But one of the characteristics of a successfully functioning currency over time is its general acceptably and prevalence of use. That is why goat, salt and bb cards are not modern day currency.
If you bought Bitcoin on Friday, you have lost almost 28%
- Thread starter Pekelo
- Start date
So in the Bitcoin universe there in no "supply" the economic supply/demand equation ?
You buy bitcoin with $USD and supply of $USD is limited and so is Bitcoin capitalization (as measured in $USD).
During the financial crisis/collapse, when the central banks printed trillion$ overnight (and the printing presses are still very busy up to now), Satoshi Nakamoto said wtf. He created Bitcoin that will not be a currency that is run and controlled by the worldwide elites, governments, central banks, and that is why you cannot print 1 Million bitcoins because you want to or to spend on advertising or to pay for the cure for cancer, lol.
Satoshi published a whitepaper if you care to read of his intentions
https://bitcoin.org/bitcoin.pdf
Satoshi published a whitepaper if you care to read of his intentions
https://bitcoin.org/bitcoin.pdfWill read, thanks.During the financial crisis/collapse, when the central banks printed trillion$ overnight (and the printing presses are still very busy up to now), Satoshi Nakamoto said wtf. He created Bitcoin that will not be a currency that is run and controlled by the worldwide elites, governments, central banks, and that is why you cannot print 1 Million bitcoins because you want to or to spend on advertising or to pay for the cure for cancer, lol.
Satoshi published a whitepaper if you care to read of his intentions
It will be interesting to see the long term volitility between the USD/bitcoin (if that is the only conversation as gkishot states) if there is no arb/FXopportunities with other currencies.
I still think that without some degree of stability and universal conversion(did not know bit could only be bought with USD) it has along way to go to be considered anything but a speculative asset class.
This is not true. You can buy bitcoin with EUR, GBP, CNY using any of the exchanges worldwide, or you can buy it with drugs (illicit and non-illicit) or fake rolex watches or online accounts on the darknet markets. You can also purchase Amazon items at a premium for people (purse.io) and they will pay you bitcoin. Virwox is a place where you can even purchase bitcoin using cc or paypal (trade to SLL first then to bitcoin).
Ok, someone posted bad info earlier in thread. Makes a little more sense.