dedcoin (OP)
Member
 Offline
Activity: 87
Merit: 10
|
 |
October 13, 2014, 02:07:30 PM |
|
With the price going down, despite unprecedented merchant adoption, makes me think that merchants don't care about bitcoin, and this will keep crushing it. More selling than buying pressure.
This suggests that bitcoin is no use as a currency, the only option left is bitcoin as a store of value. Thus, the title...
|
First bitcoin bought at $70
|
|
|
|
maker88
|
|
October 13, 2014, 02:15:12 PM |
|
umm. no. declining value makes it have no use as a currency? what are your thoughts on the declining value of all government currencies then? you do realize there is not currency currently in use that isn't declining in value right? except those have been declining for decades with no way to stop declining, while bitcoin has only declined for 9 months, following a thousand times growth spurt.
duno why I'm responding to this though, your username indicates you're not worth talking to.
|
|
|
|
|
dedcoin (OP)
Member
Offline
Activity: 87
Merit: 10
|
|
October 13, 2014, 03:41:17 PM |
|
what are your thoughts on the declining value of all government currencies then?
It's called inflation. duno why I'm responding to this though, your username indicates you're not worth talking to.
How dumb of a statement is that... |
First bitcoin bought at $70
|
|
|
botany
Legendary
Offline
Activity: 1582
Merit: 1064
|
|
October 14, 2014, 01:14:32 AM |
|
If price continuously goes down, it is no longer a good store of value.  |
|
|
|
|
|
brg444
|
|
October 14, 2014, 01:28:03 AM |
|
 These threads always get a good laugh out of me. As if everyone out there was spending their bitcoins at these merchants. In reality, the volume of bitcoins used for such transactions is so negligible it should not even be mentioned in the same sentence as "selling pressure". In fact you are right, you should not be concerned with Bitcoin's use as a currency at this stage. All we need people to do is hoard it. btw, merchants are scammers http://nakamotoinstitute.org/mempool/everyones-a-scammer/
|
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
|
|
|
lyth0s
Legendary
Offline
Activity: 1260
Merit: 1000
World Class Cryptonaire
|
|
October 14, 2014, 02:46:08 AM |
|
These threads always get a good laugh out of me. As if everyone out there was spending their bitcoins at these merchants. In reality, the volume of bitcoins used for such transactions is so negligible it should not even be mentioned in the same sentence as "selling pressure". In fact you are right, you should not be concerned with Bitcoin's use as a currency at this stage. All we need people to do is hoard it. btw, merchants are scammers http://nakamotoinstitute.org/mempool/everyones-a-scammer/ I actually really enjoyed that read. Thanks! I LoL'd at that newegg article encouraging everyone to spend all their coins because bitcoin is likely to fail >.< |
|
|
|
zimmah
Legendary
Offline
Activity: 1106
Merit: 1005
|
|
October 14, 2014, 09:03:30 AM |
|
If price continuously goes down, it is no longer a good store of value. This is exactly the reason why you should step away from the dollar and into gold silver or bitcoin. Bitcoin may be decreasing in value for some months, but it is designed to increase, and it will increase. Don't get confused because of a few bad months, bitcoin will still win in the end. |
|
|
|
|
|
zetaray
|
|
October 14, 2014, 09:25:18 AM |
|
The market is saturated with speculation. The volatility reflects that. More merchant acceptance may crush the price, but it is good for bitcoin in the future.
|
|
|
|
|
porcupine87
|
|
October 14, 2014, 09:40:09 AM |
|
If price continuously goes down, it is no longer a good store of value. Ah, if I get 100$ today, what is the decline in one week? |
"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
|
|
|
Elwar
Legendary
Offline
Activity: 3598
Merit: 2386
Viva Ut Vivas
|
|
October 14, 2014, 10:09:58 AM |
|
Ah, if I get 100$ today, what is the decline in one week?
If you had $100 last week you could have bought .3 bitcoins. Now you can only buy .25 bitcoins. Your money is losing value. |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
|
|
|
Beliathon
|
|
October 14, 2014, 12:36:31 PM |
|
Your money is losing value. Doubly true if you live in the U.S.  |
|
|
|
|
fewcoins
|
|
October 14, 2014, 01:22:32 PM |
|
Your money is losing value. Doubly true if you live in the U.S. Dollar manipulation up! Gold, silver, bitcoin manipulated down!!! |
|
|
|
|
|
|
|
gog1
|
|
October 14, 2014, 01:31:02 PM |
|
what does that have to do with the Chinese?!
|
|
|
|
|
|
MF Doom
|
|
October 14, 2014, 01:33:52 PM |
|
With the price going down, despite unprecedented merchant adoption, makes me think that merchants don't care about bitcoin, and this will keep crushing it. More selling than buying pressure.
This suggests that bitcoin is no use as a currency, the only option left is bitcoin as a store of value. Thus, the title...
I dont think they care about bitcoin either, they all just saw a quick opportunity to boost sales, and it worked for them |
|
|
|
|
|
NotLambchop
|
|
October 14, 2014, 01:34:04 PM |
|
what does that have to do with the Chinese?!
Dollar inflation charts? No frikin' idea.  |
|
|
|
|
Unbelive
Full Member
Offline
Activity: 210
Merit: 100
Invest & Earn: https://cloudthink.io
|
|
October 14, 2014, 02:04:50 PM |
|
With the price going down, despite unprecedented merchant adoption, makes me think that merchants don't care about bitcoin, and this will keep crushing it. More selling than buying pressure.
This suggests that bitcoin is no use as a currency, the only option left is bitcoin as a store of value. Thus, the title...
Merchants will take anything that have less fees attached. If they will get something better then bitcoin will take. Currently there is none. |
|
|
|
|
NotLambchop
|
|
October 14, 2014, 02:16:30 PM |
|
^
Most merchants accepting BTC right now aren't. They are accepting fiat, through processors like OKPay.
|
|
|
|
|
|
AtheistAKASaneBrain
|
|
October 14, 2014, 07:50:05 PM |
|
^
Most merchants accepting BTC right now aren't. They are accepting fiat, through processors like OKPay.
This. It seems most merchants don't care to hold Bitcoin or use it in any shape or form so they just sell at market price, whatever that price is. This generally shrinks price. |
|
|
|
|
sidhujag
Legendary
Offline
Activity: 2044
Merit: 1005
|
|
October 14, 2014, 07:52:01 PM |
|
^
Most merchants accepting BTC right now aren't. They are accepting fiat, through processors like OKPay.
This. It seems most merchants don't care to hold Bitcoin or use it in any shape or form so they just sell at market price, whatever that price is. This generally shrinks price. No wrong... btc price int he long run will be correlated with the transaction rate... more merchants = more tx's... hopefully this makes sense to you. Common misnomer is to relate merchant offloading risk of holding btc to a falling price, and although it may have this affect in the short term, it should do the opposite in the long run. |
|
|
|
|
|
