Topic: Everyone will cash out at $1000 - page 3. (Read 9433 times)

Unless they buy back even more Bitcoins at a lower price.

+1

I agree with this, if anything the btc environment is speeding up, on slowing down, exponentially

I agree with you that this would surely boost Bitcoin's usefulness a lot, but personally I wouldn't use such a service.  I don't use credit cards (or ATM cards which are more common in Austria) myself and value my privacy paying with cash.  After all, it's none of VISA's (or my bank's) business to know when, where and what I buy for my living, and it's also none of my grocery store's business to know what else I bought when with them by matching my payments together automatically.

I will start using Bitcoins for those purchases when I can pay with a mobile wallet app directly to an address, or when off-chain providers exist that allow me to pay with anonymous accounts where I can easily create new ones from time to time to break the chain of all my transactions.

When I can top up  a pre-paid VISA/Mastercard with Bitcoin very quickly and easily Bitcoins will become more valuable.

The process would be go online and one time buy for $10 a pre-paid card, then go to account online to convert BTC into the card balance needed. This would mean no need to go exchanges and whenever I need real world money I can create it from my Bitcoins. (No service like this exists in Australia)

If such a service exists so people know they can spend Bitcoins day to day just by doing 1 online action (and also allow them to withdraw money from a ATM with the card) Bitcoin will easily be able to merit prices beyond $1,000. Note that this does not require any merchants to know or care about Bitcoin, just allowing us to move money into day to day spending at whenever we want will increase the value tremendously.

Imagine telling a friend about bitcoins and how they can be used all over the internet without ever having to worry about your details being stolen, and then tell them that you can top up your card whenever you want to buy a coffee or pay rent. Very valuable.

At this point the only reason to cash out would be to day trade the bubbles and such, but no longer any real reason to actually cash to fiat, this also increases Bitcoins value and stabilizes it because this rush to cash into fiat is removed.

Now the future a lot of you are talking about, Bitpay similar services acting as point of sale and even bitcoin payment systems using the blockchain in many stores, this future will happen perhaps, but it's further away and means most people know what Bitcoin is. Once we get to this point where Bitcoin is as common as the words paypal, bank and VISA/MasterCard we will be so far north of $10,000 that $1,000 will be remembered as the cheap old days.

What I am trying to say is even something like easily topped up VISA cards will allow Bitcoin to sustain $1,000+ prices very easily. Its also in VISA's best interest to do so, they can make a small fee on each top up and if they start buying Bitcoin as a investment now the payoff will cement them as a finance leader for decades to come. And in the process destroy MasterCard. (Or vice versa, whichever one does it first wins it all)

When 1/5 stores actually accepts some kind of Bitcoin payment, those days are the $10,000 days.

If you live down by the cave, yes. But big cities like nyc, sf, portland, multiply the current number merchants by 10, living by btc should be quite convenient. I don't see walmart and mcdonald take btc at 1000 though, but at 10 grands, they might.

I have to agree here, as much as I like Bitcoin. I would still prefer to have my Bitcoin changed into cash. It's easier for day to day use.

They don't need to cash out, but instead use coins to purchase whatever. At $1000 means shit tons of merchants.

I paid $1000 for a 1992 Mitsubishi Magna with 300,000 Km on the clock 2 years ago.

The ECU shorted out after a further 5000 Km but got a second hand one for $150.
I have driven another 20,000Km without issue.

Cars... Absolute money pits.  Stay cheap folks....

On topic:

My kids have a target of $1000 per BTC and they want to sell half their stash at the price.

They will grow slower because of limited resources, in our case speculators' money. IMO there won't be enough money to get above 4,000 $ in 2017.

I guess that's what the fun of Bitcoin is, you never truly know what price they will be at.

why would the spikes grow slower?
growth should be exponential, no?

which would mean the bubble will get closer and closer together,  pretty soon a bubble pop will be immediately followed by another bubble!
  

People should stop dreaming about 10,000 $ / BTC anytime soon. 1,000 $ is possible in 2014 during a bubble spike,
but after that the spikes will grow slower, something like 2,000 in 2015, 3,000 in 2016, and 4,000 in 2017.

And if you buy a car for 1,000 $, that's probably going to be a death trap, so don't.

Oops, my mistake. I was thinking about if Bitcoin reached 10,000 USD. Hey, I guess you can buy a car for 1,000 USD. 

I'm not sure you can buy nice average car for $1000

Would be my educated guess, too. Bitcoin has grown about four orders of magnitude in the past three years or so, which of course isn't to say it will continue the exact same growth trend. But within the next few years I foresee the exchange rate per BTC as being likely upward of $10k at least, even in 2008-adjusted dollars, or zero, but not much in between. We shall see.

The transactions-per-block scalability problem is still a biggie. The very smart devs must have spent a whole lot of time figuring out the best method of dealing with it though. Have faith in them; watch a Mike Hearn video or three to feel good about the prospects of the Bitcoin project!

Thank you for explaining. I need to be more optimistic but my gut feeling telling me 1m$ can newer happen (unless the inflation will be so high it is normal monthly wage).

That would be awesome 1 Bitcoin will be able to buy you a nice average car, can't wait for those days.

No more than 2 years.

Well, I can't say I wouldn't sell at 1,000 USD. I mean 100 Bitcoin don't sound like much now. maybe 10,000 USD right now. But 100,000 USD is a nice amount. I think people will panic sell in hopes of not missing out a nice pay day. But I think we have quite a way to go until we can see those types of numbers.