The Inevitability of Million Dollar Bitcoin - page 2.

cpfreeplz

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Quote from: aso118 on December 25, 2016, 12:20:31 AM

Quote from: RoooooR on December 24, 2016, 09:30:34 PM

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

From a dollar to a thousand dollars is not a 1000% rise, it is a 1000x rise (more like a 100,000% rise)
The problem with that analogy is that you are ignoring the base effect. In percentage terms, it is very easy to increase by a large percentage when the initial value is small. There will be hundreds of alt coins which would have increased by the same percentage. But as the market capitalization grows, repeating the increase becomes very difficult.

This. Well put. Having a company grow from a $1000 worth to $1,000,000 can happen, but from $1,000,000 to $1,000,000,000 is a whole other story. That's the size of some industries themselves so if you don't have a monopoly (which bitcoin doesn't) you'll have a hard time repeating that 100,000% rise.

expressbtc07

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I can make any coin incluing bitcoin go dwon. All i have to do is buy it and it goes dwon right away!

mrkevio

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Quote from: thejaytiesto on December 25, 2016, 11:12:21 AM

Quote from: mrkevio on December 25, 2016, 02:45:40 AM

$1m for one BTC means one Satoshi to be equal to $0.01. It would be insane, but we still need time for that amount. I will keep one Bitcoin saved and will probably spend the rest of it. Sounds impossible, but it's probably as impossible at it seemed in 2009 for one BTC to ever reach $1200! And it happened, so I don't think it's really that hard to happen unless something bad happens to Bitcoin.

You should keep more than one as perpetual, never-selling cold storage long term holdings. Usually the magic number is 21 bitcoins because only 21 million bitcoins will exist which means 1 million people can ever hold 21 bitcoin, in practice less since a lot of bitcoins have been lost/will get lost.

Eventually 1 btc will make you rich but you dont want to wait that long, 21 is guaranteed richies in 10 years.

21BTC is an enormous amount for me. I don't know if I'll be able to achieve that, even in ten years or so. Because of the price increase, we will see smaller payments too, so getting to 21BTC will become even harder to get to. I'm trying my best to get to even one, ha ha! I

titibach

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So any idea of how much is needed to make $1million per coin?
like 16 trillion so far?
wheres all these trillions coming from?

strasboug

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This is good wish, but will never happen unless the US dollar will devalue to such an extent that we buy a bread with $5000. Lol. Bitcoin is in good upward trend, but no way to 1 mil.

buwaytress

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Quote from: beerlover on December 26, 2016, 01:10:48 PM

The supply of bitcoin is just too great for it to rise to such a high level, and it probably wouldn't happen as there will almost certainly be a coin that supersedes Bitcoin and has some kind of better encryption.
SHA256 will only be secure for a few more decades, so unless major work is done on the platform by then bitcoin may fall behind other coins.

This is someone who understands a little bit more about the incredible number of assumptions that are in place for a 1 milliom dollar bitcoin value!

Although to be fair, efforts to improve the platform and advance it technologically can only work to further boost the value of btc.

beerlover

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The supply of bitcoin is just too great for it to rise to such a high level, and it probably wouldn't happen as there will almost certainly be a coin that supersedes Bitcoin and has some kind of better encryption.
SHA256 will only be secure for a few more decades, so unless major work is done on the platform by then bitcoin may fall behind other coins.

SyGambler

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guess who's back

many topics and youtube videos talked about this especially after the last rise in price , but I'm not sure how much bitcoin will worth in the future
in general I'm ok as long as the price is over 400$ , and I don't think that the price will be less than that ever again
I'm hoping for like 2000$ btc next year , but there is a good chance that it may pass that

I won't be sad if bitcoin will worth one million or more

Meuh6879

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mrcash02

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Quote from: thejaytiesto on December 25, 2016, 11:12:21 AM

Quote from: mrkevio on December 25, 2016, 02:45:40 AM

$1m for one BTC means one Satoshi to be equal to $0.01. It would be insane, but we still need time for that amount. I will keep one Bitcoin saved and will probably spend the rest of it. Sounds impossible, but it's probably as impossible at it seemed in 2009 for one BTC to ever reach $1200! And it happened, so I don't think it's really that hard to happen unless something bad happens to Bitcoin.

You should keep more than one as perpetual, never-selling cold storage long term holdings. Usually the magic number is 21 bitcoins because only 21 million bitcoins will exist which means 1 million people can ever hold 21 bitcoin, in practice less since a lot of bitcoins have been lost/will get lost.

Eventually 1 btc will make you rich but you dont want to wait that long, 21 is guaranteed richies in 10 years.

I think the currency was projected to have this effect on long term (few satoshis = few currently cents). That can be very balanced when we reach to 21 millions Bitcoins in the world. This amount is enough to have the biggest part of world's population using the Crypto-Currency as one of the world's main currencies. And it's very possible, until now everything is going well, the experience with BTCs is being awesome for all, if it continues this way, Bitcoin will reach its goal.

thejaytiesto

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Quote from: mrkevio on December 25, 2016, 02:45:40 AM

$1m for one BTC means one Satoshi to be equal to $0.01. It would be insane, but we still need time for that amount. I will keep one Bitcoin saved and will probably spend the rest of it. Sounds impossible, but it's probably as impossible at it seemed in 2009 for one BTC to ever reach $1200! And it happened, so I don't think it's really that hard to happen unless something bad happens to Bitcoin.

