Saturday, January 31, 2015

Bitcoin price slide?

I have been watching my Bitcoin Dark Market Credit price chart decrease over the last few days.

While the price has gone down for now.  The volume traded still looks good.  

In my opinion volume traded is a indication that the market still is healthy in regards to public interest in the unit.

I do not think that at present Bitcoin is a viable long term or even short term storage (over a period of months) store of value, but as a medium to exchange goods, it is the best we have for now that s outside the total control of the bankster collectivist realm.

In the future it may become a more viable medium as a long term storage of value, but time will tell.

Too many variables unknown at this time to make a accurate prediction.  

Some variables that can not be quantified are:

1 Government/Bank attacks on the markets
2  New methods of computing block chains for mining
3 Public perception
4 Gov attacks via regulatory structure.

Chart below via www.bitcoincharts.com



I do suspect that a majority of the trade involves drugs and gambling at the present time.  However the trend with disruptive tech has been that the early adopters are those on the err.. Grey side of things...

That does not mean that the means and methods of Bitcoin are flawed.  A blanket condemnation of Bitcoin is foolish and intellectually dishonest based on who uses it.  It is just a tool.  

Just as hammers are used as murder weapons and for building; Hammers in themselves are not bad nor good. They just are.  Just as the existence of Bitcoin.

I do see a possible large jump in Bitcoin interest as the USD/Euro/Yuan go thru their death throes.

Bitcoin is one of those necessary things that will enable trade via the Internet, as it is impossible at present to make a purchase of something via the Internet without using a proxy for exchange.

 



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