Posted: Nov 22, 2019 7:51 pm
by Thommo
More erratic movement from Bitcoin again today.

I've noticed an increasing trend in studies along the lines of one reported earlier this year ... finds.html purporting the large price increases have been caused by market manipulations and noting that with something like a quarter of all bitcoins owned by just an estimated ten people the market is particularly susceptible to this sort of thing.

E.g. ... 050e405c2b ... 1572863400 ... study-says

I've been keeping an eye on the price out of a sort of morbid curiosity, and I really don't see anything that makes me change my view on Bitcoin's future all that much.

A couple of articles I read last month (but have now lost) and found interesting detailed a potential valuation as a function of the user base of bitcoin (i.e. people actually exchanging it for goods and services), one estimate suggested that if 15% of all economic transactions in the entire world came to be made in Bitcoin the price would reach a dizzying $500,000.

A more plausible estimate based on the technological and regulatory limitations (mentioned in more detail at some point by Newolder, I believe) suggested a long term price in the neighbourhood of $2,000, which I have to admit is probably higher than I would have thought, but seemed reasonably believable.