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Topic: Bitcoins will intensify to over $1,500 in our lifetime (Read 3381 times)

sr. member
Activity: 654
Merit: 250
$5,000 is also possible!



It's amazing that a few years ago we talked about such amounts and now the BTC course reaches even ten times. Sometimes I need to pinch because I do not believe in what is happening.
hero member
Activity: 1274
Merit: 519
Coindragon.com 30% Cash Back
Here is my constructive criticism.

The essay could be more focused. There are only a few statements that support your premise, directly or indirectly. The rest seems unrelated.
A more complete essay would anticipate counter-arguments and address them also.
By picking a specific value, $1000, the reader expects you to describe how you arrived at that value.
Minor mistake: the title says $1500, but the body says $1000.

Good point, I agree. Also, it was quite a long but good read, if I may add. You should try to arrange your thoughts first before making an essay about this topic or any topic for that matter. Although you have mentioned good points, your thoughts and train of mentioning them seemed to be in disarray. It would support or showcase your point better if they are in a better arrangement and order.
member
Activity: 154
Merit: 10
10,000$ is also possible!
Lol, you are absolutely right!

I'm predicting $20,000 in 2018  Grin
member
Activity: 86
Merit: 10
 From my experience, I feel that conferences could be a good way to learn. I found this one https://blockshowasia.com/ and I'm thinking to go, but tickets are not so cheap, but I suppose it could worth it... what do you think guys? have you heard about it?
hero member
Activity: 784
Merit: 502
bump for lols
hero member
Activity: 1162
Merit: 568
I totally disagree.

Can't imagine that.
newbie
Activity: 43
Merit: 0
Try $100,000

I dont actually think bitcoins will be used as currency in 50 years - they'll be collectors items and status symbols for the rich.

The good altcoins are what will become genuine currencies - most will die off - most are rubbish - but Peercoin, Worldcoin and a dozen others or so that are around now will continue to appreciate in value.

And then there will be some genius that develops a crypto-currency or other type of digital currency that blows them all out of the water, even Bitcoin.

That's how these things evolve.
full member
Activity: 154
Merit: 100
It's easy to predict what may happen but no one really knows! That's what makes the whole thing exciting!

 Wink
newbie
Activity: 20
Merit: 0
First hope bitcoin will be alive in the next year, then hope more

I do think that bitcoin and alt coins will look more enticing as the dollar continues to devalue and eventually collapse.  I have serious doubts that the fed will truly be able to taper. 

I really love Peter Schiffs commentary on the recent so called "taper lite" http://www.youtube.com/watch?v=UkF3Wue7nj8
the fed said it will begin next february. I guess congress could actually close the budget deficit, but otherwise you is going to buy all of those bonds when china has already said they are going to cut back their bond purchases.

ko²a
newbie
Activity: 20
Merit: 0
First hope bitcoin will be alive in the next year, then hope more

I do think that bitcoin and alt coins will look more enticing as the dollar continues to devalue and eventually collapse.  I have serious doubts that the fed will truly be able to taper. 

I really love Peter Schiffs commentary on the recent so called "taper lite" http://www.youtube.com/watch?v=UkF3Wue7nj8
the fed said it will begin next february. I guess congress could actually close the budget deficit, but otherwise you is going to buy all of those bonds when china has already said they are going to cut back their bond purchases.
newbie
Activity: 38
Merit: 0
10,000$ is also possible!
newbie
Activity: 1
Merit: 0
It will move above 1500$ but will not be stable through out the year 2014. Hence, we must be cautious enough to trade.
legendary
Activity: 896
Merit: 1000
$5,000 is also possible!
newbie
Activity: 36
Merit: 0
7,000,000,000 people in the world but only 21,000,000 Bitcoins.

Interesting thoughts, but you're missing something.

Bitcoins can be easily replaced, they have no intrinsic value. Bitcoins are good for cheap money transfers, etc. But no one will ever pay 1000$. They'll just switch to LTC or some other fancy currency.

People will pay +$1000 for 1BTC (It has already been there).

If the exchange was that high people would still pay USD for BTC because you do not need to purchase "whole" coins; they can be purchased in decimal amounts.
newbie
Activity: 23
Merit: 0
First hope bitcoin will be alive in the next year, then hope more
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
7,000,000,000 people in the world but only 21,000,000 Bitcoins.

