He wanted the world to use it.
The world can't use it until it's gargantuan and deeply liquid.
Speculation is the quickest way to get the ball rolling if a little alarming and crude at times and only the first step.
The world can't use it until it's gargantuan and deeply liquid.
Speculation is the quickest way to get the ball rolling if a little alarming and crude at times and only the first step.
Hate to admit but this is true. No one would have the balls to use something so obscure as bitcoin back in the days when it clearly has little to no monetary value. While IMO our obsession on speculating with bitcoin is a bit over the top, it really helped us get to places wherein we can't, not unless our bitcoins have any value in them or at least recognized as something that can be traded for real goods and money.
Speculation has always been a double-edged sword for cryptocurrencies such as bitcoin. It hastened the process of it getting known in all fronts of the economy yet it kinda slowed down actual development within the community--and even divided a good portion of it along the way. Speculation is not chaotically evil per se, but chaotically good since it still helps us keep the pace albeit paying the price of hurting the community due to some egoistic, self-centered members that only want profits and recognition and not actual innovation.
I don't think that short term bitcoin prices have much to do with world events yet, because the correlation is still extremely weak and it's unlikely that a lot of major players in the markets even consider these things when it comes to their decision making.
It's more likely a coincidence.
It's more likely a coincidence.
It was always coincidence and not actually a direct correlation as some of us would religiously believe. Just sift through a couple of major geopolitical issues from 2015 up to now and you'll see that some of them didn't even make a dent on the price even though a lot of seasoned economists believed that these events would make a beating/everything green for bitcoin. Those who still believe that every important event happening around the world would have a direct impact on bitcoin is either blind or reluctant to accept the fact that they are wrong--or both.
But over the long run, I do think that a period of volatility in the world could result in people seeking safe havens to park their funds in, and bitcoin is an obvious choice given its decentralized nature without a government or central banks' intervention that could potentially undermine its long term value.
Still, volatility is bitcoin's greatest and worst asset in its arsenal. It invites traders to be adventurous and try out their luck into turning everything into profits while it scares away the boomers and faint-hearted people who only want their funds to be safe and appreciate a few percent every year. Gold remains to be the top dog on safe havens, followed by other precious metals and bitcoin on a close third.
The way I see it, we're on a stalemate between adoption and price stability. Adoption comes in when price is up, then again price isn't stable since it's either rising up ridiculously or crashing tremendously due to whatever trend there is in the market currently. And when price is stable, adoption becomes stagnant, and no new money is coming in to the market.
