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August 19, 2022, 10:10:51 AM |
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Why do we need to compare Bitcoin exchange rates with those of fiat currencies and commodities? And I don't think that Bitcoin is more volatile than most of the national currencies and commodities. For example, the Turkish Lira has gone down against the USD by more than 50% during the last 12 months (1 USD = 8.5 TRL to 1 USD = 18.1 TRL). Even the Euro has gone down by ~20% against the USD. Now take the case of commodities. Dutch TTF natural gas prices are up by almost 2500% during the last two years. Crude oil is up by 150%.
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BlackHatCoiner
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August 19, 2022, 10:22:12 AM |
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The stuff that follwed was more of a hard fact than this part. No it isn't. We're in a bear market and "investing" in altcoins can make your capital shrink. It's as hard fact as it isn't. The point being, vultures that are only here for the profits ought to go elsewhere. I don't agree. Foolish vultures that can't even pleasure themselves with hands so weak go elsewhere. The smart ones hold bitcoin and enjoy thrilling appreciations over the long term.
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BitcoinPanther
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August 19, 2022, 11:15:50 PM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I also think that for the masses and the government to acknowledge Bitcoin, it needs to get rid of its high volatility. I know it will be gone one day but I think it will take long years of waiting for the price of Bitcoin to stablize. I guess it will happen when the last coin is mined or when majority of the population are using Bitcoin.
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Smack That Ace
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August 20, 2022, 02:38:22 AM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I also think that for the masses and the government to acknowledge Bitcoin, it needs to get rid of its high volatility. I know it will be gone one day but I think it will take long years of waiting for the price of Bitcoin to stablize. I guess it will happen when the last coin is mined or when majority of the population are using Bitcoin. This is very unlikely in my opinion, we cannot deny that it is the volatility of bitcoin that attracts people to bitcoin and the market and not the technology behind it, it has but very few people care about technology. What everyone wants here is profit. Once bitcoin becomes as stable as gold it is today it is very likely that countries will gradually adopt it but we will also lose a large number of bitcoin users as it is no longer profitable for them.
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Ozero
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August 20, 2022, 01:36:58 PM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I also think that for the masses and the government to acknowledge Bitcoin, it needs to get rid of its high volatility. I know it will be gone one day but I think it will take long years of waiting for the price of Bitcoin to stablize. I guess it will happen when the last coin is mined or when majority of the population are using Bitcoin. I don’t think that a decentralized cryptocurrency will ever be able to get rid of its high price volatility. Some argue that this will happen when people start using bitcoin and other cryptocurrencies en masse, and thus, since the buying and selling actions of many people will almost always already be balanced, the price of the cryptocurrency will be more stable. It is unlikely that this will happen. The price of a cryptocurrency, as in the stock market, will always depend on bad or good news, and this, in turn, will influence the mass decision of cryptocurrency holders to buy or sell it, and then high volatility will continue.
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Tony116
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August 20, 2022, 02:07:23 PM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I also think that for the masses and the government to acknowledge Bitcoin, it needs to get rid of its high volatility. I know it will be gone one day but I think it will take long years of waiting for the price of Bitcoin to stablize. I guess it will happen when the last coin is mined or when majority of the population are using Bitcoin. I don’t think that a decentralized cryptocurrency will ever be able to get rid of its high price volatility. Some argue that this will happen when people start using bitcoin and other cryptocurrencies en masse, and thus, since the buying and selling actions of many people will almost always already be balanced, the price of the cryptocurrency will be more stable. It is unlikely that this will happen. The price of a cryptocurrency, as in the stock market, will always depend on bad or good news, and this, in turn, will influence the mass decision of cryptocurrency holders to buy or sell it, and then high volatility will continue. The only way Bitcoin will become stable is if and only if people decide to use it as a currency, a method of payment. Unlike today, people are buying bitcoin and expecting to be able to sell it at a higher price to make a profit from it. As a result of this thinking, bitcoin will never be stable, as everyone tends to buy low when the price is low and will sell high when the price is high. The volatility of Bitcoin will depend on our behavior.