Interesting thoughts, but you're missing something.

Bitcoins can be easily replaced, they have no intrinsic value. Bitcoins are good for cheap money transfers, etc. But no one will ever pay 1000$. They'll just switch to LTC or some other fancy currency.

How far we have come from a year ago.
full member
Activity: 123
Merit: 100
It's simply a high price for something completly worthless. I would rather transfer 100$ in thousands of LTC than in 0.1 BTC because I know if that price is reached at some point it's a bubble price and I don't want to see the bubble burst during a money transfer, risk too high.

I hope you remember what happened after the 30$ bubble lol.
legendary
Activity: 3677
Merit: 1497
Bitcoins are good for cheap money transfers, etc. But no one will ever pay 1000$. They'll just switch to LTC or some other fancy currency.
The funny thing is, that the price for 1BTC doesn't really matter at all if you just want to transfer money.
If you want to send $100 to your good friend in Kualalumpur, it makes no difference if you send 1, 0.1, 0.001, or even less BTC, your friend will receive $100 worth of bitcoins, no matter what the price is.

No need to switch to any other currency just because. Makes no sense.
legendary
Activity: 1386
Merit: 1000
Interesting post, something a little different and with a bit more detail than usual Smiley

There is a good chance they will keep increasing in value as the demand for BTC keeps getting higher and higher - I am not sure if they will get to over $1500 though !
full member
Activity: 207
Merit: 100
I don't know if bitcoin will worth 1500 $ but from my analysis it is good time to start buying around 10-8 $ :
http://www.btcwallet.org/?p=172
full member
Activity: 123
Merit: 100
7,000,000,000 people in the world but only 21,000,000 Bitcoins.

Interesting thoughts, but you're missing something.

Bitcoins can be easily replaced, they have no intrinsic value. Bitcoins are good for cheap money transfers, etc. But no one will ever pay 1000$. They'll just switch to LTC or some other fancy currency.
newbie
Activity: 12
Merit: 0
The community is growing day by day...
newbie
Activity: 21
Merit: 0
Really interesting essay friend! Keep up the good work!
newbie
Activity: 2
Merit: 0
Faceman, I owe you a bitcoin for that awesome post... Now, time to go mine a bitcoin!
hero member
Activity: 784
Merit: 502
My new year's resolution is to use "pressingly salient vitality" in conversation sometime before the end of the year.

Yes, that phrase does have impact.

I know I was out of my depth when I read " Essay number one. The first essay"

On a constructive note, I think "less is more" is a good approach when banging shit out essay style.
legendary
Activity: 4522
Merit: 3426
Here is my constructive criticism.

The essay could be more focused. There are only a few statements that support your premise, directly or indirectly. The rest seems unrelated.
A more complete essay would anticipate counter-arguments and address them also.
By picking a specific value, $1000, the reader expects you to describe how you arrived at that value.
Minor mistake: the title says $1500, but the body says $1000.
legendary
Activity: 1120
Merit: 1000
It is a nice thought, if btc is even around by then.
member
Activity: 112
Merit: 16
My new year's resolution is to use "pressingly salient vitality" in conversation sometime before the end of the year.

+1, and godspeed on your resolution.
hero member
Activity: 561
Merit: 500
My new year's resolution is to use "pressingly salient vitality" in conversation sometime before the end of the year.
sr. member
Activity: 250
Merit: 250
Essay: Bitcoins will intensify to over $1,500 in our lifetime and we will all be millionaires.

Even if what you say is true:

1,000,000/1500 = 666 btc held today ~ $8658 held in bitcoins today to become a 'millionaire' in the future.

I highly doubt that even 0.1% of the forum users here have that much money in bitcoins.

So I think you should change the title as I don't think many people would become millionaires  Grin
sr. member
Activity: 420
Merit: 252
https://ubikiri.com/
If you appreciate my proofreading, you can tip me here.....sorry, I only got half way down before my head exploded:  1EEq1NjWtnwoqANZZX2JLCCUY46wFgvfZ8

Essay: Bitcoins will intensify to over $1,500 in our lifetime and we will all be millionaires.
By: Tom Peckelpent

Essay number one. The first essay.

