This rise could, in part, be a result of pent-up demand being released via these new easy-to-use bitcoin purchasing methods.
Bingo
Topic: BTC price shooting up to $24/BTC - page 2. (Read 4398 times)
This rise could, in part, be a result of pent-up demand being released via these new easy-to-use bitcoin purchasing methods.
Bingo
What does greed have to do with this at all? or the reference with musical chairs?
...
Bitcoin is going up. Why ? Because fundamentally it has to just like gold and silver did,
this is true. but greed is a quantifiable thing. take that the bitcoin market behaves in an extremely volatile manner compared to commodities with massive market caps:
the basic hypothesis is that people are irrational and will overestimate rewards vs risk. this will manifest itself in a game of musical chairs where everyone plays along until we reach a really unstable state where everyone rushes to sell sell sell. last one out loses (net loss) because trading is a zero-sum game. this state is "unstable" as the price exhibits extreme volatility, which sometimes can hide the underlying deflation.
while this occurs in all markets, with bitcoin it is exacerbated by the smallness of the market cap. the mechanism for this is related to the interplay between the relative sizes of the trade volume and the market cap. (if mean volume is large in proportion to the market cap, single buys and sells more drastically affect the market).
in other words, this rally could be a 'fluctuation' much larger than the underlying deflationary nature that gold and silver exhibit. the btcusd rate should increase over time, but that does not necessarily mean that this price event is due to that effect.
it could just as easily be musical chairs...
also
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I dont understand how greed would come into play here, and like most who have followed bitcoin the situation we are in now is 100000000000x different than the crash we experienced 1 year ago
>the situation we are in now is 100000000000x different
>100000000000x different
I think there's another component to the recent price rise that I never hear mentioned: it's simply easier now for anyone to buy bitcoins. Coinbase in particular lets anybody sign up and buy coins immediately with a direct bank transfer.
This rise could, in part, be a result of pent-up demand being released via these new easy-to-use bitcoin purchasing methods.
This rise could, in part, be a result of pent-up demand being released via these new easy-to-use bitcoin purchasing methods.
Yes for sure I would tell him it was not a store of value. After 40 years or so you could say it is not just a fad. If you asked if I would have said that salt wasnt a store of value when people started to use it as a currency. I would say no.
There is no comparison between BTC and commodities. BTC is just 1's and 0's in the cloud. BTC can go to zero tomorrow, that is not a store of value.
There is no comparison between BTC and commodities. BTC is just 1's and 0's in the cloud. BTC can go to zero tomorrow, that is not a store of value.
Bitcoin is Schrodingers store of value, maybe it is great, maybe it is dead...
Yes for sure I would tell him it was not a store of value. After 40 years or so you could say it is not just a fad. If you asked if I would have said that salt wasnt a store of value when people started to use it as a currency. I would say no.
There is no comparison between BTC and commodities. BTC is just 1's and 0's in the cloud. BTC can go to zero tomorrow, that is not a store of value.
There is no comparison between BTC and commodities. BTC is just 1's and 0's in the cloud. BTC can go to zero tomorrow, that is not a store of value.
BTC has been around 3 years! and during that span lost 90% of its value.
wut?
I think we have different definitions for store of value. You seem to appreciate low volatility. I appreciate retaining value over long periods of time, such as gold has done over the past couple thousands of years, despite being volatile at times.
EDIT: if you are saying something has to have passed the test of time: what would you say to the persons who first started trading gold back in the day? That it was not a store of value?
A simple analogy:
Raw Ore --> Mine Processing --> Gold Ingots :: Raw Bits --> Miner Hashing --> Bitcoin Blocks
Sure, it remains to be seen how bitcoin performs as things scale, but there are inherent advantages when it comes to digital versus physical. For one, I don't have to rent out a big vault or storage box, and I don't have to worry that the government has a record of my purchase at the dealer.
Precious metals have their place, but I think Bitcoin will prove itself worthy as well in the world of bits and bytes.
