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As long as the bitcoin user base can grow two-fold overnight (and it can and it would) the price could jump up or down two-fold overnight, as well. You need to understand two things - a. prices inevitably will be jumping around until it is a widespread currency and b. no matter how much they jump around, they are coming up and they are coming to a stability point in a year or two maximum.
Any business accepting bitcoins now can simply integrate volatility into their prices, for example set your prices as if bitcoin is worth $10 now and don't worry about re-adjusting them every day.
Any business accepting bitcoins now can simply integrate volatility into their prices, for example set your prices as if bitcoin is worth $10 now and don't worry about re-adjusting them every day.
I just want prices to be stable - at any price. It wont be useful for payments until then.
Stability is relative. What are you relating Bitcoins to?
The price of oil in USD fluctuates constantly.
The price of gold in USD fluctuates constantly.
The price of oil in gold fluctuates constantly.
The price of oil and gold in EUR fluctuates constantly.
The price of wheat in GBP fluctuates constantly.
...etc...
Hell, even the USD has fluctuated against itself over time:
What do you need stability for again? (:
I just want prices to be stable - at any price. It wont be useful for payments until then.
So long there is no huge changes happening to Bitcoin over 7 days then I think it will be all fine, people are more flexible then they give them self credit for.
If you could hold an actual bit coin it would prove to be far more shiny, dense and durable than gold. Ergo more valuable than gold.
"What is real? How do you define real? If you're talking about what you can feel, what you can smell, what you can taste and see, then real is simply electrical signals interpreted by your brain."
Over the long term this will prove to be true, and considering a parity with gold would push the value of one bit coin to 2.5M. This does not even take in to account any other features and benefits of bitcoin.
Like anything new many will come to discredit it. But the real consideration is to look at other digital goods and their success. Software Music and Movies are some what related to bit coin in an inverse way as they are also digital but infinity copyable. Bit coin will be the ultimate reference point for all things of value. Its kinda ironic that the first generation of p2p software did so much harm to these goods and the second generation will benefit them.
"Give me a place to stand on, and I will move the Earth."
Cryptographically speaking bit coin is not only a moving target but is also has a variable speed. This fact causes it to also be a fixed point at the same time.
Finally the "what if there is no internet" argument can be summed up as, if you believe this is possible then your better off buying lead.
"What is real? How do you define real? If you're talking about what you can feel, what you can smell, what you can taste and see, then real is simply electrical signals interpreted by your brain."
Over the long term this will prove to be true, and considering a parity with gold would push the value of one bit coin to 2.5M. This does not even take in to account any other features and benefits of bitcoin.
Like anything new many will come to discredit it. But the real consideration is to look at other digital goods and their success. Software Music and Movies are some what related to bit coin in an inverse way as they are also digital but infinity copyable. Bit coin will be the ultimate reference point for all things of value. Its kinda ironic that the first generation of p2p software did so much harm to these goods and the second generation will benefit them.
"Give me a place to stand on, and I will move the Earth."
Cryptographically speaking bit coin is not only a moving target but is also has a variable speed. This fact causes it to also be a fixed point at the same time.
Finally the "what if there is no internet" argument can be summed up as, if you believe this is possible then your better off buying lead.
...I'll have what you're having.
I think BitCoin is a very promising investment, but at the end of the day it all depends on the community surrounding it, the merchants, exchanges, and the whole package... I wouldnt expect the price to balloon that high, although anything is possible, but I would invest (and suggest other people do) as long as the community remains trustworthy, competant, cohesive and honourable... When you use BitCoins, your not just using small pieces of electronic data, your using the faith of an entire community so that the value stays within each and every BitCoin...
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