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NotATether (OP)
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August 20, 2022, 03:31:34 PM |
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Yes, I agree with you on the bases that you can not force a monetization process to be stablized over night. But removing volatility side of bitcoin is something that might have issue because even my country's currency as it is now, it is unpredictable.
Of course, I am not expecting perfect stability in the price. I know that there will be continuous deviations in terms of hundreds and maybe even thousands of dollars (if the price of Bitcoin reaches an extremely high value). But price swigns such as 0.5x, 3x, 0.75x are unacceptable for most people who want to do commerce [not trading] in bitcoin. This has already been explained by many other people in different threads. So suppose we have the current price of BTC: $20,000. Assume the price is supposed to stay like that (in reality it will not stay at this price because BTC has much more market potential). I don't mind price swings of $100, $200, $500 or even $1000. But a price fluctuation of $2000, $5000 etc. becomes destructive, because people will wait for the prices to rise to profitable levels so they can spend less BTC. So there will be fewer economic transactions during a bear season.
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BitcoinPanther
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August 20, 2022, 09:51:52 PM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I also think that for the masses and the government to acknowledge Bitcoin, it needs to get rid of its high volatility. I know it will be gone one day but I think it will take long years of waiting for the price of Bitcoin to stablize. I guess it will happen when the last coin is mined or when majority of the population are using Bitcoin. This is very unlikely in my opinion, we cannot deny that it is the volatility of bitcoin that attracts people to bitcoin and the market and not the technology behind it, it has but very few people care about technology. What everyone wants here is profit. Once bitcoin becomes as stable as gold it is today it is very likely that countries will gradually adopt it but we will also lose a large number of bitcoin users as it is no longer profitable for them. No it won't lose bitcoin users, what it will lose are speculators and traders who intend to take advantage of Bitcoin high volatility. Why would a user abandon Bitcoin when Bitcoin got adopted by masses or government? As far as I know, bitcoin users are those who use Bitcoin regardless of profit. They are the one who use it as a currency and often buy things using Bitcoin.
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Smack That Ace
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August 21, 2022, 08:30:20 AM |
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No it won't lose bitcoin users, what it will lose are speculators and traders who intend to take advantage of Bitcoin high volatility. Why would a user abandon Bitcoin when Bitcoin got adopted by masses or government? As far as I know, bitcoin users are those who use Bitcoin regardless of profit. They are the one who use it as a currency and often buy things using Bitcoin. Yes, I mean investors in bitcoin, not people who are using bitcoin for their daily payments. Most people who own bitcoin are investors, speculators, not too many people are willing to use bitcoin as a currency, a means of payment for life. Even for large companies holding bitcoins, they consider bitcoin an investment. El Salvador is a country that accepts bitcoin as legal tender, they have bought and stored bitcoin as an asset and not a currency, even though it is legal currency in their country.
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Abiky
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August 22, 2022, 01:36:57 AM |
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Why do we need to compare Bitcoin exchange rates with those of fiat currencies and commodities? And I don't think that Bitcoin is more volatile than most of the national currencies and commodities. For example, the Turkish Lira has gone down against the USD by more than 50% during the last 12 months (1 USD = 8.5 TRL to 1 USD = 18.1 TRL). Even the Euro has gone down by ~20% against the USD. Now take the case of commodities. Dutch TTF natural gas prices are up by almost 2500% during the last two years. Crude oil is up by 150%.
