The road to $1000 would be much harder

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: Gordonium on April 07, 2013, 09:45:24 AM

Quote from: dyseac on April 06, 2013, 07:02:47 AM

I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

This. If I could pay my rent and groceries with BTC there would be almost no use for FIAT money for me.

*ding ding ding ding ding*

Yep.

Jobe7

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Now they are thinking what to do with me

Quote from: Elwar on April 05, 2013, 08:26:10 PM

If $7 million comes into bitcoin per month we will be at $1,000 by the end of the year.

$7 million per month you say?

http://blockchain.info/charts/market-cap

Check the graph.

Gordonium

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Quote from: dyseac on April 06, 2013, 07:02:47 AM

I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

This. If I could pay my rent and groceries with BTC there would be almost no use for FIAT money for me.

herzmeister

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Quote from: piramida on April 07, 2013, 02:19:52 AM

The whole idea of "investing" (i.e., giving your money to someone else) comes from inflationary currencies. You either "invest" so that your money "work", or you lose money. With deflationary currency, you don't have to. You can, but you also can remove that risk (any investment is a risk) and just keep your money, knowing they won't lose value. So you can consider that an investment in yourself.

Well the gold standard free banking era had banks aka investments too.

piramida

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Borsche

Quote from: Luckybit on April 06, 2013, 11:56:56 AM

The problem is we don't give people anything to invest in right now, and so people are encouraged to save and if they do decide to spend it's on stupid stuff like 14,000 BTC on a pizza.

The whole idea of "investing" (i.e., giving your money to someone else) comes from inflationary currencies. You either "invest" so that your money "work", or you lose money. With deflationary currency, you don't have to. You can, but you also can remove that risk (any investment is a risk) and just keep your money, knowing they won't lose value. So you can consider that an investment in yourself.

b!z

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Quote from: Hyena on April 05, 2013, 07:37:29 PM

yeah, dreams are weird. a day before I had a dream where I was tripping on some psychedelic chemical, having cool visuals, but then all of sudden hundreds of cats attacked me, I was completely helpless because I was drowning in cats and all of them were biting and scratching me. that was a total nightmare but luckily it was such a bullshit that I actually realized that it has to be a dream so that by using my lucid dreaming powers I teleported away.

how is this related to bitcoin and/or speculation?

Luckybit

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The worry is how to acquire enough of these coins to actually have any purchasing power within BTC? Price of products will be an issue.

If I have 1BTC, but products sell for 40-50BTC then I cannot afford something like an ASIC for instance. If I can't afford that then I cannot afford to mine. If I cannot do mining then eventually I'll not have BTC at all.

It's currently hard or impossible to earn BTC and too easy to lose it. This has to be more balanced.

I think BTC is good because encouraging savings encourages people not to spend their precious BTC on crap they don't really need or which wont produce profit. The problem with now is if we buy a bunch of BTC we have not enough stuff to in invest in.

Let's use an example, lets say you buy 4 BTC for $1000. You now want to invest these BTC so that 4 becomes 8 and 8 becomes 16. Can anyone tell me how to do it? To me there are two strengths of BTC, it's a wonderful investment currency, and it's deflationary thus encourages saving. The problem is we don't give people anything to invest in right now, and so people are encouraged to save and if they do decide to spend it's on stupid stuff like 14,000 BTC on a pizza.

Luckybit

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Quote from: dyseac on April 06, 2013, 07:02:47 AM

I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

It's just hard for certain tangible products to be paid for in BTC when there is no means to protect the buyer...

What effect does it have when people trade BTC for LTC for PPC etc? Would they be trading down and damaging BTC? Or helping BTC by providing competition and diversity?

There are a lot of cryptocurrencies but only three seem to have legit novelty and potential and that seems to be LTC and PPC. LTC is very well marketed, good logo, good name, faster, but it's also less scarce and it's not accepted anywhere. What about PPC? PPC is even less scarce and where would anyone accept it?

IIOII

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A fast runup to about $1000 is not impossible, however given the current state of Bitconomy and infrastructure it will not be sustainable.

It would be better for the development of market activity if price appreciation would decrease for some time.

dyseac

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I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

It's just hard for certain tangible products to be paid for in BTC when there is no means to protect the buyer...

Technomage

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Affordable Physical Bitcoins - Denarium.com

Bitcoin can handle a 10x trading volume quite soon. Exchanges will scale and there will be more exchanges. Handling 10x transactions is a different story but the amount of transactions isn't linked to the price of bitcoins. If you have investors buying bitcoins and putting them in a paper wallet, or keeping them at Gox, how does that result in "a lot of transactions"? It doesn't result in anything. It's simply value storage.

Bitcoin's growth as a medium of exchange is not strongly linked to the growth of the price and market cap. Both are growing, but at different rates, and for different reasons. Bitcoin most certainly can reach a 10B market cap before the network can handle 10x transactions.

yokosan

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Quote from: Bitobsessed on April 06, 2013, 12:27:15 AM

The road to $50 saw gains of dollars per day. After $100 we are seeing jumps of $10+ per day. At $500 we will see jumps of $50+ per day. $1000 we will see gains in the hundreds. Wink

True, but that doesn't stop it from taking a longer time to reach these points.