You should keep more than one as perpetual, never-selling cold storage long term holdings. Usually the magic number is 21 bitcoins because only 21 million bitcoins will exist which means 1 million people can ever hold 21 bitcoin, in practice less since a lot of bitcoins have been lost/will get lost.

Eventually 1 btc will make you rich but you dont want to wait that long, 21 is guaranteed richies in 10 years.

Jet Cash

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Quote from: RoooooR on December 25, 2016, 01:27:31 AM

what double spend problem did bitcoin solve? were people double spending fiat before bitcoin that bitcoin solved this? Cheesy

The banks were/are.

Mometaskers

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That's so insane! It's possible but it'll probably take years. I sure hope it would or else I wouldn't even get the chance to own one. But yeah, it could go up that high (or at least half) since it's becoming harder to mine not to mention possibly thousands, if not millions of satoshis lost in faucets.

mrkevio

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$1m for one BTC means one Satoshi to be equal to $0.01. It would be insane, but we still need time for that amount. I will keep one Bitcoin saved and will probably spend the rest of it. Sounds impossible, but it's probably as impossible at it seemed in 2009 for one BTC to ever reach $1200! And it happened, so I don't think it's really that hard to happen unless something bad happens to Bitcoin.

dfox101

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I wish this will be true, lol, I will keep my 10 bitcoins and pray it one day become 10 millions and I will be rich. lol.

Seriously I don't think it will go to that level, $10000 is possible though.

RoooooR

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Quote from: aso118 on December 25, 2016, 12:20:31 AM

Quote from: RoooooR on December 24, 2016, 09:30:34 PM

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

From a dollar to a thousand dollars is not a 1000% rise, it is a 1000x rise (more like a 100,000% rise)
The problem with that analogy is that you are ignoring the base effect. In percentage terms, it is very easy to increase by a large percentage when the initial value is small. There will be hundreds of alt coins which would have increased by the same percentage. But as the market capitalization grows, repeating the increase becomes very difficult.

valid point, but your quote 'when the initial value is small' is up for interpretation.

small is a relative term. in terms of the age of the universe, 1 million years is a small number. in terms of the price of bitcoin, $1000 may be a small number too

RoooooR

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Quote from: pooya87 on December 25, 2016, 12:30:30 AM

Quote from: RoooooR on December 24, 2016, 09:30:34 PM

~ his innovative solution to the double-spend problem. ~

what double spend problem did bitcoin solve? were people double spending fiat before bitcoin that bitcoin solved this? Cheesy

Quote

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

math 101:
to calculate percentage change: [(x2-x1)/x1]*100 or [(x2/x1)-1]*100
using $1001 for easy of calculation Cheesy

[(1001-1)/1]*100=100,000%

lol thats all well and good and obvious .. but i meant to type 'x' not '%'

pooya87

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Quote from: RoooooR on December 24, 2016, 09:30:34 PM

~ his innovative solution to the double-spend problem. ~

what double spend problem did bitcoin solve? were people double spending fiat before bitcoin that bitcoin solved this? Cheesy

Quote

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

math 101:
to calculate percentage change: [(x2-x1)/x1]*100 or [(x2/x1)-1]*100
using $1001 for easy of calculation Cheesy

[(1001-1)/1]*100=100,000%

Juggy777

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Quote from: aso118 on December 25, 2016, 12:20:31 AM

Quote from: RoooooR on December 24, 2016, 09:30:34 PM

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

From a dollar to a thousand dollars is not a 1000% rise, it is a 1000x rise (more like a 100,000% rise)
The problem with that analogy is that you are ignoring the base effect. In percentage terms, it is very easy to increase by a large percentage when the initial value is small. There will be hundreds of alt coins which would have increased by the same percentage. But as the market capitalization grows, repeating the increase becomes very difficult.

There is no doubt that the value of Bitcoin one which was in pennies is now upto 1000 usd but that is because no country has stopped it so far, the minining of the coin is yet going on. But it's early to take a call. Then there have been multiple reasons for it growth, global uncertainty, global economy slowing down, brexit and demonitization current events. Though I would love to see it go high and high but to early to take such a huge call.

Xester

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Quote from: aso118 on December 25, 2016, 12:20:31 AM

Quote from: RoooooR on December 24, 2016, 09:30:34 PM

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

From a dollar to a thousand dollars is not a 1000% rise, it is a 1000x rise (more like a 100,000% rise)
The problem with that analogy is that you are ignoring the base effect. In percentage terms, it is very easy to increase by a large percentage when the initial value is small. There will be hundreds of alt coins which would have increased by the same percentage. But as the market capitalization grows, repeating the increase becomes very difficult.

Regardless of his computation, it may be wrong or right but the real point here is the inevitability of bitcoin reaching the one million dollar price in the market. A giant owner of a Chinese mining farm said on his interview that bitcoin could possibly reach the height of ten thousand dollars or the highest peak of one million dollar per bitcoin. And so given this points it is best to hold some of the bitcoins right now.

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