$500,000 per Bitcoin, baby. The math behind it. - page 10.

findftp

legendary

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Delusional crypto obsessionist

Quote from: iluvpie60 on August 01, 2014, 08:28:03 AM

. If you had 100 bitcoins and the price is 10,000 USD each that is 1,000,000 USD man. That is more than enough to put into stocks/retirement account and do whatever the hell you want for the rest of your life.

Yes, let's lock up your wealth into a retirement plan!
God knows when they pull the dollar plug and let it hyperinflate.

You would be *crazy* to put 1,000,000 into stocks or any other paper.
If you really are scared to hold that much value in bitcoins, transfer it into another tangible asset like gold, farmland, art, tools, cars, etc.

If I had 1,000,000USD right now, I would keep 10,000USD for spending, everything else in the above.

ThatDGuy

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Quote from: CoinDiver on August 05, 2014, 03:49:46 PM

Quote from: Possum577 on August 05, 2014, 03:26:47 PM

Quote from: giveBTCpls on August 05, 2014, 01:27:50 PM

You need Bitcoin in ebay before you can start dreaming on 6 figure clouds. Once Bitcoin is in ebay, then you are into something, because everyone and their mother uses ebay to buy things and they would rather use BTC than get raped by paypal fees.

How would BTC as a payment option via eBay increase the price per Bitcoin?

You have to hold them for at least a small amount of time to spend them. Worst case, they're purchased, transferred, then converted back to fiat in a matter of seconds. Still, that's a few bitcoin seconds removed from the market. Supply and demand.

This is correct. Also if we eventually get to the point where Bitcoin is usable as payment for almost everything and there are advantages financially for the spender choosing to use it over, say Paypal or a credit card, then it follows that most people would want to hold on to a certain amount of Bitcoin to use for spending purposes.

It stands to reason that Bitcoin offers advantages in certain situations for the consumer as well as the supplier as a payment method over Paypal/CC. If that propagates out, there is an increased demand and the supply of Bitcoin - which is finite - never changes. The value would have to go up.

smooth

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Quote from: CoinDiver on August 05, 2014, 03:49:46 PM

Quote from: Possum577 on August 05, 2014, 03:26:47 PM

Quote from: giveBTCpls on August 05, 2014, 01:27:50 PM

You need Bitcoin in ebay before you can start dreaming on 6 figure clouds. Once Bitcoin is in ebay, then you are into something, because everyone and their mother uses ebay to buy things and they would rather use BTC than get raped by paypal fees.

How would BTC as a payment option via eBay increase the price per Bitcoin?

You have to hold them for at least a small amount of time to spend them. Worst case, they're purchased, transferred, then converted back to fiat in a matter of seconds. Still, that's a few bitcoin seconds removed from the market. Supply and demand.

Laziness and convenience would increase holding much more than that. If you get $30 worth of BTC for an item on ebay you probably just hold it, especially if there are plenty of places to spend BTC. You are probably not going to worry about exchange rate risk on $30. Ebay traders are not miners.

CoinDiver

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Quote from: Possum577 on August 05, 2014, 03:26:47 PM

Quote from: giveBTCpls on August 05, 2014, 01:27:50 PM

You need Bitcoin in ebay before you can start dreaming on 6 figure clouds. Once Bitcoin is in ebay, then you are into something, because everyone and their mother uses ebay to buy things and they would rather use BTC than get raped by paypal fees.

How would BTC as a payment option via eBay increase the price per Bitcoin?

You have to hold them for at least a small amount of time to spend them. Worst case, they're purchased, transferred, then converted back to fiat in a matter of seconds. Still, that's a few bitcoin seconds removed from the market. Supply and demand.

Possum577

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Loose lips sink sigs!

Quote from: giveBTCpls on August 05, 2014, 01:27:50 PM

You need Bitcoin in ebay before you can start dreaming on 6 figure clouds. Once Bitcoin is in ebay, then you are into something, because everyone and their mother uses ebay to buy things and they would rather use BTC than get raped by paypal fees.