Exactly. We don't need to measure Bitcoin's value in terms of Fiat, especially when it was designed to be an alternative to the current banking system. If only people used BTC directly for goods and/or services regardless of how much it's worth in Fiat, things would've been different. Only then, Bitcoin would've been considered as a currency by many instead of an investment tool. Unfortunately, greed has changed people's perception of Bitcoin, as they rely on it as a store of value just like Gold. Now Bitcoin needs to have a high price in terms of Fiat, or mainstream adoption would decrease at a very fast pace. There's nothing we can do about it, since that's the way the market works. How you'd use Bitcoin (either as a currency or as a store of value) is up to you. As long as Bitcoin stays true to its roots, it won't be going anywhere soon. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Betwrong
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August 22, 2022, 09:22:33 AM |
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~ It depends on who are the "we". Daily traders don't want stability for sure, but just holders ... idk. The lack of stability is what scares off many people from using Bitcoin, and we want more of them, right? Yes, we don't want stability around $20k, but around $100k, I wouldn't mind. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In trading perspective for sure traders would not like to see bitcoin go stabilize because if this happen for sure many traders lose a lot of profit because they cannot trade it according to what position they like to enter. But if you think of it, why stick to Bitcoin if you are a daily trader? Aren't there enough other volatile assets, crypto currencies included? Just make money on their exchange rate fluctuations, right? But if we also see it on adoption especially to be added on local merchant maybe this is good because for sure many institutions will look at it as valid grounds for acceptance and they will not worry about volatility and they can take advantage on its huge user base. Exactly. We want wide adoption of BTC, the wider the better. And we know that with wide adoption its price can't be below $100k, which is also a good thing. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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BITCOIN TO THE MOON ☾ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿
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Pujangga
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August 24, 2022, 03:03:48 PM |
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Because the basic concept of bitcoin is decentralization and the price is very much determined by the market so I think there is no point if it is stable, the thing that makes bitcoin a strong global community is because of the fluctuating price, this is a good opportunity to be used as daily trading.
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savetheFORUM
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August 24, 2022, 04:30:20 PM |
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The stuff that follwed was more of a hard fact than this part. No it isn't. We're in a bear market and "investing" in altcoins can make your capital shrink. It's as hard fact as it isn't. I believe it all depends on "alt" we are talking about. The problem with the word altcoin is that it consists of everything from ethereum and bnb to all the smaller ones that are not even in the top 1000 of CMC right now and even ones that are not even listed there. So, that means when we are talking about alts, we are talking about a vast one and I agree that majority of them would shrink it, but the ones like ETH would probably not cause that. This is why I personally try to make sure that we do not invest into silly stuff that could be a scam, but we would definitely invest into high level top 5 ones that could go on to be major players like bitcoin in our future.
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BlackHatCoiner
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August 24, 2022, 04:37:06 PM |
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I believe it all depends on "alt" we are talking about. All of them. They're all spread as investments, but they're all highly more vulnerable to manipulation, because far less institutions own most of them. The majority of altcoin developers focus on marketing tricks --and even more into their pockets-- not on the actual thing. This justifies on why they're working outside bitcoin. Not just altcoins. NFTs, ICOs --worthless tokens generally-- are dumped in bear markets, because bear markets expose part of the truth: Utility.
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Betwrong
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August 24, 2022, 04:43:54 PM |
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~ I believe it all depends on "alt" we are talking about. The problem with the word altcoin is that it consists of everything from ethereum and bnb to all the smaller ones that are not even in the top 1000 of CMC right now and even ones that are not even listed there. So, that means when we are talking about alts, we are talking about a vast one and I agree that majority of them would shrink it, but the ones like ETH would probably not cause that.
This is why I personally try to make sure that we do not invest into silly stuff that could be a scam, but we would definitely invest into high level top 5 ones that could go on to be major players like bitcoin in our future.
If Bitcoin price stabilizes at some point in the future, as many of us in this thread expect, then those coins in the top 5(I think it's pretty safe to say "in the top 10" even) will become more attractive to day traders. And unlike those coins you've mentioned that are not even in the top 1,000 on CMC, coins from the top 10 have low chances of being a scam.
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BITCOIN TO THE MOON ☾ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿ ₿
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Sanitough
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August 24, 2022, 09:19:22 PM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I put emphasis on the word "naturally" because you cannot force a monetary process to establish itself in a few short years. The price and users must gradually reach an inflection point on their own.
