Morning interaction on the CNBC website forum
This morning Crypto SI took to the forums to try to get a feel for the general mood about Bitcoin, We realised that interest in other crypto currencies is hotting up which is great news and for the new year we will list our top 5 buy and hold plays for 2014.We did encounter the beginnings of what will be the banking sector financed scare campaign against Bitcoin, luckily in this age of free information only the people who do not investigate for themselves will miss out on Crypto currency. It's not something which we have to sell to people, we simply say, do your own research, learn for yourself and you will definately want to be involved.
Anyway here's our interaction with a person who clearly has never heard of coinbase, bitstamp or any of the technologies which will move bitcoin past being a speculative tool.
Sorry Luke, but your looking at a 3d world through 2d glasses. I will answer each of your points Vs Fiat dollars or pounds.
1) It cannot be diluted, there are a certain amount of bitcoins, once they are all mined thats it - Fiat is constantly being pumped into the economy from thin air resulting mostly in inflated housing costs.
2) If you are holding 700,000.00 then not many inividuals will be able to buy it, but with markets like bitstamp and mtgox and the inevitable peer to peer market (yet to be invented) you can sell your bitcoin easily to millions of people with price being dictated by nothing other than the market - Fiat is the same in this respect except markets are heavily regulated sometimes for good and sometimes for monopoly
3)Last weekend was excellent because all the scared investors jumped out when they thought china could control bitcoin economy which lead to bitcoin experts and experienced chinese traders taking to blogs and explaining how exactly they are going to work around chinese law (not break it), people now know that chinese legislation will have to be much stronger and human rights invading to slow down the freedoms which bitcoin imposes. The price is right back where it should be and on the rise again, most people bought the dip, WE DID. It was similar to when the news broke in october that silk road had gone and some people thought bitcoin was only good for buying drugs, it dropped to under $100 that evening, WE bought that dip too! If anything like this happens again luke, WE have 3 words for you.............BUY THE DAMN DIP.......yes 3 words! :)
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