CRASH?! (not) For all the 'nay sayers' - page 3.

nobbynobbynoob

hero member

Activity: 784

Merit: 1000

Annuit cœptis humanae libertas

Quote from: theowalpott on April 07, 2013, 11:16:23 AM

Quote from: BitcoinAshley on April 07, 2013, 10:43:34 AM

The assumption of a bubble is generally based on Paul Krugman's neo-keynesian fantasy world where people don't spend deflationary currencies. But people do - when their need for something in the immediate present surpasses the potential future value of the currency they will spend, and this is why we see record numbers of merchants signing up with bitpay. They're not signing up based on speculation, they're signing up because regular customers are emailing them and requesting that they accept bitcoins.

We don't need to pop the bitcoin bubble, we need to pop the fantasy bubble in these peoples' heads that convince them that bitcoin is a fad based on neo-keynesian "spend spend spend" bullshit. Bitcoin (or at least cryptocurrencies in general) are here to stay. And yes, it can be both a deflationary store of value and a currency. Perhaps it doesn't encourage unsustainable levels of consumption like the USD - the dollar is like a hot potato. I get rid of USD as quick as I can, either into deflationary alternatives or goods/services that I can't yet buy with deflationary decentralized currencies.

To play devil's advocate, how many of these are genuine requests because people want to spend bitcoin? How many are those with a vested interest trying to sustain the price growth with no real interest in actually spending their bitcoins?

That'd be falling into the very same fallacy Ashley was just talking about. If the bitcoin price rises and there are plentiful bitcoin stores, people will spend their bitcoin. I'd consider buying a nice new laptop from Bitcoinstore right now if international shipping were practical and I could get a good system for less than, say, 2 BTC.

theowalpott

member

Activity: 80

Merit: 10

Quote from: BitcoinAshley on April 07, 2013, 10:43:34 AM

The assumption of a bubble is generally based on Paul Krugman's neo-keynesian fantasy world where people don't spend deflationary currencies. But people do - when their need for something in the immediate present surpasses the potential future value of the currency they will spend, and this is why we see record numbers of merchants signing up with bitpay. They're not signing up based on speculation, they're signing up because regular customers are emailing them and requesting that they accept bitcoins.

We don't need to pop the bitcoin bubble, we need to pop the fantasy bubble in these peoples' heads that convince them that bitcoin is a fad based on neo-keynesian "spend spend spend" bullshit. Bitcoin (or at least cryptocurrencies in general) are here to stay. And yes, it can be both a deflationary store of value and a currency. Perhaps it doesn't encourage unsustainable levels of consumption like the USD - the dollar is like a hot potato. I get rid of USD as quick as I can, either into deflationary alternatives or goods/services that I can't yet buy with deflationary decentralized currencies.

To play devil's advocate, how many of these are genuine requests because people want to spend bitcoin? How many are those with a vested interest trying to sustain the price growth with no real interest in actually spending their bitcoins?

BitcoinAshley

sr. member

Activity: 448

Merit: 250

The assumption of a bubble is generally based on Paul Krugman's neo-keynesian fantasy world where people don't spend deflationary currencies. But people do - when their need for something in the immediate present surpasses the potential future value of the currency they will spend, and this is why we see record numbers of merchants signing up with bitpay. They're not signing up based on speculation, they're signing up because regular customers are emailing them and requesting that they accept bitcoins.

We don't need to pop the bitcoin bubble, we need to pop the fantasy bubble in these peoples' heads that convince them that bitcoin is a fad based on neo-keynesian "spend spend spend" bullshit. Bitcoin (or at least cryptocurrencies in general) are here to stay. And yes, it can be both a deflationary store of value and a currency. Perhaps it doesn't encourage unsustainable levels of consumption like the USD - the dollar is like a hot potato. I get rid of USD as quick as I can, either into deflationary alternatives or goods/services that I can't yet buy with deflationary decentralized currencies.

flyhouse

newbie

Activity: 59

Merit: 0

With these prices, what good is Bitcoin? What can you use it for in such times of volatility?

phlogistonq

full member

Activity: 159

Merit: 100

The value doesn't matter.

What matters to bitcoin a bubble or not is NOT the price. What matters is how much they are used by the wider public.
Today, the price is relatively high, and this is based on the -expectation- that bitcoins will be the common internet money of the future. Then, the current price is low. If mass usage never happens, or bitcoins dissapears and is forgotten about in the next decade, the current price is high (a bubble).

I think we will see large scale use but not a monopoly on internet payments by the bitcoin platform, supporting a price of $1000 to several $1000 within a decade. Ofcourse, we will take time and fluctuations to arrive at the 'final' price. We will overshoot it a couple of times, and dive below it.

manfred

legendary

Activity: 966

Merit: 1001

Energy is Wealth

There is proven history (Tulip mania) that i can reach at least $ 500 000 per bitcoin (10 years of annual wage for bob the builder) There is no reason that that figure can not be surpassed tenfold or more.

yolo2222

full member

Activity: 168

Merit: 100

Quote from: Jobe7 on April 06, 2013, 08:28:22 PM

Understandably there's quite a few bitcoiners here and there who (and those who don't have any bitcoin) who keep preaching that bitcoin is a 'bubble' and that it's going to 'pop', and stuff like "hahahaha, silly bitcoiners, won't you feel silly when it pops." etc, etc

So, my question to you (if you are of this mindset) is - At what value will you finally say "ohhh, I better stay quiet now cause bitcoin really IS the future." or "oops, I best apologise cause I was wrong all along."

When it reaches $200? $1,000? $100,000? or more? Will there still be people screaming "bubble bubble" when it reaches $1 mil?

at 100k, id say its not a bubble Wink

Jobe7

full member

Activity: 238

Merit: 100

Now they are thinking what to do with me

Understandably there's quite a few bitcoiners here and there who (and those who don't have any bitcoin) who keep preaching that bitcoin is a 'bubble' and that it's going to 'pop', and stuff like "hahahaha, silly bitcoiners, won't you feel silly when it pops." etc, etc

So, my question to you (if you are of this mindset) is - At what value will you finally say "ohhh, I better stay quiet now cause bitcoin really IS the future." or "oops, I best apologise cause I was wrong all along."

When it reaches $200? $1,000? $100,000? or more? Will there still be people screaming "bubble bubble" when it reaches $1 mil?

Topic: CRASH?! (not) For all the 'nay sayers' - page 3. (Read 4666 times)