Quote from: Canis Majoris on April 17, 2018, 08:00:15 PM

Quote from: jaysabi on April 17, 2018, 07:08:07 PM

Quote from: Germanltd on April 17, 2018, 06:45:22 PM

All of us who involved into Bitcoin stream are positive about it's bright future .This is a kind of redistribution of financial resources.
And let's take a look . Trend of the cryptocurrency is high in contries where confidence in the monetary authorities is seriously undermined and there are problems with the economic and political situation. In my opinion, such constitute the majority. The fact should bring more like-minded people and make Bitcoine price higher . Good surprise, isn't it ?

How do you explain popularity in the US then? The dollar by no means is a currency that nobody has confidence in. The whole world recognizes the value of the dollar. So that's clearly not driving interest in Bitcoin in the US. In fact, I think you have the correlation reversed- it's only because people in the US are economically confident enough to speculate on a risky asset like Bitcoin that Bitcoin has any value at all. If the economy was in shambles and people were struggling to survive, nobody would be wasting money on Bitcoin. It's only because the dollar has created widespread economic prosperity that people have enough money to take a flyer on a speculative asset in hopes of increasing their wealth.

I generally keep to the same opinion. When you are wealthy and have plenty of money - I'm talking on average here - you can play with risky assets like Bitcoin and other cryptocurrencies. However, we shouldn't completely rule out the other end of the stick. When you live in a country like Venezuela - I'm speculating here - with your national currency going off the cliff, Bitcoin may be a real life savior for you.

Right, I agree with this. I was just pointing out that the only reason Venezuela can use Bitcoin as a stable alternative is because it has fairly high liquidity worldwide (inside Venezuela might be another issue, as I reckon the government there would want to prevent Bitcoin transactions because they want people using the Bolivar), and because the wealth of the US and other developed nations creates a (somewhat) dependable value. Without the economic stability in the US and other developed nations providing a backstop of liquidity and financial security to btc, Venezuela wouldn't even have the option of using Bitcoin because if every other economy looked liked theirs, Bitcoin wouldn't have any value because everyone would be too concerned with trying to survive than with buying risky assets like Bitcoin to try and increase their wealth.