(1/10) Had a conversation with a friend about prices in $BTC and $CRYPTO and what might effect them. I've made money on $ETH but havn't been watching $BTC quite as closely since it's been channeling/basing and I've never sold and don't intend to...
(6/10) ...with these asymmetric feedback loops, the more the price goes up the more people want bitcoin, the inverse of ECON 101. This to me is because the prices is a signifier of market convergence on a standard. At some point the saturated market will go back to normal...
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(7/10) ...and a relatively higher price will disincentive people from buying because they can wait and buy lower but still within a channel of some sort that we would like to see in a store of value. At the moment it looks like we havn't price discovered the equilibrium and...
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(8/10) ...it could be way way higher or if standard acceptance fails it could go to $100. This is why I think it is like a language, the more people who use the language (the higher the value of use which I relate to price) the more other people have an incentive to use it...
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(9/10) ...as well, which drives acceptance still higher. If we came up with some numerical value to represent the saturation of a language in a region, that value may act similarly to the price of an early stage currency. Languages and standards compete but...
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