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Author Topic: Price and use of Bitcoin  (Read 2411 times)
BigBonzo
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November 15, 2014, 07:14:33 PM
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A new scientific paper describing what drives Bitcoin price and what types of merchants want to adopt it is downloadable here:
http://ssrn.com/abstract=2516754

Abstract:       

This paper empirically examines Bitcoin – one of the latest innovations in electronic finance. By focusing on price formation we discover that Bitcoin returns are driven primarily by its popularity and the transactional needs of its users. We also conducted a survey of merchants who have adopted this technology and model the share of sales paid for with this alternative currency. Particularly, we look at how company-specific characteristics, use of other payment methods and customers’ knowledge about Bitcoin interact with the proportion of sales attributed. The results presented here allow us to better understand the economic ramifications of this innovation.
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November 16, 2014, 01:58:44 AM
 #2

A new scientific paper describing what drives Bitcoin price and what types of merchants want to adopt it is downloadable here:
http://ssrn.com/abstract=2516754

Abstract:       

This paper empirically examines Bitcoin – one of the latest innovations in electronic finance. By focusing on price formation we discover that Bitcoin returns are driven primarily by its popularity and the transactional needs of its users. We also conducted a survey of merchants who have adopted this technology and model the share of sales paid for with this alternative currency. Particularly, we look at how company-specific characteristics, use of other payment methods and customers’ knowledge about Bitcoin interact with the proportion of sales attributed. The results presented here allow us to better understand the economic ramifications of this innovation.

If they want to know more, they should just come over here.
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November 16, 2014, 08:05:59 AM
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Poor, poor academics. They were trying to correlate BTC price with a few variables like news mentions and Google searches when the only advice anyone needs is HODL.
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November 16, 2014, 01:09:28 PM
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Poor, poor academics. They were trying to correlate BTC price with a few variables like news mentions and Google searches when the only advice anyone needs is HODL.

Uhh, google searches? Price? Related? Just...
Hmm, though the popularity of the bitcoin is really a great factor on its adoption, but the price? I don't understand. o.O

Yeah, the ol' great HODL. ^_^




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November 16, 2014, 02:08:19 PM
 #5

It complies to the simple economic principle demand and supply. The polulariry of bitcoin means high demanding of it will push up the price.

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November 20, 2014, 05:07:18 AM
 #6

The lack of BTC in the mainstream is what lacking to get the BTC price moving again. Need more investments from the BTC millionaires.

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November 21, 2014, 12:34:31 AM
 #7

It complies to the simple economic principle demand and supply. The polulariry of bitcoin means high demanding of it will push up the price.


no, no, no, my friend the paper reflects the reality of CC world life, that perception is the greatest motivator of price.  

There is no honest coin that is magnitudes better than the next honest coin, perception makes for the bulk of the material difference.  

Perception is driven by popularity and popularity is driven by inside and outside marketing.




The lack of BTC in the mainstream is what lacking to get the BTC price moving again. Need more investments from the BTC millionaires.


Scams, overall dishonesty, and wholesale fraud is what is keeping BTC from being $1000.  

The industry needs self-regulation, and lots of security.

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November 21, 2014, 03:19:48 AM
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In all, it's due to greed. Grin Grin Grin
Sutters Mill
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November 21, 2014, 05:18:30 PM
 #9

Poor, poor academics. They were trying to correlate BTC price with a few variables like news mentions and Google searches when the only advice anyone needs is HODL.

Uhh, google searches? Price? Related? Just...
Hmm, though the popularity of the bitcoin is really a great factor on its adoption, but the price? I don't understand. o.O

It's only logical that google searches will rise when the price does. Can you imagine how many people are frantically trying to search for news of why it's happening?
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November 22, 2014, 12:13:27 PM
 #10

Poor, poor academics. They were trying to correlate BTC price with a few variables like news mentions and Google searches when the only advice anyone needs is HODL.

Uhh, google searches? Price? Related? Just...
Hmm, though the popularity of the bitcoin is really a great factor on its adoption, but the price? I don't understand. o.O

It's only logical that google searches will rise when the price does. Can you imagine how many people are frantically trying to search for news of why it's happening?

