Quote from: Get-Paid.com on December 07, 2017, 05:06:30 AM

Today is the 7th of December 2017, a remarkable day where the Bitcoin price has gone up and is currently worth over $14,500 USD.

Many altcoins are down in value as holders of these altcoins sell them and buy BTC instead - it sounds so promising, BTC is the future, the rest is not.
However as site owners who pay our members in BTC and also run a Ripple Faucet (Link: https://bitcointalk.org/index.php?topic=2436732.0) we have to express our opinion about all this Bitcoin hype. It has now entered into an extremely dangerous territory and let us explain.

Rule of Thumb = World Economy is Based on Trust

The issue with Bitcoin is that currently so many people "invest" in it, in a sort of a "rush train", everyone wants to hold 1 BTC, one of the 21 million BTC out there (Bitcoin is capped at 21 Million BTC). The 21m is not a problem, one dollar in some random country can be worth 1 today, 0.1 tomorrow, 0.001 next day, that's not a problem.

The problem starts when people need to use Bitcoin as form of payment and not only for speculation ... holders of BTC yesterday or today would hesitate in paying with BTC because they worry about price fluctuations - and so is the receiver ... if we get paid $100 from CoinTraffic for ads we placed in our faucet we feel "bad" we get paid in BTC today because yesterday it was worth more.

And this cycle creates a problem of TRUST.

So why Bitcoin goes up?

Bitcoin is going to be traded in several stock exchanges very soon. Those who believe that "sharks" or "whales" wait for the day of opening and then start buying or trading are only fooling themselves.

When Facebook firstly launched itself on the stock market - the stock plunged and plunged and no one could explain it - just like today no one can explain how Bitcoin went up so fast - according to ZeroHedge:

http://www.zerohedge.com/news/2017-12-06/bitcoin-explodes-above-14000-korean-pm-fears-serious-pathological-phenomena

$9000-$10000: 2 days
$10000-$11000: 1 day
$11000-$12000: 6 days
$12,000-$13,000: 17 hours
$13,000-$14,000: 4 hours

It went up from $9000 to $14,500 in less 2 weeks!

Bottom line:

If this doesn't create an issue of trust - then we're all living in a bubble.
The fundamentals of Bitcoin are great, but what we experience nowadays is exactly the opposite, and that's because we're all human beings and we lost trust in each other, we created central banks we don't trust anymore, we created a financial system that we can't trust anymore - and unfortunately Bitcoin is heading towards that territory as well.

PS Just like Steam expect many to consider the stop of using Bitcoin (we might as well) due to price volatility and high fees as these are simply not suitable for many businesses neither.

Why would you want to stop accepting bitcoins? The volatility should not influence you at all, because most merchants use payment processors and their bitcoin is converted to fiat, as it is received. If you configured your arrangement with the payment processor to retain a percentage of bitcoins, then the spike in the price will benefit you.

Everyone has a selling point, so there will be a constant supply of new coins into circulation. ^smile^