Great, finally a good discussion here.
1. I'm not saying that my approach of price calculation is the best approach. It was just an example.
2. I don't want to see the Bitcoin as an investment tool, an asset or Audi/lambo as suggested. Yeah the current situation is like this but the whole idea is not to HODL your bitcoins in a hope for the Moon or even Mars / well everyone does it, including me/ but to use them as a tool in the day life. I prefer to see it is a currency like the USD or EUR.
3.You won't buy dollars just to put them in a jar under your bed for a few years in a hope to rise their value. You gonna buy them because for example you are going to the US on vacation and you plan to spend them til the last cent.
In order this to happen to the Bitcoin too, the price has to be determined on another factor different than the ones we have today.
World of HODLers is devastating for the Bitcoin, I'm sure Satoshi won't be happy with it.
We are in the very beginning of the Crypto money and I hope that this dark period will be over soon.
Yeah I mentioned this in another post but there's a catch-22 when it comes to Bitcoin. In order for the price to go up it has to be used (spent) but when the price goes up it causes people to hold on to their Bitcoin so they can cash out for the "lambo" or whatever.
Unfortunately the original intention of Bitcoin (digital currency to disrupt the financial status quo) is going out the window with all the speculators and people who see a get-rich-quick scheme.
My hope is that one day the price will stabilize and when people see that it's not skyrocketing (or plummeting) they'll be inclined to using it more than they do now
Absolutely correct! Bitcoin has become an investment asset now than a currency system. So we have long diverted from the original thought of becoming a de-centralized p2p currency free of regulations and middle man. That's where we have precisely became a part of the speculation game. I am not denying the fact that I also have bitcoins in my cold storage with the similar hope, but I also don't have any space where I can use my bitcoins to purchase anything from any merchant, at least in my country!
To be able to spend bitcoins as a currency system to purchase goods or services, we need merchants to accept it as a payment option. This is largely missing in today's scenario. Everytime I want to purchase something, I have to convert the required amount of bitcoin into fiat and then I use it for the purchase. That's why it is not helping the crypto economy because we have very very limited options to use cryptos directly. To change this mindset, we need merchants to will accept bitcoin for everyday goods.
Yes that's very true however before merchants will accept Bitcoin we need the price to stabilize a bit. That's probably the biggest problem for adoption right now. Merchants can't accept Bitcoin if they don't know what the value will be from month to month...one month it's $20k, a few months later it's $6k. That's no way to run a business. If Bitcoin were to ever become like gold in the sense that price fluctuations are more steady then we'd see more merchants accepting it because they'll know approximately what the value will be 6 months later.