WHY THE BITCOIN PRICE DROP IS REALLY GOOD NEWS

[mmortal03]

Nonsense. Unless the price goes up significantly, bitcoin will not be useful for truly large transactions. Right now if somebody wants to buy a couple million dollars worth of bitcoin, it's really difficult, and the transaction would make the price spike (or tumble). A large market cap means more liquidity and more possibilities for the network.? If you just want to be able to settle your cable bill, a low price is fine, I guess.

Posted From bitcointalk.org Android App

I know I'm putting words in his mouth, but if Bill Gates thinks Bitcoin is cheap, he should open up that pocketbook of his and invest some on an exchange. It'd be lovely to see that price spike that you're talking about, with a true whale like him entering the market.

http://www.telegraph.co.uk/technology/11138905/Bill-Gates-Bitcoin-is-exciting-because-it-is-cheap.html

Much of the problem is the legality standpoint of BTC right now. Your talking about people who are on the sidelines that have tons of money ready, but the legal standpoint is not clear. You get mixed messages from one side saying its not currency/ and the other side of the mouth is saying it is....

I hear you, and I think it is a lack of knowledge on the part of these individuals on the sidelines. Those of us in the community know that for personal investment, the tax situation has been settled, and that we are to treat it like property on our tax returns. If these people with tons of money just invested a fraction of their wealth into it on an exchange, the price would go up. We're talking about only a 4.5 billion dollar market cap, and we're talking about billionaires here.

[exocytosis]

It's great news that we're finally going to zero! Just imagine all those weak hands that'll be shaken out!!! 

[spiderbrain]

All very reasonable.

[arieq]

Its not good for people who bought bitcoin at 600$

I sold in 800, 700, 600...480 and now I feel like an idiot for not selling it all in 600 and walking away

[NotLambchop]

... If these people with tons of money just invested a fraction of their wealth into it on an exchange, the price would go up. We're talking about only a 4.5 billion dollar market cap, and we're talking about billionaires here.

This reminds me of "if everyone on Earth sent me just one penny [which they wouldn't miss at all], I'd be a multimillionaire."