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Are bitcoins in a position to have a crash as tumultuous as last time, or is the currency more stable now overall?
There are still many people holding large amounts of bitcoin (because they mined them in the early days) and just one of them selling everything would cause a pretty large downswing.
It's literally doubled in a month. This is out of control.
I don't think Bitcoins are the answer to the problems they are trying to solve.
It's literally doubled in a month. This is out of control.
And it is terrible for legitimizing them. Why should someone adopt Bitcoins as a currency if there's not a stable value? Bring in all of the security issues that have been popping up as its popularity has increased and I see a decline in Bitcoin adoption coming soon. I don't think Bitcoins are the answer to the problems they are trying to solve.
If you still have Bitcoins, sell'em and don't buy more, except as an intermediary exchange for your discreet transactions.
It's literally doubled in a month. This is out of control.
And it is terrible for legitimizing them. Why should someone adopt Bitcoins as a currency if there's not a stable value? Bring in all of the security issues that have been popping up as its popularity has increased and I see a decline in Bitcoin adoption coming soon. I don't think Bitcoins are the answer to the problems they are trying to solve.
Earlier quoted context omitted.
There are still many people holding large amounts of bitcoin (because they mined them in the early days) and just one of them selling everything would cause a pretty large downswing.
how many is a large amount? 1000?
Time to sell
It seems funny to assume that. I mean I haven't been tracking the underlying fundamentals, but the nature of most currencies today is that because they are managed, they tend to go up and down. If the fundamentals are solid for Bitcoins, as in there is actually increasing demand (which seems feasible given all the new services advertising their acceptance) and the supply is increasing in tune with expectations (which…
Increasing demand of a finite resource drives the price up. This drives the demand up even more.
The real value of a Bitcoin is still in USD, of course, so at some point it's going to cross over a line where the people holding Bitcoins want to get rid of it.
Decreasing demand of a finite resource drives the price down. This drives the demand down even more.
The fact that the price is accelerating so quickly indicates a runaway effect.
What, do you _really_ think the real-world USD value of all the Bitcoins in the world has doubled in two weeks?
It's literally doubled in a month. This is out of control.
And it is terrible for legitimizing them. Why should someone adopt Bitcoins as a currency if there's not a stable value? Bring in all of the security issues that have been popping up as its popularity has increased and I see a decline in Bitcoin adoption coming soon. I don't think Bitcoins are the answer to the problems they are trying to solve.
This is what traction looks like, sometimes it's messy. That doesn't mean it's not legitimate.
What does legitimising a currency mean anyway? It's already used as a medium of exchange and a store of value, that's legitimate.
But if you are going to try and compare it to the "legitimacy" of fiat money, you're not going to find what you're looking for.
Bitcoin is an anarchist concept, it does not seek to be legitimised. It is achieving exactly what is set out to do.
you could just see the fluctuations as the currency being honest about its value as opposed to fiat money which is just as vulnerable yet artificially stabilised (legitimised?).