Why Bitcoin’s $1,000 Value Doesn’t Matter

technologyreview.com

9 points·mnmlsm··4 comments

There seems to be a lot of negative press around the rise in value of Bitcoin. The FT's article - comparing the market cap of Bitcoin to the trillions of dollars traded in fiat currencies - was shameful.

Bitcoin is not a country it is a movement, that has a technology product at it's core - to this end it should be celebrated, not derided as not as big as USD. Especially when the big currencies are being devalued daily, facing so much pressure that they have to use QE to stay viable!

China is a big factor in this and bitcoin must seem like a fun game to play for those countries with vast USD reserves and deep technology resources to match.

I hope that people embrace the individual and open source nature, rather than just use a shallow 'currency' comparison with established systems.

This has happened every time Bitcoin has had a significant uptick, and these same people patted themselves on the back as it rode its way back down. But in the meantime, if they had bought while it was low and sold on each of the upticks, they probably would have made plenty of money by now. But since they aren't willing to get in on that even a little bit, they'll just hate on everyone else to make them feel better.

This is how people react to anything that finds success that they aren't also involved in, really. This is the best video I could find (quickly) that explains the effect, although it's mostly stating it in the form of health: https://www.youtube.com/watch?v=eOJJzeA70U4

Aaand it's dropping fast. $960 and falling.

Rubelrollercoaster riding. Fun for the whole family - minus the house.

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