Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
the fun part about the alts is ... they're all priced in btc ... so if btc ultimately fails / severely loses value , so does every single alt coin ...
alt are also sucking money from btc which suck money from fiat, alt are another reason why btc price is low, people see alt as a better gambling then bitcoin(faster P&D there) and they invest a lot(well now much less because of all the scam coins released)
market dilution at its finest
mmmm yes kind of ... putting your btc into alts is functionally the same , in terms of effect on the btc market , as simply buying and holding anyway ... the alts simply allow people to give their btc to other people ... that btc doesn't really get destroyed ... if anything btc earmarked for alt trading and set aside for such purpose can be considered to have a beneficial effect on btc price , since it's being held/not sold at this time thus reducing overall selling pressure ...
the fun part about the alts is ... they're all priced in btc ... so if btc ultimately fails / severely loses value , so does every single alt coin ...
If that logic is good, and BTC is priced in USD, if the USD fails/severely loses value
SO WOULD BTC!And here I was, cheering the doom of that fiat economy... and now I gotta prop up the USD just to keep my BTC alive?
in general , a collapse of value in fiat currency (for example, the u.s. dollar becomes worth 100x less than it's worth today) would have a detrimental effect on the value of btc , since it really wouldn't track the change in value directly since it's not the only alternative store of value - you could expect to see at best perhaps a 50x increase in btc value (on paper) if something like that were to occur - it would still buy you 1/2 as much ... so no ... we should not be cheering for fiat collapse - we need to be cheering for fiat conversion