ironically this means it is less viable as a form of currency IMO until it stabliizes in price.
ironically this means it is less viable as a form of currency IMO until it stabliizes in price.
It's going to crash... HARD!
Cool thing about digital currency is that even if it crashes, all you have to do is to reboot your computer and then it'll reset your money back to normal again...
Valve has announced that they’re not accepting Bitcoin as a payment option on Steam any more.
It’s just an indication that Bitcoin is no longer viable as a payment currency, and merely a wealth hoarding currency.
by what metric are you basing that on? I'm just curious as I don't see anything that would cause it to crash. I think it will stagnate soon but I don't expect a major selloff for any reason...it isn't like buying a stock, and yes, a vast majority of it is speculation. My thought is that most people who own bitcoin aren't wall street investors and don't have the same kind of "panic" during price changes.Originally Posted by 21Kid
Again I could be totally wrong about this.
Greed caused it to go up and panic will cause it to go down.
Humanity is predictably irrational. You can't apply reason to our emotional reactions.
There's no good metric for it to spike up. There will also be no good metric for it to crash.
If you're in it, just enjoy the ride while you can!
I don't think anyone can really predict what will happen. It might crash, it might not.
Stock market has suffer major crashes, but longterm, it has always gone up!
Stock market is sort of tied to the physical world somehow..., bitcoin OTOH doesn't really tie itself to any markets or national boundaries... so I suppose it is conceivable that panic never sets in to cause it to crash...
Unless we hear news of impending asteroid impact or Jesus returning...
Just a feeling... seems unsustainable. It's at what, a 900% return since the start of the year? And when things happen like "Valve stops accepting it", and other people sell, etc... it makes me nervous. It's not regulated at all. At least stocks have a few limits on what can be done to prevent a total disaster. But, then again as you pointed out. it's not like stocks. So who knows. :shrug:
IMO, Bitcoin is going to crash.
The value is all based on speculation, not it's utility, and even it's utility is hampered by the ever-growing amounts of electricity it takes to process transactions. As far as I can tell, the only utility Bitcoin adds is avoiding taxes and buying illegal things (even that is going to be limited when said illegal things are physical goods and not say, child pornography).
My wife mentioned somebody saying that it would be useful in countries being plagued by hyper-inflation where prices fluctuate wildly on a daily basis, but more stable currencies like the Euro and USD can already serve that role. They also aren't dependent upon internet access to confirm transactions. Bitcoin isn't immune to robbery; there's nothing to stop roving bandits from making you transfer Bitcoin from your wallet. Countries undergoing hyperinflation don't tend to have the most stable utility or security situations.
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