07 Sep '13, 5pm

In Defense of Alternative Cryptocurrencies #bitcoin

Second, it is the very potential for Bitcoin’s value to go so high up that makes the currency so unstable. When Bitcoin had its bubble to $266 in April, the reason why the market bounced back and forth so wildly before settling down around $100 is that the stakes were so high; everyone knew that, if successful, Bitcoin’s value can reach as high as $10,000 to $1 million, and the wild swings in prices represented people’s varying estimations of the probability that Bitcoin will indeed see such a success. However, if it is understood that if Bitcoin succeeds there will also be many other altcoins, then Bitcoin’s value might only end up between $2,000 and $200,000 in the case of extreme success – creating a lower “ceiling” on what the price can be and thus narrowing the range within which estimates of Bitcoin’s value can take place. The net result of this will, in fact, be red...

Full article: http://bitcoinmagazine.com/6926/in-defense-of-alternative...

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