Why Bitcoin if Doomed | Bitcointalksearch.org

xypos

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

Well, I dont understand why bitcoin has to be a currency used worldwide, or even in some country. It is just a first cryptocurrency that has been ever made, it does not mean that it is something which cannot be improved.
Who said that it is necessary for bitcoin to become a cryptocurrency which will be used in every single country at the world, as a main payment option. I dont think that this is even possible, because many reasons (market cap, as you have already said) for example, as far as we know only Japan government wants to adopt bitcoin, but other countries for now have not chosen.
Anyway, any country won't implement bitcoin as a currency because of one extremely important issue: they cannot control the emission of this crypto, and they basically cannot influence it in any way except through the market.

bravehearth0319

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Quote from: examplens on February 12, 2017, 01:46:05 PM

Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

Maybe you are right, $100,000 is the serious price per coin. But $2000 is possible this year, so this is 42 billion USD it already changing the opinion or is not?
Why not price rise in next two years on $4000

Agreed, if 100,000$ happen into bitcoin it will surely many of the bitcoin holder will become rich at once. But 2000$ this year was really achievable to be happen like what happened at the present time now the value price of bitcoin was 1315$ which is not bad and getting higher in progress.

coszy

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

Bitcoin will be an additional currency while users will actively perform transactions. The depreciation of the coin is not ruled out, but it is too early to think about it.

deisik

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

I guess many people have already said that Bitcoin in infinitely divisible and it "can be cut down to small pieces"

So there is no cap on how much one bitcoin can cost (1K or 1M dollars per coin), at least, theoretically. In practice, though, I also think that such prices are unlikely (I refer to 1M dollars, of course). But you still forget one important aspect which everyone here forgets to mention (I didn't read the whole thread but I bet that no one mentioned it). In short, you don't take into account money velocity, i.e. how often a given bitcoin changes hands within a certain period of time. Why is this important? The reason is quite simple, higher velocity effectively rises the number of coins in circulation. For example, if we have 20M bitcoins and one bitcoin changes hands once a year, then increasing velocity just two times (i.e. the same bitcoin would change hands twice a year) will have the same effect as if there were 40M bitcoins in circulation. Thereby, we can conclude that the number of coins as such is not a very meaningful measure itself if we are to consider events in progress as they are in real life

theunbeatable

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I could either watch it happen or be a part of it

You're missing a point that Bitcoin can be cut down to small pieces. Well of course I can't blame you to make assumptions like that because we are in this field where we really should think of the future of what we are working. You're point is what if all the losses ( every system has a loss ) became so big that Bitcoin will run out of supply. Well it is possible ( even the fort Knox is said to be running out of gold ) but it will happen if there's a bug that ruined almost all of bitcoins.

Well it can happen but we're not letting this to happen. Just work wise and hard don't over think and help this community grow even more.

RodeoX

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

I thought we got past this argument in 2011? 21 million coins is completely arbitrary. Any number, including 1, is enough bitcoin to supply the world. There is no bitcoin, just percentages of bitcoin. like a pie it can be cut ever smaller.

Gotottack

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Quote from: Sundark on March 28, 2017, 10:36:44 AM

Quote from: gizmohead on February 10, 2017, 04:08:50 AM

Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

1 BCT=100 million satoshi
21 million BCT= 2.1 quadtrillion satoshi
1 BCT=$1,000 per BCT
21 million BCT=$21 billion dollars
100 million satoshi=$1,000
2.1 quadtrillion satoshi=$21 billion dollars
You figure the rest.

This is the correct explanation.

I don't get it why people assume that number of 21 million of BTC is ultimate number of bitcoin users.
We don't need to own 1 whole bitcoin, not when 1 BTC is divisible to 8 decimal places.
If we wanted to we could recreate whole economy having only couple bitcoins left.

I agree, if there would be a time that there would be more than 21 million users then they could share more that 21 bitcoins as it is totally divisible. The problem here is that the prices when that time comes would be exorbitant and the fees would be extremely impractically especially if you only use up a few satoshi per transaction. This should be resolved.

Sundark

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Quote from: gizmohead on February 10, 2017, 04:08:50 AM

Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

1 BCT=100 million satoshi
21 million BCT= 2.1 quadtrillion satoshi
1 BCT=$1,000 per BCT
21 million BCT=$21 billion dollars
100 million satoshi=$1,000
2.1 quadtrillion satoshi=$21 billion dollars
You figure the rest.

This is the correct explanation.

I don't get it why people assume that number of 21 million of BTC is ultimate number of bitcoin users.
We don't need to own 1 whole bitcoin, not when 1 BTC is divisible to 8 decimal places.
If we wanted to we could recreate whole economy having only couple bitcoins left.

cellard

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Quote from: davis196 on February 10, 2017, 01:55:21 AM

Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

Bitcoin will never be a mainstream worlwide currency.The governments and central banks won`t allow it.
Why do you think that the "low cap" is a problem?I don`t care about the btc price.
It`s not about the price,it`s about the unique transaction system and the unique concept.

Indeed, and the good thing is, we dont need bitcoin to reach mainstream status. if Bitcoin becomes a trusted gold alternative, we can reach $100,000 easily. But BUcoiners are too stupid to realize this so they would rather turn bitcoin into paypal if they need to.

Xester

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Quote from: Harlot on March 28, 2017, 09:39:58 AM

No Bitcoin is not doomed because of its Market Capacity. It is even good for Bitcoin to have a limited number of coins in circulation the more limited the supply the higher the demand and price it will get. Also why are you worrying about all the 21,000,000 Bitcoin? There is still a lot left un-mined and it is most likely that it can still be mined for many years because of the halving process it takes frequently.

That is very true that when the supply is lower or lesser than the demand then the price could actually go higher. In the case of bitcoin it will take more long years to reach a 100,000 dollar value per coin and it could only happen if bitcoin is well distributed all around the globe and has reached a million or billions of user across the globe. Hope it reach that value very fast.

Harlot

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No Bitcoin is not doomed because of its Market Capacity. It is even good for Bitcoin to have a limited number of coins in circulation the more limited the supply the higher the demand and price it will get. Also why are you worrying about all the 21,000,000 Bitcoin? There is still a lot left un-mined and it is most likely that it can still be mined for many years because of the halving process it takes frequently.

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Quote from: pooya87 on February 13, 2017, 01:05:13 AM

Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

your logic is so funny!

price only changes based on adoption in other words demand. and the current demand is around the $1000 price and more.
being a currency has nothing to do with the price, you can still use bitcoin even if its price is 1 cent just like that guy who used 10000BTC to buy a pizza.
the more people use bitcoin, they increase this demand and increase the price over time.

Exactly. Just a simple supply and demand dictates the market price of bitcoin. That is why it is so important for bitcoin to be mass adopted globally, so meaning more is demanding about bitcoin, the higher the price of bitcoin will be. Yes, $100,000 per coin maybe beyond possibility, we don't need that kind of market price, what we need is just around $2000 from the current price to really see the value of bitcoin. Investors, common users, merchants etc will reap the benefits once we got to $2000.

pinkpanther03

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Quote from: DocGTR on February 12, 2017, 12:57:51 PM

Quote from: ?? on ??

If you can't see a future for bitcoin as of now then you are just wasting your time here. Bitcoin is still young to consider to make it to the top and as high as $100,000 per coin. And it's already an achievement to see bitcoin on $1,000. $21 billion market cap is not a joke and those investors sees future in bitcoin so they did invested.

Yes you are right. Values Bitcoin is becoming more and more every day. I am sure that this coin is just beginning to exist and has a great future

Indeed, before bitcoin became 1000$ almost it takes 8 years try to calculate how many years will it take before it will become 100,000$ of each bitcoin. But, still this will depend in the community of bitcoin industry in the entire world. And if there's nothing happen in the development of bitcoin, like what he/she said anyone are free to live this bitcoin industry.

pooya87

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

your logic is so funny!

price only changes based on adoption in other words demand. and the current demand is around the $1000 price and more.
being a currency has nothing to do with the price, you can still use bitcoin even if its price is 1 cent just like that guy who used 10000BTC to buy a pizza.
the more people use bitcoin, they increase this demand and increase the price over time.

HabBear

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

Thoughts on what exactly?

You don't offer any thoughts of your own as to:

Why a currency cannot exist if the market cap is low?
Why a currency cannot exist if the market cap is irreversible?
Why you don't see a future in BTC?
Why must BTC rise to $100,000 per coin to have a future?
Why the price of BTC rising to $100,000 per coin is unlikely?

My thoughts?

A currency can exist with a low market cap as long as people decide to use it for exchange of value
If the currency can't lose value, can't realize inflation, the market cap can't be reduced
I see a big future in bitcoin and the blockchain technology that supports it
Bitcoin doesn't have to rise to $100,000 per coin to have a future; But if it did, the exchangeable division of bitcoin could support a price of $100,000,000 per coin as 1 satoshi is 1 hundred millionth of a bitcoin
The price of BTC rising to $100,000 per coin is a as likely as bitcoin disappearing form relevance - no one knows for sure

Any other "brilliance" to discuss?

zidanw

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1xbit.com

Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

you are too succinct to declare bitcoin has no future,What you describe is also wrong as there were only 21 million bitcoin if you already you know bitcoin certainly know what that means miner, you can earn bitcoin by solving a difficult algorithm and the maximum number of bitcoin will continue to grow as the number of bitcoin miners

BillyBobZorton

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

The unit of bitcoin is infinitely divisible, we will never run out of supply, the more people hoarding bitcoin, the higher the price will go, and the smaller we can make the units if btcs keep getting lost. Your issue is not a problem so stop worrying about that stupid shit.

error08

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

It won't change, you can't exclude 5% from 21 Million, in the end of mining process, there will be still 21 Million bitcoin even though some had lost. Maybe $1000 is not enough for bitcoin and market cap, but we know the price will increase and worth more than $5000, some people speculate it will reach $25,000 US dollar, no one knows for sure but bitcoin doing so well for now, people still interested to advantages of bitcoin, it's inevitable.

ArdiPrabowo

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Quote from: RodeoX on February 10, 2017, 01:34:13 PM

Hello 2011. Cheesy

youre write about 2011 , bitcoin price still in one dollar
you want bitcoin price down until reach 1 dollar, i think much people not want bitcoin crash and down

Viviyang

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Quote from: want0sell on February 10, 2017, 01:33:55 AM

There are a max of 21 million bitcoins. lets assume 5% of those are lost to forgotten addresses or other accidents. We now have 20 million coins. At a price of $1,000 per coin, that is 21 billion USD as a market cap. You cannot have a currency with such a low, irreversible cap. I do not see a future for BTC unless it rises to $100,000 per coin, which is unlikely
Thoughts?

That is the main problem of bitcoin as it is online currency and the fiat currency will be their always as both are different and both have their own values.

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