Pages:
Author

Topic: Beauty of bitcoin (Read 2662 times)

legendary
Activity: 1176
Merit: 1010
Borsche
December 29, 2013, 06:12:45 AM
#22
Couldn't you say the same for gold?

Say what for gold?

That it's a worldwide currency.

In some aspects, but the fact that it is illiquid and untransferable make it's price much easier to manipulate. You don't buy gold over internet - you buy some guys promise that he has your gold. You can't take 500oz of gold and buy a house over internet, unless you want to give FedEx clerk a heart attack Smiley While with bitcoins, you actually own and spend bitcoins, period. So in that case, worldwide transfer of wealth is simple and instant, nobody can manipulate it's price in any way but selling / buying large quantities of actual coins. Something we don't have with gold, most of which is hidden in a concrete bunker under US desert / WTC / etc, not in your hands.
hero member
Activity: 518
Merit: 500
December 29, 2013, 01:12:43 AM
#21
Yes and A LOT of people aren't actually panic selling out of BTC. They're selling some BTC temporarily on bad news into fiat, hoping they're going to be able to buy back in cheaper and end up with even more BTC. This is one reason you see quite big downturns, (where people call the end of bitcoin), yet almost full recoveries within just a day or two.

Who's calling it "the end of bitcoins"? Presumably people that haven't seen downturns that happen every 3 months, only to be followed by a huge rally.

there are a lot of "run for the hills" people on this forum. there were plenty of threads claiming BTC's death. yeah, like china alone could do that.

bitcoin is prematurely called dead every few months. if its not china, it silk road being closed. if its not that, its a blockchain fork. Just ignore them.
sr. member
Activity: 434
Merit: 250
December 29, 2013, 01:08:30 AM
#20
Yes and A LOT of people aren't actually panic selling out of BTC. They're selling some BTC temporarily on bad news into fiat, hoping they're going to be able to buy back in cheaper and end up with even more BTC. This is one reason you see quite big downturns, (where people call the end of bitcoin), yet almost full recoveries within just a day or two.

Who's calling it "the end of bitcoins"? Presumably people that haven't seen downturns that happen every 3 months, only to be followed by a huge rally.

there are a lot of "run for the hills" people on this forum. there were plenty of threads claiming BTC's death. yeah, like china alone could do that.
hero member
Activity: 994
Merit: 1000
December 29, 2013, 12:34:47 AM
#19
Couldn't you say the same for gold?

Say what for gold?

That it's a worldwide currency.
legendary
Activity: 1148
Merit: 1011
In Satoshi I Trust
December 25, 2013, 03:17:32 PM
#18
agree. it brings people together. when something happens to bitcoin in some place in the world we see a reaction - positive and negative.
hero member
Activity: 658
Merit: 500
Small Red and Bad
December 25, 2013, 02:49:17 PM
#17
Short term actions in China are proving quite effective

Pff. Even full coordinated ban by all governments  would not do anything to stop bitcoin. It's just a tiny dip in price, that's all. Unimportant unless you cared much what the price would be in December 2013.

Just the action of one government (not even full ban) caused price to come down from ATH at around $1250 to current $670 levels. Concerted banning from many governments would cause total mayhem. No it wouldn't bring down the bitcoin network, but it would stop any hope of "normal" people using it. You couldn't shop online with it, there would be no bitcoin ATMs etc.
People tend to overreact. Bad news usually cause big investors to sell fast because they have the most to lose, it causes the price to drop and more people decide to sell as the price reaches their bailout point. Bad news could cause the price to drop by 90% but eventually it would recover. People like the risk, but are easily startled.
newbie
Activity: 42
Merit: 0
December 25, 2013, 02:43:49 PM
#16
piramida nice and brief glimpse to the beauty of bitcoins. Yes we all have seen how harsh china has been to bitcoins but for sure in long run china will realize the importance of bitcoins. Let me remind you even Chinese civilians believe in the power of bitcoins as they own large amount of bitcoins. For sure it is worldwide accepted currency that will bring world closer. 
hero member
Activity: 518
Merit: 500
December 25, 2013, 01:26:41 AM
#15
Short term actions in China are proving quite effective

Pff. Even full coordinated ban by all governments  would not do anything to stop bitcoin. It's just a tiny dip in price, that's all. Unimportant unless you cared much what the price would be in December 2013.

