Quote from: proudhon on January 09, 2023, 03:30:03 PM

Quote

Is the $17,000+ bitcoin price breakout benchmark to new price direction

No. The price will fall back below $17k before it can spend more than 5 days above $17k. There is no path for bitcoin to sustain greater than 5 consecutive days above $17k this year. We could possibly see it in 20-30 years when bitcoin is a digital collector's item, but by that time the cheapest Toyota EV will cost over $100k and a starter home will be over $1m.

17k is just the very lowest bar, I'd argue 20k is more like the proper first rung on any ladder to consider a change in direction or proper move up. I dont agree on most points above but I do like the idea you really dont take a price as a serious statement to discuss until its maintained that level or higher for 5 days or more. Basically 5 days as a working week or the full week is a fairly low ask.
The reason why you wait 5 days and also why the other points are wrong is that volatility exists. We can reach any price in theory when weighing in volatility in a price, this is not a steady ship we're on its in fact all over the place and price will swing wild high and low inaccurately. I will also argue that is why BTC will be used so long as it is useful to a global online audience.
Why would you state inflation in all other assets but not Bitcoin, can we agree if its used the price goes up. Disagree outside of that that you decided BTC is not useful to you personally so perhaps you cannot envisage anyone else using BTC. BTC is not a perfectly assured physical asset, it is speculative but it also will continue to be used so presuming only negative progression in price from here is not adding up. I'll be waiting for anything better to be invented, of course society does benefit when new improved assets arrive especially when more efficient so price negative for one thing is often more then just inflation its the rebalance to greater efficiency elsewhere; right now all I see is very likely continued currency failure not improvement.