Topic: "The price of your bitcoin is 1000 times overvalued" - page 2. (Read 29091 times)
It's funny coming from a Chinese. Chinese people with money want one thing : get that money out of China. BTC allows this, so it's very useful, even if it's not a currency you can use to pay for food.
i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?
Gold is just a metal and diamond is just a stone, why not we call their value too as overpriced ? Unlike crypto currency, gold/Diamonds are being valued by every part of this world ? All these people are so childish to value just a metal or a stone ?Your old shirt will get millions of dollars in an auction if you are a rockstar. Yes, demand determines everything. Bitcoin has demand and it has value. There is no meaning of arguing it is 1000x more valued, there are people ready to buy with 1000x more so it has those values.
^this. There may be a bubble, that's impossible to tell until after the point but we're definitely nowhere near 1000x overvalued hahaha. To say that just makes you sound like incompetent newb in the whole aspect of cryptocurrencies.
Knowing deflationary nature of Bitcoin they should also store at least some portion of bitcoin payments, it would be amazing long term investing strategy.
That would give the price a boost in the long term as it means that less coins get sold by third party payment processors, but it's only a fantasy. Volatility scares off merchants to keep a certain portion of their coins. It's easy talking for us as we can just keep holding our coins. Merchants need to pay tax over everything, use that money to buy stock, pay out employees, pay rent, etc. They simply can't afford to take a hit of 20-30% if the price suddenly happens to go down like that. Most merchants rely on constant liquidity in form of fiat -- holding Bitcoin isn't an option for them.
I think price increasing due to deflation is real and not a fantasy. Even if some merchants are quite afraid to accept Bitcoin, enthusiast will definitely push the price up. You can look at the coin collection society, the rarer the coin the higher the price, even if the coin cannot be used to buy items in the market.
Knowing deflationary nature of Bitcoin they should also store at least some portion of bitcoin payments, it would be amazing long term investing strategy.
That would give the price a boost in the long term as it means that less coins get sold by third party payment processors, but it's only a fantasy. Volatility scares off merchants to keep a certain portion of their coins. It's easy talking for us as we can just keep holding our coins. Merchants need to pay tax over everything, use that money to buy stock, pay out employees, pay rent, etc. They simply can't afford to take a hit of 20-30% if the price suddenly happens to go down like that. Most merchants rely on constant liquidity in form of fiat -- holding Bitcoin isn't an option for them.
Important reasons as to why people don't spend their coins:
-- Bitcoin as it is doesn't function as well as fiat does when it comes to doing online and local shopping.
-- In order to buy something with Bitcoin, you must obtain Bitcoin first, and then hope that the price doesn't fall too much after buying. Especially for the non Bitcoiners, this is an unneeded risky step as they can buy everything with fiat already.
-- People don't like to spend something which later explodes in value. It makes them regret having spent their coins, and most likely will never spend again.
Don't forget the fees. Most people are cheapskates that try to save on all their transaction fees by including poor fees. This will only result in many many hours of waiting time to get that important first confirmation, and guess what, Bitcoin will be blamed for 'not functioning properly'.
Knowing deflationary nature of Bitcoin they should also store at least some portion of bitcoin payments, it would be amazing long term investing strategy.
The only real problem are growing tx fees. You can't really do anything about it as an user.
Daily non exchange transaction volume is about $0.3 billion, market cap is about $20 billion, so I guess you could argue the proportion of money in circulation is very low compared to the total that exists. Despite the growth in bitcoin, it's hard to deny the price is still massively speculative. Mining costs per coin can and do adapt to the size of the market so that isn't a solid support at all.
It seems true that not many businesses or merchants accept Bitcoin as payment. I think this could be a problem in the future. Bitcoin seems to be used on gambling sites, porn sites, and a few online merchants and only a handful of physical businesses. Other than that, the system is kept going by mining and people acquiring and moving Bitcoins for investing, trading, lending, etc. So far that has been enough, but I think wider adoption is needed.
Important reasons as to why people don't spend their coins:
-- Bitcoin as it is doesn't function as well as fiat does when it comes to doing online and local shopping.
-- In order to buy something with Bitcoin, you must obtain Bitcoin first, and then hope that the price doesn't fall too much after buying. Especially for the non Bitcoiners, this is an unneeded risky step as they can buy everything with fiat already.
-- People don't like to spend something which later explodes in value. It makes them regret having spent their coins, and most likely will never spend again.
Don't forget the fees. Most people are cheapskates that try to save on all their transaction fees by including poor fees. This will only result in many many hours of waiting time to get that important first confirmation, and guess what, Bitcoin will be blamed for 'not functioning properly'.
It seems true that not many businesses or merchants accept Bitcoin as payment. I think this could be a problem in the future. Bitcoin seems to be used on gambling sites, porn sites, and a few online merchants and only a handful of physical businesses. Other than that, the system is kept going by mining and people acquiring and moving Bitcoins for investing, trading, lending, etc. So far that has been enough, but I think wider adoption is needed.
Gold is just a metal and diamond is just a stone, why not we call their value too as overpriced ? Unlike crypto currency, gold/Diamonds are being valued by every part of this world ? All these people are so childish to value just a metal or a stone ?
Gold is not just a metal, it is very useful because it has some excellent chemical properties. Can be used for jewelry or to create tools or electronics. Diamonds are simply beautiful when used as decoration and they have industrial use because they are very hard and are good abrasives.
Usefulness and scarcity = high price.
i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?