Basically you will only reach $1,000 when the market is capable of gaining hundreds in one day, not the other way around.

herzmeister

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price above > $500 is not justified as long as a single site like SatoshiDice apparently is still an issue and seems to cause some headaches.

briannguyen

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We need more online business to accept bitcoin as payment. This will make bitcoin stronger as a currency. Unlike dot-com boom and tulip mania which fragile, bitcoin has a better future.

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: Jobe7 on April 06, 2013, 05:57:20 AM

ahem.. some of us are trying to buy more btc before the fiat bubble bursts! Tongue

You better hurry up! When that bubble pops it ain't gonna be pretty for people without bitcoins in their wallet! Cheesy

Jobe7

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Now they are thinking what to do with me

Quote from: shawshankinmate37927 on April 06, 2013, 05:56:13 AM

Quote from: sunnankar on April 05, 2013, 07:27:29 PM

Quote from: twolifeinexile on April 05, 2013, 04:44:38 PM

Given the small "market cap" reality, I think bitcoin can goes to 100 really without too much resistence, which is indeed the case. But from here on, it may become harder to go up to $1000, simply because now we need some "$10bn market cap" (acutally much less than that, but the trading volume in dollar terms have to go up about ten times of current size, or bigger than that).

I do not agree. I think the first $10m was the hardest. Then $100m was not too hard but it leveled out for a while around $350m. But look how fast it went from $1b to $1.5b. The capital pools are a lot deeper now with a lot more market participants.

This may very well be the catalyst that gets us over $10B in very short order:

https://bitcointalksearch.org/topic/breaking-leakidentitiesemails-of-rich-hiding-cash-offshore-32trillions-worth-166873

ahem.. some of us are trying to buy more btc before the fiat bubble bursts! Tongue

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: sunnankar on April 05, 2013, 07:27:29 PM

Quote from: twolifeinexile on April 05, 2013, 04:44:38 PM

Given the small "market cap" reality, I think bitcoin can goes to 100 really without too much resistence, which is indeed the case. But from here on, it may become harder to go up to $1000, simply because now we need some "$10bn market cap" (acutally much less than that, but the trading volume in dollar terms have to go up about ten times of current size, or bigger than that).

I do not agree. I think the first $10m was the hardest. Then $100m was not too hard but it leveled out for a while around $350m. But look how fast it went from $1b to $1.5b. The capital pools are a lot deeper now with a lot more market participants.

This may very well be the catalyst that gets us over $10B in very short order:

https://bitcointalksearch.org/topic/breaking-leakidentitiesemails-of-rich-hiding-cash-offshore-32trillions-worth-166873

Jobe7

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Now they are thinking what to do with me

Quote from: Elwar on April 05, 2013, 08:26:10 PM

People think of the price based upon the total amount of bitcoins in existence (almost 11 million).

The price does not go up a dollar after $11 million goes from dollars to bitcoins.

MtGox trades around 75,000 bitcoins per day.

It is those 75,000 bitcoins that set the price for the rest of the millions of bitcoins being used or hoarded daily.

So, if on average, $75,000 moves into the bitcoin economy per day the price will go up by $1 per day.

Just a few weeks ago we saw someone buy 20,000 bitcoins at once. The price was either $60 or $75. That is over a million dollars. $1 million divided by 75,000 is just over $13. Seeing the price go up by $13 is not uncommon.

Of course, some of those 75,000 bitcoin trades are people selling. This means that for the price to go up a dollar there are $75,000 more in buys than sells.

So, in order for the price of bitcoins to go from $140 to $1000/BTC, there would have to be about $65 million more buys than sells.

If $7 million comes into bitcoin per month we will be at $1,000 by the end of the year.

I think we can all fathom many ways in which that much money will be invested monthly.

Urmm .... $7 million per month? Try $400-500 million per 2 weeks.

Check the charts ...

And to the guys talking about their dreams .. I lol' Cheesy

especially the cat one! Cheesy

you sir get a good karma point, may your dreams be happy happy from now on Wink

||bit

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Quote from: Kazu on April 05, 2013, 10:26:02 PM

The road to $1000 will be exactly 9 times harder than the road to $100.

([$1000-$100]/$100 = 9)

I don't think so. Using the same new math:

Road to $1000 = [$1000-$100]/$100 = 9

Road to $100 = [$100 - $.01]/$.01 = 9999
------------------------------------------

Relative ease = [9/9999] = .0009

Sweat-o-meter:
[ >10 ]............like really really hard
[ 8 to 10 ).......really hard
[ 6 to 8 ).........difficult or hard
[ 4 to 6 ).........whoooph
[ 2 to 4 ).........interesting
[ 0 to 2 ).........no sweat

.: w/ sweat-factor @ .0009, $100 to $1000 is "no sweat".

piramida

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Borsche

Quote from: Elwar on April 05, 2013, 08:26:10 PM

Of course, some of those 75,000 bitcoin trades are people selling. This means that for the price to go up a dollar there are $75,000 more in buys than sells.

I guess it will be a major eye-opener, but *every* buy is a sell at the same time! Surprise!

As for 1k, january next year.

Topic: The road to $1000 would be much harder (Read 4818 times)