Topic: Bitcoin will never again be priced over $300. (Read 4749 times)

Lot's of educated, intelligent posters chiming in in the latter parts of this thread which I figured would happen sooner as this one became a nuisance and an insult to visionaries of sound and like minds. It's great when the knowledgeable come back into an environment and lend a hand to the education aspect. Bullish times of sorts ahead and perhaps more, indeed.

The issue is we have a different reason here. The 300 USD was reached without the normal conditions due to fraudulent activity on an exchange. If we go back to 300 USD, it will be because of Bitcoin's growing, not because of a fraud.

This is why I think the crash in the last January was the best Bitcoin price crash. It bringed the price to the pre-Willy days after one year. Now the market can do its own work.


I don't know about $ 500, the issue in this moment is about going to $ 300 or sub-200. But we're still at $ 200 people, deal with it!!!!!!  



Well, this section is full of nonsense about the price. But I think it doesn't represent most of Bitcoin users.



Bitcoin is much more transparent about these issues than the other means of payment. Other means of payment have problems about confirmation times, fees, chargebacks and security issues too. You just don't see, but the issues are here.


Psysical dollar or eletronic dollar?



People used physical cash during milleniuns and didn't see the lack of chargeback as a issue.

Implying that I didn't get "rich quick" off of Bitcoin.

You said people need to start comparing it to other payment methods, which is a multi-billion dollar industry.  If it can compete, and it does, you can ascertain that it has the potential to be a player in said multi-billion dollar industry.

VISA was founded in 1958.  Do you really think they were processing 2,000 transactions per second in 1964?  Give your head a shake.  Let's see how the two compare taking a snapshot of Visa today, and Bitcoin in the year 2057.

Several means >2.  Considering that there should be ~6 blocks per hour, yet for the better part of the last year the difficulty has been rising means you're wrong.  We know you're wrong because we have the empirical evidence that says so.

So you chose to use a client that doesn't work worth a shit and somehow that's indicative of the market as a whole?  SMH.   And surely you've never actually tried to use BTC to pay for anything, because if you had you'd know that it happens near instantaneously.  In the physical world I can pay for something with BTC just as fast as I can with a card.  At least with BTC with merchant knows with a reasonable margin of certainty that they aren't going to be ripped off within 10 minutes instead of finding out 30 days later someone charged back that purchase.  But IMO Bitcoin was never really intended to fulfill the role of in person purchases, and in the online world I can pay with BTC much faster than I can with a CC, and that is fact.

Maybe, maybe not.  How many times have you actually had to charge back something?  People like to make it out as if this is some sort of deal breaker, but in my entire life, I've only had to initiate a chargeback once, and I probably didn't even have to do that if I was patient enough for the merchant in my case to take care of their business.  I'll concede that having the option of chargeback is nice, but for what I'd consider most cases, it's a non-issue.

And what's your point?  If it can't buy drugs, porn, and facilitate gambling, it's not money.  You might as well just claim that all Bitcoin users are criminals just because Roger Ver is a felon and is a well known pro-bitcoin spokesman.

All these reasons, if applicable, have been priced in already. The market price for any commodity is based on speculative value, that is supply and demand on the exchanges. Add in human psychology and you get the reason for trends and bubbles.

It's amazing how super smart guys can think of a dozen fundamental reasons why such and such will happen, yet fail to do even the slightest research on how markets work. In light of that, Bitcoin's current low price is no great mystery.

My only comment is that cost of production has very little to do with Bitcoin's value.

Your points smell like all the other people hoping to get rich quick off of Bitcoin. Yes, the other methods are a multi billion dollar industry, what does that have to do with anything? They are much more efficient and scalable than Bitcoin. Did you know that Visa alone (forget other credit card companies) handles as many transactions in 3 minutes as all the Bitcoin transactions in a day? The blockchain would collapse if it were put to any real use.

Yes, several hours for 6 confirmations. I use MultiBit as my wallet, and it takes ages to pay for anything. People will not want to wait even 5 minutes to pay for anything in a physical location.

Chargebacks is a huge con for consumers. This is actually one of the reasons Bitcoin will never get even 5% of the worlds population to use it.

Illegal goods is a billion dollar industry. It just happens to be Bitcoins main use, whereas its not the dollars.

That phone call and block is just a security measure by your card company and one that bitcoin doesn't have. If someone made an unauthorized purchase with your card I'm sure you'd be pretty appreciative of the safety systens and even if it went through you'd be able to get your money back eventually. If the same happens with bitcoin you're pretty much screwed so both systems have their positives and negatives and drawbacks.

I tried to pay for a VPS using mastercard the other day however my bank saw fit to block the payment going through, not only that they then blocked my account for suspicious activity and the fraud dept phoned me the next day. They even started asking for my details my date of birth etc even though they initiated the call which I of course refused to give them. Eventually after I called them explaind yes it was me trying to do the transaction, it wasn't suspicious etc they removed the block.

The fun part is after all that I noticed paying with bitcoin was an option for that VPS. I credited the account with appropriate amount of bitcoin and it went through virtually straight away. No hassle. No bank getting in the middle blocking what I want to do.

Point of all that is that as a payment mechanism bitcoin was far easier for me.

This doesn't even go into the value bitcoin gets from its other monetary properties. The thing I like best is that the quantity is not controlled by some centralised authority eg like XRP or like fiat dollars as a store of value bitcoin could turn out to be better than gold

  

buying bitcoin here is very easy. i can buy bitcoins and receive them in my pc wallet within 60 seconds. fee's are only € 0.50 per transaction for buying.

