Why Bitcoin if Doomed - page 2. | Bitcointalksearch.org

Hydrogen

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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?

In january 2017, consumer spending in the united states for the year topped out at $11,640,000,000,000.

If there are 20 million bitcoins, 1 btc would need to be worth $582,000 & all btc would need to be spent in a 12 month period to match that.

If each bitcoin was worth $58,200 and each btc was spent 10 times in 12 months, that might get spending numbers near to that amount.

Or if each btc was worth $5,820 and each btc was spent 100 times in 12 months, that might work too.

Volume and exchange rates could factor into it to some degree.

Yakamoto

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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 could have sworn that I saw something like this a month ago, with the exact same wording.

The cap means it will never grow in numerical size, and your investment will never lose value due to inflation once everything has been mined. A larger cap would not help either.

Bitcoin is likely not supposed to be a spending currency, and likely it was meant to be a way to secure and maintain wealth, considering it was distributed after 2008, after an event which lost a large amount of people their money.

Having a bigger cap will not make the market cap go up. Bitcoin would likely be valued at a similar market cap with or without larger BTC caps.

This is an irrelevant argument and pretty useless for discussion imo.

Pattberry

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Quote from: Cashew on February 12, 2017, 02:57:22 PM

We can easily in theory go to at least a 500 billion $ marketcap as Apple has a 600 billion $ one and their just a company while Bitcoin will become the major payment system on the Internet.

You really cannot compare it with consumer products .Bitcoin is a currency and it is literally in its infancy ,even if you look at the history it took a really long time to change from barter system to currency and it will take some time to change the concept of fiat currency to digital currency and if more people are willing to use bitcoin as a form of digital currency then the price will increase exponentially.

Cashew

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We can easily in theory go to at least a 500 billion $ marketcap as Apple has a 600 billion $ one and their just a company while Bitcoin will become the major payment system on the Internet.

examplens

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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?

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

DocGTR

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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

Mometaskers

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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 one of the first few things I heard people talk about bitcoin. It can be divided into really small units that even with the price increasing people would still be able to use it, they just use ever smaller amounts of it. I see this most often with signature campaigns. Whenever there's a price hike then they just start paying less bits.

Quote from: adzino on February 10, 2017, 01:48:44 PM

Quote from: alphaxgod on February 10, 2017, 08:16:27 AM

i dont think that it will be doomed since the goverments and most banks wont allow it !

That is just another clear reason why bitcoin might be doomed. If government on every country starts to put a mass ban on bitcoin, the future of bitcoin i guess is totally over.

Well just a few days ago the central bank in my country released a statement that they recognize bitcoin as a legal mode of payment. Mind you this is still a rather underdeveloped country that relies on remittances from abroad. Other countries with similar circumstances could follow suit and should that happen then it'll probably become harder to get bitcoin completely banned globally.

darkangel11

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Don't let others control your BTC -> self custody

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

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

Before bitcoin was invented it was thought that you can't have an independent currency, one that's not issued by a country.
I see a bright future for BTC, and it doesn't have to reach $100k to be recognizable and function as a currency. It will never be something like USD or Euro, because it can't be printed and devalued. It's a completely different thing from fiat.

DevelopFI

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This is the exact reason most of the community is involved in crypto. The hard limit means price of BTC will go to the moon as it gets more and more used by the public. And we always have smaller units like satoshi for ease of use.

adzino

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Quote from: alphaxgod on February 10, 2017, 08:16:27 AM

i dont think that it will be doomed since the goverments and most banks wont allow it !

That is just another clear reason why bitcoin might be doomed. If government on every country starts to put a mass ban on bitcoin, the future of bitcoin i guess is totally over.

RodeoX

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The revolution will be monetized!

Hello 2011. Cheesy

xSkylarx

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Well I don't know but for me it doesn't really seems to be doomed,
First of bitcoin was created for the anonymity of it's user and also to stop the 3rd party payment like what Paypal do,
And the price that keeps on changing is also a good sign that there are a lot of people that are using it and adopting to it.

U2

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I used to be indecisive, but now I'm not sure...

Thoughts? What the fuck are you talking about!? If people lose their bitcoins yours are now worth more. Good for you, bad for them. The 20million or 21million is a number that will never change so in the future when bitcoin prices have levelled out then you can expect them to hold value rather than the value decreasing every single year. Google inflation.

Idrisu

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Bitcoin as a cryptocurrencies has it owned limitations and also advancement. The bitcoin market cap grow was shorting by ignorant promoter and scammers sites. We hope bitcoin should grow to the level were it will be accepted worldwide.if bitcoin's price get to $100000, good for bitcoinist pioneers but it will be difficult to get it and the elites will dominate it and if that happened, the nature of bitcoin as a decentralized currency will be undermined.

Erza

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Quote from: Xester on February 10, 2017, 04:31:07 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?

That is a fine idea, the only way to make bitcoins unstoppable is to raise its value up to $100,000 dollars. With only $1000 at its current price there is a tendency that it will be affected by huge deflation but if it reach that high in value such deflation will not cause panic to bitcoin investors. The only way to strengthen bitcoin is to promote it more so we can reach a higher demand that can match up to that value.

What do you mean by promoting it? I think many people already promote bitcoin everywhere and the fastest way is by gambling though. Because this affect your whole of bitcoin from transaction, being anonymous and make a new address. From the start till end you already got it just from gambling though. So what is bitcoin missing again? Good promoting with some payout is been done years ago and until now too

hase0278

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Even if banks and government are gonna try to stop bitcoin it is useless since it's price is determined by the whole world not them. Even if bitcoin were not to rise because I too don't see it as one that will really be used as a mainstream currency but rather as a method to pay someone online in the future, it will have such good prices even if the total supply of bitcoin in the future is only 20,000,000 BTC.

Vaccinus

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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 can't see how there is a connection between the two things you mentioned, marketcap will grow when there will be more adoption, now bitcoin is not in the currency phase, it's in the speculation phase, when the former will be a reality you will have a greater marketcap that will allow bitcoin to be used as a currency

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

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.

i think they can't stop it, because the bitcoin value is determinated by many country not a single one

alphaxgod

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i dont think that it will be doomed since the goverments and most banks wont allow it !

dawnasor

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🌟-=BitCAD=-🌟 New_Business_Era

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.

Thats I want to say.They create Bitcoin for decentralization even a Bitcoin price is will up or down this is the sign that Bitcoin is popular and alive.

Pettuh4

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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 is definitely not going to be $1,000 per coin forever and so we hope it will keep pumping up as and when we need it to and so it will increase the market cap correspondingly.

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