Bitcoin plummets 32% in two days, threatens mainstream adoption
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Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#2For anyone watching bitcoin technicals, has the volume been driving the volatility or has the volatility driven the volume? The volume spikes seemed to coincide directly with the price drop, so I am assuming this is someone just trying to divest themselves of a lot of bitcoin over the course of a few days.
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#3I wonder if Bitcoin's recent adoption by some big sites is actually what is bringing the price down as people with stored up BTC are sending them to merchants, who are instantly converting them to their preferred currency?
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#4This means it's another time to buy in. I made a ton of money off the last debasement; I bet this one will be incredible.
I still consider the coins undervalued at $800/btc.
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#5This means it's another time to buy in. I made a ton of money off the last debasement; I bet this one will be incredible. I still consider the coins undervalued at $800/btc.
How can you put a value on an intangible good that is backed by nothing?
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#6Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#7Earlier quoted context omitted.
How can you put a value on an intangible good that is backed by nothing?
Godaddy.com must blow your mind.
Perhaps "intangible" was the wrong word. But domain names, unlike bitcoins, are actually useful for something. Bitcoins are just placeholders for value or wealth, like any other currency. The only reason they are useful is because we say a bitcoin is worth x dollars. We don't have to make an artificial distinction like that for a domain name because it is obvious what it is used for.
Even if domain names were free they would still have value, if bitcoins were free they would have 0 value.
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#8Earlier quoted context omitted.
Godaddy.com must blow your mind.
Perhaps "intangible" was the wrong word. But domain names, unlike bitcoins, are actually useful for something. Bitcoins are just placeholders for value or wealth, like any other currency. The only reason they are useful is because we say a bitcoin is worth x dollars. We don't have to make an artificial distinction like that for a domain name because it is obvious what it is used for. Even if domain names were free th…
If domain names were free one guy/robot would inevitably take them all. If he couldn't sell them or be paid for the monumentally complicated service of allocating them to the world (they're "free") then in the end nobody would have any domains except him, and everyone would use a different resolution system that wasn't free. The guy's domains would be worthless.
If domains were free they would have zero value. Just like bitcoin and virtually everything, ever.
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#9Earlier quoted context omitted.
Godaddy.com must blow your mind.
Perhaps "intangible" was the wrong word. But domain names, unlike bitcoins, are actually useful for something. Bitcoins are just placeholders for value or wealth, like any other currency. The only reason they are useful is because we say a bitcoin is worth x dollars. We don't have to make an artificial distinction like that for a domain name because it is obvious what it is used for. Even if domain names were free th…
Eh, I can trade a bitcoin for +/- 200$ bucks, currently. That seems like a example of "good for something".
I can also transfer currency of any type, via the internet, without interacting with a financial institution(buy bitcoin using your preferred currency, trade bitcoin, the received converts bitcoin into their preferred currency), this capability also seems like it could be "good for something".
I feel like the "it's internet funny money!" claims are just as wrong as the "bitcoin will change everything about currency" claims.
Re: Bitcoin plummets 32% in two days, threatens mainstream adoption
#10Earlier quoted context omitted.
Perhaps "intangible" was the wrong word. But domain names, unlike bitcoins, are actually useful for something. Bitcoins are just placeholders for value or wealth, like any other currency. The only reason they are useful is because we say a bitcoin is worth x dollars. We don't have to make an artificial distinction like that for a domain name because it is obvious what it is used for. Even if domain names were free th…
Eh, I can trade a bitcoin for +/- 200$ bucks, currently. That seems like a example of "good for something". I can also transfer currency of any type, via the internet, without interacting with a financial institution(buy bitcoin using your preferred currency, trade bitcoin, the received converts bitcoin into their preferred currency), this capability also seems like it could be "good for something". I feel like the "…
That's not what the intrinsic value argument is about. The "good for something" (as intrinsic value was put here) is the question if something is still useful if its use as a placeholder for value collapses.
If the price of rice collapses, I can still eat it. If the price of cars collapses I can still drive mine to work. If the price of web domains collapses, people can still use it to visit my web page. If the price of Bitcoin collapses to zero, you can still do what with your coin?