Do you know what a Bitcoin is?  If not, then you should continue to read because I believe that they will increase in value up to $1,000 or more.

Bitcoin is a digital currency designed by Satoshi Nakamoto.  Each bitcoin is born from the hard work of the bitcoin community members.  They use their computers to equate solutions to complex cryptographic computations that are necessary for bitcoin transactions. Bitcoin does well-represent two of the three classic requirements of money. They are a medium of exchange in that they are used as intermediaries in the exchange of goods and services. They are a unit of account in that they are represented by standard numerical unit of measurement. They are also uniquely divisible. Finally, and most importantly, they are a store of value because they are able to be reliably saved, stored and retrieved in their usable form as a medium of exchange. It is this last point which underscores why bitcoin's value will go up to $1,000. As bitcoin is adopted globally, as there is no governing body to stop this from happening, the value of each bitcoin will increase with this demand.

Perhaps the most obvious question is, "What will give bitcoin value?"  This, I believe, will be because people put their trust into bitcoin's transparent system, while distrusting the run amok, fraud-laced system that is ran by the Federal Reserve. If people trust bitcoin, then they will use them as a store of value. There are only 21 million bitcoins that will ever exist, and there are currently approximately ten million bitcoins. Therefore we may state that based on supply and demand the total value of bitcoins, should there be 21 million bitcoins, would be approximately the current price divided by 21 million over 10 million, or about $6.40 US. Next, due to the laws of supply and demand, assume a logarithmic scale for adoption as newcomers into the bitcoin market drive bitcoin prices up exponentially due to limited availability. A doubling of the user base would then cause the $6.40 to become $12.80; a further doubling of the user base would cause it to go to $51.40. Should the user base double again the value would go over $200. There are only a few hundred thousand bitcoin users at most  So this allows, at the current global population, for the bitcoin community to double 1162 times over.  

This means that however many bitcoins you have now, in the future you are always likely to have less. This fact means that bitcoins today will always be worth more in the future, because the same amount of bitcoins will chase the same utility you yourself give to bitcoins today, but also every newcomer to the scene will also chase the same utility with whatever bitcoins they have as well. Therefore, if you end up on average with 1/5th the bitcoins you have today, the assumption is that bitcoins must rise in price by five times to afford you the utility you have now. If we estimate conservative worldwide adoption numbers of ten million users, we can then easily predict a bitcoin price of over $1,000 per coin.

Of course, the story is not at all like the movies. Even now, it no longer possible to accumulate large amounts of bitcoin easily. Bitcoin has been "money" for too long, that people will spend 10,000 bitcoins for a pizza anymore. Coming by your next bitcoin requires work, or the sale of goods. This is proof that bitcoin has evolved and has found a niche for the average person to use. What remains to be seen is how fast we will get to ten million users and $1,000+ per coin. Based on logic, the number of transactions per day would be a rough estimate of utility as the numbers of users grow. In 2011, the number of bitcoin transactions went up by more than seven times. If we conservatively assume a double each year from here on, then we will reach ten million users in just a few short years.

In conclusion, I believe bitcoins will up more than $1,000 because bitcoins, their trust and use of the currency will cause the utility of bitcoins, and therefore their value, to increase due to bitcoins being available less per person over time. Additionally, as the velocity of bitcoins increases, new utility will be found and is in fact currently being developed. It seems clear to me that while volatility will always be a problem when valuing bitcoins based on some other currency, the only way forward from here is up. Let's enjoy the ride.

If you enjoyed this essay please donate some bitcoins to Mr. Tom Peckelpent, at 1DSUgbTzKnd3WWaYk78jQYd2vNDJR9v5CQ. You may check this address to see how much money this story has generated by visiting blockchain.info/address/1DSUgbTzKnd3WWaYk78jQYd2vNDJR9v5CQ. Thank you and enjoy the new year.


hero member
Activity: 602
Merit: 500
Your *what* is itchy?
Tell you what.  I'll tip you for your essay, but only if you pay me BTC0.01 for every spelling, grammar or syntax error I find in it.   

You start with an interesting premise (who doesn't want to be a millionaire?), but you seemed to go out of your way to use unnecessarily complex phrases and wording, not to mention archaic and outdated words, as if in an effort to appear more intelligent or knowledgeable.