They're called trolls and trying to stoke up responses is their goal. Just think about it, if you had little to no interest in bitcoin you wouldn't be here but they usually either do have bitcoin and like to troll or have none or lost it or their money so vent their frustrations this way. Best solution is to just ignore them but most people can't resists feeding them so they stick around until they get bored.

Then why are you here? I really don't get people like you, you don't like something and you have unbeliavable need to tell it to everyoene...so? Nobody gives a shit what you think, bitcoin is about to take off sooner or later either you like it or not...It's always the same again and again...and again...buy now and have patience or be even more butthurted that you missed it...AGAIN...Good luck buying coin at 10 000 USD rate

there is nothing absolute in the world, even $500 is still possible

Point 1: people said it would never reach dollar parity.  People said it would never break the $32 ATH bubble.  People said it would never be $100.  People said it would never breach the $266 ATH again.  People said it would never hit $1000.  People say a lot of near sighted garbage, just like you're doing now.

Point 2: "Other payment methods" is a multi Billion dollar industry.

Point 3: give it time.  Most new tech, especially at a protocol level is raw.  I don't see you using a text browser, or using a dialup program to start your inet connection..

Point 4: several hours for 6 conf?  Just... No.

Point 5: No charge backs.  Has its pros and con's depending on views

Point 6: illegal goods?  Again, a multi billion dollar industry.

There is IMO so much untapped potential here that your complaints remind me of a child whining that he didn't get the chocolate bar he saw at the check out stand while grocery shopping with his parents.

Well just leave them as a collateral investment "waiting to explode" , but don't lose confidence on them, cause you will feel better if you lost some usd from 5, 10 or idk the amount of bitcoins you can have, than if it explodes with you having many btcs in the past but at that moment no one.

Also, those "revolutions" are just ahead the corner, you are just too adapted to your familiar environment and you cant see the evidence. I bet no one believed around 1938 the reality they were going to had just two or 3 years later..  the big changes will not make any warnings until you have them right in front of you. And for me its been a long time since all the people started complaining about the USD, EURO, economy, and all related.

hey could you help me find one of these economic revolutions? i have been looking for one for a while now.. i dont think they make them anymore.. but if you want to start one im sure it would become popular quick. but im also sure your life expectancy, as the terrorist flavor of the day, would not be a taste u would enjoy.. the established economic order is so entrenched in the world live i think it would take some serious flavors like fuckin rocky road to take that shit down

Bitcoin is the next gold value, as you can see the gold is just dissapearing from all the places some countries had it hidden, i think at some point after the economic revolution, Bitcoin will start be using as a real store of value.. and those bears will regret how they sold.

this is exactly what bitcoin is doing right now, which doesn't means that it will be the trend of its future



the non speculators base is growing it just need time, the real bitcoin run started in 2013 essentially


volatility is only a problem related to the current market cap, will be a non issue in the future, if that rise to a certain level(much higher than the one of the 1200 peak)

6 confirmations aren't a real issue you could accept pending transactions without problem(those one 1 are exception and again it is because of the price not being stable so the diff swings too much, it all come from there)

the irreversible transaction is actually a good thing, how many are evading from paypal because of that...

for you last sentence i would not say illegal goods, but i would say; at doing thing more anonymously

I see bitcoin being a bit like electric bicycles (ebikes).

There are already lots of forms of transportation and most work fine for those that prefer each type for their particular needs. I see cars as being visa etc. Ebikes will fill a niche but that niche can be quite large worldwide.
Remember bitcoin is not and never set out to offer chargebacks. agree that is a drawback if competing for the car market but not for the ebike market which bitcoin is.

Bitcoin is ideal for non chargeback situations eg sending money to friends, relatives.

Agree it is cumbersome but some of that will improve when regulated exchanges etc are set up. also just like ebikes - they are what they are eg if it rains you get wet. If you want to stay dry use a car. It stops "mass" adoption but people that use visa also want the credit that goes with it so bitcoin was never going to appeal to that part of the visa market ie be "mass adopted".

Will it go to the moon? better to think it already has - I happen to think bitcoins true price is about $60 but considering it was $2 only a few years back it has already gone to the moon if you believed in it back then. I also think it is still on a strong growth as it has not even begun to fill its niche. So i see it going above $500 in a few years if not sooner. it may never be worth $10,000 but nobody involved with bitcoin promised that. they did not promise $250 but that is where we are.



 

 

You present a sound argument but the illegal goods aspect is also illegal services and which would incorporate lots of gray area type markets such like u say, I dont expect bitcoin to become the next paypal, but perhaps in a tier just below for anything not 100% white. I'm thinking even craigslist type exchanges bitcoin could very well become the standard of

At least at the moment there aren't many strong alternatives and bitcoin does have a certain ease of use lacking in other payment forms.. For one no account - wallet takes 30 sec to generate.. Also on the fly payments.. The confirmation thing I have noticed is highly dependent on the wallet used to send. I have been using mycellium lately and its almost 100% of the time 10 min per conformation

Bitcoin won't break $500 a coin, likely will sit around the ~$250 range with occasional jumps over $300 and below $200.

People need to start comparing Bitcoin to other payment methods, and they will clearly see why Bitcoin will never have enough demand to "go to the moon," most of Bitcoin's current users are speculators that have no clue what they are talking about.

Bitcoin's biggest issue is that is not consumer friendly: Buying Bitcoin is time consuming (and costly when you figure in fees associated with acquiring Bitcoin + risk of volatility), very slow (to reach 6 confirmations takes several hours... lately its been taking ~1 hour to get even a single confirmation), no ability to chargeback (this is NOT a plus), and other hassles (security issues, learning curve etc). The only thing Bitcoin is better than using the dollar for is to purchase illegal goods.