Topic: why is bitcoin price important? - page 2. (Read 3707 times)

Yeah, I totally agree with what you're saying. It's pathetic how so many people try to pump just to make a quick buck, and it's especially risky with NFTs.  It's true, those shouting out ridiculous price targets are usually just trying to get others to buy in so they can sell at a profit.


It's all about finding that balance between greed and smart investing. Gotta be careful out there...

Actually you right from the aspect of the objective of Satoshi is to create decentralized financial ecosystem, i the objective of Satoshi is still dwelling in cryptocurrency sphere, because assuming Bitcoin was a centralized currency it would have been destroyed by now, but since the attention and objectives Concentrate on decentralized, that while it haven't be destroyed. It's quite obvious that Bitcoin is father's of any other cryptocurrency.

Bitcoin is very essential for the us especially for those in the crypto space. The price of Bitcoin have increased over the past years and it's currently dipping, the more reason one should bagged it when the chance is still open. Confident comparising the investors and many purpose added to the coin. I've decided to bagged the little one that I'm able to purchase and keep it for long term because it have a promising future. Crypto assets are measured according to their price value, every investors and traders tend to look at the one that's profitable.

why stop there, if bitcoin was $200,000 then it would be moving by $25,000 per HOUR does that seem reasonable to you (oops mistake, $10,000 per hour but still that's pretty alot)? i would expect a decreasing volatility with higher bitcoin prices. but maybe i'm wrong but how could bitcoin survive like that? peoples' networths would be changing fast some getting wiped out by 100 grand in hours sometimes...


but as the price rises, the volatility in general should be going down. thus making bitcoin less attractive to a speculator or someone just looking to day trade it. not saying that's bad. just the way it should work out. so in reality, people should be happy bitcoin is way off of its ATH if they are day trading it. right?

the real thing about bitcoin though
is when bitcoin had its last lag period the price only moved up and down by a couple dollars in an hour

now it moves buy a couple hundred dollars in an hour

so in your example of the era of a base level of $20k vs base level in the future of 50k. the 20k moving by only 1k would be equivalent to the 50k moving by 2.5k

..
just remember small minnow traders. dont buy whole coins where they are pushing up the price by spending larger amounts more per order as the price rises. whats actually happening is the sellers are offering smaller decimal amounts for the same small amounts

EG
0.1 for $400=$4k
0.1 for $420=$4.2k       ($200 change)

0.02 for $400 =$20k
0.02 for $420 =$21000  ($1k change)

0.008 for $400 =$50k
0.008 for $420 =$52500 ($2.5k change)

as you can see the buyer paid the same $20 extra.. but depending what era of price window. it affects the price more profoundly

enjoy that thought

Unfortunately, but that's what's going on these days, every market participant invests in bitcoin for profit, no one uses it as a means of payment or currency. I have to tell you that there are very, very few people entering the market just to use bitcoin as a currency.
So you can see that we always talk about bitcoin price, even hope bitcoin will become more popular or more widely accepted also hope that demand is greater than supply, that will help bitcoin price will be high than.


I think it's just a coincidence, people who have invested in gold mean they like safety so bitcoin is not their choice.

well i wouldn't call investing an active form of participation necessarily. just buying and holding doesn't really contribute to bitcoin adoption as much as actually using bitcoin regularly for transactions in the real world. that's what drives adoption. if all that was happening is a bunch of people buying it trying to sell higher, well that's not going to work. think of the stock market. there has to be something backing up the chart.


i'm not necessarily convinced that people are using bitcoin anymore than they were 10 years ago. for paying for things in the real world. i tend to think that they are but compared to 5 years ago? maybe not. i think its levelled off.


well it's hard to attribute a causal link between gold price going down and bitcoin price going up. just because those things happened doesn't mean one caused the other. gold isn't a very volatile price if you compare it to a cryptocurrency. so minor price movements up and down are somewhat normal for it. the only thing that would cause gold to plummet would be an oversupply of gold that came onto the market for some reason.

Because of the various uses of bitcoin, the price is also considered important. especially if it is used as an investment. Of course everyone who invests is to profit from rising prices. and what makes the price considered important is because the price can also be a benchmark in the adoption of bitcoin itself. more and more adoption especially in large numbers which indicates that people have become more and more confident in bitcoin. like the incident a few days ago when the price of gold decreased and it turned out that at the same time the price of bitcoin had increased. from there we know that the inflow of funds to invest in bitcoin has increased on the other hand many have come out of gold investments. or many sell gold and the funds are spent on bitcoins. and many more things that we can get either information or profit from a price movement. so price is always important. please correct me if i'm wrong.

the thing about bitcoin though is, say it is priced at $20,000. someone invests $1000 into bitcoin. say bitcoin goes up to $21,000. thats a 5% return. but if bitcoin is $50,000 and it goes up by $1000 in one day then only 2% return. On your $1000 you made either $50 or $20 before fees and paying taxes. To really make money it would seem like you have to buy an entire bitcoin.

