Topic: A Noobs thoughts on BTC - page 2. (Read 3090 times)

you just remind me of mtgox back at 2011, that time people are rapidly joining the bitcoin network and everyone know the reason they all want to join and grow their money with mtgox exchange. although I never thought about trading so I never tried it but was really surprised when it got crashed and closed. those where really some dooms day that just crashed the price from 900$ to 200$ maximum people lost their money and hence because a historical day. I believe no other scenario can replace the damage made by mtgox

i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all

so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense

But what's the purpose of that?

Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price?

Indeed, a collectible can never be stable value money.  So "regulated" probably means that one can change the emission scheme (the 21 million coins) by a centralized "miner" authority, and that one can also destroy coins. 

But this could also be established in another way, if a central authority lay its hands on, say 99.999% of the bitcoin supply, and only issued very very small quantities of it, it could still, with a given, fixed supply, regulate emission and hence offer, so that it meets demand at a given price totally pointless

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all

so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense

Could you explain how regulation will make Bitcoin more stable?

After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that?

Could you explain how regulation will make Bitcoin more stable?

After all, price is still determined by the balance of supply against demand, and as I suspect, Bitcoin is no exception to this rule. So if you basically claim that Bitcoin regulation will somehow make Bitcoin prices more stable, that necessarily means that regulation should affect supply and demand. To make prices stable both sides of this balance should increase multifold, and how exactly Bitcoin regulation is going to do that?

Bitcoin will never have a stable price, because bitcoin is not regulated, and you need regulation to keep a stable price, this is basic to understand

We all need fiat to convert our bitcoin and that is why bitcoin will never replace the fiat system. Please be realistic, we are happy
when we see the value of bitcoin is increasing because it gives us the opportunity to cash out with a profit.

i can not explain it in better English that the following two links:
https://en.wikipedia.org/wiki/Commodity
www.investopedia.com/terms/c/commodity.asp

and in my opinion bitcoin doesn't have to be only one thing. it can be a commodity and a currency at the same time.
many people call it commodity maybe because in US, the IRS has recognized bitcoin only as a commodity to tax it easier!
but as we can see at the same time on the other side of the world in Japan they have recognized bitcoin as a currency.

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

Only invest in Bitcoin almost all the alt-coins are pump and dumb trash.

...
Sorry for the late reply. Busy with work etc

to call bitcoin a commodity. I get it, maybe you heard someone say it was a commodity but BTC is not a commodity and i dont think you understand what a commodity is

Bitcoin does not need fiat to disappear to stabilize its price, the price of bitcoin is unstable because there are huge whales with huge stash that can manipulate the price at will the only way for that to change is the price to go up and for the whales to take the opportunity to get out of bitcoin .