Post
Topic
Board Economics
Re: If bitcoin price is $10.000, will fiat be worthless?
by
South Park
on 06/04/2017, 15:13:59 UTC
The problem with price being the major attractor to people is that they will invest in bitcoin just to speculate with the price instead of believing in the technology and that will open way for another bubble to form, we can benefit of that in the short term but like every other bubble it will eventually burst and that will be bad for us in the long term.
Price is a magnet for people to research and eventually invest in bitcoin - we cannot deny that. It was and always will be like that.
I was the same, I came to BTC looking for fast buck and extra money, but in the meanwhile I learned enough about BTC that I am here to stay.
Volatility, bubbles, speculations - they will be part of bitcoin for a very long time; don't try to fight the trend, embrace it.
I wont but the problem with those people that only come to bitcoin for the price is they will switch immediately to any other coin that promises them the possibility of earning bigger amounts of money in the shortest time frame possible, they are not in bitcoin in the long term.

I fully agree but I don't think there will be another coin that can surpass bitcoin, even if there is the users/investors will be cut in half, so there is a high risk, there is no guarantee that it will raise its own price like bitcoin did, so still bitcoin will still be alive even if another coin with better features than bitcoin has been introduced.


There is no coin that can surpass bitcoin at the moment but I was talking about profits not about market cap, for example if some coin is worth 0.001BTC and in a week goes up to 0.002BTC that may not seem like much but the coin doubled its price in a week so it makes sense if you are an investor to try to take the opportunity to invest in that coin instead of bitcoin since it gives greater profits, I hope that clarifies my previous statement.