Topic: Wall Observer - MtGoxUSD wall movement tracker - page 667. (Read 1811599 times)
Nobody can fully explain movements in the exchange rate of BTC / USD. If you truly knew what led to the current price you would be able to make boatloads of BTC by extrapolating that knowledge to the future.
What makes bitcoin useful to the point that it is equated to Apple? I am confused as to why people keep putting high valuations. I can understand bitcoin price rising due to supply and demand. However, some of the numbers seem impossible to my little monkey mind. I would love for bitcoin to run up to some of the numbers suggested as I am saving some bitcoins as a store of wealth.
The usefulness is in the ability to store and transfer wealth with ease. The value of that becomes greater with a higher "market cap" as people with larger balances can take advantage of what bitcoin provides.
For example, with bitcoin at $1, it is not very useful to someone looking to store or transfer $1m, because that kind of volume would drive the price crazy high upon purchasing, and slam it into the ground upon selling, making it risky and not very practical. Someone looking to move $100 in that market would likely have no troubles whatsoever.
So, the higher the price of bitcoin goes, the more useful it becomes to more people. When you hear someone talking about $1000+ bitcoins, it is because they've made this realization and done the math to figure out what kind of bitcoin prices would HAVE to be in place to accomodate even a small percentage of trade within a major marketplace. That is not guaranteed to happen by any means, but a lot a people around here believe that's the path bitcoin is on.
Sorry if I am being obtuse, but it sounds like you are saying the price will rise because it NEEDS to rise to be more useful, which sounds like a catch 22. So what is the driving factor for the price increase? Is it just the ever increasing adoption and acceptance?
Honestly I think it's just coinbase starting to gain traction.
oh but it's always something! How about it's the sum of all the good shit happening (and having happened and about to happen)?
it all comes down to. is bitcoin useful / how useful
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
You ought to start thinking in the other direction. Bitcoin is useful. Very useful.
If it gets up into the area of real companies, we are talking the bicoin network being $100 billion (hell ebay is $75bil, visa $100bil+, apple has $100bil in cash on hand, etc)
So what is $100bil divided by 21mil coins? How rapidly would the price of a bitcoin need to double for us to make it there in 3 years? how about a year and a half?
Social media spreads awesomeness like wildfire and bitcoin is spreading from the geeks and early adopters to the sneezers ... the sneezers will take us over that tipping point.
yes i agree!
but we've had a 51% attack b4, and it can happen again ( everything that can go wrong WILL go wrong)... for all we know its happening now, no way to know... don't dismiss this so fast, their will always be the die hard fans tho, and the blockchain will eventually recover, but so much damage will have been done and theirs no stopping this from happening again... infact if price starts to drop hash rate will drop to making it even easy to do this 51% attack... the protocol isn't as robust as they would like you to believe!
Umm...so you're saying there's risk? Is there risk in storing wealth in fiat? PMs? Commodities?
Where can I store my wealth that maximizes liquidity & stability, and totally eliminates risk?
Don't worry I won't hold my breath in anticipation of your answer.
I'm just pissed off because i sold on BOTH bear traps....
Put a sign next to your computer to remind you why you got into BTCs to begin with. Fiat sucks, so dumping BTC to obtain more of it should have a purpose other than "BTC has gone up and is due to drop relative to fiat." There's never been anything like BTC before.
LOL that would be useful!
I'm saying bitcoin is more risky then people think, WAY more risky! The price right now is not reflecting the risk. because they hear people say that the protocol is more safe then banks... as long as you know how to keep your bitcoin safe you'll be fine... More then fine! which is simply not true, because of 51% attack ( which doesn't need 51% at all to work, 51% means it will work ALL the time ) as asci comes online and GPUs drop out, its the prefect conditions for the perfect storm.
Attention bears: The shake down for your bitcoins will continue. Please continue to sell your feeble hand to stronger buyers.
That will be all.
That will be all.
Honestly I think it's just coinbase starting to gain traction.
i need to smoke a joint man....
This explains a few things . . . :p
hooo boy
What makes bitcoin useful to the point that it is equated to Apple? I am confused as to why people keep putting high valuations. I can understand bitcoin price rising due to supply and demand. However, some of the numbers seem impossible to my little monkey mind. I would love for bitcoin to run up to some of the numbers suggested as I am saving some bitcoins as a store of wealth.
The usefulness is in the ability to store and transfer wealth with ease. The value of that becomes greater with a higher "market cap" as people with larger balances can take advantage of what bitcoin provides.
For example, with bitcoin at $1, it is not very useful to someone looking to store or transfer $1m, because that kind of volume would drive the price crazy high upon purchasing, and slam it into the ground upon selling, making it risky and not very practical. Someone looking to move $100 in that market would likely have no troubles whatsoever.
So, the higher the price of bitcoin goes, the more useful it becomes to more people. When you hear someone talking about $1000+ bitcoins, it is because they've made this realization and done the math to figure out what kind of bitcoin prices would HAVE to be in place to accomodate even a small percentage of trade within a major marketplace. That is not guaranteed to happen by any means, but a lot a people around here believe that's the path bitcoin is on.
weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
$27
You ought to start thinking in the other direction. Bitcoin is useful. Very useful.
If it gets up into the area of real companies, we are talking the bicoin network being $100 billion (hell ebay is $75bil, visa $100bil+, apple has $100bil in cash on hand, etc)
So what is $100bil divided by 21mil coins? How rapidly would the price of a bitcoin need to double for us to make it there in 3 years? how about a year and a half?
Social media spreads awesomeness like wildfire and bitcoin is spreading from the geeks and early adopters to the sneezers ... the sneezers will take us over that tipping point.
