Seriously. If ever there was a time to look at bitcoin fundamentals, it is now. We all know the merits of bitcoin, which is why I'm a long term bull. But in the short term, the reality is, all the press is bad. Few people understand how it works. Few people have even heard of it.
This will change.
But for right now, Bitcoins are just not all that useful for the average person.
This will change.
And while we're at it, this drop is great for Bitcoin. It allows new investors to hop in and motivates the people holding 100,000 coins to sell off a few. While I would in no way advocate a forced "spreading of the wealth", it's difficult to trust a currency where a large percentage might be held on a CD by its inventor or a super early adopter.
These are fundamental growing pains. And in 10 years, when BTC is well understood and widely used, we'll look back and chuckle.
At some point, there will be blood in the streets (we're not anywhere close to that yet), panic, and fear. The forum will be about "the end of Bitcoin". And that's when I'm a buyer again.
This will change.
But for right now, Bitcoins are just not all that useful for the average person.
This will change.
And while we're at it, this drop is great for Bitcoin. It allows new investors to hop in and motivates the people holding 100,000 coins to sell off a few. While I would in no way advocate a forced "spreading of the wealth", it's difficult to trust a currency where a large percentage might be held on a CD by its inventor or a super early adopter.
These are fundamental growing pains. And in 10 years, when BTC is well understood and widely used, we'll look back and chuckle.
At some point, there will be blood in the streets (we're not anywhere close to that yet), panic, and fear. The forum will be about "the end of Bitcoin". And that's when I'm a buyer again.
I was about to post something very similar but you beat me to it. I agree - if you don't believe in Bitcoin for the long-term, sell off your coins, get this over with, and let's carry-on to the next, inevitable phase in what will no doubt be an amazing run for Bitcoin.
