Keep buying right? I told you this breakdown was going to be ugly. Might be some support at 80 I think.
Has it worked so far? A year ago, what did the model show the price would be given the current liquid supply and market conditions? I understand the theory. But so far, more use cases has resulted in lower prices, because none of the vendors want to hold BTCs. So they just keep dumping more supply on the market. The value was actually higher when everyone was just hoarding them and taking away liquidity and supply. Doubtful, because BTC has dropped faster than the Ruble. The idea of hiding wealth in part is to create stability, and BTC at this point simply can't provide that. It might work in a few years with another currency crisis, if BTC has stabilized, though.
The 3% fee is charged by card companies because of all the infrastructure to do this - providing customer support, fraud protection, services for merchants, profits for the bank, all the random card bonuses they offer (miles, insurance, etc), and other things like that. Why would blockchain be cheaper in that regard? Banks can already move money between banks and merchants for free, so I'm not sure the significant advantage there.
I think it's more the miners who spent a bunch of money on equipment need to pay for it and are selling. Remember, new bitcoins are created every 10 minutes so the currency is still inflating. But it could work as an anonymous intermediary to a more stable currency. If the transfer is relatively instant, the volatility is not an issue.
Also very true. That's true - it would be a use-case for BTC, but I'm not sure it drives up the value. If I'm buying BTC only to immediately sell it in another currency, that's convenient to me, but it doesn't really create any net additional supply or demand for it. BTC being at $5 or $5000 doesn't affect my transaction at all. So I understand the value of the system, but not why it would drive BTC up in price.
Theory being, if there are a limited number of bitcoin, and more and more Russian gangsters are trying to get their money out of the country, there will be more demand for a limited supply, and price would go up. Even if they are dumped immediately, there are still only so many to go around.
But unless all the gangsters are trying to move all their money at the exact same second, there's no need for a lot of supply. The second the transaction is done, all the original supply is still available since they are being simultaneously bought and dumped. If all the money was being moved at the same second, it would cause an immediate spike in price due to the high demand at that moment, but then the price would immediately crash when all those BTCs were liquidated a second later. If I buy BTC in a Ruble Exchange and then sell them for US dollars at a Dollar Exchange, all we've done is move the BTC from one exchange to another. That would theoretically increase the price of BTC in Rubles while lowering then in Dollars. But arbitragers would fix that by buying the BTC in the Dollar Exchange and selling them in the Ruble exchange. So all that happens, but at the end of the day, you have the exact same supply and demand - there should be no effect on the price. The only way to affect price is if people are either liquidating or collecting BTC.
Improved internal accounting, easier audits. Transfer over blockchain is more efficient than what they use now. There would be less operating cost while still offering the same customer protections Things like reward points could be their own altcoin, sidechained. Allowing for liquid exchange of these bonuses on the free market
Bitcoin is like Lin. I'm sure there were noble intentions, and the cryptocurrency has its flaws but it could end up decent in 10 or 20 years or so with some major changes and it won't be replacing fiat but could operate alongside it. Then there are the libertarian crazies supporting Bitcoin that defend it to the death and have adopted a cult-like mentality. It is honestly scary. These people think the government is literally out to murder them and they want to be martyrs for the cause. They want to destroy fiat and plunge the world back 200 years where we'll be bartering in bitcoins instead of gold. Its sad because the technology is being overshadowed by the morons. Also I no longer want to invest in Bitcoin. If Bitcoin eventually stabilizes it will not stabilize at $200 per BTC. Might even end up in the double digit range, I have zero confidence as a potential long term investor. I'm going to go put my life savings into Dogecoin now.
Bitcoin falling again. Bitstamp 170.84 BTC-e 167.14 Bitfinex 178.97 UPDATE: Bitstamp 166.5 BTC-e 165.507 Bitfinex 178.43
I'm not trolling. There is a good portion of the Bitcoin base that are complete anarcho-capitalist fanatics. Most rational people are just speculating and trying to make a quick buck, but the fanatics exist and the cult is strong. Like I said before, crypto can work, but I don't think Bitcoin is going to lead the way.
you were trolling when you compared bitcoin to JLin.. come on man there are the AnCap fanatics, but they aren't the ones trying to bring these blockchain technologies to the mainstream. 'Mainstream' payments veterans see the value of this network and protocol. The AnCap segment will be a non-factor towards adoption all desired improvements/services/end-user products are made on the same protocol. bitcoin is leading the way.
