Bold statement. What model did you use to estimate the price of bitcoin as a unit of currency?
Bitcoin Top?
- Thread starter trademan1
- Start date
These are two important points. However, if banks start to allow deposits with bitcoins, then it should become acceptable currency. This also assumes the price will begin to stabilize to the point there is a posted exchange rate on a daily basis. Right now, the price is changing hourly.
The volatility in BTCUSD is it's own worst enemy.
What's puzzling to me is the $21M fixed supply. Whatever happened to the bitcoin miners ?
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The miners get transaction-fees as well. Those fees will grow in time (as Bitcoin price grows as well) and replace the supply-coins.
Yes in that case it is understandable/OK to spend. Maybe I should have stated that on a daily base there is no point in keeping your spending money in BTC and spend it when it appreciates fast. You see that Starbucks coffee you bought 4 days ago with BTC, you overpaid by 33%...
But yeah, if you are cashing out of your profits you might as well spend it. No signs of profit stays that way for the IRS.
The 21 million fixed supply isn’t really a factor. People will simply use fractions of bitcoins for transactions.
If they allow unlimited bitcoins it can be manipulated like the dollar by the federal reserve.
I know, right? I remember when a NY cabbie was telling me to 'buy Google' (or was it Amazon?) and all the trading sites said - when the cabbies give you stock tips, it's time to short.
So glad this time it's finally the top - THIS TIME the prediction MUST be correct - that's why half the top 20 threads on ET this week are about Bitcoin - because it's the 'top' (again, sigh).
Healthy pullback - for the 10th time.
So glad this time it's finally the top - THIS TIME the prediction MUST be correct - that's why half the top 20 threads on ET this week are about Bitcoin - because it's the 'top' (again, sigh).
Healthy pullback - for the 10th time.
You are missing the point. It’s not that bitcoin must be going down now because young kids and middle aged women are wanting to buy bitcoin. The point is that for the first time since bitcoin has been around those demographics are now wanting to buy.
Simply saying it’s a new stage of where bitcoin is at in its bull market. Whether it continues going up or goes down I’m not saying either.
People can take from it what they want.
As a bitcoin bull I would hope that bitcoin isn’t dependent on those demographics to continue upwards move. I would hope there is many more young to middle aged men left!
@johnarb .."when no one was using bitcoin"....is anyone USING bitcoin now as a currency ? or just using it as a speculative vehicle, it is a BIG difference.
When no one except the geeks believed in Bitcoin, it was criticized "as no one uses it except the druggies and the techies, it won't go anywhere, it's dead, jim"
Now, everyone in the world including school children (who happen to have thousand$ in savings), worldwide phenomenon (Japanese, Koreans, Australians, etc, etc.), bankers on Wall Street, are getting in on it, critics are saying, "it's the top, it's the top!, get out now".
The first scenario was no good, a system that doesn't have growth. Current scenario is better for Bitcoin and it also takes away the argument only criminals and druggies use it. Network adoption, market acceptance, Metcalfe's law.
Now, everyone in the world including school children (who happen to have thousand$ in savings), worldwide phenomenon (Japanese, Koreans, Australians, etc, etc.), bankers on Wall Street, are getting in on it, critics are saying, "it's the top, it's the top!, get out now".
The first scenario was no good, a system that doesn't have growth. Current scenario is better for Bitcoin and it also takes away the argument only criminals and druggies use it. Network adoption, market acceptance, Metcalfe's law.
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