It is similar to implementing the Euro as the official European currency. By no means were the governments rushed to scrap their central bank currencies, they were give ample time (about a decade or two IIRC) to phase it in, in stages.
So Bitcoin, and anything that wants to follow it in market capitalization, must be introduced to the public in phases, which could take a very long time.
The rest of the altcoins that do not stabilize can disappear (e.g. Solana), I have no pity for them as they only serve to give larger cryptocurrencies (and crypto in general) a bad name in the news.
As I see Bitcoin as time goes on, its price in the market is going up, and we have all seen that since 2009 which started with less than 1 $ each Bitcoin is now priced at 20k $ more than one. Although it has fallen from a high price of more than 69k $ and it can be said if it really stabilizes, especially now that many believe that bitcoin in the future will possibly be 100k $ each or more so many are buying now and they are holding it's a few years from now. It’s hard for bitcoin to get stabilized, as its volatility will always be present no matter what. That is why using it as a currency or a legal tender might create more confusion on part of the people, the reason why the government is still hesitant to adopt it as a currency. However, in terms of market stabilization, I know in the long run bitcoin will bound to recover and will reach new all time highs once again. For now, let’s just grab the opportunity of buying it at a discounted price.
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mich
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August 26, 2022, 06:11:00 AM |
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I absolutely think bitcoin's price will stabilize in time just be patient. Right now there are many factors contributing to BTC volatility. First, we are probably entering a recession due to massive government overspending and general mishandling of the pandemic. Furthermore, the war in Ukraine has shaken the world economy up and it will take time for things to blow over. BTC price will be in a completely different place when the market conditions change. I just try and remain patient. I’m holding long anyway so I don’t even look at my wallet these days.
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globalpain
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August 26, 2022, 07:07:45 AM |
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The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.
I put emphasis on the word "naturally" because you cannot force a monetary process to establish itself in a few short years. The price and users must gradually reach an inflection point on their own.
It is similar to implementing the Euro as the official European currency. By no means were the governments rushed to scrap their central bank currencies, they were give ample time (about a decade or two IIRC) to phase it in, in stages.
So Bitcoin, and anything that wants to follow it in market capitalization, must be introduced to the public in phases, which could take a very long time.
The rest of the altcoins that do not stabilize can disappear (e.g. Solana), I have no pity for them as they only serve to give larger cryptocurrencies (and crypto in general) a bad name in the news.
As I see Bitcoin as time goes on, its price in the market is going up, and we have all seen that since 2009 which started with less than 1 $ each Bitcoin is now priced at 20k $ more than one. Although it has fallen from a high price of more than 69k $ and it can be said if it really stabilizes, especially now that many believe that bitcoin in the future will possibly be 100k $ each or more so many are buying now and they are holding it's a few years from now. It’s hard for bitcoin to get stabilized, as its volatility will always be present no matter what. That is why using it as a currency or a legal tender might create more confusion on part of the people, the reason why the government is still hesitant to adopt it as a currency. However, in terms of market stabilization, I know in the long run bitcoin will bound to recover and will reach new all time highs once again. For now, let’s just grab the opportunity of buying it at a discounted price. I think the government is still reviewing Bitcoin as a legal tender, it is with this volatility that the government still has not legalized Bitcoin as legal tender, we'll see what the future will be like because this is an interesting discussion
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serjent05
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August 26, 2022, 06:14:36 PM |
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It will take longer to make the Bitcoin price stabilize. We might probably have our grandchildren or great-grandchildren and yet the Bitcoin stabilization process is still ongoing. One reason for this is the organic process really takes too long. My hint would be after the mining block reward effect is negligible to the circulation of Bitcoin supply.
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August 27, 2022, 03:31:56 AM |
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Because the basic concept of bitcoin is decentralization and the price is very much determined by the market so I think there is no point if it is stable, the thing that makes bitcoin a strong global community is because of the fluctuating price, this is a good opportunity to be used as daily trading.
If Bitcoin were to be stable it would make things seem strange. so Bitcoin will continue like that to see if the price will get higher or lower in the next 10 years.
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