Imagine 10000 - page 2. | Bitcointalksearch.org

Bitcopia

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Quote from: Pruden on November 13, 2013, 10:53:48 AM

Quote from: NUFCrichard on November 13, 2013, 10:41:04 AM

The problem is that if they constantly appreciate, no one will ever spend them.

Do you mean that people would only buy what truly satisfied them? That is a very good problem to have!

+1

Maybe getting rid of the BUY MORE JUNK attitude is a blessing. And to the idea that economies must consume more and more and more forever in order to succeed is not only absurd, its destructive and unsustainable.

Sindelar1938

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10000 is eminently possible if the current adoption curve continues for another 3 to 5 years

Big if...

Rival

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My lifespan is a limiting factor on my ability to hoard coins. If I don't manage to ever benefit from them, my stupid kid will probably have a good time spending it on hookers and blow. It will get spent eventually one way or another.

Miz4r

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Activity: 1246

Merit: 1000

Quote from: kireinaha on November 13, 2013, 12:00:03 PM

Quote from: Miz4r on November 13, 2013, 11:51:45 AM

Quote from: kireinaha on November 13, 2013, 11:46:26 AM

If none of you plan on actually using your bitcoins, how do you expect them to ever be successful as a form of currency? It's a paradox. You don't actually think you're the only ones who will hoard them, do you?

As long as prices keep shooting up, more or less everyone will hold on to them (not that I blame them)... but it's something that needs to be acknowledged. It seems nobody really even cares about the future of bitcoin, other than potentially getting rich from them. Which is the ultimate irony, given that many bitcoin adherents believe the dollar and other FIAT currencies are mismanaged by governments and fat cat, greedy Wall Street types.

Who said anything about not wanting to use their bitcoins? I will use them once bitcoin is an established and acknowledged currency you can buy pretty much everything you need with. That doesn't mean I should want to sell them for paper fiat currency now or in the future, that's not a very good use of bitcoins imo.

Well, that's the paradox... they can't become an established form of currency if nobody is spending them. People need to spend them before that can happen, and indications are that network transaction volume has stayed essentially level since last spring. Some account this (at least partially) to the closing of the Silk Road, but it's certainly not a sign of a growing economy...

I don't think that's a problem at these early stages, and I don't think it will become a problem either. I ordered a pizza last week online with bitcoins because I thought it was cool that they accept it as a valid form of payment. And there are charity or crowd funding projects now that accept bitcoin and I think those will be used more and more because no money is lost through middle men this way and you can get the money there straight away. There are some awesome projects on the way and I think people who have bitcoins will also be spending them more and more. But right now we're still too early in the adoption phase for it to be very useful as a currency, but I'm not too worried about the future.

kireinaha

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Activity: 350

Merit: 253

Quote from: Miz4r on November 13, 2013, 11:51:45 AM

Quote from: kireinaha on November 13, 2013, 11:46:26 AM

If none of you plan on actually using your bitcoins, how do you expect them to ever be successful as a form of currency? It's a paradox. You don't actually think you're the only ones who will hoard them, do you?

As long as prices keep shooting up, more or less everyone will hold on to them (not that I blame them)... but it's something that needs to be acknowledged. It seems nobody really even cares about the future of bitcoin, other than potentially getting rich from them. Which is the ultimate irony, given that many bitcoin adherents believe the dollar and other FIAT currencies are mismanaged by governments and fat cat, greedy Wall Street types.

Who said anything about not wanting to use their bitcoins? I will use them once bitcoin is an established and acknowledged currency you can buy pretty much everything you need with. That doesn't mean I should want to sell them for paper fiat currency now or in the future, that's not a very good use of bitcoins imo.

Well, that's the paradox... they can't become an established form of currency if nobody is spending them. People need to spend them before that can happen, and indications are that network transaction volume has stayed essentially level since last spring. Some account this (at least partially) to the closing of the Silk Road, but it's certainly not a sign of a growing economy...

wobber

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My coins are worth 145,232,764,126,758,649,443 USD and I am not selling OR spending until then!

kireinaha

sr. member

Activity: 350

Merit: 253

Quote from: BittBurger on November 13, 2013, 11:50:19 AM

Winklevoss are predicting a market cap of 400 Billion.

That's 100x what its currently at.

That implies a per BTC value of $40,000.

So according to Winklevoss boys ... they're calling that the top of the top for Bitcoin.

Others like the Ex Facebook exec stated that it could easily surpass Gold's market cap, making it $400,000 per coin ....

And that's only the tip of the iceberg if it goes worldwide adoption.

I'm not saying a 100x market cap is impossible, but I've been seeing this quoted since their interview yesterday as a sort of 'confirmation' that bitcoin is going to explode beyond anyone's wildest dreams. Let's just not forget that the Winklevoss twins bought an $11 million stake in bitcoins and are trying to set up an exchange where people can buy/sell coins for a fee, so the twins definitely have a large financial interest in this...

Miz4r

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Activity: 1246

Merit: 1000

Quote from: kireinaha on November 13, 2013, 11:46:26 AM

If none of you plan on actually using your bitcoins, how do you expect them to ever be successful as a form of currency? It's a paradox. You don't actually think you're the only ones who will hoard them, do you?