What makes bitcoin useful to the point that it is equated to Apple? I am confused as to why people keep putting high valuations. I can understand bitcoin price rising due to supply and demand. However, some of the numbers seem impossible to my little monkey mind. I would love for bitcoin to run up to some of the numbers suggested as I am saving some bitcoins as a store of wealth.If it gets up into the area of real companies, we are talking the bicoin network being $100 billion (hell ebay is $75bil, visa $100bil+, apple has $100bil in cash on hand, etc)
So what is $100bil divided by 21mil coins? How rapidly would the price of a bitcoin need to double for us to make it there in 3 years? how about a year and a half?
Social media spreads awesomeness like wildfire and bitcoin is spreading from the geeks and early adopters to the sneezers ... the sneezers will take us over that tipping point.
it all comes down to. is bitcoin useful / how useful
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
it all comes down to. is bitcoin useful / how useful
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
You ought to start thinking in the other direction. Bitcoin is useful. Very useful.
If it gets up into the area of real companies, we are talking the bicoin network being $100 billion (hell ebay is $75bil, visa $100bil+, apple has $100bil in cash on hand, etc)
So what is $100bil divided by 21mil coins? How rapidly would the price of a bitcoin need to double for us to make it there in 3 years? how about a year and a half?
Social media spreads awesomeness like wildfire and bitcoin is spreading from the geeks and early adopters to the sneezers ... the sneezers will take us over that tipping point.
yes i agree!
but we've had a 51% attack b4, and it can happen again ( everything that can go wrong WILL go wrong)... for all we know its happening now, no way to know... don't dismiss this so fast, their will always be the die hard fans tho, and the blockchain will eventually recover, but so much damage will have been done and theirs no stopping this from happening again... infact if price starts to drop hash rate will drop to making it even easy to do this 51% attack... the protocol isn't as robust as they would like you to believe!
Umm...so you're saying there's risk? Is there risk in storing wealth in fiat? PMs? Commodities?
Where can I store my wealth that maximizes liquidity & stability, and totally eliminates risk?
Don't worry I won't hold my breath in anticipation of your answer.
I'm just pissed off because i sold on BOTH bear traps....
Put a sign next to your computer to remind you why you got into BTCs to begin with. Fiat sucks, so dumping BTC to obtain more of it should have a purpose other than "BTC has gone up and is due to drop relative to fiat." There's never been anything like BTC before.
I'm just pissed off because i sold on BOTH bear traps....
it all comes down to. is bitcoin useful / how useful
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
doesn't matter what speculation does to the price, if bitcoin is not useful its not worth anything...
if we wake up and find that we've had a 51% attack and will require a year for the blockchain to "catch up" as huge sums of double spend bitcoin start to vanish!
just how useful will bitcoin be then?
You ought to start thinking in the other direction. Bitcoin is useful. Very useful.
If it gets up into the area of real companies, we are talking the bicoin network being $100 billion (hell ebay is $75bil, visa $100bil+, apple has $100bil in cash on hand, etc)
So what is $100bil divided by 21mil coins? How rapidly would the price of a bitcoin need to double for us to make it there in 3 years? how about a year and a half?
Social media spreads awesomeness like wildfire and bitcoin is spreading from the geeks and early adopters to the sneezers ... the sneezers will take us over that tipping point.
yes i agree!
but we've had a 51% attack b4, and it can happen again ( everything that can go wrong WILL go wrong)... for all we know its happening now, no way to know... don't dismiss this so fast, their will always be the die hard fans tho, and the blockchain will eventually recover, but so much damage will have been done and theirs no stopping this from happening again... infact if price starts to drop hash rate will drop to making it even easy to do this 51% attack... the protocol isn't as robust as they would like you to believe!
Sure..
Or maybe we just have different views of importance, or greater benefit
You think that 100,000 people with 100 dollars will be important to bitcoin when I believe that 1 big whale with millions of dollars will bring more than that to it,
100,000 really crappy customers probably doesnt equate to 1 very very serious one, that is just how I view things,
I think that if a bigger adopter comes into play as holiday says the masses will follow
getting 100,000 people to learn bitcoin is kind of difficult when if you get one huge company to adopt bitcoin that everyone uses everyone will pretty much be forced to find to find out what it is/ does
Edit:
Both are beneficial to bitcoin and I think we can agree that we are both bull on bitcoin, no argument here I want bitcoin to go up I could give a crap less if its a whale or 100,000 people first, either or is going to make it go up and that is what i want,
Or maybe we just have different views of importance, or greater benefit
You think that 100,000 people with 100 dollars will be important to bitcoin when I believe that 1 big whale with millions of dollars will bring more than that to it,
100,000 really crappy customers probably doesnt equate to 1 very very serious one, that is just how I view things,
I think that if a bigger adopter comes into play as holiday says the masses will follow
getting 100,000 people to learn bitcoin is kind of difficult when if you get one huge company to adopt bitcoin that everyone uses everyone will pretty much be forced to find to find out what it is/ does
Edit:
Both are beneficial to bitcoin and I think we can agree that we are both bull on bitcoin, no argument here I want bitcoin to go up I could give a crap less if its a whale or 100,000 people first, either or is going to make it go up and that is what i want,
I was talking about another big adoption, like wordpress
the right one could send this price to space
Edit:
Also who cares about the little fish, 1 serious player who can actually do something for bitcoin is what Im talking about, not someone whos going to buy and sell a couple coins, i mean some company that will take bitcoin on as a form of payment that will bring big money into the market
the right one could send this price to space
Edit:
Also who cares about the little fish, 1 serious player who can actually do something for bitcoin is what Im talking about, not someone whos going to buy and sell a couple coins, i mean some company that will take bitcoin on as a form of payment that will bring big money into the market
Now you're just trolling
Jump to: