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RE: Bitcoin and Cryptocurrencies Rocket To New All-Time Highs as Peter Thiel Warns Not To Underestimate Bitcoin

in #bitcoin4 years ago

all the press is about the price, which is largely irrelevant. I would like to see more detail on the utility and adoption of block chain technology, especially in the main stream media. Until then we will always hear cries of ‘bubble’ and ‘fraud’. That will start to really drive adoption and hence price. Price fluctuations alone do not drive adoption.

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I wrote a bit not in support of the price, but as a reaction and a quick and dirty analysis comparing bitcoin to various bubbles that people keep referring to. I've got some ideas on the works for increasing the utility of bitcoin, but it aint easy! People have already created the means for it to be as good as credit card, but it doenst change the fact that the price just isnt stable enough right now.

https://steemit.com/bitcoin/@motoengineer/do-you-actually-believe-bitcoin-is-a-bubble-10-30-2017

I agree its still too volatile but to stabilise it will need to reach considerably higher prices I believe. Its too easy for whales to move prices at present and it responds too readily to news. Most fiat currencies move by less than 1% per day. btc can drop by 20% or more in a day. Exciting but not much use when as a currency or even short term store of value. But its still very early days. I believe it will come.

That is my point exactly. USD hardly ever moves 1% in a day, that would be traumatic since people leverage 10 or even 50x sometimes. The lack of movement is why people have such large leverages to earn money on a few pips. Translate that to crypto, it would take a massive amount of money to prevent that level of daily movement. Good eye! I think most people understand how stocks work but not the forex market, which is what systems like BTC really mimic.

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