I think so some extent that’s right but there does feel like to be a bit of separation finally starting to happen between bitcoin and other cryptocurrencies, mainly those that are large and completely different in nature such as ethereum and coins or tokens that in large part have to do with staking such as Hex.

Hopefully bitcoin will start moving away from so closely following the stock market.

Not only that, I think bitcoin is the pin of crypto and the rest are just inflated balloons. And if the pin ever hits a balloon, all the balloons will burst. And so Bitcoin price is very important in crypto.

Exactly. It has always been about the price. People invest into Bitcoin with the hopes of turning a profit in the least time possible. The moment prices start going down like crazy, it's the moment people start panicking like there's no tomorrow. Only a small number of people care about Bitcoin's usability. That's usually geeks, libertarians, and cypherpunks. They will use Bitcoin regardless of how much it's worth in Fiat terms simply because it represents freedom. 1 Bitcoin = 1 Bitcoin, right?

I'd wish people would stop focusing on Bitcoin's price, so that the cryptocurrency could achieve its full potential. It's a distant dream that's unlikely to become a reality because greed goes above all else. At least we know Bitcoin won't be going anywhere. As long as it stays true to its decentralized roots, there should be nothing to worry about. Just my thoughts

Vlad the eth guy has been pictured at a banquet with the Russian government, who may have a vested interest in preserving the old world economics of oligarchy.

Marx Keiser doesn't like eth & he seems like a smart guy.

Eth is proof-of-stake which has more to do with monopolisation. BTC is proof-of-work which allows anyone with the ability & will to get involved in wealth generation.

PS This is not a 'crypto' forum this is a Bitcoin forum thou vainglorious shills! JK.

greedy people are irrational. but if your willing to buy high sell low. you will lose and there is only so many times you can lose before your out of the game and not participating in the pump.. there are only so many idiot traders. and once they are out they are out.

then the pumps end and corrections begin. where only the smart traders are left

the NFT market is fake.. a huge majority of NFT are not true trades..
they are the creator selling to himself for a high price to fake high price to try to set precedent of expectation. so that when true buyers come along the true buy is suppose to also pay high/higher..
but remember if you create art. and put it into auction. and then you, wearing a different hat buy your own art.. that money as a buyer, returns to you. so it cost you nothing.. yet you manage to set a fake price..
so when a true buyer comes along to buy the art from you(wearing the hat) you are not losing anything from selling at a lower price that your fake trade before
but its this lower price that is actually the price discovery phase.. not the fake ones the creators are trying to promote

and thats the phase NFT are in . creators losing nothing because they are only selling to themselves...
then their next trade that appears to be a loss is the actual first true transaction of profit

its the 3rd transaction.. the duped buyer trying to sell.. that would be the true first losers.

this game used to happen alot in ebay when a new collectable british legal tender metal 50p piece was released. collectors buying them from the mint at 50p:50p would go to ebay and then sell it to themselves for £20(40x) to try to set precedent that these collectible 50p coins were actually worth 40x.. no one fell for that either.. apart from a couple idiots. so the trader again sells to himself for £10(20x) and then £5(10x) trying to fake price discovery until he can convince a true buyer of a price point they are willing to buy


those shouting "it will got to $20k, it will overtake BTC" are not wanna be buyers .. they are people already bought into ETH and wanting to pump it so they can exit at profit.. yes everyone wants a 5x but not willing to wait years for actual value(in deflationary currencies)..
so those buying in at $3.5k of a non deflationary. are just greedy and wanting quick pumps and dumps to exit ASAP, so they will shout out numbers like $20k. because thats their exit price the price they want other people to pump it to so the screamer can exit

yep.. in bitcoin those shouting $100k, $250k. are not shouting out the prices they are willing to buy in at.. they are shouting the Xx factor amount they personally want to exit at where they want to try to push others to buy in excessively too.. but as we seen.. it never reached $100k+ because yep there are real underlying cost windows involved that topped out at $70k last year


but again. if you look at the total users as a whole. there is a limit to any market where the overall top limit reaches a peak that even the dumbest yet-to-be buyer just gives up and says 'no, thats too high'
meaning the pumper loses..


wrong
even the dumbest yet to be buyer has his limits. and there are not an infinite amount of dumb buyers.. so there is always a market top. where dumb users dilute out until there are none left

there is always a point where the speculative bubble bursts

yes when something is new and misunderstood this bubble can be as much as 100x. but once those dumb people and pumpers lose, they dont play so risky next cycle/time.

