ardana123
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November 22, 2013, 01:50:01 AM

Any particular reason why the bitcoin price would surge due to merchant adoption? Let's all be honest with each other, bitcoin is still hard as fuck to use for the average person when buying something. Couple that with the volatility and there's just no incentive for anyone to use bitcoin over dollars.

All it would achieve is bring in more speculators who want in on the craze because they think they might make some profit. Yes that might surge the price temporarily, but it would drop just as fast as soon as everyone realizes everyone else is just here to make profits.

Think of it another way, Bitcoin is the backend infrastructure that will allow entrepreneurs to build front end systems that take advantage of it's low transaction cost and security. It just happens to be a speculative vehicle as well, but in some ways if you think about it, it was fiendishly genus to make it deflationary driving huge demand from speculators guaranteeing it's adoption and growth as time goes on. We will eventually hit the top of the S-curve or it will all go to shit, but in any case.....enjoy the ride.

I totally agree that bitcoin is some sort of template for things to come. But thinking merchant adoption is important at this point is just wrong. There's a buttload of other stuff that needs to be solved first.