Topic: [20-06-10] CNBC Stupidist statement around bitcoin ever. (Read 1019 times)
Plentiful satoshis doesn't mean cheap bitcoins.
You are assuming that those sales are processed by people buying bitcoin, doing the purchase and bitpay immediately converting it back to fiat for the vendor. That argument falls down for a couple of reasons:
a. People holding bitcoin before the purchase, will probably still want to hold an amount of bitcoin after the purchase, so will top up by buying with fiat.
b. People who were not holding bitcoin before the purchase probably converted more than they needed for the purchase, so are left as bitcoin holders and potential bit buyers (now that they have tasted it).
c. Some vendors have openly stated they are NOT converting their earned bitcoin to fiat
All three of the above will cause increased demand on the available bitcoin pool, so force the price higher!
a. People holding bitcoin before the purchase, will probably still want to hold an amount of bitcoin after the purchase, so will top up by buying with fiat.
b. People who were not holding bitcoin before the purchase probably converted more than they needed for the purchase, so are left as bitcoin holders and potential bit buyers (now that they have tasted it).
c. Some vendors have openly stated they are NOT converting their earned bitcoin to fiat
All three of the above will cause increased demand on the available bitcoin pool, so force the price higher!
On the other hand, the majority of the bitcoin supply is being hoarded and this portion will drop as spending opportunities increase, and that will cause the price to fall as those dormant bitcoins are returned to active duty. Furthermore, this drop could even trigger a crash if it is strong enough. The question is which factor has the greatest impact.
See if you can spot the stupidist bitcoin statement of all time, it's about 1min 42 seconds in! I think he gets his investment advice from the same
place he gets his spray on tan!
I believe it is very astute for that commentator to mention this possibility. I hope some people in this thread might have actually learned something from him.place he gets his spray on tan!
It's entirely possible, the mistake the people making these comments make is as you say that long term it's actually good for Bitcoin because so many people are using it, this is what happens in an SELF-REGULATED and TRANSPARENT economy that doesn't have people fixing the exchange rate and inflating the money supply
Like I've said a number of times now, I don't think people are used to seeing an unregulated economy because they're so used to government regulation and don't have any idea how much everything is fixed and messed with.
Like I've said a number of times now, I don't think people are used to seeing an unregulated economy because they're so used to government regulation and don't have any idea how much everything is fixed and messed with.
lol; "More acceptance = lower price"
Talk about missing the forest for the trees.
Talk about missing the forest for the trees.
It could happen... what if "more acceptance" means more merchants accepting bitcoins using payment processors like Bitpay and convert to fiat?
Where to the bitcoins go? There are only so many people buying each day...
we had alot of good news in the past 2 weeks. more and big companys accept btc. so it could be possible that the price declines because people spent their btc
(for the long term this is good for btc)
lol; "More acceptance = lower price"
Talk about missing the forest for the trees.
Talk about missing the forest for the trees.
It could happen... what if "more acceptance" means more merchants accepting bitcoins using payment processors like Bitpay and convert to fiat?
Where to the bitcoins go? There are only so many people buying each day...
a. People holding bitcoin before the purchase, will probably still want to hold an amount of bitcoin after the purchase, so will top up by buying with fiat.
b. People who were not holding bitcoin before the purchase probably converted more than they needed for the purchase, so are left as bitcoin holders and potential bit buyers (now that they have tasted it).
c. Some vendors have openly stated they are NOT converting their earned bitcoin to fiat
All three of the above will cause increased demand on the available bitcoin pool, so force the price higher!
lol; "More acceptance = lower price"
Talk about missing the forest for the trees.
Talk about missing the forest for the trees.
It could happen... what if "more acceptance" means more merchants accepting bitcoins using payment processors like Bitpay and convert to fiat?
Where to the bitcoins go? There are only so many people buying each day...
I can't watch the video but perhaps he just made a slip of the tongue. TV is not exactly a stress free environment, especially when there is literally not a single rational thing about today's economics - apart from bitcoins. All of these analysts, tv talking heads and journalists involved in finance and economics have to bs every day of their lives because the fed took all logic out of the markets.
We need a wall of shame for this kind of stuff. I nominate the professor that said bit coin would be below ten bucks by now for the first enshrinement.
It was a very strange comment to make at the end of a pretty positive story void of the normal put downs against bitcoin. I would have loved if the host questioned him on his reasoning behind that odd comment. Maybe he was planning that comment before the broadcast and just didnt know what else to say once it was his turn.
Call me a conspiracy nut, but he had a real pained look on his face when he said it, like he knew he had to say something negative about bitcoin, but it just wasn't coming out right.
Well since you said to give it a look
I gave it a look and I found it as dave pointed out
That said learned something 31000 lines of Code
I gave it a look and I found it as dave pointed out
That said learned something 31000 lines of Code
lol; "More acceptance = lower price"
Talk about missing the forest for the trees.
Talk about missing the forest for the trees.
See if you can spot the stupidist bitcoin statement of all time, it's about 1min 42 seconds in! I think he gets his investment advice from the same
place he gets his spray on tan!
http://video.cnbc.com/gallery/?video=3000283145&__source=yahoo|headline|quote|video|&par=yahoo
place he gets his spray on tan!
http://video.cnbc.com/gallery/?video=3000283145&__source=yahoo|headline|quote|video|&par=yahoo
Jump to: