run out of btc quickly and vice versa.
That makes no sense. If you have to pay $1K in Bitcoin, on the day of payment you exchange the fiat or stable coin you have for Bitcoin and that's it, no matter the change in price. What would you do if you could influence the monetary policy of bitcoin?
There is no monetary policy because Bitcoin does not depend on a centralized entity that varies the Bitcoin issued according to political decisions. The theory is that going forward, as the price goes up and Bitcoin is adopted by more people, the volatility will go down, but that does not depend on the decision of certain people, as it does with the ECB's monetary policy.
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hZti (OP)
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June 20, 2022, 10:09:58 AM |
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If you look for example now at bounty payments, campaigns that pay in usd are in a shitty position since they run out of btc quickly and vice versa.
That makes no sense. If you have to pay $1K in Bitcoin, on the day of payment you exchange the fiat or stable coin you have for Bitcoin and that's it, no matter the change in price. But what if you promised to pay a specific rate in bitcoin for example 0.002 BTC per week. If the price does rise than you will have to pay more than you would have planned. Same goes if you promise to pay in USD but hold BTC. And yes you can argue that you can exchange all the currency needed at the beginning of the campaign, but thats not possible if your campaign runs for a long time. Also campaigns are just one example of even more complicated examples in the real Business world.
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lionheart78
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June 20, 2022, 10:24:50 AM |
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Stability looks good but in the current situation of Bitcoin where it has not been globally adopted yet, I think I will go with volatility. With volatility, the market will never be boring. It also caters to more investors which can be a pillar of the future of Bitcoin. Let it be a speculative investment until global adoption is achieved. When that happen the market itself will give way to the path of price stability.
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KingsDen
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Goodnight, o_e_l_e_o 🌹
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June 20, 2022, 11:36:59 PM |
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Since the price has gone down drastically many new topics arise in this forum about disappointed members that think bitcoin will fail or will never recover from this. This makes me wonder if people are in the Bitcoin ecosystem because they want to make money.
Our dear bitcoin has deviated from the original reason it was created. Even the creator didn't know bitcoin will turn out to be like this. But that is technology for you, it can evolve to what you don't anticipate. So, the original idea of satoshi was that bitcoin will be a currency. Bur it's good we have seen it also as an investment opportunity. But 95% of the users of bitcoin are either using it as investment and waiting for it to appreciate or they are using it because of some kind of anonymity they can achieve with bitcoin. Others bitcoin of liberty to control their wealth, it is very few that is using it as currency. Assuming we are all using it as currency, we shouldn't be crying much during bear market. Though even in fiat we save but without expectation of increment. This cannot be said of fiat and it is a great advantage of bitcoin over fiat.
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Poker Player
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June 21, 2022, 06:55:49 AM |
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But what if you promised to pay a specific rate in bitcoin for example 0.002 BTC per week. If the price does rise than you will have to pay more than you would have planned. Same goes if you promise to pay in USD but hold BTC. And yes you can argue that you can exchange all the currency needed at the beginning of the campaign, but thats not possible if your campaign runs for a long time. Also campaigns are just one example of even more complicated examples in the real Business world.
After writing this I was thinking that you are right because normally in the capaigns funds are sent in escrow, let's see an example: This will be a long-lasting campaign with planned duration of a minimum of 6 months. To prove the company’s seriousness, 2 months’ worth of funds have already been escrowed (18k$ in current BTC price). The escrowed funds are already under our control and can be seen at the following wallet address. bc1qrajyse6qjt2w8a8qnjmetdh9fhafxf6x0fgsf5d6x6gvjgnkl3js9p2qkn As this was written on June 9, the drop in the price affects, as the campaign pays the equivalent in USD, so you were right I think. I don't know if it works this way in all cases but we see that at least in some cases it does.
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NeuroticFish
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June 21, 2022, 07:26:11 AM |
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What would you do if you could influence the monetary policy of bitcoin?
1. Since I know that Bitcoin's "monetary policy" cannot be influenced like that, the answer is irrelevant. 2. I will add that since Bitcoin is not a company or government, nor a stable coin, it doesn't have and it doesn't care about "monetary policy" 3. Even fiat currencies are not stable, so the "steady price" is some fairy tale situation. 4. Less wild fluctuations of the price are supposed to be seen as a sign of maturity and are supposed to happen in the not so far future. It's not "steady price", but still. 5. Like in Forex, seasoned traders will be able to squeeze profits even from small fluctuations of the price, also some will lose money even there. Your logic looks flawed.
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Welsh
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June 21, 2022, 08:32:33 AM |
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For those looking to escape living their life pay check to pay check, then volatility makes sense if they can time it right. For those that want massive amounts of adoption, and also consumer confidence, a steady price is what you want.
For me, I'm comfortable with Bitcoin being volatile for the time being. However, in the future I would want, and expect it to become a more stable currency. It's basically designed this way, as time goes on, and less Bitcoin is being mined, and therefore introduced into the network, the less volatile it becomes. You can almost compare block rewards like printing money off, expect it's already preplanned in Bitcoin to have these injections, and it gets smaller as time goes on, until it's no longer anything. However, for the short term while we do have these mini injections, we see somewhat the same as if the governments printed money off in fiat. We get a sudden increase in the amount of Bitcoin available, which theoretically pushes prices down, because while the demand might still be the same, there's ultimately more coins in the network.
When block rewards are gone, Bitcoin should theoretically become very stable.
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