you can see how that played out in bitcoin
first pump was .$0.30-$30 (100x) but that then corrected down to reasonable closer to value of $2.50
(that period was trigger of first GPU mining where people screamed 'costs and difficulty going to 100x') which sparked the speculative price jump in days. the actual difficulty didnt jump 100x in days so ofcourse the bubble diddt last that month..
it took another 12+ months for the actual cost/diff to jump to the 100x
which is why $30 did hit again until 2013

next cycle seen a jump of far less than 100x.
and latest one was less than 10x

it takes time to weed out the weak treaders that emotional trade. where only logical traders are left and then new traders follow the logical path as they learn from their peers bad experiences
.....
because as you say eth has no supply limit. it will take time for traders to realise the new cost change and then get hurt by speculative bubble pumps.. until they get into rational/logical  value:price trading range

but long story short.. dont expect ethereum to remain in the bubble speculative price range its in now of 20x+. it will shrink over time
...
i have to admit before the merge.. i personally thought traders were smarter and prepared before the merge for the impending cost reduction.. but it seems they will learn the hard slow way, and i didnt realise how many greedy idiots there were in ethereum.. oh well their loss. they will learn.. the signs and data and indicators were there..
they will an d have learned the hard way

When the bitcoin price is high, usually it is a sign that more people are interested in buying bitcoins as the demand of bitcoin increases.

Similarly, when the bitcoin price is low, it is the indication that people are selling bitcoins and crypto due to a lack of interest or investing in other things like stocks or forex etc.

so you're saying there is a new status quo and ethereum will adjust its price to be low permanently? i think ethereum buyers are irrational people in the sense that they are willing to pay for it when it is way overpriced. but that's just my opinion.

they wish they could do that, the sellers that is. more likely they will be selling for a big loss. nft market tanked lately i heard. so anyone that thinking they gonna get back their investment in some junky nft maybe they be unpleasantly surprised.


i always felt eth was a bit overpriced when it hit into the 3k range and then you had people saying eth would go up to $20,000 soon and stuff like that. some people even said it will overtake bitcoin price.   how could anyone ever believe that?

not meaning to go off topic about ethereum prices but it does tie into our discussion about price and why is price important. to ethereum users i dont think it is. they would buy it if it was $20,000 or $20. to them they don't care. i'm not even sure some of them understands the inflationary model of ethereum how it was never a fixed supply and there's already like over 100 million eth in circulation, way more than bitcoin. how could it ever go higher than bitcoin in price if that's the case? because it has more use cases? well it better have alot of them or alot of gullible people.

The crypto world dollar is now represented by Tether and similar surrogates of cryptocurrency dollars. It is the cancer of all cryptocurrencies. Many people are not interested in bitcoin at all as a means of moving an asset from anywhere in the world because they use stablercoins in the same way. Now the time has passed when technology came first and many people believed in the idea and Satoshi's white paper. Now everyone is only interested in the profits of expensive bitcoin. I think you also buy bitcoins now for cheap to sell them later for more.

Because it is very difficult to get a valuation that can be accepted by the systems of governments and banks in the world, they give more importance to diamonds, oil, which are assets that can go to values of almost 1 usd and for them the support is everything , the argument of Bitcoin is different, it is trade, investment and money that moves freely, plus the value it has of being decentralized and deflationary, and these terms do not like governments, banks because otherwise their work would end , they cannot live off the demands with debts because the bitcoin system cannot be corrupted, in the economy that is dictated with these assets if many cheats can be done.

give it time

eth traders are trying hard to keep the speculative price pumped in the +$1300 for as long as they can. but gradually over time that price will step down, and step down and step down.. multiple times until it settles to a new level closer to its new lower SoV

yes bitcoin might have a maximum of a 4-5x bubble ATH premium ontop of value..
($15k->$70k)

but ethereum went from a 4x max speculative window during PoW times of value ($900value->$3.8kATH)
to where stats hours before the merge was ($900value with $1.7kprice) (2x)
but after the merge the value dropped under $40 meaning the market price is being highly pumped by a factor of 30x+ ($1300 price)
trying its damned hardest to not just instantly fall within days to a safer store of value speculative window of 4x

but dont expect this 30x+ of value to remain held up... the speculative bubble pumps cant last forever. they are unsustainable
..
same goes for gold if everyone could mine for $2 in their back yard. gold would not be on the market for $1.8k. it would be on the market for under $10
..
as for thinking that NFT will keep the prices of ethereum in the $1.3k range.. it wont

because although someone bought a $17k NFT for say 10eth during the last days of PoW
in the future when selling it for $17k to break even..  a buyer would use fiat. buy ethereum at a new low of say $40/eth-$160/eth and hand that NFT seller 106eth-425eth to make the seller happy to break even

thus NFT wont help keep eth price pumped.. people will just buy more eth at a lower price to make good on a NFT holders break even cost

i didnt said i wasn't satisfy with your answer about mining/acquisition costs. but it's like i said, i can't go and mine gold if it's going to cost me more than it costs me to buy it on the open market. that would be operating at a loss. i as a miner of gold lets say, am not the one that determines that price level where i stop mining gold and start just buying it on the open market instead. the whole world does that. and insomuch as that ties in with your explanation, i think you also agreed with me. we're good.


so now you're arguing that since it costs nothing to mine ethereum since no proof of work is required, that should mean eth price goes down? tell that to joe public who uses eth for nfts or any million of other things. we'll see if you right about that franky but i had my doubts.