we'll probably progress from 1 through 3 in due time.http://en.wikipedia.org/wiki/Network_effect
edit: 1000th post!!!!
Topic: The crux of speculation discussions - page 2. (Read 1719 times)
already agreed upon and we mostly acknowledge how bitcoin will progress long term. it's why we argue so much about the short term here, because there's not much more to argue about the long. Bitcoin is a honey badger we'll probably progress from 1 through 3 in due time.
http://en.wikipedia.org/wiki/Network_effect
edit: 1000th post!!!!
we'll probably progress from 1 through 3 in due time.http://en.wikipedia.org/wiki/Network_effect
edit: 1000th post!!!!
For the brief time that I've been here, I haven't seen any reference to what I consider to be the foundation of Bitcoin speculation: the long-term role of Bitcoin in the global financial sphere. Here are three future scenarios (they can be subdivided more finely but this should get my point across):
(1) Bitcoin remains in the hobbyist domain (USD/BTC never rises above four figures)
(2) Bitcoin becomes very popular, and gains a wide degree of acceptance, but still coexists with fiat currencies in a sort of detente relationship (USD/BTC is five to six figures).
(3) Bitcoin trounces fiat currencies, and essentially displaces them into oblivion (USD/BTC is seven figures).
I am much more interested in what happens long-term than I am in fretting over things like a spike followed by a dip to a price that still well exceeds the price before the spike and then trying to make inferences from this. Which of the aforementioned three scenarios unfolds is largely a function of the number of people who will get into Bitcoin and the number of merchants who will accept Bitcoin.
(1) Bitcoin remains in the hobbyist domain (USD/BTC never rises above four figures)
(2) Bitcoin becomes very popular, and gains a wide degree of acceptance, but still coexists with fiat currencies in a sort of detente relationship (USD/BTC is five to six figures).
(3) Bitcoin trounces fiat currencies, and essentially displaces them into oblivion (USD/BTC is seven figures).
I am much more interested in what happens long-term than I am in fretting over things like a spike followed by a dip to a price that still well exceeds the price before the spike and then trying to make inferences from this. Which of the aforementioned three scenarios unfolds is largely a function of the number of people who will get into Bitcoin and the number of merchants who will accept Bitcoin.
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