[2014-10-10] Ignore Bitcoin Price

[101111]

http://www.techinsider.com.au/2014/10/ignore-price-bitcoin/

a pretty good article.

tl;dr

"1. Stop thinking about it in terms of price to USD (or AUD/GBP etc.). It’s a standalone entity. It’s not like the conventional currencies we know today.

2. Give it time. It will become far more powerful and widespread in the coming years. And it will not die. It will grow stronger and live longer than any of us likely will."

[gmx95]

I can't entirely agree that it will last longer then any of us, because many huge innovations have dissappeared or changed in the past. However, I think bitcoin has opened a doorway which will lead to all finances in the future to be completely electronic and instant. We may find in say 20 years that there is hardly any cash used for daily purchases.

[vancsj]

I can't entirely agree that it will last longer then any of us, because many huge innovations have dissappeared or changed in the past. However, I think bitcoin has opened a doorway which will lead to all finances in the future to be completely electronic and instant. We may find in say 20 years that there is hardly any cash used for daily purchases.

Exactly, bitcoin is internet cash from the beginning. It is advanced cash since cash had never been so efficient before.

Bitcoin can circle much faster than cash, it costs little to move once....it will totally change the game.

[Yeah?]

I've learnt not to be bothered by the price. It doesn't really matter what it's worth today or tomorrow or even later this year, but what it's worth in the near future. If it's portential is realized then it it'll be worth multiple times what it is now.

[Neg]

The people who are concerned with the current price are usually the people who just want to get rich quick. They don't really care about bitcoin but are just impatient to make a bit of money.

[101111]

Sean's outpost is doing it hard right now, must be a lot of concern over the price there.

[H.W.Z]

There are not many technical savvy who can understand and believe the potential of bitcoin. The most are short sighted and looking for quick profit.

[TheGull]

I accept that bitcoin's long term future is less about the price and more about the application of the beautiful underlying technology, but price still matters. It gets people interested, gets people talking, gets serious capital interested and all of those things.

Also, if you are a long term believer with a limited budget then playing the markets gives you the potential to hold more bitcoins that you might be able to otherwise, which helps the future potential by concentrating bitcoins in the right hands.

[LiteCoinGuy]

i dont ignore it, but i dont care anymore.

[fryarminer]

I can't entirely agree that it will last longer then any of us, because many huge innovations have dissappeared or changed in the past. However, I think bitcoin has opened a doorway which will lead to all finances in the future to be completely electronic and instant. We may find in say 20 years that there is hardly any cash used for daily purchases.

I do agree. Just as there are other precious metals but gold still exists, bitcoin will be around and keep its value even if other cryptos come out.

[fryarminer]

i dont ignore it, but i dont care anymore.

It still makes me happy when it goes up a bit, and makes me sad when it goes down... So I'm still addicted to checking four times a day!

[Sutters Mill]

i dont ignore it, but i dont care anymore.

I care about it, but I don't let it bother me anymore. I used to check the price numerous times daily when I got into bitcoin, but now I only really check it every few days or a few times a week. I really think it'll be a while for bitcoin to reach its potential so I just concentrate on aquiring new coins and don't pay that much attention to the price currently.

[MF Doom]

I think as long as people dont stop using bitcoins, the price doesnt matter at all.  Only people who want to make money care abt the price

[SOAD]

I think as long as people dont stop using bitcoins, the price doesnt matter at all.  Only people who want to make money care abt the price

It does matter. If I buy a bitcoin then try go buy something for 1 bitcoin shortly after I may not have enough because of the price fluctuations being pegged to fiat. This is a big problem for the consumer. People who bought into bitcoin at its peak really arent going to want to spend their coins anytime soon.

[yatsey87]

I think as long as people dont stop using bitcoins, the price doesnt matter at all.  Only people who want to make money care abt the price

It does matter. If I buy a bitcoin then try go buy something for 1 bitcoin shortly after I may not have enough because of the price fluctuations being pegged to fiat. This is a big problem for the consumer. People who bought into bitcoin at its peak really arent going to want to spend their coins anytime soon.

Well said. I try not to be botherd by the fluctuations like others, but at the moment I have no desire to use my bitcoins at the current price because I feel like I wouldnt be getting my monies worth out of them, and I know they will rise in value again, so I'm waiting for that before I spend them.

[MF Doom]

I think as long as people dont stop using bitcoins, the price doesnt matter at all.  Only people who want to make money care abt the price

It does matter. If I buy a bitcoin then try go buy something for 1 bitcoin shortly after I may not have enough because of the price fluctuations being pegged to fiat. This is a big problem for the consumer. People who bought into bitcoin at its peak really arent going to want to spend their coins anytime soon.

Well said. I try not to be botherd by the fluctuations like others, but at the moment I have no desire to use my bitcoins at the current price because I feel like I wouldnt be getting my monies worth out of them, and I know they will rise in value again, so I'm waiting for that before I spend them.

It matters on a micro scale, your purchasing power can change, but on a macro scale, the technology is still there in place, with lots of merchants and companies supporting the bitcoin

[yatsey87]

I think as long as people dont stop using bitcoins, the price doesnt matter at all.  Only people who want to make money care abt the price

It does matter. If I buy a bitcoin then try go buy something for 1 bitcoin shortly after I may not have enough because of the price fluctuations being pegged to fiat. This is a big problem for the consumer. People who bought into bitcoin at its peak really arent going to want to spend their coins anytime soon.

Well said. I try not to be botherd by the fluctuations like others, but at the moment I have no desire to use my bitcoins at the current price because I feel like I wouldnt be getting my monies worth out of them, and I know they will rise in value again, so I'm waiting for that before I spend them.

It matters on a micro scale, your purchasing power can change, but on a macro scale, the technology is still there in place, with lots of merchants and companies supporting the bitcoin

The technology being there is all well and good for merchants as they're not losing anything using a payment processor, but someone who buys into bitcoin is taking all the risk. It's not a perfect currency currently regardless of how great the technology is.

[MF Doom]

I think as long as people dont stop using bitcoins, the price doesnt matter at all.  Only people who want to make money care abt the price

It does matter. If I buy a bitcoin then try go buy something for 1 bitcoin shortly after I may not have enough because of the price fluctuations being pegged to fiat. This is a big problem for the consumer. People who bought into bitcoin at its peak really arent going to want to spend their coins anytime soon.

Well said. I try not to be botherd by the fluctuations like others, but at the moment I have no desire to use my bitcoins at the current price because I feel like I wouldnt be getting my monies worth out of them, and I know they will rise in value again, so I'm waiting for that before I spend them.

It matters on a micro scale, your purchasing power can change, but on a macro scale, the technology is still there in place, with lots of merchants and companies supporting the bitcoin

The technology being there is all well and good for merchants as they're not losing anything using a payment processor, but someone who buys into bitcoin is taking all the risk. It's not a perfect currency currently regardless of how great the technology is.

I dont think anyone thinks its perfect, but a new, accountable system of money is certainly a revolutionary idea.

Although you've got to wonder if it would be so popular if it weren't for the early adopters who stand to make huge money if the price goes up.  They seem to be the ones pushing hardest for more usage.

[vipgelsi]

As long as we keep getting new venders to sign on bitcoin will stay around. I would not worry about price.

[MF Doom]

As long as we keep getting new venders to sign on bitcoin will stay around. I would not worry about price.

Yeah it seems a lot of investor money has gone into companies so people can use bitcoins.  I doubt they would be spending millions if they thought it was just a fad.