So if China doesn't matter to BTC, what is causing the price to stay down?

t3xasdolly

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Quote from: disclaimer201 on May 11, 2014, 03:19:25 AM

Didn't you read the memo?! Bitcoin is virtual gold. It will be used as a currency as much as gold is used today, so barely at all. BTC will be a reserve currency and used only to hold or transfer large amounts of wealth, far beyond what everyday users will own or even need for shopping.

My guess is one or multiple of the alts with billions of coins will actually be used as a currency and derive their value out of the currency function, but it may take a couple of years for everyone to get used to the idea that virtual goods are equal to material goods.

Doesnt make sence. First, it does not matter if coin has million or billions of coins, you just move the decimal elsewhere. Second, if you cant use Bitcoin as a currency because of max transactions per second limitation, you cant use any other decentralized cryptocurrency as a currency neither.

Ibistru

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Quote from: Beliathon on May 11, 2014, 01:44:37 AM

That chart, as the entire realm of technical analysis, is bullshit. To be more precise: it could be useful to predict future prices if and only if you were the only man knowing it.

For a detailed explanation, I am offering an introduction course to economics and finance at the special price of 0.2 BTC: Wink

blatchcorn

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Quote from: Beliathon on May 11, 2014, 01:44:37 AM

You really like that graph don't you? Cheesy

desired_username

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Quote

In the U.S. and Europe we really don't need BTC because our governments aren't exactly confiscating our wealth on a massive scale, or really even almost any small scale(some peoples opinion might be that they are, but nice opinion bro).

This is the biggest obstacle front of bitcoin, lunacy of the sheeple.

tianrui81317

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I think Now USA really matters.

disclaimer201

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Didn't you read the memo?! Bitcoin is virtual gold. It will be used as a currency as much as gold is used today, so barely at all. BTC will be a reserve currency and used only to hold or transfer large amounts of wealth, far beyond what everyday users will own or even need for shopping.

My guess is one or multiple of the alts with billions of coins will actually be used as a currency and derive their value out of the currency function, but it may take a couple of years for everyone to get used to the idea that virtual goods are equal to material goods.

Beliathon

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https://youtu.be/PZm8TTLR2NU

jc01480

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Nope..

Quote from: dkunion on May 10, 2014, 10:38:01 AM

Chinese influence has to BTC, you must always look Chinese face.

The hell, you say! I thought that was more along the lines of a Mexican standoff?

RomertL

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Quote from: Ibistru on May 08, 2014, 08:18:29 AM

Quote from: fryarminer on May 08, 2014, 07:51:59 AM

Where do you get this from? You're the ONLY person I've ever heard to say this!

Quote from: turvarya on May 08, 2014, 07:57:43 AM

I am pretty sure, that there were People who said the same, when BTC reached 200 USD for the first time last year or any other significant marks since the beginning of Bitcoins.
According to your Forum-Profil, you are not Long enough in the game to know the rules(if there are any).

Just ask yourselves how much of the current Bitcoin price is due to its utility (i.e. its use as currency for buying goods and services) and how much is due to the speculative bubble (i.e. people buying and holding coins only because they are sure price will rise). Think about this and you will get the answer.
Could bitcoin price rise still more in the next few months? Sure, but the more it will rise, the harder it will crash once the bubble will burst.

The last bubble has already burst, the price were a bit over 1000 a couple of month ago. You didn't notice? We're at the new bottom now, starting to rise. We're nowhere near the full potential of Bitcoin. Look for a few more bubbles the next couple of years. , each peak and floor higher than the previous one.

PeterReid

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Quote from: iluvpie60 on May 07, 2014, 07:07:12 PM

It is all in the title really.

Yeah, hacks, gox, sheep market place, china news, bad news here, bad news there, bad news bear. IDK.

I remember seeing that China accounted for the majority of BTC volume on any given day. In the U.S. and Europe we really don't need BTC because our governments aren't exactly confiscating our wealth on a massive scale, or really even almost any small scale(some peoples opinion might be that they are, but nice opinion bro).

So if everyone is always going around saying China doesn't matter, why do you keep having you repeat the mantra? It obviously has a pretty big effect, and if they actually ban it outright banana sandwich like no tomorrow then we will really see a big dip ay?

