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> Wait for a week, 10 days before making conclusions on the price of Bitcoin My conclusion is that it's pretty fucked up [1]. Nov 15 $US430 Nov 22 US$843 No

> Wait for a week, 10 days before making conclusions on the price of Bitcoin My conclusion is that it's pretty fucked up [1]. Nov 15 $US430 Nov 22 US$843 Nov 29 US$1137 Dec 6 US$552 Dec 13 US$869 Dec 18 US$584 Pick one of those dates before today and imagine saying "wait for a week ... before making conclusions on the price of Bitcoin". [1] https://coinbase.com/charts https://coinbase.com/charts

ekianjo 13y ago
Interesting, you already have the dec 18 value while the day is far from over. You have a strange way to pick up numbers.
- oe 13y ago
  That price seems way high indeed. But I think the point still stands.
- taspeotis 13y ago
  It's down to ~480 so it's lost $100 in 30 minutes. Let's just say that my strange way of picking numbers can be described as "flattering" ... at worst.
  - BrokenPipe 13y ago
    Today I've seen it back at 530 and now at 520. Who knows, I wouldn't be surprised if by EOB we're back above 600. As parent said, with Bitcoin you have to look at things in a different way since it works in a very different way than anything else we've ever seen.
    - ohashi 13y ago
      But does it really? It looks like rampant speculation to me. I've seen that many times in markets.
      - BrokenPipe 13y ago
        Have you seen before a functioning globally distributed ledger system being speculated on in the markets ?
        ohashi 13y ago
        Have you seen a <insert something that for some reason it will be different this time thing here> is generally a poor argument. But one speculators cling to and try to convince others of adamantly.
  - ekianjo 13y ago
    No, you should pick numbers on a daily average with an indication of the daily variation on the value if you want to be fair, not at a precise instant, because Bitcoin can have as much as 30% variation in a given day, so I too can make up numbers out of thin air by picking up a very biased time during the day.
    - taspeotis 13y ago
      It ended the day at $582 [1]. > because Bitcoin can have as much as 30% variation in a given day Hence, "pretty fucked up". [1] https://coinbase.com/charts https://coinbase.com/charts
      - ekianjo 13y ago
        30% is either "f+++ed up" or a massive opportunity for daily trading, depending on your point of view. I see it rather as the second.
- gamblor956 13y ago
  It doesn't matter what dates or time taspeotis picks; his point is that at any date and time Bitcoin is too volatile to meaningfully function as a currency. No major currency suffers from 30% intra-day volatility against other currencies. It would make pricing goods and services essentially impossible. Who would care about saving up to 5% on credit card fees if they're suffering 30% arbitrage losses because they set/update their prices at the wrong time of day?
Aqueous 13y ago
Wait for a year. Two years. Three years.

ekianjo 13y ago

Interesting, you already have the dec 18 value while the day is far from over. You have a strange way to pick up numbers.

oe 13y ago
That price seems way high indeed. But I think the point still stands.
taspeotis 13y ago
It's down to ~480 so it's lost $100 in 30 minutes. Let's just say that my strange way of picking numbers can be described as "flattering" ... at worst.
- BrokenPipe 13y ago
  Today I've seen it back at 530 and now at 520. Who knows, I wouldn't be surprised if by EOB we're back above 600. As parent said, with Bitcoin you have to look at things in a different way since it works in a very different way than anything else we've ever seen.
  - ohashi 13y ago
    But does it really? It looks like rampant speculation to me. I've seen that many times in markets.
    - BrokenPipe 13y ago
      Have you seen before a functioning globally distributed ledger system being speculated on in the markets ?
      - ohashi 13y ago
        Have you seen a <insert something that for some reason it will be different this time thing here> is generally a poor argument. But one speculators cling to and try to convince others of adamantly.
- ekianjo 13y ago
  No, you should pick numbers on a daily average with an indication of the daily variation on the value if you want to be fair, not at a precise instant, because Bitcoin can have as much as 30% variation in a given day, so I too can make up numbers out of thin air by picking up a very biased time during the day.
  - taspeotis 13y ago
    It ended the day at $582 [1]. > because Bitcoin can have as much as 30% variation in a given day Hence, "pretty fucked up". [1] https://coinbase.com/charts https://coinbase.com/charts
    - ekianjo 13y ago
      30% is either "f+++ed up" or a massive opportunity for daily trading, depending on your point of view. I see it rather as the second.
gamblor956 13y ago
It doesn't matter what dates or time taspeotis picks; his point is that at any date and time Bitcoin is too volatile to meaningfully function as a currency. No major currency suffers from 30% intra-day volatility against other currencies. It would make pricing goods and services essentially impossible. Who would care about saving up to 5% on credit card fees if they're suffering 30% arbitrage losses because they set/update their prices at the wrong time of day?

Aqueous 13y ago

Wait for a year. Two years. Three years.