Re:Bitcoin sinks below $7000
by paulmd on Monday February 05, 2018 @02:02PM
(#16311080)
Fees have actually come back to earth over the last month (although if there is a panic and people start competing for block space, you can expect them to quickly jump back up). Volatility is one thing, at this point you almost expect a daily 10-20% swing in either direction. The bigger problem has been a relentless downward trend over the past month.
[ Parent
| on HN ]
> Fees have actually come back to earth over the last month
Well yes, but who would to want to use Bitcoin as a medium of exchange now? The period of fee inflation will surely have killed that off for all but trivial uses.
Similar rationale with Bitcoin as a store of value. A 7% 30 day vol vs USD is, well, chunky.
As a vehicle for speculation and short term vol trading it's clearly still a thing but that's not quite what it was intended for.
>Well yes, but who would to want to use Bitcoin as a medium of exchange now?
The same people that have always made up the bulk of actual bitcoin payments - people buying things on the dark web from markets that haven't integrated Monero yet.