Raw Ore --> Mine Processing --> Gold Ingots :: Raw Bits --> Miner Hashing --> Bitcoin Blocks
Sure, it remains to be seen how bitcoin performs as things scale, but there are inherent advantages when it comes to digital versus physical. For one, I don't have to rent out a big vault or storage box, and I don't have to worry that the government has a record of my purchase at the dealer.
Precious metals have their place, but I think Bitcoin will prove itself worthy as well in the world of bits and bytes.
if the demand was exceeding supply we would be seeing a lower bitcoin price
Really?
Really?
oh really im the sucker? please let me know if my "how can we not go up" statement has been wrong this past year,
Oh wait no it hasnt. Like you super bears im on the other side of the spectrum and would say im a super bull, doesnt mean im not going to change my position if the market says so, right now it is Retarded to be a bear so why would i be fighting for the losing side,
Til the market says otherwise Im speaking on behalf of the drection its moving, til it happens Im a bull
Oh wait no it hasnt. Like you super bears im on the other side of the spectrum and would say im a super bull, doesnt mean im not going to change my position if the market says so, right now it is Retarded to be a bear so why would i be fighting for the losing side,
Til the market says otherwise Im speaking on behalf of the drection its moving, til it happens Im a bull
the only logical answer that was said here was supply and demand,
I dont understand how greed would come into play here, and like most who have followed bitcoin the situation we are in now is 100000000000x different than the crash we experienced 1 year ago, the run up and down happened in such a short period of time and back then all it took was one big sell/buy to cause the market to panic in either direction because of how few were involved in bitcoin
What does greed have to do with this at all? or the reference with musical chairs?
bitcoin aside of getting press from some decent sources mainly because of how well it is performing to other financial assets, securities, you name it bitcoin is beating it. but where does greed fall into the mix? its not like MTGox,someone who has a insane amount of coins or DPR of SR are going around on every forum advocating to the world how amazing bitcoin is, the world is just slowly realizing it one by one as people see the true benefit to bitcoin
Lol @ your comments man seriously, Gold and Silver being over priced? it just makes sense when something that is limited in supply starts being bought up, not to mention that a majority of the stuff is stashed away in banks or reserves so what there is available to be bought is limited, as well as the limited amount of new gold/silver being introduced, With a setup like this how can the price not go up?
Bitcoin is essentially the same as gold, it is mined, big stashes of it are stored away by big players, and now people are beginning to notice it, its only a matter of time til bitcoin destroys its last high of 32 and it will hopefully get there in a slow and steady fashion like it has been doing the past year,
You say that anyones guess is good but that isnt true when someone also says one of the options is wizards,
Bitcoin is going up. Why ? Because fundamentally it has to just like gold and silver did,
I dont understand how greed would come into play here, and like most who have followed bitcoin the situation we are in now is 100000000000x different than the crash we experienced 1 year ago, the run up and down happened in such a short period of time and back then all it took was one big sell/buy to cause the market to panic in either direction because of how few were involved in bitcoin
What does greed have to do with this at all? or the reference with musical chairs?
bitcoin aside of getting press from some decent sources mainly because of how well it is performing to other financial assets, securities, you name it bitcoin is beating it. but where does greed fall into the mix? its not like MTGox,someone who has a insane amount of coins or DPR of SR are going around on every forum advocating to the world how amazing bitcoin is, the world is just slowly realizing it one by one as people see the true benefit to bitcoin
Lol @ your comments man seriously, Gold and Silver being over priced? it just makes sense when something that is limited in supply starts being bought up, not to mention that a majority of the stuff is stashed away in banks or reserves so what there is available to be bought is limited, as well as the limited amount of new gold/silver being introduced, With a setup like this how can the price not go up?
Bitcoin is essentially the same as gold, it is mined, big stashes of it are stored away by big players, and now people are beginning to notice it, its only a matter of time til bitcoin destroys its last high of 32 and it will hopefully get there in a slow and steady fashion like it has been doing the past year,
You say that anyones guess is good but that isnt true when someone also says one of the options is wizards,
Bitcoin is going up. Why ? Because fundamentally it has to just like gold and silver did,
The musical chairs reference is a perfect example of demand exceeding supply.
