Is the current market value of BTC justified?

Palider

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

I don't think it is justified. But i guess the current market value of BTC going rapidly up for the past few months then it goes down for this past weeks is just normal. In the first place, investment's market value are just pure speculations. We never know when and how will it go up and down.

GreenBits

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

Man hell to the no this price is not justified. I think of bitcoin as the original utility token. there is no bitcoin inc, or a centralized entity making profit and sharing it through bitcoin; the price rises hopefully as people realized the utility it provides, and increases demand. So as I frequently state, what utility has been built in recently, hell, even since 2017, that would justify this price. Either I missed something huge, or bitcoin is the most undervalued asset in the world atm.

and you are right. if we dont get a handle on the price, it will never be attractive to merchants in a real way (accepting bitcoin and immediately converting it to fiat is not helpful to the ecosystem, its downward sell pressure tbh)

kryptqnick

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

What do you mean by 2 people owning 40%? I thought btc was highly diversified. Surely the price is still rather high, but, what's worse, the transaction fees are crazy. For that reason surely not a lot of people can afford bitcoin. Yet the same doesn't hold for other cryptos. They are mostly very affordable even if the prices are high, since one can buy nearly any amount of coins. I guess eventually, if btc is not fixed, people will just turn to other coins like litecoin and ethereum.

drakegon

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

I strongly believe it is! Bitcoin is found in every exchange. If you want to buy Ripple you have to buy Bitcoin first. If you want to buy Ethereum, in most cases, you have to buy Bitcoin first. Also some stores accept BTC, so, I think the market is justified. Specially with the increase in news coverage.

Chyton

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Right now? Yes the price of bitcoin is justified since we just had a major correction from $19000 ish to $11000 then to $14000 ish, I think it is a good time to buy.

khaled0111

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

It is true that it become impossible to use bitcoin transactions to pay daily expenses such as buying goods due to high fees.
But any one can buy a small amount of bitcoin and just hold it still profitable especially with recent decrease of pries.
Concerning altcoins, I don't agree with you, you can buy some good coins at a low price.
People holding more than 40% of total supply are not using them.

Dudeperfect

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At a point when it rose by 1000%, it was out of control of the normal user and a correction was essential for the stabilization of the things. I am expecting it in the first quarter of the next year and process is just started so as far as current price is concerned, I think BTC deserves that price but there should be user-base to support the price, anything by the big whales is unreliable.

Lancusters

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It seems to me that bitcoin is now at an impasse. A lot of users will stop using it. Today my purse I requested for the transaction of 0.005 btc. Do you think this is normal? I was thinking to leave bitcoin. I think that the developers lost the war with the miners and with the constant growth of per transaction of bitcoin have no future.

TaxiBloger

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Quote from: icanscript on December 18, 2017, 04:32:10 PM

Bitcoin is underestimated!
What value are we talking about when the users of the network are no more than 700 000 people. The population of the earth is 7,300,000,000 people.
0.0001 of the population uses it. The growth potential is simply huge. The quantity is limited. Inflation is not. The digital gold standard.

You know that you are talking like any MLM member? Yes, bitcoin have great field to expand, but too many problems must be solved. We can't give bitcoin to each person because they can't use it, that can't pay bills or anything else. Nowadays bitcoin is useless for whole world (except investment field), but community must change this situation.

farhaan

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Quote from: jseverson on December 18, 2017, 05:18:26 PM

Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

Do you have a source on the bolded part? I seem to be seeing a lot of outrageous claims like this lately. Some say 10 owns 50%, 10 owns 40%, etc. but none of them have the data to back it. I'm sure such a disparity isn't completely impossible because of how easy it was to get coins back then, but I'd really appreciate a formal source. This is basicallt FUD.

As for Bitcoin's value being justified, I would say yes. I mean, the people basically decide its value. No one will buy if it isn't justified. How long it will stay that way, you never know though.