For those who say it isn't China, what is it then? Huh

The Chinese own a lot of Crypto so they are always going to matter, They can effect the markets and often do.

vipgelsi

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Quote from: iluvpie60 on May 10, 2014, 10:25:59 AM

Quote from: MarketNeutral on May 08, 2014, 03:01:38 PM

The price is down in the short-term, but for many of us, the price of bitcoin is very much up.

Yes, but for anyone new coming into it, it is very worrisome, hence less adoption.

Yup pennies to hundreds

counter

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Time is on our side, yes it is!

Quote from: iluvpie60 on May 07, 2014, 07:07:12 PM

It is all in the title really.

Yeah, hacks, gox, sheep market place, china news, bad news here, bad news there, bad news bear. IDK.

I remember seeing that China accounted for the majority of BTC volume on any given day. In the U.S. and Europe we really don't need BTC because our governments aren't exactly confiscating our wealth on a massive scale, or really even almost any small scale(some peoples opinion might be that they are, but nice opinion bro).

So if everyone is always going around saying China doesn't matter, why do you keep having you repeat the mantra? It obviously has a pretty big effect, and if they actually ban it outright banana sandwich like no tomorrow then we will really see a big dip ay?

For those who say it isn't China, what is it then? Huh

I'd say it is an issue of speculation and people wondering what will happen next. Alot went on in a short period of time so I think it is not very surprising that there is a fair amount of stagnation. I think the volatility or lack there of presently is a good thing.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: Ibistru on May 08, 2014, 06:47:53 AM

Bitcoin price has reached its maximum. There is no way it can grow significantly in the next few years. Actually it could decrease if the speculative bubble deflates (i.e. if the "investors" that are holding bitcoins realize that the price is not going to grow and decide to sell).

Somewhat true.

It has plateaued for the time being, however, Wall Street investors are coming soon which will cause a big spike. Bitcoin already listed on Bloomberg so that prerequisite step already done.

Once Wall Street adopts it, who knows what will happen in the next few years.

miffman

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bitcoin needs to counter daily inflation and we're all still recovering from gox. And the biggest part of it all is that people aren't spending as they used to, a lot of it is profit motivated now

dkunion

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Chinese influence has to BTC, you must always look Chinese face.

iluvpie60

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Quote from: MarketNeutral on May 08, 2014, 03:01:38 PM

The price is down in the short-term, but for many of us, the price of bitcoin is very much up.

Yes, but for anyone new coming into it, it is very worrisome, hence less adoption.

MarketNeutral

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The price is down in the short-term, but for many of us, the price of bitcoin is very much up.

BittBurger

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Quote from: master-P on May 08, 2014, 01:04:46 AM

given that about 3600 new coins are mined every day.

This

bryant.coleman

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In my opinion, it is the Mt Gox effect. The impact was huge, affecting 7% of all the coins in circulation. It is like someone stealing $1,200 billion from the US treasury. Will take a lot of time to neutralize its effect.

Ibistru

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Quote from: BillyBobJoe on May 08, 2014, 10:04:48 AM

I am new here so I don't know what I am talking about and most likely will be labeled as a troll.

What I see is bunch of people sitting on their BTCs waiting for the price to sky rocket, again. Sure, history is full of those kinds of stories. NOT!

If this board is any indication, almost nobody is using BTC as a currency. They are sitting on BTCs in much the same way as somebody who is stashing cash, Fiat, in their mattress expecting it to grow.

Why should it grow in value if almost nobody is using it?

The idea that BTC is a currency is a joke.

+1

well, to be more precise, Bitcoin is used as a currency by many sellers and buyers (me included).
But you are correct when you read in this forum that many, many self-styled "investors" just buy bitcoins to hold them, hoping that the price will rise. And this is the textbook definition of a speculative bubble. So yes, the Bitcoin price is clearly inflated beyond what it would be considering its "normal" usage (i.e. as a currency).
Will the bubble burst? Of course, the only question is when. It will be a pleasure to see so many noobs losing their money.

Topic: So if China doesn't matter to BTC, what is causing the price to stay down? (Read 2825 times)