I applaud your confidence in posting this, without any sort of independent proof-reading or editing, to a community board that can be quick to jump on an easy target with harsh words and criticism. Also, I was impressed to see an entire multi-paragraph post without any internet slang or buzzwords.
newbie
Activity: 6
Merit: 0
Essay: Bitcoins will intensify to over $1,500 in our lifetime and we will all be millionaires.
By: Tom Peckelpent

Essay number one. The first essay.

Hello my name is Tom Peckelpent and I am here to day to share with you an essay I've written about how Bitcoins will aggrandize in value to $1,000 and beyond.

Bitcoins are a digital currency which has materialized out of thin air from the open source community on the internet. On the surface, it appears as if bitcoins well-represent two of the three classic requirements of money. But is this really true? They are a medium of exchange in that they are used as intermediaries in the exchange of goods and services. They are a unit of account in that they are represented by standard numerical unit of measurement. What's more? They are almost infinitely divisible. Finally, and most importantly they are a store of value because they are able to be reliably saved, stored and retrieved in their usable form as a medium of exchange. It is this last point which underscores why bitcoins will go to $1,000. They will go to $1,000 because as adoption increases over time the trust placed into bitcoins as a store of value will cause them to geometrically increase in reckoning (that is, price, I say).

Perhaps the most obvious question is, why being a store of value is of pressingly salient vitality. Being a store of value is so required mightn't it be, because it allows us to value bitcoins by the trust people put into them. If people trust bitcoins, they will use them as a store of value. We may therefore state that the value of a bitcoin is proportional to the trust which is placed in bitcoins as a whole. There are only 21 million bitcoins in the whole world ever. Withal, this value will decline over time. There are currently approximately ten million bitcoins. Therefore we may state that based on supply and demand the total value of bitcoins, should there be 21 million bitcoins, would be approximately the current price divided by 21 million over 10 million, or about $6.40 US. Next, due to the laws of supply and demand, assume a logarithmic scale for adoption as newcomers into the bitcoin market drive bitcoin prices up exponentially due to there simply never being any more bitcoins available. A doubling of the user base would then cause the $6.40 to become $12.80; a further doubling of the user base would cause it to go to $51.40. Should the user base double again the value would go over $200. Then everything will explode in value. There are only a few hundred thousand bitcoin users at most, according to statistics.

This means that however many bitcoins you have now, in the future you are always likely to have less. This fact means that bitcoins today will always be worth more in the future, because the same amount of bitcoins will chase the same utility you yourself give to bitcoins today, but also every newcomer to the scene will also chase the same utility with whatever bitcoins they have as well. Therefore, if you end up on average with 1/5th the bitcoins you have today, the assumption is that bitcoins must rise in price by five times to afford you the utility you have now. If we estimate conservative worldwide adoption numbers of ten million users, we can then easily predict a bitcoin price of over $1,000 per coin.

Of course, the story is not at all like the movies. Even now, it no longer possible to accumulate large amounts of bitcoin easily. Bitcoin has been "money" for too long, that people will spend 10,000 bitcoins for a pizza anymore. Coming by your next bitcoin requires work, or the sale of goods. This is proof that bitcoin has evolved and has found a niche for the average person to use. What remains to be seen is how fast we will get to ten million users and $1,000+ per coin. Based on logic, the number of transactions per day would be a rough estimate of utility as the numbers of users grow. In 2011, the number of bitcoin transactions went up by more than seven times. If we conservatively assume a double each year from here on, then we will reach ten million users in just a few short years.

In conclusion, I believe bitcoins will up more than $1,000 because bitcoins, their trust and use of the currency will cause the utility of bitcoins, and therefore their value, to increase due to bitcoins being available less per person over time. Additionally, as the velocity of bitcoins increases, new utility will be found and is in fact currently being developed. It seems clear to me that while volatility will always be a problem when valuing bitcoins based on some other currency, the only way forward from here is up. Let's enjoy the ride.

If you enjoyed this essay please donate some bitcoins to Mr. Tom Peckelpent, at 1DSUgbTzKnd3WWaYk78jQYd2vNDJR9v5CQ. You may check this address to see how much money this story has generated by visiting blockchain.info/address/1DSUgbTzKnd3WWaYk78jQYd2vNDJR9v5CQ. Thank you and enjoy the new year.
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