Quote from: BTConomist on July 18, 2011, 09:14:31 PM

Quote from: whitemist on July 18, 2011, 08:50:43 PM

If you have been around stocks and currency trading you will know these things come in waves. Things go way way up and they peak, they then sell at that peak and the wave goes down. Right now, people are selling and it will stay like this for a month or less and then it will pick backup. People who don't understand get scared and sell and those smart kiddies wait and hold on to it and the price will spike back up. The world is not ending, bitcoin is following the norm, stop worrying.

i'll start picking backup at about 6 or 7. The only time this would all fail is if people sell and then walk away and not come back.

Apparently, you've missed my point: the bitcoin network is a state-of-the-art general ledger (one giant, digital bookkeeping notebook with 2,100,000,000,000,000 potential credit/debit rows). Bitcoins (and their fractions) are those very rows, and nothing more. So, it does not matter whether one uses 1BTC or 0.00000001BTC to move around $100 worth of value between the parties involved, a bitcoin, in and of itself, has no inherent price other than what we pay miners for processing every credit/debit entry.

Now, it's up to the bitcoin miners and users to decide how many of those credit/debit rows to make available for all transactions. The sooner everyone realizes that little fact, the faster we can put "bitcoin is a commodity" idea behind us.

But we won't, it's traded as such and most people here treat it as such. We are human and we like to put a value on it. I never said you were wrong, I'm just stating that there is no reason to panic or flip out over a sale.

whitemist

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