Could One Bitcoin Come To Be Worth $1 Billion?

RandomPedestrianN9

member

Activity: 84

Merit: 10

Quote from: bryant.coleman on May 18, 2014, 10:21:26 AM

Quote from: shmadz on May 18, 2014, 12:32:36 AM

Quote from: PoolMinor on May 17, 2014, 02:40:04 AM

1 Gold oz. = 2.892 BTC

My prediction in next 6 months:

2.892 oz. Gold = 1 BTC

I wouldn't bet against you.

Hmm... I am willing to bet against him. I don't think that a 8x rise can occur in just 6 months, especially when the entire Bitcoin sector is decimated by the Gox scandal. Grin

Not only gox, in my country, at least 2 smaller exchanges stole peoples coins and money too. Big scandals around here, people now take Bitcoin for a scam. I cant blame them.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: shmadz on May 18, 2014, 12:32:36 AM

Quote from: PoolMinor on May 17, 2014, 02:40:04 AM

1 Gold oz. = 2.892 BTC

My prediction in next 6 months:

2.892 oz. Gold = 1 BTC

I wouldn't bet against you.

Hmm... I am willing to bet against him. I don't think that a 8x rise can occur in just 6 months, especially when the entire Bitcoin sector is decimated by the Gox scandal. Grin

shmadz

legendary

Activity: 1512

Merit: 1000

@theshmadz

Quote from: PoolMinor on May 17, 2014, 02:40:04 AM

1 Gold oz. = 2.892 BTC

My prediction in next 6 months:

2.892 oz. Gold = 1 BTC

I wouldn't bet against you.

Unluckyduck

sr. member

Activity: 359

Merit: 250

Once one coin eclipses 1 million fiat is probably worthless

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: zimmah on May 17, 2014, 10:01:28 AM

anyway $3.739 is not that far fetched. altough after next bull rush it will probably be in a bear market again somewhere between $2000 and $2500, for the price to be permanently above $4000 we probably need to wait till 2015.

There is no use in predicting the time-frame and future exchange rates. They are simply unpredictable. If some of the big names (such as Ebay, Amazon, Paypal.etc) start to accept Bitcoin, then the exchange rate can shoot up to $4,000 mark in a few days.

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: bryant.coleman on May 17, 2014, 08:14:15 AM

Quote from: PoolMinor on May 17, 2014, 02:40:04 AM

1 Gold oz. = 2.892 BTC

My prediction in next 6 months:

2.892 oz. Gold = 1 BTC

If that happens, then the exchange rates should increase by close to 10 times.

1 Oz Gold = $ 1,293
1 BTC = $ 450.00

For 2.892 oz. Gold = 1 BTC, the exchange rate should become:

1 BTC = $ 3,739

if i'm not mistake the price should increase by 2.892*2.892 for that to happen. (which is rougly 8.3 times)

anyway $3.739 is not that far fetched. altough after next bull rush it will probably be in a bear market again somewhere between $2000 and $2500, for the price to be permanently above $4000 we probably need to wait till 2015.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: PoolMinor on May 17, 2014, 02:40:04 AM

1 Gold oz. = 2.892 BTC

My prediction in next 6 months:

2.892 oz. Gold = 1 BTC

If that happens, then the exchange rates should increase by close to 10 times.

1 Oz Gold = $ 1,293
1 BTC = $ 450.00

For 2.892 oz. Gold = 1 BTC, the exchange rate should become:

1 BTC = $ 3,739

PoolMinor

legendary

Activity: 1843

Merit: 1338

XXXVII Fnord is toast without bread

1 Gold oz. = 2.892 BTC

My prediction in next 6 months:

2.892 oz. Gold = 1 BTC

bryant.coleman

legendary

Activity: 3766

Merit: 1217

The US dollar will be even worthless than the toilet paper, if something like this happens. I am not saying that it can never happen, as we are already having the examples of the Zimbabwean dollar and the Yugoslavian Dinara before us. Grin

findftp

legendary

Activity: 1022

Merit: 1008

Delusional crypto obsessionist

Quote from: serenitys on May 15, 2014, 07:53:44 PM

Question - I understand now why most people tend to rate the value using USD but if the USD crashes and causes global instability, what currency would be used to distinguish bitcoin's actual value?

