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It's a problem because the people who are using bitcoin have seen the value drop to less than 10% of what it was, so why should they trust it to be a currency w
by corin_ 15y ago
It's a problem because the people who are using bitcoin have seen the value drop to less than 10% of what it was, so why should they trust it to be a currency worth using?
For it to be a currency it doesn't need a huge value per bitcoin, nor does it need to be constantly rising a huge amount - but it does need to be reasonably stable.
- fleitz 15y agoThat's a great question as to why anyone would use a currency whose valuation had dropped to 10% of what it was. http://www.kitco.com/charts/popup/au3650nyb.html http://www.kitco.com/charts/popup/au3650nyb.html
- redthrowaway 15y agoI'm failing to see the relevance of the price of gold to the bitcoin discussion.
- william42 15y agoHe's probably trying to claim that the 10x increase in the price of gold over the past ten years is a 10x decrease in the value of the USD rather than a speculative bubble in gold. (And even if it were, it wouldn't be remotely comparable to the 10x decrease in the value of Bitcoin over the past three months.) As a sidenote, that's a terrible graph(as are most graphs of this nature). There's a wonderful technology called a logarithmic plot for that sort of thing.