Which is More Volatile: USD or BTC?
I'm not an expert in these stuff and don't claim I'm anywhere near that, I'm just an ordinary person who started to get involved in the digital currency, especially mining, very very recently.
We've heard a lot of skepticism about the Bitcoin in the past year: no owners, no central authority, a bubble, can be used for criminal activities, 'volatile'... and on. And just recently when in a few months last year it climbed so fast everybody was emphasizing on all those aspects altogether.
When the sudden crash in price occurred upon entering the new year, all of those found a new weapon to demonize the digital currency: You see, we told you it's a bubble, to someone actually bragging about the crash with a headline: Bitcoins Bubble Bursts, the end of Bitcoin.
I know that value is created by the basic rule of economy: Offer and Demand. If there's an offer on any commodity the price goes down and as more is offered the price plunges further, if there's a demand then the opposite and so on. As long as there are people willing to Demand Bitcoins and we know the Offers will continue their steady decline, the overall price will rise.
Today I got this in my email delivery from the New York Times:
And I couldn't but wonder, if Bitcoin's price needed too much interference and manipulation to plunge the price after the bullish rise, what is this currency that plunges to a 3 years low over a comment by a single person, whoever he is?!
Call out to all the 'experts' out there to explain this to an ordinary person like me.
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I've made a new post talking about the update in the price or dollar, it's very unreal. Just Trump made another comment and the price goes up almost immediately:
Trump: ‘Weak Dollar Not Good for Financing Terror’
Spot on as usual. I believe everything has a value that depends on the number of people wanting it, like you put it demand and offer. Like when someone bought a painting for almost half a billion dollars or a yacht for a similar amount...! As for the dollar with all those countries signing bilateral agreements to trade inbetween with their own currencies bypassing the dollar, the dollar's demand is on the fall and this offhand comment as they prescribed it is just a guide to absorb the loss and show it as planned loss instead of market-driven.
Wonder how many tens of billions in assets those countries and big businesses who have dollars in their stock lost with an offhand comment?
I absolutely agree with you. Its all made up and we are never taught to question the fundamentals. Not enough USD? poof create it from nothing! At least BTC can't just infinitely be created without putting in value. Reminds me of when I played a simple game named Runescape where party hats, an item in game that was discounted and limited became the true trading currency while gold coins which could be created really anytime and infinitely, became a second rate currency would crash have it's value against the stuff you could purchase continuously.