Bitcoin is about to explode. - page 5.

Xenoph0bia

hero member

Activity: 966

Merit: 501

Quote from: OneMoreHuman on September 27, 2013, 11:38:40 AM

You're right, except that the 3 to 4 million users of bitcoin only use it for some of their transactions. If all 7 billion people in the world used the 21 million bitcoins exclusively, we would probably see these predicted prices.

Funny idea, all govts will ban any currency except Bitcoin. Only Bitcoin allowed

HyperBeam

member

Activity: 64

Merit: 10

Yeah, it's not likely that the bitcoin will reach $1M by 2017
Although I'm sure hoping it will!

Piotrsama

sr. member

Activity: 407

Merit: 250

Looks legit.... LOL.

ZendiMOREN

full member

Activity: 133

Merit: 100

lol $1M for a coin thats not posible unless that $1M is like $1000 now

ldtran26

newbie

Activity: 28

Merit: 0

that's why there's a lot of talk about BTCguild right now, since they command of the network's hashrate and it's no one's fault because they do offer the most payout. We just have to becareful not to ruining bitcoin because of something so simple

OneMoreHuman

newbie

Activity: 50

Merit: 0

Quote from: dancupid on September 07, 2013, 11:51:36 PM

At the rate of growth you are suggesting we will need 30 to 40 billion people in the world using bitcoin in 2017 (assuming 3 to 4 million using bitcoin now, growing 10 fold year on year)

There are not enough people in the world to allow this to happen.

Most of the world's population will still not have the technology at hand to allow them to use bitcoin in the next 4 years.

You're right, except that the 3 to 4 million users of bitcoin only use it for some of their transactions. If all 7 billion people in the world used the 21 million bitcoins exclusively, we would probably see these predicted prices.

Of course, that is not going to happen, because:

1. Like others have said, only a few people have access to the technology to use cryptocurrencies.

2. Bitcoin's design is experimental. Newer cryptocurrencies will supersede it. (Like, Bitbars, Orbitcoins, Securecoins)

3. The smooth execution of Bitcoin's network will be compromised by someone, either through breaking SHA-256, achieving a mining monopoly for a 51% attack, or outlawing it.

ninjaboon

legendary

Activity: 2128

Merit: 1002

how much time did you spend on that pic?

oyeTorry

hero member

Activity: 770

Merit: 500

Quote from: ineedednewusername on September 22, 2013, 08:05:13 AM

Quote from: smoothie on September 07, 2013, 11:09:51 PM

I don't think we've seen anything yet. Once bitcoin goes more mainstream (assuming it does), price movements in fiat terms will be astounding.

I believe it will skyrocket to $ 10,000

Good luck mate Cheesy

Price will not skyrockets if BTC business doesnt skyrocket, so we will see how many big merchants will be in BTC business

ineedednewusername

newbie

Activity: 13

Merit: 0

Quote from: smoothie on September 07, 2013, 11:09:51 PM

I don't think we've seen anything yet. Once bitcoin goes more mainstream (assuming it does), price movements in fiat terms will be astounding.

I believe it will skyrocket to $ 10,000

marcotheminer

legendary

Activity: 2072

Merit: 1049

┴puoʎǝq ʞool┴

Quote from: sevenVII on September 07, 2013, 03:09:21 PM

And do you have any data to back up your pretty little graph?

As much as all the scam emails he sends to everyone Cheesy

marcovaldo

sr. member

Activity: 350

Merit: 250

Quote from: immortal4now on September 22, 2013, 04:20:00 AM

Nice graph Grin

I believe the graph was done for LOL

Yes, it is a hoax.

immortal4now

full member

Activity: 612

Merit: 102

Chromia - Relational Blockchain

Nice graph Grin

I believe the graph was done for LOL

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Out of the system in 2 years woot Cheesy

pedrog

legendary

Activity: 2786

Merit: 1031

Quote from: 001sonkit on September 07, 2013, 11:54:18 PM

Quote from: pedrog on September 07, 2013, 03:59:14 PM

Well, four more years and I'm a multi-millionaire! Retirement at 35 here I go! Cheesy

Retirement at 20 BAM!

Haha, even greater!

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Wait we need some chaotic points here and there
Or are we calculating catostrophic rises in the difficulty of bitcoin mining Grin

001sonkit

hero member

Activity: 784

Merit: 1000

Casper - A failed entrepenuer who looks like Zhou

Quote from: pedrog on September 07, 2013, 03:59:14 PM

Well, four more years and I'm a multi-millionaire! Retirement at 35 here I go! Cheesy

Retirement at 20 BAM!

dancupid

hero member

Activity: 955

Merit: 1002

At the rate of growth you are suggesting we will need 30 to 40 billion people in the world using bitcoin in 2017 (assuming 3 to 4 million using bitcoin now, growing 10 fold year on year)

There are not enough people in the world to allow this to happen.

Most of the world's population will still not have the technology at hand to allow them to use bitcoin in the next 4 years.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

I don't think we've seen anything yet. Once bitcoin goes more mainstream (assuming it does), price movements in fiat terms will be astounding.

OneMoreHuman

newbie

Activity: 50

Merit: 0

I am onemorehuman and I have come to preach the gospel of altcoins.

Woe to the Bitcoiners! Shocked

If there is such a flood of new users into the bitcoin network like this graph implies, it will not be able to scale properly.

Currently, there is not enough comprehensible information, mature software interfaces, or stable merchants to enable the bitcoin network to handle all this wealth.

Most importantly, the users of bitcoin are grossly overconfident about its technology.

True, Satoshi Nakamoto and all the other developers have made beautiful leaps forward with cryptography and decentralized networking. However, the technical decisions with proof-of-work, difficulty adjustments, and block rewards remain largely untested. We do not know what the best specifications of a cryptocurrency are.

New innovations like proof-of-stake, true anonymity, and multi-purpose mining that other cryptocurrencies are developing will soon make the bitcoin technology obsolete. Software engineering cannot be rushed, it is a slow, organic process that produces winners and losers.

So, just like you have decided to put your faith in bitcoin because you knew it was better than fiat, put your faith in the newer cryptocurrencies that promise yet greater freedom. Grin

01BTC10

vip