Recently, I've been thinking about the value of bitcoin again. But my timeline is for a long term though so timeline is an important consideration. Also, I don't assign a specific amount that I want BTC to be valued at but I look at it more in terms of what my revenue streams are or might be eventually. So, I work other angles to accumulate bitcoin and that means the value of bitcoin for me to break even in fiat terms can be varied.
But just think of what that means in relative doubling or trippling terms of the value of BTC. If BTC were to go to just $500 (half of what it was at it's peak) then my current accumulation operations double in their value. It's not just the immediate value of bitcoin on-hand but also the longer term value of my efforts to accumulate bitcoin.
Topic: I need bitcoin to be $690 to break even.....will I make it? - page 8. (Read 26238 times)
Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
We ride together or we die together.... bitcoin broz 4 lyfe!
There's been a minor pump? From 235-248 over night. I propose that we'll hit around $270 now.
Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
We ride together or we die together.... bitcoin broz 4 lyfe!
Funny, I am in the same boat. I bought a large amount of bitcoin at $650-$700 and I've been suffering ever since ..
I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold.
Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol?
They hold 10,000 BTC and the loan 9,000 BTC. Everbody with coins at coinbase still believe they have 10,000, and some other people have 9,000. There are now effectively 19,000 BTC. If those 9,000 BTC are deposited and 90% are loaned, then there now effectively 27,100 BTC, ... Eventually if the reserve ratio is 10%, there will be effectively 100,000 BTC, even though there are actually only 10,000, and 90,000 BTC worth of promises.
If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years?
20years will make you a millionaire.
A millionaire by 47? I don't mind..... would like to be one in my 30s though
I dont know.. 47 is a bit a stretch.
I would def be wanting to be in my 30s then 47. I mean 47 is still fine, but like damn.. I wouldnt know what to do with it at that age.. since all my youth 20-30s are gone.
I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold.
Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol?
They hold 10,000 BTC and the loan 9,000 BTC. Everbody with coins at coinbase still believe they have 10,000, and some other people have 9,000. There are now effectively 19,000 BTC. If those 9,000 BTC are deposited and 90% are loaned, then there now effectively 27,100 BTC, ... Eventually if the reserve ratio is 10%, there will be effectively 100,000 BTC, even though there are actually only 10,000, and 90,000 BTC worth of promises.
I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold.
Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol?
they will probably create fake bitcoin, by imputing fake numbers(in your account) like they are doing all the time with fiat, then they will probably cover their ass if another one deposit on their wallet, they will surely not lend 1M if they had 10K, but at best 20K
I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold.
Lets say coinbase hold 10,000 bitcoins. Going with fractional reserve they lend out 1,000,000 bitcoin. How are they going to send them? An amendment to the protocol?
I know what fractional reserve banking is. I mean how do you think it relates to bitcoin?
A simple example would be Coinbase loaning out the bitcoins they hold.
If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years?
20years will make you a millionaire.
A millionaire by 47? I don't mind..... would like to be one in my 30s though
If you have patience you will regain your loses.
How much patience..... are we talking 2 years or 20 years?
20years will make you a millionaire.
Other reasons why increased adoption does not necessarily mean increased price:
- Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
- Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.
http://lmgtfy.com/?q=fractional+reserve+banking&l=1
I think fractional reserve banking - which in simple words mean banks lend you lots of $$$$ but have only $ in their reserves - is related to BTC because the banking system relies on money that doesn't exist whilst the BTC doesn't allow you to go overdraft.
That's why as the person above me said it's much more difficult to transfer same amount of cash in BTC whilst with a bank you can simply use your "credit".
Other reasons why increased adoption does not necessarily mean increased price:
- Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
- Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.
http://lmgtfy.com/?q=fractional+reserve+banking&l=1
Other reasons why increased adoption does not necessarily mean increased price:
- Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
- Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.
http://lmgtfy.com/?q=fractional+reserve+banking&l=1
5 years would be ideal... after that I might give up
7 years would be a more ideal time period honestly.
I think that's a sensible time frame. We'll know whether it has a chance of kicking off properly long before that. The biggest hurdles are likely to be surmounted over the course of the next couple of years.
~40 BTC
Five years to break even - reach $690? Are you kidding me? At current Bitcoin growth, I believe that Bitcoin will reach $700 in two years time. And probably over a thousand in five years.
That's what I'm hoping
I do, but I also put in ~$25K into bitcoin in the last year, which is a lot already, should I really risk more.... bitcoin price recovering is still uncertain
Don't be stupid. If you are asking strangers on a website how to invest your money, then you should not be investing at all. Sell your bitcoins and put the money in a savings account so you don't lose it.
It wasn't a question... I'm telling him who much I'm already risking and why I probably shouldn't risk more.
Sell my bitcoins now? LOL.... yeah, that sounds stupid
Losing $15,000 because of BTC simply implies how risky that is...
It's terrible, and I'm sorry for this loss you're having, but if I were you I would take the loss and avoid further losses, I don't think the price of BTC will go up, it has more chances to keep on dropping especially in light of raise of interest rates (you don't get interest % on your BTC).
5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore
It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.
you expect too much from bitcoin, bitcoin at $1000 will be an amazing achievement. a market cap of around $20 billion is more than enough.
Btc is just a speculative instrument without a real use case scenario right now.
If it will find its place in the economy then yeah, it could probably go higher than that. You want to throw 1% of your portfolio and hope for the best? Do it. Are you bagholding from when the price was more than two times of what it is now? Then something is not going well with your equity management and there are no reason right now to take even more risk and loss.
You are talking 10 years in the future, but do a reality check and think about how many things will happen and how technology will change in ten years. The only thing that can and will grow exponentially in this world is technological advancement. It means that everything you hold today is most likely not to increase in value because things tend to become obsolete faster and faster.
If it will find its place in the economy then yeah, it could probably go higher than that. You want to throw 1% of your portfolio and hope for the best? Do it. Are you bagholding from when the price was more than two times of what it is now? Then something is not going well with your equity management and there are no reason right now to take even more risk and loss.
You are talking 10 years in the future, but do a reality check and think about how many things will happen and how technology will change in ten years. The only thing that can and will grow exponentially in this world is technological advancement. It means that everything you hold today is most likely not to increase in value because things tend to become obsolete faster and faster.
It is money now, highly liquid with good money properties.
Imagine you live in Argentina, and want to go to the US on vacation. You have to convert your pesos to USD, spend, and convert the remaining USD back to pesos when you come home. That is the same as I do now using bitcoins in stead of pesos.
5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore
It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.
you expect too much from bitcoin, bitcoin at $1000 will be an amazing achievement. a market cap of around $20 billion is more than enough.
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