Just the action of one government (not even full ban) caused price to come down from ATH at around $1250 to current $670 levels. Concerted banning from many governments would cause total mayhem. No it wouldn't bring down the bitcoin network, but it would stop any hope of "normal" people using it. You couldn't shop online with it, there would be no bitcoin ATMs etc.
full member
Activity: 168
Merit: 100
December 24, 2013, 05:02:09 PM
#14
Yes and A LOT of people aren't actually panic selling out of BTC. They're selling some BTC temporarily on bad news into fiat, hoping they're going to be able to buy back in cheaper and end up with even more BTC. This is one reason you see quite big downturns, (where people call the end of bitcoin), yet almost full recoveries within just a day or two.

Who's calling it "the end of bitcoins"? Presumably people that haven't seen downturns that happen every 3 months, only to be followed by a huge rally.

About a week ago, there were multiple threads here about the "end of Bitcoin". It actually became quite annoying!

In any case, it is indeed really fun to se the currency being affected by all parts of the world. It's been pretty refreshing!
legendary
Activity: 1176
Merit: 1010
Borsche
December 24, 2013, 04:48:38 PM
#13
Short term actions in China are proving quite effective

Pff. Even full coordinated ban by all governments  would not do anything to stop bitcoin. It's just a tiny dip in price, that's all. Unimportant unless you cared much what the price would be in December 2013.
hero member
Activity: 518
Merit: 500
December 18, 2013, 05:20:59 AM
#12
Vary true OP, im just glad im not the only one that understands whats going on xD I do wonder how long it will take them to realise whats going on though. maybe they will start to wonder when bitcoin businesses in china are unaffected. Then again, maybe i give people too much credit.

Short-term actions of governments are not important, on a global scale they can't fight the inevitable. Regulations are as good against bitcoin as sandbags against tsunami.

Short term actions in China are proving quite effective
legendary
Activity: 1176
Merit: 1010
Borsche
December 18, 2013, 05:17:01 AM
#11
Vary true OP, im just glad im not the only one that understands whats going on xD I do wonder how long it will take them to realise whats going on though. maybe they will start to wonder when bitcoin businesses in china are unaffected. Then again, maybe i give people too much credit.

Short-term actions of governments are not important, on a global scale they can't fight the inevitable. Regulations are as good against bitcoin as sandbags against tsunami.
hero member
Activity: 518
Merit: 500
December 18, 2013, 02:25:12 AM
#10
Couldn't you say the same for gold?

Say what for gold?
hero member
Activity: 994
Merit: 1000
December 18, 2013, 01:50:25 AM
#9
Couldn't you say the same for gold?
sr. member
Activity: 484
Merit: 250
HubrisOne
December 18, 2013, 01:12:50 AM
#8
Thanks for your sopport!
newbie
Activity: 17
Merit: 0
December 18, 2013, 12:30:36 AM
#7
I Can tell that Andreas Antonopoulos explained his view on the future of crypto-currencies. We as a race cannot go back. What is not here will be replaced by something better(or worse). Global Unity is very close due to podcast and livestream, where news is being taken into the hands of unorthadox unregulated individuals who care about what is happening in the world. and as your comment suggested, I do hope we progress together. i voice my opinion because I had a similar converstation, Gossip and opinions are not the same thing as Concrete facts and Actions, with that I'm taking it into my own hands meaning to do my part, "Many hands make light work"-
Eri
sr. member
Activity: 264
Merit: 250
December 17, 2013, 11:41:46 PM
#6
Vary true OP, im just glad im not the only one that understands whats going on xD I do wonder how long it will take them to realise whats going on though. maybe they will start to wonder when bitcoin businesses in china are unaffected. Then again, maybe i give people too much credit.
hero member
Activity: 518
Merit: 500
December 17, 2013, 05:41:38 AM
#5
Yes and A LOT of people aren't actually panic selling out of BTC. They're selling some BTC temporarily on bad news into fiat, hoping they're going to be able to buy back in cheaper and end up with even more BTC. This is one reason you see quite big downturns, (where people call the end of bitcoin), yet almost full recoveries within just a day or two.

Who's calling it "the end of bitcoins"? Presumably people that haven't seen downturns that happen every 3 months, only to be followed by a huge rally.
legendary
Activity: 1138
Merit: 1001
December 16, 2013, 06:20:35 PM
#4
Yes and A LOT of people aren't actually panic selling out of BTC. They're selling some BTC temporarily on bad news into fiat, hoping they're going to be able to buy back in cheaper and end up with even more BTC. This is one reason you see quite big downturns, (where people call the end of bitcoin), yet almost full recoveries within just a day or two.
sr. member
Activity: 434
Merit: 250
December 16, 2013, 06:19:33 PM
#3
It's also beautiful that the price didn't drop by a half. This tells me that there are many people who are looking at bitcoin as a long-term investment and are willing to hold through these downturns.
Pages:
Jump to: