Topic: I believe the price has nowhere to go but down and here's why I think so. - page 2. (Read 4869 times)

There is so much fundamentally wrong with this post, I hardly know where to start...

First, crisis didn't drive Bitcoin, paranoia based in economic ignorance did,yet most of it was just simple greed.  

Second, if the USD collapses, and thats a big IF, the thought that people would run into Bitcoin to pay up to $10,000, defies logic. Why? If the dollar is collapsed, it's not worth anything.  You going to trade Bitcoins for a currency that's not worth anything?     I guess maybe someone would, because Bitcoin would likely be worth nothing as well.  Without fiat, there is no purpose for Bitcoin because people have no value to send to anyone.  

Things like food, cloths, shelter, deodorant, gasoline, chewing gum, etc...will ilkely be more valuable than some "internet play money".  It's amazing that people really think that the world economies will collapse but yet everyone will just continue on with thier lives, except they'll run and buy Bitcoin with all their fiat that's not worth anything, so they can send zero value back and forth to each other anonymously, because the prying eyes of a goverment that no longer exists, will want to regulate and tax the massive amounts of zero value transactions taking place.    

Third, ObamaCare reduces healthcare costs...might be a good idea to do some actual research instead of just regurgitating 4 year old talking points and supporting the greedy health insurance providers, by pushing their flawed and repeatedly disproven rhetoric.

Four, SSI does not contribute to the debt in any meaningful way, so yet another old and tired, false Fox news talking point.  In fact, if government would stop "borrowing" from it, given that it continues to run in surplus, you likely wouldn't even have this talking point.  Which was created to simply distract the simpletons from realizing the government has been stealing from the SSI surplus for years and they don't want to pay that money back so they try to convince everyone it's "unsustainable", "Better just get rid of it."

So, back to the original question.  Does anyone have any justification as to how Bitcoin is going to reach $10,000?  And I mean, something based in reality, not "internet libertarian" fantasy.

+1

Ask "Who would pay $10 for 1 mB?" and the answer will be anybody who wants to buy a bit of bitcoin when the price is 10`000 USD per XBT on all the official foreign exchange platforms.

And saying that the price has to bought up by using millions of dollars is incorrect. If the consensus is that bitcoins should be priced at $10`000, then all the asks will move north of that number and just a few dollars will move the price up to there.

Right now 111 bitcoins is worth $10,000 ... that is amazing. you can say, who would ever pay $10,000 for 111 bitcoins?
But it is happening right now every single day.
It is likely with the limited supply of bitcoin that the demand will skyrocket

For btc to hit $10k there would have to be either sustained or immediate high demand. Which means something drastic in the world would have to change that was irreversible.

Btc won't hit $10k any time soon unless the ordinary financial systems continue to stumble. As long as the dollar and other fiats are 'good enough,' people won't feel the need to pay the cost of both learning a new system--a very alien system--and buying into the currency in the first place.

It's crisis that drove the creation of bitcoin and will drive adoption of bitcoin.

So really, all we have to do is wait, because fiat is always headed into crisis continually, and eventually crisis cannot be forestalled anymore.

All fiat currencies historically have eventually inflated to destruction. Don't think the US dollar will be any different. When social security started, something like 20 workers supported one retiree. Now that number is 3 workers to 1 retiree. And now they want to add obamacare to the load.

Because retiree benefits are hard-coded and the value of the dollar is not, the way you circumvent the requirement is to devalue the dollar.

They will borrow to make it happen, and when interest rates come up they'll be paying nearly $1 trillion a year just in debt service. And they'll borrow to pay the debt service. That's unsustainable.

The likely response to such a crisis will be to devalue the dollar further. They will imagine that because they've avoided raging inflation for the last 5 years now that they will always be able to avoid inflation no matter how much money they print. When this illusion comes down on their head then it may be the final crisis for the dollar.

Because when you devalue the dollar you aren't just stealing from American holders of dollars. You're also pissing off China, Japan, and Germany whom hold vast quantities of debt in dollars. And they may at some point decide to dump the dollar as reserve currency.

Oh yes, at some point inflation, and lots of it, is coming to the US, and gold will be largely unavailable, though people will try. Bitcoin will be one of the more available things and probably start to blow up.

If and when we see $10k plus, it'll be around then, when everyone is looking for an inflation hedge and everyone holding bitcoin knows they shouldn't be selling. Then it will take a lot of money to bring out the greed in a bitcoin holder, and then you'll see $10k and mainstream adoption.

It'll be years, but I'm confident we'll see it in our lifetime.

baby troll (tm) - can you do basic math and 2+2 kind of problems?

That's a pipe dream.  People have been talking about BTC in mBTC and other variations for a long time and there is no consensus on the matter.  There is no reason to think that just because BTC hits $1000 that all of a sudden, there will be consensus. There are going to be those that want it and those that don't and with a stale mate, nothing will change.  Anything is possible of course, but I see no indication that such an agreement would manifest.  So assuming that is true, the question stands, how will BTC ever reach $10k?  Who is going to buy it up to $10k?  If there is no consensus, is it fair to say that it's very unlikely it will ever hit anything close to $10k?

Coinseeker:

If I can push the price over 10,000$ by end of July, would you kindly lick my salty balls?

-Wals, ultranode^tm

People will certainly not want to pay $10,000 for 1 BTC.  When the price approaches $1,000 BTC we will start to see BTC listed and sold in much smaller increments on trading platforms.  People will feel like they are purchasing 100 BTC but they will actually be purchasing 100ubtc or 100mbtc and they will be perfectly content to do so, especially if the price continues to rise.

Seeing these $10.000+ comments never gets old.  On what planet are people going to pay $10,000/BTC.  Matter of fact, who's going to buy it all the way up to $10,000?  

To the thread title, I agree bitcoin is headed back down to the 50's but it can always go up just the same.  There's positive news in Africa, which could be huge and Argentina (as I was recently arguing about) is using BTC as a means to USD but we can't ignore that does increase exposure.  So to say there's nowhere to go but down, I think is fundamentally flawed based on the continued resilience of Bitcoin.  $10k? Dreaming...

by the time 1/15 people know about 1 btc would likely cost more than $10,000+

Accusing me of trolling while ignoring the arguments I present still seems to be a popular tactic.


Interesting terminology, I've read it a couple of time and still don't get it.
Please elaborate.

If you are confused with my terminology as I am with yours:
My point is that people further down the line after the Winklevoss would have a smaller piece of the Pie than they had before since the rest of the cake has already been eaten.

for some reason i can not read any of his posts....hum........ wonder why that is???







simple solution

We are very far from mainstream, so far it is not even funny. Here is a simple calculation. Take the world M1 money supply approximately 20 Trillion in 2013 USD. Now take the percentage of GNU/Linux users on the desktop 1.28%. 1.28% of 20 Trillion is 256 Billion or 22379 USD per BTC. We have a very long way to go in order to reach the market penetration of GNU/Linux on the desktop.

Now realistically GNU/Linux on the desktop is itself very far from a mainstream operating system.

EM is the official daily King Troll

I have. We are far from mainstream. Despite all the cute ways to describe Bitcoin, the concept remains lost on most. Bitcoin has a great deal of potential; but outside of speculation, specialty marketplaces, and techy/nerdy/hardcore libertarians, Bitcoin is far from mainstream. My techie friends employed at places like Citrix, Microsoft, et al are relatively unfamiliar with Bitcoin. Your average would be user gets only the information espoused by the search engines - often related to black market trade. This turns many would be users off.

are you guys being part of the problem. (nose in the air) im better than all of you and you are all part of the problem. if everyone would just see it MY way then everyone else would not be crazy.

hey you are you being part of the problem? no? good!!! cuz that would not be good!!! now I just need a badge and an official sounding name. lol

bahahahahaha omg yes!!!! +1 +1 +1 +1 you know my dad bought a loaf of bread if the 50s for a quarter and so i think i will just starve to death till it goes down in value. I will not get ripped off!!!!!

oh man you guys don't be part of the problem.
 fools!!!!

I told my sister one BTC could perhaps be worth $10,000 or more and she was suddenly interested.    I think it is how we introduce it. Of course, I told her that they could be worth nothing someday too but that it was really a great think to gamble on.  The odds are that it could really take off.  I have had the awkward looks too. I really do not tell many people about BTC because of that.

Of course there will be people that think we are crazy but they will be the same ones that are telling everyone to buy them when they are over $1000 each. 

This is utter tosh, even for you Mucus. Bitcoin success and traditional investment wealth are not mutually exclusive.

Failure of the traditional monetary system may spur success of Bitcoin, but the corollary is not true.

Exactly. I ask every new person I meet if they've heard of bitcoin and so far, globally, there have only been TWO that heard of it before I told them... These two people had only heard of it and that's it. Beyond hearing of it, they knew nothing about it. This comes from someone who meets a lot of intelligent people from around the world on a regular basis.  

Although bitcoin has definitely risen in popularity, it is FAR from mainstream.