Bitcoin’s incredible month

“I can’t answer what’s the fair value for Bitcoin or any cryptocurrency. For that reason, I’m not an owner.”

I never understand that mentality. You also cannot know the fair value of something like Gold for instance .... and yet people are OK with that being traded on a demand vs. supply principle.
Even if people don't use Bitcoin the way it was intended (many do though, and many don't).. surely it's still just as viable as something like gold when it comes to being a store for value.
 
There has to be a very good chance of a substantial correction coming very soon. I reckon these fork timings are fortuitous otherwise the correction would surely happen anytime now but people seem to be hodling to ensure their allocation of BTG.

I still think BTC could and should go much higher (based on the underlying philosophy of alt currency) but this shortish term trading frenzy has got to have a pullback....
 
one could argue that a lot of insider trading with bitcoin whales influencing the price constantly,

as it seems to sometimes jump up for no reason whatsoever and drop back down just as quickly.
 
RaptorSA said:
“I can’t answer what’s the fair value for Bitcoin or any cryptocurrency. For that reason, I’m not an owner.”

I never understand that mentality. You also cannot know the fair value of something like Gold for instance .... and yet people are OK with that being traded on a demand vs. supply principle.
Even if people don't use Bitcoin the way it was intended (many do though, and many don't).. surely it's still just as viable as something like gold when it comes to being a store for value.
Click to expand...

Please read on MMM pyramid that hit Russia in the early 90s, which issued citizens with monopoly money and yes we can argue that it's something else and is a new revolutionary technology, but the fundamental principle is no different. The idea behind bitcoin is excellent but until it is used for what it is intended for and not just speculation, its going to continue to be a bubble ridden by greed.
Physical gold will remain a solid store of value that eliminates the noise associated with FIAT currencies.
 
Zukat said:
Please read on MMM pyramid that hit Russia in the early 90s, which issued citizens with monopoly money and yes we can argue that it's something else and is a new revolutionary technology, but the fundamental principle is no different. The idea behind bitcoin is excellent but until it is used for what it is intended for and not just speculation, its going to continue to be a bubble ridden by greed.
Physical gold will remain a solid store of value that eliminates the noise associated with FIAT currencies.
Click to expand...

So retailers accepting bitcoin as payment doesn't count as it being used as it is intended?
 
Pakka said:
So retailers accepting bitcoin as payment doesn't count as it being used as it is intended?
Click to expand...

Firstly, the percentage of retailers accepting bitcoins is still relatively small, but that not really the issue, I would be kind of special to use my bitcoins instead of FIAT currency to pay for something at this rate of bitcoin growth... do you see where that is heading eventually?
 
access said:
saw figures in the trillions, took a screenshot
Click to expand...

billions? yes I saw it as well, I thought I was dreaming....
one hell of a glitch I am told, primarily on the Kraken feed I use

I just confirmed by getting mails back from my bitcoin ticker widget and kraken themselves,

strange its not news by now, as that was one hell of a glitch....
 
Zukat said:
Firstly, the percentage of retailers accepting bitcoins is still relatively small, but that not really the issue, I would be kind of special to use my bitcoins instead of FIAT currency to pay for something at this rate of bitcoin growth... do you see where that is heading eventually?
Click to expand...

Would it not make more sense to use BTC for payments, instead of taking a chunk out of 'circulation' entirely? Stupid example, but lets say I have all my available funds in Bitcoin, obviously it would be more profitable for me to use it as payment method for Chrismas presents for instance, instead of withdrawing 0.2 BTC (or whatever amount) to fiat first and then going about my present buying business.

Yeah, I would feel like an idiot in a year when Bitcoin is worth $20k, but I needed that 'money' one way or another.
 
cyb3rt said:
Yeah, I would feel like an idiot in a year when Bitcoin is worth $20k, but I needed that 'money' one way or another.
Click to expand...

That there is exactly the issue with BTC at the moment. It wasn't intended to be a tool for speculation and trading like it is now. It should have been an alternative to fiat and should have grown as supply increased and as adoption increased. In short if people used it more as a store of wealth and as a means of exchange we would be seeing a different scenario play out now.

My personal opinion is that human nature first has to be satisfied (greed) and then it can settle down and do its job.
 
Freshy-ZN said:
That there is exactly the issue with BTC at the moment. It wasn't intended to be a tool for speculation and trading like it is now. It should have been an alternative to fiat and should have grown as supply increased and as adoption increased. In short if people used it more as a store of wealth and as a means of exchange we would be seeing a different scenario play out now.

My personal opinion is that human nature first has to be satisfied (greed) and then it can settle down and do its job.
Click to expand...

I agree with you entirely. Thing is, we past that now, and none of us can do anything about it. It is happening.

Freshy-ZN said:
What everyone holding BTC wants to be true
Click to expand...

2018 is going to be massive (after the correction from $6k).
 
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