How did the world’s first online payment system take the idea from the first computer game? Is Bitcoin a bubble waiting to pop?
I won’t lie, I’m surprised at how hard this post is to write. It starts with the concept of currency that’s not in the form of traditional dollars. That’s not to say there isn’t a ton of good Bitcoin material around, and lots of great articles on how to understand this currency.
But after the intro, the post gets a bit more theoretical and technical. The discussion shifts to a discussion of cryptocurrencies, and more specifically, their relative volatility and the benefits of using them.
What I like (or rather not like) to do is look at the best and the worst of each currency (or “market”), comparing the coins across markets. For example, what if a bitcoin is worth $10, but a “market” thinks a $300 dollar coin is worth the same? Which is better?
The good stuff begins with an explanation of bitcoin and a discussion of how it works. I don’t know about you, but a lot of this kind of stuff (if you read them the right way) can make reading more fun. The discussion then shifts to different market situations for each coin in order to help understand why or for how they perform. I usually focus on more common situations, such as the current price in USD, price fluctuation, or volatility.
That’s the basic idea. There are always the outliers, the outliers of the coin market, and I have a lot of interesting things to learn from people with “outlier” skills that I’ll try to write about here. You have a lot of questions for me as well.
The article ends when we discuss some bitcoin-specific data, where the best and worst coin performances over the past year was examined, along with the correlation of each to its own coin. For example, you can see how the correlation between the USD and bitcoin (r=0.84, r= 0.79) looks like with an outlier in the data, BTC China ($0.03). Bitcoin is a great, but very volatile, currency.
The worst performance that I can remember was the volatility of NXT, which plummeted between $0.08 to $0.10 in the second half of 2013. However, there’s really not much to this, so I’m going to leave that there for now. Next, we explore some interesting crypto-currencies
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