The dollar weakened, so assets denominated in dollars went up, all things else being equal.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
What random straw man arguments!!!!!
NONE of your listed fundamental issues are problematic for bitcoin at this stage in its life, and maybe NOT even into the future. Bitcoin remains a growing phenomenon with ongoing development, and its infrastructure is well capable of expanding capacity as soon as people begin to jump on board. Surely there is a bit of a catch 22 because additional people may be hesitant to jump on board if they are worried about future devaluation... but as more people jump on board, the price increases causing more interest and causing more need to expand, build and modify existing systems, including user friendliness.
That's the most perfect example of a circular argument I can Imagine. You need a reason to "jump on board" other than "people are jumping on board". Investors are forward thinking, so future problems, particularly FORESEEABLE problems such as scalability, affect investment NOW.
For some reason, you seem to be making too much out of problems that don't really exist. Surely, they are issues, but certainly NOT to any level that you are making them out to be (scale or die, for example.... hahahahaha). My response may seem circlular, yet the circularity sense of it likely comes mostly from the sense that these adoption matters take time, and they are difficult to measure.
Bitcoin continues to develop in a lot of ways on a global schedule. It is becoming more known, and more people are learning about it and more systems are being developed for getting in and for getting out. Surely, some people do get out of bitcoin, but their exit is likely NOT forever and likely NOT in total. Again... patience my friend... don't rush a good thing.
Yes, I would like the price to go up too, and sure, I would like to accumulate a few more coins while the price is down; however, in the end, there is going to be ups and downs in the price and manipulation etc etc... and really some of the extent of your drama or exaggeration seems to be attempting to cause an effect rather than really talking about the real state of bitcoin today.
I agree with billyjoeallen.
and would like to add that once this block limit debate is over and we have a release that somehow will make sure Bitcoin can handle 1000's of TPS, investors will be more willing. Weather sidechain or increased block limit does the trick, won't make much difference. the way i see it we'll end up needing both solutions to make Bitcoin handle the same level of TPS VISA can do.
waiting for more poeple to join in, to make Bitcoin able to support more poeple joining in, creates a catch 22 effect that slows / delays adoption. kinda mad at the devs for being so indecisive. but all in good time, this will get resolved one way or another, taking advantage of the FUD surrounding all this by buying BTC is just good speculation.
Hahahahahahaha
You say that you agree with BJA; however, your words seems to support what I am saying. This whole matter is NOT as big of a "crisis" as it is being made out to be.
the matter is going to get resolved one way or another, and the mere issue or making it of an issue, seems only to be an advantage that downward manipulators are pushing in order to drive pressure down and to lessen confidence, etc, etc etc...
In the end, this still seems a great price to be holding and accumulating.. even though we may again experience more downward price pressures, there has been considerable difficulties keeping BTC prices below $220 for any kind of sustainable period of time...
we need a little more fud and a little more negative nay sayer drama in order to attempt to drive BTC prices below $220 for any period of more than a day or two...
