Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33439. (Read 26708756 times)

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

The only reason to go through hassle of getting bitcoin is using silkroad

The question is why the f--k would I want to internationally transfer my money to Japan, wait 4 days, pay transfer fees, buy one bitcoin and then buy a service I could pay for instantly with paypal? The only reason to go through hassle of getting bitcoin is using silkroad. Please tell me, why else would I want to use bitcoin to buy something over using credit card or paypal.

It is a serious question, I expect a thought out answer.

The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.

This baby needs to grow a little bit, but it's unstoppable.

Tell that to Chamath P and Fred Wilson.

The last two 10% drops were not related to any news event.  ...also, there is no VC that is going to put significant amounts of cash into something that is so heavily influenced by illegal activity.  At the moment, the Bitcoin economy is still used 90% for Silk Road purchases.

Ok, so you're short term bearish.

Liquidity has to grow A LOT. But the Bitcoin concept is so fascinating that a lot of people is putting a lot of work on it, and more clever people is getting hooked to it.

Agreed ... if the velocity of Bitcoin 'money' could increase (ie more liquidity on the exchanges), the price would not need to rise to accommodate increased trade, but as most of it is locked away, as an instrument of exchange it is well, not the best right now. People want to hold their coins til they are worth thousands so that the very small free float could then accommodate the needs of an economy.

 I am not convinced that it will work like that. At the moment we are like a penny stock in which the original owners have sold about 5% of company. Its a speculative investment, not a currency, yet many are calling it the currency of the future. I am not denying that there is much more to the blockchain, just looking at BTC as a currency here and now. It is so illiquid that it will not attract any serious players right now. I imagine that there are some medium sized fish who got hooked during the high volume period that right now simply so not know what to do. They cannot liquidate their investment without dramatically moving the price and they can't use it for anything either (on the scale we are talking). Not what it said on the tin. Not crying for them ... they are all big boys.

Big fish need much more liquidity than this market is currently willing to provide. They don't like 'trades' they cannot exit from. Like it or not, there will always be more than one 'currency' ... the ability to switch between them, whatever they are, is key to adoption.

I am not an economist so please do not pick this argument to pieces on academic grounds ... it is just my slightly educated opinion, and I am sure there are many holes. And this is neither a bullish nor bearish post, just some thoughts.

Sure it's bearish.

Unless you're trying to tell that a short term drop of 50% is inconsequent.

All that needs to happen for the price to start rocketing again is for the big VCs to back a fully-registered, convenient-to-use, stable and secure exchange, eliminating all uncertainty from the market.  Is that so far out of the question?
Every major down-spike in the last few weeks has been due to the government or MtGox doing something wrong, but with all the VC money flowing in, things are going to get better.

I can't wait to see what Bitcoin looks like on New Year's Day 2014

Mexican Dwarf Toreador.  Make of it what you will.

Really, this is an exciting place to be. Taking part in the largest social experiment the world has ever known is huge. Maybe that makes BTC sound cheap as it will live on in many forms regardless
of what the government does, so the experimental part is the immediate part.