Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading
by csomar on Monday January 02, 2017 @08:20AM
(#13300983)
Your points are valid. But let me give you my opinion (or why I invested heavily in Bitcoin in 2015)
While the West Bitcoin Bubble has almost died, the number of transactions is real. And users currently are paying $100k every single day to transact on the bitcoin blockchain.
$100k in transaction fees for a sustained period is not some users tumbling their coins, spam or some guys writing data on the blockchain. $100k everyday is a huge money amount. So there is some real economic activity going on.
In my opinion, Bitcoin just got its killer app. And no it's not drugs (though evading capital controls is not completely white hat though one can make the point that free capital flows are synonymous to free speech).
Countries that can follow next: India, MiddleEast (pakistan), North Africa (algeria), South America ( Vez and Brazil). These are countries with terrible economies, but they are Huge.
While the West Bitcoin Bubble has almost died, the number of transactions is real. And users currently are paying $100k every single day to transact on the bitcoin blockchain.
$100k in transaction fees for a sustained period is not some users tumbling their coins, spam or some guys writing data on the blockchain. $100k everyday is a huge money amount. So there is some real economic activity going on.
But where is it coming from? China (the obvious one), Russia ( https://coin.dance/volume/localbitcoins/RUB ), Nigeria ( https://www.google.com/trends/explore?date=all&geo=NG&q=bitc... ) and several other countries.
In my opinion, Bitcoin just got its killer app. And no it's not drugs (though evading capital controls is not completely white hat though one can make the point that free capital flows are synonymous to free speech).
Countries that can follow next: India, MiddleEast (pakistan), North Africa (algeria), South America ( Vez and Brazil). These are countries with terrible economies, but they are Huge.