Certainly could help and is a direct solution but correlation =/ causation General consensus is on the upswing.. more than just monetary crisis situations driving the adoption.. the whole fintech sector has taken notice
It needs to clear a lot of resistance before that can be said, but it could continue the rip higher in the short term.
when the 'bearwhale' dumper drove the price down to 275, it immediately jumped to 300 and stayed there until the whole sell wall was eaten this is known in the bitcoin meme community as the 'slaying of the bearwhale' i think if sentiment was truly bearish it would have continued collapsing past that floor but quite the opposite happened. IMO now we are seeing a true reversal
I thought it would continue past 680 but it just kept falling and falling after making that high.. this was shortly after tim draper bought $18m worth at $600/BTC. Really thought that seeing an accredited, accomplished investor jump in would spur more people to start too. could have gotten discouraged and turned bear (like many others) but I just kept in mind the fundamentals of this technological marvel and continued buying weekly; Keeping a long time horizon ive been losing on my investment thus far but mine and others' who actually know the technology sentiments keeps rising.. the price doesnt reflect that yet
im no stranger to losing money... tried chasing trades on wall st for a bit and lost a decent sum (to most) learned about bitcoin and became perfectly okay with standing pat and looking to the long-term with an eye on fundamentals
NO its not proof of causation, but when a government starts dealing with its debts by raiding bank accounts, people switch to bitcoins (for example Cyprus).
Just don't get in over your head. Odds are that this is not the bottom and I still don't understand why bitcoin has to go up in value. I keep trying to have that "AH HA!" moment with bitcoin but I still don't get it. It's an interesting technology but there are still many limitations. The only thing that seems to be holding the price up is speculators hoping for it to go up in value.
you'll get to your 'light bulb' moment if you really look at how powerful it will be for the remittances and the unbanked (people who are soon to have internet and smart phones) , then for P2P crowdphilanthropy and similar things. It will enable the creation of more diverse and meaningful content on the web because it will enable creators to directly monetize. besides making some people very wealthy these are the mechanisms through which bitcoin will impact all of our lives.
There have only been two innovations in finance in the last 50 years, the credit card and the ATM machine. The industry is due for disruption. Financial transactions are expensive (payment processors skimming 2-10% off every transaction just to move digital bits of money around? Ridiculously inefficient). Billions wasted that could be channeled to more productive means for society. Tipping online is an interesting phenomenon. Instead of liking/repping something, you tip it $.0000001 or whatever amount you want. Will it catch on? You can easily see something like that being integrated into Facebook/Youtube/Twitter/bbs.
It seems like it's 5-10 years ahead of its time. People don't understand it enough, there isn't some "user intuitive" hipster tool to make it accessible or trendy, and the amount in circulation doesn't seem that much until you slice one unit into little bitty pieces. By then, the Matrix will be due for a reset.
haha same things were about the internet.. the 'user intuitive' system is getting there with bitpay and circle.. slicing one unit into itty bitty pieces is how it works... idk what you mean by that even being a negative
The internet can't be cloned and given off a new name like Bitcoin2.0 or something shiny like Facebucks. Dogecoin anyone? People freaking hate dealing with large decimals. I mean gas stations have been conning 9/10th cent off the consumer because they can. A newer version would probably remediate supply concerns (lost due to physical hdd destruction or lost keys) and scale absolutely more than needed. Most of all the newer version will probably have some institution(s) backing it up for more legitimacy and "transparency" (ironic, I know).
So why does bitcoin have to go up in value? Why is bitcoin the only answer? Why isn't it possible for a better technology than bitcoin to come out?
Are you referring to a different digital currency? The advantage BTC has over others is infrastructure. Are you referring to some other kind of advancement? All financial systems require a ledger of some sort. The technological advancement of BTC is that it is the first ledger in human history controlled by nobody. What advancement would you be referring to other than this?
it'll happen. if there truly is as much potential in this technology that people like ganga claim, then others will see it. competition will emerge and grow. especially if it's not going to start ripening in 5-10 years first movers are rarely if ever the ones that end up leading the industry.
then explain to me why bitcoin is being regulated by the NYDFS. Not to kill it. But they actually see potential and are bringing it to 'transparent' relevance. This is happening now. Idk why you can't see that bitcoin2.0 relies on the same ledger. its simply more tools built on top of the protocol. the same way the internet is HTTP and now we have robust tools that barely resemble the underlying mechanism no one has to deal with the decimals. most things will still be simultaneously denominated in dollars. its not like you have to physically reach into your wallet and count out satoshis LOL
it goes up in value because it provides utility to people.. bitcoin is the only thing with the characteristics that provide that utility.. bitcoin represents all the basic principles you would want with such a tool and newer "2.0" implementations of the protocol don't scrap the old and start anew, they build onto the whole system like a new layer. like the internet. better technologies will come out. but they're all improvements on the basic principles of bitcoin '1.0'
yes but it will all be built on the existing ecosystem.. there is no incentive for anyone to start anew. If its a new coin with different attributes that offer different utility, it will just be sidechain tied and pegged to bitcoin. Its all bitcoin. No one benefits by trying to go away from it.
