You're timing was off by a few days, but so far you're looking like a genius. $58 now on Bitstamp.
One thing I didn't foresee was how overwhelmed Mt. Gox would be and how delays might spook everyone. Overcentralization is another weakness of BTC (both in mining and exchanges); this seems to be another point in favor of Ripple.
I'll only look like a genius if bitcoin goes back to below $1, since that's always been my hypothesis. Until then I'm still wrong.
The Mt Gox thing is unfortunate. One wonders where the bitcoin price would be if the shutdown hadn't occurred. When people want to get out of USD, they don't all run to the forex market. They buy stuff. Bitcoin hasn't achieved the same degree of acceptability, so when everyone wants to get out of BTC, they all run to the forex market, putting huge strains on its capacity.
Wow!!
ReplyDeleteYou're timing was off by a few days, but so far you're looking like a genius. $58 now on Bitstamp.
ReplyDeleteOne thing I didn't foresee was how overwhelmed Mt. Gox would be and how delays might spook everyone. Overcentralization is another weakness of BTC (both in mining and exchanges); this seems to be another point in favor of Ripple.
I'll only look like a genius if bitcoin goes back to below $1, since that's always been my hypothesis. Until then I'm still wrong.
DeleteThe Mt Gox thing is unfortunate. One wonders where the bitcoin price would be if the shutdown hadn't occurred. When people want to get out of USD, they don't all run to the forex market. They buy stuff. Bitcoin hasn't achieved the same degree of acceptability, so when everyone wants to get out of BTC, they all run to the forex market, putting huge strains on its capacity.