Guys, remember that if bitcoins become widely adopted (greater than 1% of the population), bitcoins will necessarily have to cost more than $1,000 (probably more like $10,000). It has to get to that price SOMEHOW, and I don't see any possible way it could get there without a lot of volatility.
Yes, I would also like bitcoin to have a relatively stable price, but I'm not expecting or hoping for that until it's a trillion dollar market (like gold, which can still be fairly volatile).
True, patience is what everyone needs. Adoption comes, value goes up and stability comes. Don't expect stability to come before adoption. It wont happen.
Agreed.
This stuff is definiely not good for Bitcoin. It won't be widely accepted as long as it's dancing like this, it'll just be a speculation asset.
The short term thinking in these threads is remarkable to me. As stated above, Bitcoin will not be a truly viable exchange medium or "universal" store of value until the price of bitcoin is in the order of magnitude of $10K/coin. Before that it is almost useless on a large scale (except for a few people to move small amounts of money around).
Arguments about "what is bad for bitcoin" are truly irrelevant to the ultimate adoption or failure of the coin. There will bubbles (many I believe) over the next few years and there will be crashes. That is the nature of the beast. Complaining about "manipulators" and "speculators" is just plain silly and naive. That is always the nature new ideas and technologies.
I have worked with dozens of vc funded start-ups. Many die. Some make it long enough to get 2nd and third round funding. Those that do are often bought by larger firms or explode out on their own. I have never seen one that did not have wild swings in "valuation" along the way - however you choose to measure that. Will bitcoin survive? I don't know. If it solves an existing problem (or many) and does it better than the competition, it will thrive. If not it will die.
My bet is it will live. Bitcoin is strong and will get stronger as it is tested. Just my opinion.
But all this hand wringing and anger about what "they" are doing to you and hurting bitcoin by trading and speculating is just nonsense and a misreading of what is required - and inevitable- at this time in the bitcoin adoption phase. We are involved in a high-risk venture capital long-term investment (some more than others
And something that no one has ever seen before. It is going to be messy for long time.
