On Bitcoin and recent price action

April 11, 2013 by · Leave a Comment
Filed under: Currency News 

First off I want to apologize for the delay.  College has been utilizing my schedule along with growing involvement in the Bitcoin community.  I start experimenting with Bitcoin in 2010, after reading about it in an article.

I really sat back and read and watched the media and experts describe Bitcoin in every which way possible.  What is clear is the Bitcoin is yet to be defined for it’s highest use value to society, if any.  I am in the camp that  believes “Bitcoin” or some other alternative decentralized currency will be around no matter what.   Is it a currency or is it savings?    The same question I ask about the precious metals.  It is both, but at different times it does one or the other better than most domestic currencies.  That is not to say domestic currencies don’t have their place, because they do.  I pay taxes and wages in one but I that doesn’t mean I have to save or denominate transactiosn in it all the time either.

If you have been paying attention, price volatility and media hype has been at stratosphere levels.    What we are going through right now is the weakest link in Bitcoin (exchanges) are going through the “growing pains” needed for them to professionalize their operations to the level that is needed to handle something of such value.

We have the normal profit herd along with professional operators (that likely some are doing the DDOS action) to cause panics and do things that irrational crowds love to do.  My best advice (not investment advice), is the ask yourself, are you in Bitcoin for the short term gains or long-term building process?  If so, you should operate under that modus operandi so the strong hands can take charge and continue with the building process, we have a lot of building ahead.