2013-11-08 Business Insider: Bitcoin Could Go To $1 Million

prophetx

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he who has the gold makes the rules

Quote from: ellet on November 08, 2013, 11:59:18 PM

Still waiting for 1 Bitcoin = $1 Million .

If it happens it will take a few more bubbles and 1 generational change.

Meaning that once the first sets of 6 year olds start using bitcoin, when they finish university, then bitcoin or some successor will become worth that much.

solex

legendary

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100 satoshis -> ISO code

Quote from: ellet on November 08, 2013, 11:59:18 PM

Still waiting for 1 Bitcoin = $1 Million .

Just take the dog for a walk.

ellet

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Still waiting for 1 Bitcoin = $1 Million .

grondilu

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Quote from: ?? on ??

Lol, these naysayers don't like backlash

http://www.businessinsider.com.au/heres-what-happens-if-you-criticize-bitcoin-2013-11

He's got a point. It's totally not cool to respond to him like this. I mean, if he really got such feedback from bitcoin users, it's absolutly not acceptable.

Can't we just respond to his article with actual arguments? It's not that hard.

For instance, he wrote: "Unlike gold or dollars or other things that have widely accepted utility, Bitcoin's price is determined entirely by what someone else is willing to pay for it. "

The price of gold and dollars also is determined by what someone is willing to pay for it. The difference is that with bitcoin, we are sure nobody is capable of forging some in secret (as compared to dollars) and we can transfer them other internet (as compared to gold).

solex

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100 satoshis -> ISO code

This is the ultimate article. All you need to read is the headline!

Gabi

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If you want to walk on water, get out of the boat

Quote from: ?? on ??

Lol, these naysayers don't like backlash

http://www.businessinsider.com.au/heres-what-happens-if-you-criticize-bitcoin-2013-11

Wow, i tought that site was ridicolous after that fail article, but now the failometer is OVER 9000

justusranvier

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Quote from: Alty on November 08, 2013, 02:04:41 PM

He says - It could got to one million

Then

He says - I don't own 1 Bitcoin

WTF? Huh

He doesn't like Bitcoin, but doesn't want to end up on the Honor Roll: https://bitcointalksearch.org/topic/new-units-for-expressing-bitcoin-exchange-rates-journalist-honor-roll-326656

Alty

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RISE Project Manager

He says - It could got to one million

Then

He says - I don't own 1 Bitcoin

WTF? Huh

Rygon

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Quote from: justusranvier on November 08, 2013, 12:11:55 PM

Quote from: LiteCoinGuy on November 08, 2013, 12:02:36 PM

bitcoin doesnt care if its worth 100 USD, 10.000 USD or 100.000.000 USD. at every price bitcoin has (nearly) the same benefits.

Not really. Bitcoin needs large valuations in order to be able to handle larger transactions.

Imagine international shipping companies wanted to use Bitcoin a replacement for letters of credit. How would you pay for a $100 million shipment if the exchange rate was $1 and there are only 21 million bitcoins?

Because of how the network is set up, the fee to send transactions is relatively constant. It doesn't matter when it's a few cents in USD, but once we get to $500 or definitely by $1000 usd/btc, the fee becomes too high to justify using the bitcoin network for small transactions. People are going to think twice about buying coffee with bitcoin when the fee starts creeping upwards of $1.

Of course, at those levels, Bitcoin can more easily handle larger transactions where the fee is still negligent.

rogue13

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Garbage article, He is cherry picking facts and flat out speculating to make his point. I feel like it is someone taking out their frustration that they didn't pick up/mine some bitcoin back when they first heard about it.

Hell, I about lost it when I booted up one of my old computers found a version of bitcoin-qt on it old enough that Satoshi was still involved in its development. If I had actually done some homework and learned what mining was or found some faucets....sigh. I thought I would get money from being a node and handling transactions and quickly got discouraged when my balance remained at 0.00.

justusranvier

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Quote from: LiteCoinGuy on November 08, 2013, 12:02:36 PM

bitcoin doesnt care if its worth 100 USD, 10.000 USD or 100.000.000 USD. at every price bitcoin has (nearly) the same benefits.

Not really. Bitcoin needs large valuations in order to be able to handle larger transactions.

Imagine international shipping companies wanted to use Bitcoin a replacement for letters of credit. How would you pay for a $100 million shipment if the exchange rate was $1 and there are only 21 million bitcoins?

LiteCoinGuy

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In Satoshi I Trust

bitcoin doesnt care if its worth 100 USD, 10.000 USD or 100.000.000 USD. at every price bitcoin has (nearly) the same benefits.

Birdy

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Quote from: ?? on ??

Got as far as "And anyone who thinks it can't collapse all the way to zero is delusional." and gave up because he's talking out of his arse. A single cent for the whole 21 million is still above zero and if he can't get something as simple as that right then his opinion's worth sweet fa.

It could go to zero. A bug that let's anyone spend any coins and isn't fixed for a long time could do that.
It's very unlikely and would probably be fixed with a reset to the time before this bug though.

(The article is still rubbish)

vokain

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questionable...unless central banks try to acquire bitcoins en masse by inflating the hell out of their monetary base

Kikkerdril

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http://www.businessinsider.com/bitcoin-price-2013-11

Topic: 2013-11-08 Business Insider: Bitcoin Could Go To $1 Million (Read 1751 times)