Page 12 - Virtual currencies recovering! the price of bitcoin

Page 12 – Virtual currencies recovering! the price of bitcoin

Click to expand…You have conveniently (for yourself, anyway) missed the entire point and substituted an argument I did not make.

Bitcoin’s daily fluctuation is far too large to make it a viable currency. Full stop. A currency cannot fluctuate in value by 30% within a single day and still have any substantive long-term predictability. I wasn’t comparing 3 years to 100 years I was commenting on the fact that the dollar’s value does not suffer severe short-term swings in the manner that the value of bitcoins does.

Slow movements in currency are tolerated by the market because they are largely nondisruptive in the short-term and can be accounted for with sufficient accuracy in the long term. The daily fluctuation in the DXY (the dollar index) is approximately 0.6% (0.006).

As I stated before, this is orders of magnitude better than the intraday fluctuation in bitcoin value.The price of bitcoin there is simply no possible way that bitcoins are a feasible currency at this time.

If you want to claim that time will fix that as more bitcoins are mined that’s fine. But you’ll have to forgive those of us with actual degrees in finance for waiting until such proof exists and not choosing to invest based on mere speculation.

Click to expand…I never talked about it as if it was linear, get your facts straight. I said it’s value was fairly smooth and predictible, as it showed steady exponential growth over time.

It’s growing fairly smoothly, all things considered. A linear chart won’t show exponential growth properly. If we could see an accurate chart for USD value in it’s earliest years I’d be surprised if it was less volatile.

You guys can’t be pleased.

Way nobody will use it it is too volatile

the price of bitcoin

I show you hundreds of sites that accept bitcoin.

Those don’t count!

I’ve said it before and it is still true, bitcoin value is going to increase tremendously over the next 10 years. This causes volatility, because speculators will try to push the value up faster and there will be corrections along the way. So what? As long as my bitcoin are up 10X in value per year, I don’t really care one bit if the price is volatile in between. If I want to buy something for bitcoin, I will. The volatility doesn’t effect my ability to spend, nor does it affect my ability to bitcoin mine and save.

You have 1000 dollars, and I take away 1 dollar every week. This is USD inflation

Or you have 100 bitcoin, and you gain one every day. But once a year I’ll take 3 away. This is the volatility of bitcoin.

Take your pick, I’d happily trade a little volatility for a real store of value that doesn’t get inflated away to nothing over time.The price of bitcoin

A currency (from middle english curraunt, meaning in circulation) in the most specific use of the word refers to money in any form when in actual use or circulation, as a medium of exchange, especially circulating paper money. This use is synonymous with banknotes, or (sometimes) with banknotes plus coins, meaning the physical tokens used for money by a government.[1][2]

A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange. In this use, currency is a synonym for the concept of money.[3]

Based on that bitcoin is a currency.

Definition of CURRENCY

1

A : circulation as a medium of exchange

B : general use, acceptance, or prevalence

C : the quality or state of being current : currentness

2

A : something (as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange

the price of bitcoin

B : paper money in circulation

C : a common article for bartering

D : a medium of verbal or intellectual expression

See currency defined for english-language learners »

See currency defined for kids »

Based on that, bitcoin is a currency.

Apparently the idea that a currency can’t hold a volatile value is simply a lie, that isn’t part of the definition of a currency at all.

A currency (from middle english curraunt, meaning in circulation) in the most specific use of the word refers to money in any form when in actual use or circulation, as a medium of exchange, especially circulating paper money. This use is synonymous with banknotes, or (sometimes) with banknotes plus coins, meaning the physical tokens used for money by a government.[1][2]

A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange.The price of bitcoin in this use, currency is a synonym for the concept of money.[3]

Based on that bitcoin is a currency.

Definition of CURRENCY

1

A : circulation as a medium of exchange

B : general use, acceptance, or prevalence

C : the quality or state of being current : currentness

2

A : something (as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange

B : paper money in circulation

C : a common article for bartering

D : a medium of verbal or intellectual expression

See currency defined for english-language learners »

See currency defined for kids »

Based on that, bitcoin is a currency.

Apparently the idea that a currency can’t hold a volatile value is simply a lie, that isn’t part of the definition of a currency at all.