If bitcoin became the global currency and national currencies became a secondary alternative, how would wealth be determined without some measure of denomination?

I could have 10 btc each worth the equivalent of X USD but if USD isn't worth shit would we still use it to compare? If everyone had nothing but bitcoin across the world, by what measure would we use to determine what it's worth?

Is there a reason it's USD and not Euro or other? Is it habit?

Most people measure against USD because it is a widely used currency.
Once it collapses, 1 BTC will become worth 1,000,000,000,000,000,000,000 USD or close to infinite because everybody wants to get rid of their dollars because the only value they will have then is wipe your @*s or make a fire.
If it takes a few years, bitcoin will be able to survive on its own. On other words, you don't need a counter currency to value bitcoin. Bitcoin will be the currency then.
The value of a bitcoin then will be determined by the amount of gold or oil it will buy (or other commodities)
You've already seen the reverse correlation with gold when the december peak reached the price of 1 ounce of gold.
(well at least I *want* it to see ;-)

djangocoin

sr. member

Activity: 474

Merit: 285

Brave New World

Quote from: Peter R on May 14, 2014, 04:39:49 PM

Quote from: justusranvier on May 14, 2014, 04:27:58 PM

I think it's conceivable that 1 bitcoin in the future could have the same purchasing power that $1-10 million has today, with certain assumptions regarding what a world economy would look like with Bitcoin as a universal currency.

Agree. In terms of equivalent purchasing power to the dollar today, I think:

A. Bitcoin becomes an accepted store-of-value alternative to gold:

~$10^5

B. Bitcoin becomes a significant global medium of exchange:

~$10^6

C. Bitcoin becomes the unit of account used globally and large organizations hold bitcoin reserves to conduct monetary policy (I don't expect Keynesians to go fully extinct):

~$10^7

In fairness, there is also possibility D:

D. The entire experiment fails:

$0

I always circled C. in my exams Wink

TERA

hero member

Activity: 728

Merit: 500

I suppose bitcoin could be priced against gold, or oil.

Pepin

newbie

Activity: 57

Merit: 0

Quote from: serenitys on May 15, 2014, 07:53:44 PM

Question - I understand now why most people tend to rate the value using USD but if the USD crashes and causes global instability, what currency would be used to distinguish bitcoin's actual value?

If bitcoin became the global currency and national currencies became a secondary alternative, how would wealth be determined without some measure of denomination?

I could have 10 btc each worth the equivalent of X USD but if USD isn't worth shit would we still use it to compare? If everyone had nothing but bitcoin across the world, by what measure would we use to determine what it's worth?

Is there a reason it's USD and not Euro or other? Is it habit?

It is habit, you normally measure it in relation to the currencies you are used to dealing with.

However, if Bitcoin became the global currency, prices would be in Bitcoin and you wouldn't measure Bitcoin in terms of currency X.

bitcoinsrus

hero member

Activity: 518

Merit: 500

Quote from: serenitys on May 15, 2014, 07:53:44 PM

Question - I understand now why most people tend to rate the value using USD but if the USD crashes and causes global instability, what currency would be used to distinguish bitcoin's actual value?

If bitcoin became the global currency and national currencies became a secondary alternative, how would wealth be determined without some measure of denomination?

I could have 10 btc each worth the equivalent of X USD but if USD isn't worth shit would we still use it to compare? If everyone had nothing but bitcoin across the world, by what measure would we use to determine what it's worth?

Is there a reason it's USD and not Euro or other? Is it habit?

I guess we could use yen or something (like on huobi)

serenitys

full member

Activity: 126

Merit: 101

Be Here Now

Question - I understand now why most people tend to rate the value using USD but if the USD crashes and causes global instability, what currency would be used to distinguish bitcoin's actual value?

