Topic: $1,000,000 would kill bitcoin - page 2. (Read 7926 times)

Sorry , just because btc makes some adjustments like fewer miners,
does not mean it can't die.

If it ever reaches the point that it becomes unprofitable for a extended length of time ,
where anyone mining it goes bankrupt, then game over.

The cost to maintain/secure BTC network is still insane compared to more energy efficient coins.
As long as BTC maintains a PoW design, it's has a finite product cycle.  IMO.

Thats true.More higher the bitcoin goes more higher the fees will go.Not only that if bitcoin reach 100000 do you think they keep their bitcoin and waited? I don't think so.Also whales will sell their bitcoin.No more more HODL.Everyone will collect their money and leave.Bitcoin will be useless any more.Market will crash to the ground also that will be end of other cryptos too

That's a very big price to reach, reaching such a value can be considered the beginning for the destruction of bitcoin. Even now governments stand against bitcoin for several reasons, in specific they aren't able to keep it under their control. When the value grows beyond the level automatically government governments will unite hands to keep it away from common usage which will surely lead to destruction.

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Surely there will be a solution that will be used by most people, in fact there is ease to reduce your shipping costs, especially we change to make ETH or other coins and of course it will reduce shipping costs or fees when you pay for something in the restaurant, indeed many pros and counter when there is a prediction that says it will break at 1 million dollars in the price of bitcoin, at least we can assume that there are many ways to avoid withdrawal fees or shipping costs that will be more expensive ...

One of my transactions have been pending for the last 24+ hours and sometimes it really gets frustrating. I agree that for transferring large amounts, Bitcoin is very effective. But more than 99% of the users are not ultra-rich and they normally transfer coins worth $100 or even less. If they have to pay 5% or 10% of the total amount as the transaction fee, then it won't do much good to the future acceptability and adoption of Bitcoin.

The more expensive the price of bitcoin, the more expensive the fee will be, as we eat at a restaurant spending $ 100, then the tax will feel great. So this is very reasonable.

Satoshi Nakamoto could pay 5% of USA debt if bitcoin hit that price, just make the math, BTC1M * $1M


while USA debt is 22,400,000,000,000

Source: https://www.usdebtclock.org/ 

Why would there be a downtrend? I mean, really why?

When investments go up freely, without regulation, and anybody can easily get on board with Electrum if nothing else, once they hear from their friends that Bitcoin is going wild, fear of loss will make them get their BTC wallet.
The only thing stopping this will be if Bitcoin is regulated in some way.

Will all the results of this be good? Probably not. But the fiat banking Ponzi is near collapse, anyway. All that Bitcoin might do is speed it up a little... which is good, because the collapse won't be as bad if it happens this year, as what it will be if it happens next year.

I don't think it is a good idea to think about it right now. Things will change after a few weeks of increasing, there will be downtrend for sure but one thing I am sure about, they will make a way just to make things right. Developers will surely make a solution into it.
Bitcoin can probably hit that value but it will take a very long time for sure even the bulls will not stop. We are still in the way of getting the all time high value of it so it is not good idea to think about that problem right now.

This is the exact point. We get into Bitcoin in part as an investment. The miners know this, so they raise the fees to control the price of Bitcoin, along with increasing their profits.

What? I thought Bitcoin was supposed to be decentralized. We don't need miners' fees at all. Miners mine, and get the bitcoins they mine. If that isn't enough profit for them, we need to forget bitcoin altogether, and let them sit with their stupid, worthless bitcoins, 'cause nobody will buy them.

All we are doing is gambling that this time the miners won't raise their fees like they did at the end of 2017 and the beginning of 2018. We forget, so we are at it again... letting the miners lure us into purchasing a bunch of bitcoins that they can quickly make worthless by raising fees.

There are still loads of investors out their who lost their shirts - life savings, the house, their business, etc. - because they thought that an investment in Bitcoin was worth something... in 2017. They have a little hope, now, with the new Bitcoin movement, that they will get their money back. But all the miners are doing is waiting to raise fees again.

Personally, I think it is time to sue the miners. I mean, if they sit on their hoard and don't sell, they won't be able to pay their electric bills for the mining. So, why screw the little guy, and make bitcoin into the "centralized" thing that Satoshi was trying to get away from?

If they do it again, we need to sue the pants off them. After all, they are wrecking the lives of a whole bunch of us when they mess with our investment like that.

Meet too, OP shouldn't worry about the price of Bitcoin killing Bitcoin itself. We shouldn't expect much lower fees whenever there's a small transaction. I hope thee price of Bitcoin surge  more unexpectedly. All we need is that, we should wait for the surge before checking.

Hmm , This is a very interesting observation.
This should just be a challenge to developers and not really a problem. I think it is something that can be solved easywith minor adjustment to the monetary unit

Entirely depends on your goals. I haven't spent any Bitcoin in a very long time now, and mainly hoard it. I've continued to invest in it, but I'm by no means a trader. I believe Bitcoin to be more than something we hope will reach x amount and cash out for your fiat currency. The only thing I consider more valuable at this present moment is real estate just because I can currently use that for what I want too. Whereas Bitcoin still has its limitations in the modern world.

Actually, 1sat would be $0.001. and not $1 as you pointed out and 100sat would be $0.1 which is yet still very okay and reasonable when bitcoin hits $100k. And this will reach it in the future as more users and adoption comes.

it is questionable could BTC reach that value, it is another 100x rise, which has low probability, dough it is possible
but, i do not see BTC as highest ranking coin in the future, so in my view, it is hard to expect BTC on 1mUSD value, or even close

it is only John Macafee who can dream of such a value of bitcoin, we understand that bitcoin will not cost such an amount, it is what should be the capitalization, an unthinkable amount.

With such great prospects that say Almost all users of cryptocurrency, I am already thinking of mining and building my own Bitcoin mining farm.  Even today, the profitability of mining has doubled, and what will happen if Bitcoin really reaches 1,000,000 dollars?

If we would see such a price like that in the future others might start to hate Bitcoin because they can't make transactions whenever they like but it's not going to kill Bitcoin. It would only encourage a lot of users to do their transactions off chain and Welsh is right, many know this problem and because of it there's some that are starting to provide this kind of feature from popular exchanges, online wallets and casinos.

Why would that kill Bitcoin?
I find it a perfect scenario to make Bitcoin as a digital asset that people will store value in it. The same as Gold is right now.
You just have to see it from another perspective. There are many use cases that bitcoin can cover.