Bitcoin price to be US$3,500,000??? - page 2.

beetcoin

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Quote from: crazyearner on July 25, 2014, 07:30:58 PM

Quote from: AliceWonder on July 25, 2014, 01:28:46 PM

Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

They said Bitcoin would never get paid or into the $100s soon past that then people saying never get past $500 but happened and then went to 1k area but soon went poof all way down but expected to go up by end of the year.

saying that bitcoin went to 1k despite what people said, and equating it to bitcoin being able to take over as a world currency.. is just kind of stretching it, don't you think?

crazyearner

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Quote from: AliceWonder on July 25, 2014, 01:28:46 PM

Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

They said Bitcoin would never get paid or into the $100s soon past that then people saying never get past $500 but happened and then went to 1k area but soon went poof all way down but expected to go up by end of the year.

odolvlobo

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Quote from: Pente on July 25, 2014, 01:50:19 PM

M3 model may be around $75 trillion, but how much wealth is stored in land, artwork, ect?
Mining sales will keep bitcoin capitalization down in the short run, but 50 years from now, I wouldn't be surprised to see the value of a bitcoin approaching a $billion dollars. Not saying it will, just saying I wouldn't be very surprised.
I will be surprised if a bitcoin isn't worth a $million within 12 years.

You don't need enough currency to represent all the wealth in the world. There are no dollars sitting in an account somewhere representing the value of my house.

M3 represents the amount of money (loosely defined) in use. If dollars were replaced by bitcoins, then you would need $75 trillion worth of bitcoins. As I wrote before, that just can't happen without FRB, so the actual number of bitcoins (or dollars) needed is a fraction of that.

CoinsCoinsEverywhere

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Quote from: jbrnt on July 25, 2014, 01:56:08 PM

We should not be comparing bitcoin to dollars. They are in different markets. Bitcoin will never replace dollars. It will supplement all fiats as another foreign currency.

This seems to me like the most realistic scenario. Even if a lot of people would like BTC to replace USD, I doubt the government and other people who have power will allow it since they can't control it. If bitcoin can't learn to coexist with other currencies, someone will probably try to kill it.

beetcoin

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if bitcoin were to overtake paper money, i'd say that there would be no government left and hell would break loose. sorry, ancaps.

maker88

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Quote from: AliceWonder on July 25, 2014, 01:28:46 PM

Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

umm except no one takes altcoins?

Benjig

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Maybe at some point yes, the usd will be replaced by another currency.

Josepht

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Guess what? IF the bitcoin will ever reach $3 million +, your $3 million will be worth nothing.

minerpumpkin

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That's what I call speculation!
But to be honest, first of all I don't think that's going to happen. On the other hand, I don't think that this would be a theoretical limit only because of the reasons you stated. The market dictates how much a bitcoin is worth and the reflected amount of money (market cap) doesn't necessarily translate 1:1 to the actual value of a single unit (Bitcoin)

Febo

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Quote from: me_12 on July 25, 2014, 01:13:04 PM

Since the M3 model says US$75 trillion exists in the world

dont worry they are printing then daily. Is more and more of USD every second.

Brewins

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Inflation is always here to make any price be limited by infinite in the long run.

But if you take the parity of purchase power today and transfer future values into current ones, you hardly see bitcoin itself with more than 100k value.

If cryptos spread an thrive, there will be a strong competition that will steal many of bitcoin's market cap. But I can't see cryptos market cap beyond a few trillions(bitcoin + all other cryptos summed)

yayayo

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The problem with measuring bitcoin valuation compared to fiat is that fiat could be totally worthless in future. Fiat is subject to monetary policy and can be inflated without limits. M3 can easily change and $3.5 millions might only buy you a slice of bread in future.

Calculating the potential future value of bitcoin is complicated further by the lack of knowledge regarding the adoption scenario. Will everybody use it for everything, or will some people use it for something (for example mostly as a store of value only), or something in between?

I agree with you that bitcoin if embraced by the masses can be worth much more than today. But it's really difficult to predict how much.

ya.ya.yo!

MNDan

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Quote from: AliceWonder on July 25, 2014, 01:28:46 PM

Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

Time to add another person to the "I don't understand decimals" club.

Currently Bitcoin is the equivalent of the US dollar in cryptocurrency. No one is buying up pesos because the dollar is too expensive - think about it. Yeah, the dollar has its problems, but it's still the most valued and respected currency in the world. As is Bitcoin in the crypto world.

And regarding the select wealthy few, they will have sold LONG before it gets to 3.5 million. You see anyone from the gold rush era holding on to their 1000's of lbs of gold to this day? Nope. Everything has a price, and when it's met it gets sold.

kireinaha

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You can't post this kind of thread until we start another rally; it's too soon.

jbrnt

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We should not be comparing bitcoin to dollars. They are in different markets. Bitcoin will never replace dollars. It will supplement all fiats as another foreign currency.

cech4204a

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12CDKyxPyL5Rj28ed2yz5czJf3Dr2ZvEYw

Quote from: banque on July 25, 2014, 01:18:33 PM

GWP is 85Tril
Derivatives 1500Tril

So is btc become 100% global currency

5M btc 100Tril gwp
50M btc 1000 derivatives

Info from

www.BitcoinAlgorithm.com

At only 10% of GWP it is 500K floor support with a 1M bubble peak value

It is currently valued at .01% of GWP so .01% of GWP is 8.5Billion its current value

BTC value is tied to gwp and what % of people use it as the Bitcoin Algorithm proves

yeah exactly that is the thing. More people using bitcoin = higher price of bitcoin, it's causing even more people to be interested in bitcoin = another cycle. Bitcoins would be worth a lot in 2-3 years if there will be no major regulations for it.

Pente

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M3 model may be around $75 trillion, but how much wealth is stored in land, artwork, ect?

Mining sales will keep bitcoin capitalization down in the short run, but 50 years from now, I wouldn't be surprised to see the value of a bitcoin approaching a $billion dollars. Not saying it will, just saying I wouldn't be very surprised.

I will be surprised if a bitcoin isn't worth a $million within 12 years.

Minecache

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Bit coin will NEVER be worth $3m each. There you read it here first.

odolvlobo

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Quote from: me_12 on July 25, 2014, 01:13:04 PM

Since the M3 model says US$75 trillion exists in the world, with 21 million bitcoins, that is around US$3,500,000

There is no way that bitcoin could get to that level without fractional reserve banking. Assuming a 1:10 ratio, you should cut your value by a factor of 10.

Quote from: banque on July 25, 2014, 01:18:33 PM

BTC value is tied to gwp and what % of people use it as the Bitcoin Algorithm proves

You can already estimate the percentage using the ratio of the amount of currency in the world today over the current GWP. However, the velocity is likely to be higher so the percentage is likely to be lower.

Quote from: AliceWonder on July 25, 2014, 01:28:46 PM

Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

The value of a bitcoin has not limited its adoption so far.

Quote from: AliceWonder on July 25, 2014, 01:28:46 PM

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

People already accept a system in which a select few own nearly all of the wealth in the world. That will not be a factor.

AliceWonder

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Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.

Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.

Topic: Bitcoin price to be US$3,500,000??? - page 2. (Read 3363 times)