If bitcoin became the global currency and national currencies became a secondary alternative, how would wealth be determined without some measure of denomination?

I could have 10 btc each worth the equivalent of X USD but if USD isn't worth shit would we still use it to compare? If everyone had nothing but bitcoin across the world, by what measure would we use to determine what it's worth?

Is there a reason it's USD and not Euro or other? Is it habit?

K128kevin2

sr. member

Activity: 322

Merit: 250

The only possible way a bitcoin could ever be worth even remotely close to 1 billion dollars is if the value of a dollar was reduced by a ridiculous amount. Like if a dollar were worth the equivalent of 1/100 of a cent today, and even that is extremely optimistic. That would be the equivalent of a bitcoin being worth $100,000 in today's money.

JimboToronto

legendary

Activity: 4200

Merit: 4887

You're never too old to think young.

Quote from: BTFjmwn on May 14, 2014, 11:47:47 AM

Too many pump and dumpers out there for BTC to even get back to $1000.

Quote from: FreebieZoner on May 14, 2014, 02:37:47 PM

Not gonna happen, too many pumpers and dumpers.

LOL Learn a new trendy phrase? Grin

I've seen that lately. Every rise in price is a pump and every dip is a dump.

LOLOLOL

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: bryant.coleman on May 15, 2014, 03:22:15 AM

Quote from: pummle on May 14, 2014, 11:45:17 AM

Look at Zimbabwe, it could happen. The US government has no intention of stopping the printing presses, inflation will catch up to them eventually.

Yes. There is no guarantee that what happened to the Zimbabwean dollar can't happen to the US dollar as well. As you said, Ben Bernanke seems to be in a competition to print as many bills as possible. Soon we can expect something similar to this:

but when we predict the price of bitcoin we generally predict the price of bitcoin in relation to the current value of the dollar.

So when we say the price of bitcoin would in the future became $1.000.000 we mean that a single bitcoin would be approximatly buy you the same stuff you could buy with $1.000.000 today, even though by that time you'd need like $1.000.000.000.000.000.000.000 dollars to achieve the same due to inflation.

So a single bitcoin could become worth several trillions of dollars if you do not correct for inflation. But if you do correct for inflation than i'd say the maximum possible value would be about $10 million.

chriswilmer

legendary

Activity: 1008

Merit: 1000

Quote from: Peter R on May 14, 2014, 04:39:49 PM

Quote from: justusranvier on May 14, 2014, 04:27:58 PM

I think it's conceivable that 1 bitcoin in the future could have the same purchasing power that $1-10 million has today, with certain assumptions regarding what a world economy would look like with Bitcoin as a universal currency.

Agree. In terms of equivalent purchasing power to the dollar today, I think:

A. Bitcoin becomes an accepted store-of-value alternative to gold:

   ~$10^5

B. Bitcoin becomes a significant global medium of exchange:

   ~$10^6

C. Bitcoin becomes the unit of account used globally and large organizations hold bitcoin reserves to conduct monetary policy (I don't expect Keynesians to go fully extinct):

   ~$10^7

In fairness, there is also possibility D:

D. The entire experiment fails:

   $0

When people say "Bitcoin will be used as a store of value" or "Bitcoin will be used as a common medium of exchange," I generally nod my head even though I think the two are pretty hard to disentangle. However, I'm not convinced its really meaningful to say "if Bitcoin becomes a unit of account"... the fact that money is often said to have the property of being a unit of account does not automatically imply that it can be used more or less as a unit of account. An analogy would be to say that apples have the following properties: they are eaten raw, they are eaten in apple pies, and they have mass. Those are all true properties of apples (and one could enumerate more), and while apples can be more often eaten raw, or in pies, it doesn't make sense to say that their "mass" property dominates other uses.

UglyTroll

newbie

Activity: 28

Merit: 0

Of course, by end of the year, Bitcoin will be worth $1 million, all you guys just get retired, life is good Grin

Topic: Could One Bitcoin Come To Be Worth $1 Billion? (Read 3369 times)