How would BTC as a payment option via eBay increase the price per Bitcoin?

Possum577

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Loose lips sink sigs!

To say "there are no other ways" to do something almost certainly confirms that there are...let's get some data together!

Quote from: smooth on August 05, 2014, 01:45:58 AM

Quote from: Mobius on August 05, 2014, 01:42:31 AM

The OP does not use any facts to support why bitcoin would be such a large part of the global economy. I personally think that bitcoin will be successful over the long term but I don't think it will ever reach reserve currency status which would essentially be needed to reach these numbers.

There are other ways to get close. For example, replacing gold as a store of value gets to about $100K. That likely wouldn't happen for decades though.

scryptasicminer

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How soon till 500,000?

5 to 10 years are good enough for me.

DannyElfman

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I think you overestimate the network growth speed. That said, that price is very much liekly, but not in your timeframe!

CoinDiver

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Quote from: giveBTCpls on August 05, 2014, 01:27:50 PM

You need Bitcoin in ebay before you can start dreaming on 6 figure clouds. Once Bitcoin is in ebay, then you are into something, because everyone and their mother uses ebay to buy things and they would rather use BTC than get raped by paypal fees.

eBay = PayPal

giveBTCpls

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You need Bitcoin in ebay before you can start dreaming on 6 figure clouds. Once Bitcoin is in ebay, then you are into something, because everyone and their mother uses ebay to buy things and they would rather use BTC than get raped by paypal fees.

leex1528

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Bittings

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Quote from: piramida on August 05, 2014, 05:23:45 AM

Quote from: BitchicksHusband on August 04, 2014, 03:33:03 PM

Quote from: Puberty on August 01, 2014, 09:48:22 AM

Quote from: Leina on August 01, 2014, 08:58:02 AM

A cheap lottery ticket for living next the beach dream.

Bought 1 bitcoin. Hopefully will have 5 before year end.

If only I had spent the money that I used to buy lottery tickets back in 2011 on Bitcoin instead. Back then, Bitcoin was the real lottery ticket. You could hardly buy anything with it and the chances of it going mainstream were slim. Even though the odds were stacked against you, the potential rewards would have been enormous. Who knew that Bitcoin would be where it is today.

Don't beat yourself up. It was very, VERY hard to buy bitcoin in 2011. You pretty much had to find a miner to deal with directly.

or go to gox of course

It was quite simple for me:

Bank Account -> Dwolla -> Gox

piramida

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Borsche

Quote from: BitchicksHusband on August 04, 2014, 03:33:03 PM

Quote from: Puberty on August 01, 2014, 09:48:22 AM

Quote from: Leina on August 01, 2014, 08:58:02 AM

A cheap lottery ticket for living next the beach dream.

Bought 1 bitcoin. Hopefully will have 5 before year end.

If only I had spent the money that I used to buy lottery tickets back in 2011 on Bitcoin instead. Back then, Bitcoin was the real lottery ticket. You could hardly buy anything with it and the chances of it going mainstream were slim. Even though the odds were stacked against you, the potential rewards would have been enormous. Who knew that Bitcoin would be where it is today.

Don't beat yourself up. It was very, VERY hard to buy bitcoin in 2011. You pretty much had to find a miner to deal with directly.

or go to gox of course

smooth

legendary

Activity: 2968

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Quote from: Mobius on August 05, 2014, 01:42:31 AM

The OP does not use any facts to support why bitcoin would be such a large part of the global economy. I personally think that bitcoin will be successful over the long term but I don't think it will ever reach reserve currency status which would essentially be needed to reach these numbers.

There are other ways to get close. For example, replacing gold as a store of value gets to about $100K. That likely wouldn't happen for decades though.

Mobius

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BitchicksHusband

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Quote from: Puberty on August 01, 2014, 09:48:22 AM

Quote from: Leina on August 01, 2014, 08:58:02 AM

A cheap lottery ticket for living next the beach dream.

Bought 1 bitcoin. Hopefully will have 5 before year end.