Also when you start making statements like "how can the price not go up" you have found the sucker. He's the one looking back at you from the mirror.
Bitcoin and PMs are very similar, with Bitcoin taking their market-dominant monetary properties to an intellectual extreme. Bitcoin also happens to be fantastic for actual transactions in the modern era.
This is a fantastic way to describe Bitcoin. I hope you don't mind if I borrow it from time to time?
Please do!
BTC is not a store of value!!! I hate seeing this. BTC has been around 3 years! and during that span lost 90% of its value. It is not real! Dont you get that?
1's and 0's are not wealth there is no comparison between BTC and gold or silver, copper, lumber, BTC has 0 value and is not a commodity. BTC is a currency not a retirement plan.
1's and 0's are not wealth there is no comparison between BTC and gold or silver, copper, lumber, BTC has 0 value and is not a commodity. BTC is a currency not a retirement plan.
Ok, now those few sentences are just wrong. I get it - you're locked in your thinking to some arcane/misleading notion of "intrinsic value". There are lots of people like that. You've got an intellectual wall you need to get over. You'll get there in time if you think about it enough.
As I've said a number of times on this forum recently, Bitcoin and PMs (not copper or lumber, just the metals whose exchange value is not primarily driven by industrial demand) are very similar, with Bitcoin taking their market-dominant monetary properties to an intellectual extreme. Bitcoin also happens to be fantastic for actual transactions in the modern era. So, double booya.
Are people finally beginning to realize how awesome bitcoin is ? 
Less chance for me to buy more
Less chance for me to buy more+1000
Fill in the blank...
Email is to Snail mail
World Wide Web is to Bricks and Mortar shops
Bitcoin is to ..............
I can't understand anyone who follows this forum and does not have at least 10% of their spare/investment money in a bitcoin holding.
If it blows up, unfortunate, sad. If it succeeds it will kill most of the world's fiat. Hello long and happy retirement.
Store of value - To act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved.
this is dictionary definition of store of value,
No where does it say it has to be physical or non physical
Hm I can store my bitcoins in my wallet, and retrieve them at a later time, damn these things cant be that useful (Sarcasm) the current price is only 24.41 ? Weird
this is dictionary definition of store of value,
No where does it say it has to be physical or non physical
Hm I can store my bitcoins in my wallet, and retrieve them at a later time, damn these things cant be that useful (Sarcasm) the current price is only 24.41 ? Weird
It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.
I agree 100% all it needs is a competitor to give it price stability.
What, you just bought litecoins and now you start peptalking it?
Give me 1 rational explanation why "a competitor" would give price stability.
I am feeling mightily tempted to push the troll-ignore button...
BTC is not a store of value!!!
I think BTC is an interesting case because if it works as intended and no superior alternatives arise, I think it is one of the best stores of values you'll ever get.
On the other hand, it still has quite some "track record proving" to do to exit the "experimental phase".
It is not real! Dont you get that?
Please give me your definition of reality. Something big enough for your eyes to see without equipment, something big enough for your skin sensors to feel?
Or maybe it's all in the atoms you say, so a couple of tubes of paint and a blank canvas are just as valueful as a picasso painting?
1's and 0's are not wealth
Tell that to Bill Gates.
BTC has 0 value
If you believe that, why are you still here? It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.
I agree 100% all it needs is a competitor to give it price stability.
It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.
BTC has been around 3 years! and during that span lost 90% of its value.
wut?
BTC is not a store of value!!! I hate seeing this. BTC has been around 3 years! and during that span lost 90% of its value. It is not real! Dont you get that?
1's and 0's are not wealth there is no comparison between BTC and gold or silver, copper, lumber, BTC has 0 value and is not a commodity. BTC is a currency not a retirement plan.
1's and 0's are not wealth there is no comparison between BTC and gold or silver, copper, lumber, BTC has 0 value and is not a commodity. BTC is a currency not a retirement plan.
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