Post
Topic
Board Speculation
Re: Here is why Bitcoin can only go down
by
bitvalak
on 28/11/2019, 17:58:35 UTC
Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.

In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.

Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
You cannot equate all things that are clearly different variables. Communication devices and crypto have different developments.
You say if the system about bitcoin can be made by everyone, now which tokens or coins can rival the dominance of bitcoin?
I know that you are really frustrated with the current state of bitcoin, because I believe that you are only oriented to the price of bitcoin, not to how bitcoin can be applied to real life, man.