Absolutely not. Your suggestion infers that correlation with the markets is permanent and not just a part of bitcoin's development. @Brendan Burgess believed that he had 'settled' this argument in March 2020 - via this thread. Whilst bitcoin is at times correlated with the markets, what followed didn't settle matters as beyond the initial panic, btc bounced.So I think the argument that Bitcoin is like Gold is settled.....
Did I miss something, or are we still over-reacting to short term (hourly in this case) volatility and ignoring the long term trend?
"Truth is like poetry , very few like each of them. "I disagree with most of that.
Absolutely not. Your suggestion infers that correlation with the markets is permanent and not just a part of bitcoin's development. @Brendan Burgess believed that he had 'settled' this argument in March 2020 - via this thread. Whilst bitcoin is at times correlated with the markets, what followed didn't settle matters as beyond the initial panic, btc bounced.
We know that there is continually a lot of leverage being used in this market - so that exaggerates swings. Algorithmic traders are following past patterns and treating it as a risk on asset. Fundamental investors believe it to be a risk off asset. In 2020, bitcoin eventually bounced - and whilst it remains to be seen if the immediate panic is over or not right now, its also starting to bounce right now also.
Ah but this is all part of Bitcoin's development, where swings in price are expected until the price settles down. Afterall, Bitcoin is only knocking around for 13 years or so. Have some patience sirBitcoin over its history thus far has proven to be volatile, and not exhibited itself as a risk-off asset in my opinion.
You've referred to bitcoin being a store of value previously. What makes it a good store of value? Is it being used as a store of value by all its users? The point is that bitcoin may have all of the fundamental characteristics of what makes for a store of value and a risk-off asset. That doesn't mean to say that all user groups are treating it in that way at this time.I would be interested to understand what metrics fundamental investors and yourself use to arrive at a conclusion that Bitcoin is a risk off asset?
Yes, of course Firefly- it's an old default position of yours. When the first 2 fax machines existed, would you have written off the innovation on the basis of not being able to fax anything to anyone? Would you have written off the internet in 1992? It appears that you would.Ah but this is all part of Bitcoin's development, where swings in price are expected until the price settles down. Afterall, Bitcoin is only knocking around for 13 years or so. Have some patience sir
Why did you not just use cash or your debit card?Yet, I just paid for breakfast using bitcoin
Why did you not just use cash or your debit card?
By all accounts the first commercialized version of the modern fax machine was invented by Xerox in 1964. I think they were "big" in the early 80s (16-18 years later?) .. I was too young then, so I'll take your word for it. Bitcon is on the go 13 years now, but dismal uptake for all the hype. Are you expecting it to be "big" in the next 4-5 years? And by "big" I mean, you know, that many people all over the world will actually buy stuff with it? If not, when will it be "big"? The closest decade will suffice.Yes, of course Firefly- it's an old default position of yours. When the first 2 fax machines existed, would you have written off the innovation on the basis of not being able to fax anything to anyone?
Au contraire! Due to the rise of internet usage and IT more generally, I pursued IT (over finance) at 3rd level and have been working with ones & zeros since. In fact, the rise of the internet gave way to cloud services which is a nice little earnerWould you have written off the internet in 1992? It appears that you would.
Given, that you like to remind everyone that Bitcoin has appreciated 214% pa over the course of 13 years, I take it you think we're now at the top, otherwise that could turn out be a very expensive breakfastYet, I just paid for breakfast using bitcoin.
By all accounts the first commercialized version of the modern fax machine was invented by Xerox in 1964. I think they were "big" in the early 80s (16-18 years later?) .. I was too young then, so I'll take your word for it.
The very same point. Why the deadline? How long has AI been knocking about? You remember going back a couple of decades we were told that we'd have a crisis soon enough as there would be no work for us (due to automation)? That's still in play but it didn't happen back then.Bitcon is on the go 13 years now, but dismal uptake for all the hype. Are you expecting it to be "big" in the next 4-5 years? And by "big" I mean, you know, that many people all over the world will actually buy stuff with it? If not, when will it be "big"? The closest decade will suffice.
On the one hand, delighted to hear that - but it makes it all the more baffling to try to understand your inability to appreciate that things can take time to unfold. If you work in that sector, then you'll already be aware of the history and it goes back forever and a day. You're talking about the nearest decade - how many decades did it take for the internet and associated technologies to develop? The other irony is that crypto, blockchain etc. is very closely related to that - it's an extension of it.Au contraire! Due to the rise of internet usage and IT more generally, I pursued IT (over finance) at 3rd level and have been working with ones & zeros since. In fact, the rise of the internet gave way to cloud services which is a nice little earner
Given, that you like to remind everyone that Bitcoin has appreciated 214% pa over the course of 13 years, I take it you think we're now at the top, otherwise that could turn out be a very expensive breakfast
There is a lot of talk of denying Russia access to the old world SWIFT money transmission system. That would be useless as Russia would simply use bitcoin. After all that was one of the main purposes of bitcoin, to be free of censorship/sanctions.
I've fixed that for you.Hope. Faith. Belief.Math. There is actually nothing else.
There are plenty of shiny rocks that equally can be used to make ornate jewellery. It's golds store of value traits that give it its value.At least gold makes pretty things.
Timing is also key....
You've referred to bitcoin being a store of value previously. What makes it a good store of value? Is it being used as a store of value by all its users? The point is that bitcoin may have all of the fundamental characteristics of what makes for a store of value and a risk-off asset. That doesn't mean to say that all user groups are treating it in that way at this time.
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