If only I had spent the money that I used to buy lottery tickets back in 2011 on Bitcoin instead. Back then, Bitcoin was the real lottery ticket. You could hardly buy anything with it and the chances of it going mainstream were slim. Even though the odds were stacked against you, the potential rewards would have been enormous. Who knew that Bitcoin would be where it is today.

Don't beat yourself up. It was very, VERY hard to buy bitcoin in 2011. You pretty much had to find a miner to deal with directly.

labsbitforum

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Quote from: ThatDGuy on August 04, 2014, 01:38:56 PM

Quote from: CoinDiver on August 04, 2014, 01:35:14 PM

Quote from: labsbitforum on August 04, 2014, 01:31:16 PM

File/music sharing protocols and the entities behind them have evolved considerably.
Napster
Gnutella, eDonkey2000, Freenet
Kazaa
Limewire
Bittorrent

I think digital currency will evolve just as everything else has.

Bitcoin = 1.0 Something else will be 2.0

Sounds fine, but what did any uses have invested in those technologies? Nothing, or close to nothing. Not the case with bitcoin.

This is an extremely important point. If an individual has a lot invested in Bitcoin, they also have a vested interest in seeing that specific protocol's infrastructure strengthened. This is very different from an individual user of Napster, Kazaa, Limewire, and slightly different from a user of Bittorrent.

Agreed. File/music/movie sharing for the most part are hack0rz and tech savvy people that are just trying to avoid paying for stuff and don't have a lot invested in it financially. While not identical I would argue its more similar to bitcoin than say the TCP standard developed more than 40 years ago by DARPA. People in this forum tend to have a lot invested in bitcoin but the average person out there does not.

I'm not pumping any alt. They are all scams. The few legitimate attempts I've seen to get a true decentralized P2P distributed digital payment system in place don't seem to have any traction or adoption. If there is a serious collapse in bitcoin I would expect one of those to bloom.

siggy

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Quote from: Benjig on August 04, 2014, 02:09:34 PM

Quote from: Houseman on August 03, 2014, 08:04:12 PM

Everyone will get their old miners back out and turn them on again ;-)

This cant happen, even if the price is 10 k per bitcoin, old miners like gpus or usb will not make roi in years.

ROI has nothing to do with it.. once a miner is purchased, that is a sunk cost. Once you have it, the only thing that matters is operating costs (electricity, mostly) .. So long as bitcoins returned are greater than current operating cost, the miners will be turned on. It makes no difference that it will never make ROI. At this point, it is about reducing losses, not making a profit.

Sigg

Benjig

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Quote from: Houseman on August 03, 2014, 08:04:12 PM

Quote from: BurtW on August 01, 2014, 08:20:47 AM

Quote from: colinistheman on August 01, 2014, 08:15:17 AM

Yes, it will take a while to reach $50,000. Many years.

But it will hit $5000 within the next 6 months.

A sustained $5000/BTC price would drive mining to attempt to consume about 0.3% of world wide power production. That is a lot, but at least is it possible.

Everyone will get their old miners back out and turn them on again ;-)

This cant happen, even if the price is 10 k per bitcoin, old miners like gpus or usb will not make roi in years.

ThatDGuy

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Quote from: CoinDiver on August 04, 2014, 01:35:14 PM

Quote from: labsbitforum on August 04, 2014, 01:31:16 PM

File/music sharing protocols and the entities behind them have evolved considerably.
Napster
Gnutella, eDonkey2000, Freenet
Kazaa
Limewire
Bittorrent

I think digital currency will evolve just as everything else has.

Bitcoin = 1.0 Something else will be 2.0

Sounds fine, but what did any uses have invested in those technologies? Nothing, or close to nothing. Not the case with bitcoin.

This is an extremely important point. If an individual has a lot invested in Bitcoin, they also have a vested interest in seeing that specific protocol's infrastructure strengthened. This is very different from an individual user of Napster, Kazaa, Limewire, and slightly different from a user of Bittorrent.

Topic: $500,000 per Bitcoin, baby. The math behind it. - page 10. (Read 23668 times)