Topic: RAOUL PAL: Bitcoin Is Worth $1,000,000 (Read 3845 times)

Not with that attitude.
One never knows...

Eventually, bitcoin price will become stable.
When all 21m are mined, who knows what the price would be.

If anyone knew, they would make millions...if not, billions.

rotfl, dont hold your breath...

Before this it was the Winklevoss.

Really tired of these so called credible people loudly speaking about out price predictions without anything to really back it up.

"The Global Macro Investor is a highly original, thought-provoking and completely independent research publication,"

There are a lot of peolpe who speak without know what are saying!!!

I hate these types of articles, completely baseless and fruitful attempts by people trying to recruit "investors" when Bitcoin itself isn't an investment.

I agree with posts complaining that the comparison to Gold is confusing and off-point. But the claim that each bitcoin may soon be worth hundreds of thousands is computationally reasonable. It is not at all a stretch...

Raol Pal echoes my philosophy. It all hinges on broad adoption, which, for me, seems a fait accompli. We’re not there yet—but the network effect is underway.

If one can convince themselves that Bitcoin will be at the heart of (at least) a universal money transmitting system—not necessarily a recognized currency—then the value is determined by the daily float needed to lubricate the wheels of commerce. That is, just how thin must we shave the 21 million coins so that consumers can buy gum, gifts and homes and so that businesses can move oil, airplanes and software?

I posted this same comment in a LinkedIN group (also discussing the Raol Pal interview), to which Michael Bouchier asked: “How could Bitcoin be at the heart of a universal money transmitting system, and NOT a recognized currency?” Good question! I have observed three schools of thought on Bitcoin:

1. Extreme Skepticism—even derision: Since Bitcoin has no intrinsic value and no authority requires Bitcoin denominated taxes, it is simply a Ponzi scheme...a house of cards.

2. Money Transmitting Instrument: Since the block chain offers bookkeeping and simple division (pocket change) for a provably limited resource, Bitcoin is supremely useful as a low cost money transmitting instrument. But like a debit card or an Amazon gift card, there is some other "real" money that backs it, such as dollars, Yuan or Pesos. It is a money instrument, but not the money itself.

3. The Libertarian View:

Bitcoin is both a transmitting instrument and the money itself. It derives intrinsic value from supply, demand and its own critical mass (the fact that a growing body of individuals value ownership and believe that someone else will value their stake).

In this view, items can be priced in Bitcoins independent of national currency. The wild fluctuations will lessen as a growing number of individuals hold their bitcoins pending their own spending needs, rather than converting immediately into their own regional currency.

Some individuals believe that Bitcoin may eventually destabilize central banks and national treasuries. (If this happens, it does not necessarily mean that Bitcoin would threaten governments or even their ability to tax. It only hastens the redundancy of centralized bodies for monetary policy and control). New York is chomping-at-the-bit to reign in cryptocurrency and issue “Bit licenses” (inadvertent pun). But, in fact, our nation’s Federal Reserve has issued signs of concluding that Bitcoin may represent more of an opportunity than a threat. Nowhere is it written that a prosperous and free nation must control its monetary policy. Ascribing durable value to something that is traded and prized, and yet cannot be printed or unreasonably leveraged may build trust and respect.

Like Raoul Pal, my view leans toward #3. I have also speculated on the natural value of a Bitcoin:

• Calculate Bitcoin Value: Modest assumptions: http://awildduck.com/?p=3223
• Bitcoin Adoption: Series of reactions: http://awildduck.com/?p=3121

Tell him to buy some of his own then else go fu** himself

Though it's been pronounced dead 3 times in last 2 years... once in spring 13 when we had a nasty fork, once in fall 13 when SR 1.0 closed, and once early in 2014 when gox imploded.

...you mean take a weekend break? Also it would sacrifice itself to itself. You might be unto something...  Maybe a massive bug with a controversial fix that would take 48 hours for the network to decide and converge unto. Also, afterwards,  we would all have to cut some part of the genitalia of babies to show our allegiance to the resurrected crypto. I am doing it right?
 

I can never take these wild predictions seriously. Where does he get this value from? He's just made it up.

Maybe since bitcoin is messianic money, then in order to save us from roman oppression the matrix bankers, it has to die first.

Read this so many times, 1 BTC will never be 10, 100, 1000 USD ...all that happened already...I guess the 1 000 000 USD is more difficult to get, however you can't possibly know if it will reach 1 000 000 USD, so never say never...it CAN happen

10k seems reasonable to me )

In what world is this guy living 

I will sell him my Bitcoins for $25,000 so he later can sell them for $1,000,000 That's what I call a perfect deal!

Let's first get the price to $2000 then we can talk about this subject again.

That is a great way of putting it.

Those rectangular scraps of cotton with inked symbols declaring faith in the state (obedience) and god (superstition) are grossly overvalued if you think you can trade 1,000,000 of them for ANY amount of bitcoin (real money).

How many machine-replica papyrus scrolls would you give me for 1 BTC? How many sheep? How many pounds of grain? Oh wait, who gives a damn.

Bitcoin is worth

Maybe we need to start running ads. "Liberate yourself from financial system tyranny with this one bizarre trick."




Edit: Though I don't see how it's more bizarre than any other digital or cryptocurrency, to those used to conventional currency it's bizarre, it's the difference between saying "A bizarre long necked giraffe" which sounds rather typical of all giraffes, rather than "The giraffe is a bizarre long necked animal"  because among other animals it's bizarre.

Shoot, people were saying that pretty much through all the 1990s!  ;-)   "Fad".  "Unsafe". etc  

I like that term  . Might use it myself.


They're still meaningless even with one. Nobody can predict what bitcoin is going to be worth in the near future. It could be 1 million or zero or anywhere in between.

Raol Pal...


^^^Can u believe this ?