Now that Califorina has legalized Bitcoin, it will not plummet in price.
It is still not a legal tender though.
Federal government can no longer stop companies from accepting bitcoin in California.
Topic: How and why Bitcoin will plummet in price - page 2. (Read 6844 times)
It is still not a legal tender though.
Federal government can no longer stop companies from accepting bitcoin in California.
Now that Califorina has legalized Bitcoin, it will not plummet in price.
It is still not a legal tender though.
Now that Califorina has legalized Bitcoin, it will not plummet in price.
So far, network effect is working well for bitcoin. But that doesn't mean there won't be another coin more suitable for payment gateway in the future.
Until that happens i just have to sit and wait for Bitcoin prices going vertical, when another better coin appears maybe i'm already buried in my own mortuary business...
Don't let facts get in the way of an agenda. Build your straw man, beat it, repeat ad nauseum.
So far, network effect is working well for bitcoin. But that doesn't mean there won't be another coin more suitable for payment gateway in the future.
Network Effect.
+1
Metcalfe's law, every time I read some dumbass talk about network values, Metcalfe's Law.
How many people didn't realise this was a necro.....?
I have no idea who bumped it, but carpe diem!I read this, and I have to say it was the stupidest thing I have read. Correction; the stupidest thing I had read before this, multiplied by cancer.
This person understand absolutely nothing about Bitcoin, and I still have to understand why he wrote that. Did he not have a story for a column and decided to say something is bad, even though he's done seemingly no research?
And no variables were taken into effect.
Yeesh.
Yeah, just noticed (though it was not me who bumped it)! 
But such questions are always topical and can be asked at any time about virtually anything.
But such questions are always topical and can be asked at any time about virtually anything.
How many people didn't realise this was a necro.....?
Funny thing is people immediately reject this argument because it works against Bitcoin, yet many use the same principle to predict increase costs of mining and rigs pushes up Bitcoin value. I dont buy it myself, but you cant simply reject the premise that the value of Bitcoin could be reduced by supply side pressure.
Sure you can. As long as demand is greater than supply, the notion that supply side pressure will reduce trading price in aggregate is absurd.
It seems that you don't fully understand how supply and demand work jointly. When demand increases, it almost instantaneously gets balanced through price adjustment, so most of the time supply and demand are mutually offsetting each other (read are equal). Thus, if we have supply side pressure, it also gets balanced immediately through the corresponding price adjustment.
Funny thing is people immediately reject this argument because it works against Bitcoin, yet many use the same principle to predict increase costs of mining and rigs pushes up Bitcoin value. I dont buy it myself, but you cant simply reject the premise that the value of Bitcoin could be reduced by supply side pressure.
Sure you can. As long as demand is greater than supply, the notion that supply side pressure will reduce trading price in aggregate is absurd.
Also absurd is the idea that a coin with no network constitutes an alternative to a coin with a network on the scale of bitcoin.
There is just too much faith in bitcoin now and as more adopt btc as a method of payment the faith increases, as faith in fiat currency and the traditional banking system decreases.. btc faith increases
VC interest in bitcoin based businesses has soared this year, they have the capital and with the right strategy over time these companies will grow, as the companies grow... faith increases.
VC interest in bitcoin based businesses has soared this year, they have the capital and with the right strategy over time these companies will grow, as the companies grow... faith increases.
This author just ignores the network effect of the most popular cryptocurrency. He assumes that each crypotocurrency is a good substitute for any other cryptocurrency.
By analogy, we can assume that the value of the US dollar will fall sharply soon because Vietnamese Dong is much "cheaper" to buy.
By analogy, we can assume that the value of the US dollar will fall sharply soon because Vietnamese Dong is much "cheaper" to buy.
He seems to have completely missed the point that Bitcoins utility and thus value lies in its use as a method of currency transfer.
As far as I can figure out, he sees Bitcoin as a simple commodity whose price in a competitive market will fall to cover the cost of manufacture + a small profit margin. Just like cars or toilet seats.
As far as I can figure out, he sees Bitcoin as a simple commodity whose price in a competitive market will fall to cover the cost of manufacture + a small profit margin. Just like cars or toilet seats.
So he seems to be basing his assumptions on the labor theory of value (no subjective value, i.e. utility), which had been proven wrong right at its inception in the 19th century.
One of the strengths of crypto-currencies is that if someone tries to corner the market on one of them people can simply change to a different one
I mostly agree with this forum member's that the author of the article is incompetent to tell about BTC, had never read such stupid things before
The author is an idiot. He obviously knows nothing about the overall altcoin markets.
Limited adoption does not mean failure. It means limited success. AnonyMint seems to believe that Bitcoin will die unless it replaces every currency.
I don't think that anyone expects Bitcoin to gain un-limited adoption. The adoption will most likely be limited by something, and the real question is when.
What exactly is your link showing that indicates limited adoption? Adoption will be predicated on ease of use, improved infrastructure, amongst other things. Price is mostly irrelevant since Bitcoin can be divisible to multiple decimal places making it easy to use for anyone.
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