I can imagine a lot of people trying to search for news about why the price is falling.  Tongue
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November 22, 2014, 10:20:08 PM
 #11


The lack of BTC in the mainstream is what lacking to get the BTC price moving again. Need more investments from the BTC millionaires.


Scams, overall dishonesty, and wholesale fraud is what is keeping BTC from being $1000.  

The industry needs self-regulation, and lots of security.
[/quote]

Absolutely. Plus banks wont let people run a business directly connected with making bitcoin transactions. Remember how the value dropped when US and China banks threatened to close accounts that where connected to bitcoin.
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November 24, 2014, 05:48:45 PM
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Poor, poor academics. They were trying to correlate BTC price with a few variables like news mentions and Google searches when the only advice anyone needs is HODL.

And how is anyone who hold since $1200 is doing right now?
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November 24, 2014, 07:39:01 PM
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current bitcoin exchange rates decreased significantly compared to a few months ago, this is because a lot of investors and owners of bitcoin bitcoin sell them in the market, so the supply of bitcoin market accumulate more and more, in accordance with the laws of the market that in the event of accumulation of goods in the market, there will be a decline in the price of the goods, this is what is now happening in bitcoin, hopefully this will be fleeting ...  Roll Eyes
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November 24, 2014, 09:33:02 PM
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Perls before you, swine: The value is decided by demand, which comes from the preference to hold, and supply, which comes from the urge to sell. You can not know, because it is in peoples heads. They want to hold for later because they foresee that they can easily trade them for useful things, and they want to hold because they envision what others want in the future. Yes, that is speculation, and with money there is nothing but speculation.
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November 25, 2014, 12:06:35 AM
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Yep supply and demand definitely controls the price of bitcoin for sure.
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November 25, 2014, 09:56:49 AM
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Perls before you, swine: The value is decided by demand, which comes from the preference to hold, and supply, which comes from the urge to sell. You can not know, because it is in peoples heads. They want to hold for later because they foresee that they can easily trade them for useful things, and they want to hold because they envision what others want in the future. Yes, that is speculation, and with money there is nothing but speculation.

Indeed.  The only way to try to get an idea of the price is to try to find out what is in people's heads, and what's in people's heads concerning what's in people's heads, and what's in people's heads concerning what's in people's heads concerning what's in people's heads.  And so on.  Tricky.

On the other hand, it only matter those people's heads who have money to put on the table.  It doesn't matter what's in people's heads who are not putting money on the table.
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November 29, 2014, 10:50:31 AM
 #17

Yep supply and demand definitely controls the price of bitcoin for sure.

yes.. The major fault in bitcoin community is about its identity. Bitcoin is a commodity not money.

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November 29, 2014, 01:09:10 PM
 #18

A new scientific paper describing what drives Bitcoin price and what types of merchants want to adopt it is downloadable here:
http://ssrn.com/abstract=2516754

Abstract:       

This paper empirically examines Bitcoin – one of the latest innovations in electronic finance. By focusing on price formation we discover that Bitcoin returns are driven primarily by its popularity and the transactional needs of its users. We also conducted a survey of merchants who have adopted this technology and model the share of sales paid for with this alternative currency. Particularly, we look at how company-specific characteristics, use of other payment methods and customers’ knowledge about Bitcoin interact with the proportion of sales attributed. The results presented here allow us to better understand the economic ramifications of this innovation.

This means lot.
http://techcrunch.com/2014/11/28/paypals-bitcoin-integration-and-the-future-of-digital-currency-adoption/
if it goes through and adoption of merchants become widespread, we will see a big wave of change coming

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November 29, 2014, 04:10:16 PM
 #19

Yep supply and demand definitely controls the price of bitcoin for sure.

yes.. The major fault in bitcoin community is about its identity. Bitcoin is a commodity not money.

Why pigeonhole it? It is many things at the same time. BTC represents the creation of something not in our current lexicon.
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November 29, 2014, 05:37:39 PM
 #20

Yep supply and demand definitely controls the price of bitcoin for sure.

yes.. The major fault in bitcoin community is about its identity. Bitcoin is a commodity not money.

Why pigeonhole it? It is many things at the same time. BTC represents the creation of something not in our current lexicon.

Well Bitcoin is usually marketed as internet money. Quote from bitcoin.org
"new kind of money".
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