As long as prices keep shooting up, more or less everyone will hold on to them (not that I blame them)... but it's something that needs to be acknowledged. It seems nobody really even cares about the future of bitcoin, other than potentially getting rich from them. Which is the ultimate irony, given that many bitcoin adherents believe the dollar and other FIAT currencies are mismanaged by governments and fat cat, greedy Wall Street types.

Who said anything about not wanting to use their bitcoins? I will use them once bitcoin is an established and acknowledged currency you can buy pretty much everything you need with. That doesn't mean I should want to sell them for paper fiat currency now or in the future, that's not a very good use of bitcoins imo.

BittBurger

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Activity: 924

Merit: 1001

Winklevoss are predicting a market cap of 400 Billion.

That's 100x what its currently at.

That implies a per BTC value of $40,000.

So according to Winklevoss boys ... they're calling that the top of the top for Bitcoin.

Others like the Ex Facebook exec stated that it could easily surpass Gold's market cap, making it $400,000 per coin ....

And that's only the tip of the iceberg if it goes worldwide adoption.

kireinaha

sr. member

Activity: 350

Merit: 253

If none of you plan on actually using your bitcoins, how do you expect them to ever be successful as a form of currency? It's a paradox. You don't actually think you're the only ones who will hoard them, do you?

As long as prices keep shooting up, more or less everyone will hold on to them (not that I blame them)... but it's something that needs to be acknowledged. It seems nobody really even cares about the future of bitcoin, other than potentially getting rich from them. Which is the ultimate irony, given that many bitcoin adherents believe the dollar and other FIAT currencies are mismanaged by governments and fat cat, greedy Wall Street types.

Hyena

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Activity: 2114

Merit: 1015

Quote from: dave111223 on November 13, 2013, 10:49:48 AM

Quote from: Rival on November 13, 2013, 10:35:41 AM

People often ask when I will sell my btc.

My answer is always the same: I will never sell them. I will spend them when the concept of selling them has become obsolete.

+1

+2

10 000$ is bananas. I will never sell my coins to hoard paper. At some point I might exchange some coins to gold however but just a small fraction.

1 BTC = 1 000 000$ at the current value of $. Based on supply of gold and bitcoin, Raoul Pal estimates bitcoin ought to be worth 700 ounces of gold.

kireinaha

sr. member

Activity: 350

Merit: 253

The bitcoin echo chamber at work once again... every time the market is in an upswing people lose their heads. It's fun to dream, but just don't lose your shirts.

MacMiner

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Merit: 10

10K only? this rocket goes to 1m+.

adamstgBit

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Trusted Bitcoiner

Quote from: wobber on November 12, 2013, 09:47:31 PM

It's too much! 1000 is ok, but 10,000?? Let's be serious.

this is bad speculating... its really not THAT hard to believe bitcoin can be 10K each one day. If bitcoin realizes one or two of its big usecases in a meaningful way, price will necessarily have to be in this very serious range. Wink

finder_keeper

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Quote from: NUFCrichard on November 13, 2013, 10:41:04 AM

The problem is that if they constantly appreciate, no one will ever spend them.
Then it becomes a bit like the Tulips, and it will crash to the ground.

I would rather see a bit coin economy grow, then the price can appreciate slowly up to 10,000 or whatever

If they constantly appreciate, a lot of people will sell them. Try this thought experiment: Someone invests 10% ($5000) of their savings in bitcoin @400. In a few months, it goes to $4000, so now the bitcoins are worth $50k in fiat, which is more than 50% of the portfolio. At this point, wouldn't you be tempted to sell some bitcoin? What if they became worth $1M ? Would you leave $1M in bitcoin or be tempted to "lock" your gains, diversity etc. ?

Pruden

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Activity: 496

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Spanish Bitcoin trader

Quote from: NUFCrichard on November 13, 2013, 10:41:04 AM

The problem is that if they constantly appreciate, no one will ever spend them.

Do you mean that people would only buy what truly satisfied them? That is a very good problem to have!

dave111223

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Activity: 1190

Merit: 1001

Quote from: Rival on November 13, 2013, 10:35:41 AM

People often ask when I will sell my btc.

My answer is always the same: I will never sell them. I will spend them when the concept of selling them has become obsolete.

+1

NUFCrichard

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Activity: 1218

Merit: 1003

The problem is that if they constantly appreciate, no one will ever spend them.
Then it becomes a bit like the Tulips, and it will crash to the ground.

I would rather see a bit coin economy grow, then the price can appreciate slowly up to 10,000 or whatever

Rival

hero member

Activity: 504

Merit: 502

People often ask when I will sell my btc.

My answer is always the same: I will never sell them. I will spend them when the concept of selling them has become obsolete.

porcupine87

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Activity: 546

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hm

Quote from: TERA on November 13, 2013, 12:40:10 AM

I wouldn't like 10,000 much. The volatility would probably be mostly gone and I make much more profit by trading than just holding.

But we are not at the end of volatility. Bitcoin is working to 1000$ like facebook to the 1 000 000 account. To 10Mio. or 100Mio. was no big deal for facebook. Same with Bitcoin I think. Except some big desaster happens (like SHA256 get's cracked).

Topic: Imagine 10000 - page 2. (Read 4796 times)