Gold is just a metal and diamond is just a stone, why not we call their value too as overpriced ? Unlike crypto currency, gold/Diamonds are being valued by every part of this world ? All these people are so childish to value just a metal or a stone ?Your old shirt will get millions of dollars in an auction if you are a rockstar. Yes, demand determines everything. Bitcoin has demand and it has value. There is no meaning of arguing it is 1000x more valued, there are people ready to buy with 1000x more so it has those values.
^this. There may be a bubble, that's impossible to tell until after the point but we're definitely nowhere near 1000x overvalued hahaha. To say that just makes you sound like incompetent newb in the whole aspect of cryptocurrencies.
I'm starting to wonder about the guru part. He's making a simple logical mistake, saying egg is not chicken therefore egg cannot become chicken. Part of speculation is expected future value, which can tie in with expected future rates of adoption.
If he's basing his valuation solely off of current adoption, (even if we discount considerations about the future) it seems clear that BTC's current adoption wouldn't warrant the price to be 1000 times less than it's current standing.
Yes an egg is not a chicken xD But as Dogen said "You do not call winter the beginning of spring, nor summer the end of spring." First there is winter then there is spring, then summer.
To say Spring will surely not come, cannot come because it is winter is simular to saying egg will not become chicken, but if it is winter it seems fairly certain spring will come xD
If he's basing his valuation solely off of current adoption, (even if we discount considerations about the future) it seems clear that BTC's current adoption wouldn't warrant the price to be 1000 times less than it's current standing.
Yes an egg is not a chicken xD But as Dogen said "You do not call winter the beginning of spring, nor summer the end of spring." First there is winter then there is spring, then summer.
To say Spring will surely not come, cannot come because it is winter is simular to saying egg will not become chicken, but if it is winter it seems fairly certain spring will come xD
i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?
Gold is just a metal and diamond is just a stone, why not we call their value too as overpriced ? Unlike crypto currency, gold/Diamonds are being valued by every part of this world ? All these people are so childish to value just a metal or a stone ?Both gold and diamond are having value as collectibles. For them, the demand is always greater than the supply. Once the supply is able to overtake the demand, the value of gold and diamond will come down. Same is the case with BTC as well. As long as there is demand, it will be having value.
i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?
Gold is just a metal and diamond is just a stone, why not we call their value too as overpriced ? Unlike crypto currency, gold/Diamonds are being valued by every part of this world ? All these people are so childish to value just a metal or a stone ?Your old shirt will get millions of dollars in an auction if you are a rockstar. Yes, demand determines everything. Bitcoin has demand and it has value. There is no meaning of arguing it is 1000x more valued, there are people ready to buy with 1000x more so it has those values.
So a Bitcoin should actually be worth $1? That is ridiculous.
Some millionaires like Draper would be able to buy up all the bitcoins in the world. That is not going to happen any time soon.
Some millionaires like Draper would be able to buy up all the bitcoins in the world. That is not going to happen any time soon.
Don't listen to him. He seems to be having a grudge against Bitcoin and may be promoting some altcoin instead. A currency being used by 7 to 8 million people is worth much more than $20 billion in market capitalization.
So a Bitcoin should actually be worth $1? That is ridiculous.
Some millionaires like Draper would be able to buy up all the bitcoins in the world. That is not going to happen any time soon.
Some millionaires like Draper would be able to buy up all the bitcoins in the world. That is not going to happen any time soon.
Bitcoin are very worth for me , they had bad experience countering bitcoin regarding their investment but we can see the real future that has bitcoin now. Almost of half of bitcoin website investment are ponzi scheme where they telling people that they will give good return of there investment to invite people too invest after that or running their website for 1 day it will turn into scam.
I've been using bitcoin several years and I'm gonna say that bitcoin is actually overvalued. but still im hoping that bitcoin price could actually hit $1500 but still I started bitcoin when the price of it is around $500 and now it will become triple than before anytime soon . so I like to pleased that bitcoin must balanced the price in order the other can afford bitcoin but that would literally made all riches guy to buy again bitcoin and stock it . Still looking forward to bitcoin
He is totally wrong in saying that the price of bitcoins is too much overvalued and it being a ponzi scheme.well bitcoins has been accepted as a mass and well people would not buy stuffs with bitcoins so soon,well it would need for the people to be educated and make them understand the value of bitcoins.
media should play a role in promoting bitcoins,so that it should be used by masses.
media should play a role in promoting bitcoins,so that it should be used by masses.
Do you mean he is so sure about 1000 times of the price of bitcoin?
I think its too much for bitcoin.. even we are all using it and more investors are come the price of bitcoin will never increase in 1000 times
It is too high price.. maybe possible that i think the price can be 10 times value from the price today to the future..
And it never overvalued.
Expect for more price increase will happen but not so much fast the same as the chinese who thinking about 1000 times..
It will be still in the market if how the movement of the price will be. .
I think its too much for bitcoin.. even we are all using it and more investors are come the price of bitcoin will never increase in 1000 times
It is too high price.. maybe possible that i think the price can be 10 times value from the price today to the future..
And it never overvalued.
Expect for more price increase will happen but not so much fast the same as the chinese who thinking about 1000 times..
It will be still in the market if how the movement of the price will be. .
I disagree. It's not overvalued, it's valued, plain and simple. What is a US Dollar worth? Or a penny? You might say a Dollar is worth a Dollar. But Why? Because we agree that it has value. A penny, in actuality is worth 1.5 cents if you base it's value of how much it costs to make. Bitcoin is worth whatever we agree it is worth. It can not be overvalued. But it can be over priced.
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