I too don't believe that a few people would have such a huge amount of bitcoin and would try to manipulate bitcoin price.Bitcoin is now not in its early stage when china had the lion's share and chinese manipulated bitcoin price as they wished.But bitcoin has user base wide spread all over the world and manipulation is not possible.

SUDARMONO

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it's really hard to react stuff using bitcoin because unstable prices make every time prices change, and for those who have a lot of bitcoin stocks up to 40% they can change the price of bitcoin.

jseverson

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people. It’s become a speculative disaster waiting to happen. A peer to peer decentralised form of payment now left in the hands of 2 individuals who own more than 40% of it and an ever increasing and volatile price which makes transacting in BTC for goods and services practically impossible. It’s fair to assume that satoshi would be appaled by what is taking place.

Do you have a source on the bolded part? I seem to be seeing a lot of outrageous claims like this lately. Some say 10 owns 50%, 10 owns 40%, etc. but none of them have the data to back it. I'm sure such a disparity isn't completely impossible because of how easy it was to get coins back then, but I'd really appreciate a formal source. This is basicallt FUD.

As for Bitcoin's value being justified, I would say yes. I mean, the people basically decide its value. No one will buy if it isn't justified. How long it will stay that way, you never know though.

sms301

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I think BTC price right now high for some people who are newly touched by crypto currency. Ofcourse there are other coins that are low/undervalued. But as long as you are using ETH/BTC to buy them, BTC price is really high. I remember when I first got into crypto, BTC was $2700. And ETH was $200. Since then, ETH rose only 4x where as BTC rose over 6 times. So, BTC price is not justified.

icanscript

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Bitcoin is underestimated!
What value are we talking about when the users of the network are no more than 700 000 people. The population of the earth is 7,300,000,000 people.
0.0001 of the population uses it. The growth potential is simply huge. The quantity is limited. Inflation is not. The digital gold standard.

StevenS

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Quote from: realdeanz on December 18, 2017, 01:23:56 PM

It seems now that BTC and many of the main cryptos are our of reach for a majority of people.

Why do you say that? An ordinary person could buy 0.01BTC (with an average .0015BTC transaction fee) for about US$200.

Ch1bi

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Quote from: Crypto Piece on December 18, 2017, 02:05:40 PM

I believe that when the majority of Bitcoin is going to be in a few hands the value of Bitcoin will be much more regulated, maybe even stable.

This is one of my fears - the price becoming stable and regulated. I feel in order for Bitcoin to become recognized as a currency it's going to have to be regulated in some fashion. I think once that happens we'll see the price stabilize.

TaxiBloger

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Quote from: soham on December 18, 2017, 01:46:54 PM

I somewhat agree to your point. Bitcoin was initially created to introduce a peer to peer decentralised payment system. But looking at the current scenario, I can say that we have moved out from the trail of the actual goal and Bitcoin has now became an investment asset. However, I can say the problem is with the people associated with bitcoin entirely, but the bitcoin network has also played a role in it. I mean, who would be interested in paying an exorbitant transaction fees? The current average transaction fees is 26 USD which is absolutely ridiculous. People will slowly move to technologically superior currencies like ETH or REO if it continues.

Is bitcoin investyment or speculative asset? Community can use bitcoin as gold, only for saving money and earning profit. But for payments and transaction more suitable such coins, like ETH, Dash and other. (Price chart tells that my point of view is right)

tora

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As with any assett price will depend on supply and demand. There is so much financial news about bitcoin these days that new investors are entering the market and helping increase price.

stronghands4lyfe

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The current market value is probably not justified by any measure and one can speculate it will correct soon in the coming days if not prior to Christmas. That being known however who exactly owns 40% of the supply I don't recall reading about this anywhere. Infact the biggest supply I thought was held by the twins and they had around 120k Bitcoins if I recall correctly.

Crypto Piece

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I believe that when the majority of Bitcoin is going to be in a few hands the value of Bitcoin will be much more regulated, maybe even stable.

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