Why do people think one Bitcoin will be worth $1000 (or more)

johnyj

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Quote from: mestar on April 14, 2013, 02:05:39 PM

Quote from: Luckybit on April 14, 2013, 01:56:53 PM

Bitcoin is worth at least $1000 a coin right now

If you can make that claim, then you can easily answer this question:

Where is the daily $3.6 million coming from?

It's from a tiny leaked part of those daily $2.8 billion USD that FED is printing now Grin

mestar

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Quote from: Luckybit on April 14, 2013, 01:56:53 PM

Bitcoin is worth at least $1000 a coin right now

If you can make that claim, then you can easily answer this question:

Where is the daily $3.6 million coming from?

Snowfire

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Bitcoin IOUs already exist, as does a small market for them. You can go on Ripple and create and trade them yourself; so that is happening more quickly than many here realize.

Luckybit

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Quote from: Come-from-Beyond on March 07, 2013, 05:12:49 AM

Quote from: Radacoin on March 07, 2013, 04:41:04 AM

I think many people (newbies) think the value of Bitcoins can only go up is because they know there will never be more than 21 Millions Bitcoins on this planet.

You r right. But 95% users of this forum own bitcoins and hope to make a fortune spreading this delusion. They don't have strong arguments to support the delusion so they just troll people like u, giving useless advice to use search button or think outside the box. If u really want to discuss the value of Bitcoin u should find some other forum. Here u'll be just trolled to death.

There are strong arguments. The fact that more and more places are accepting Bitcoins than ever. The Bitcoin ATM machines that are coming. The ASIC mining hardware that is coming. The future of Bitcoins gets brighter and brighter with every news cycle. The only weakness of Bitcoin right now is the infrastructure.

Bitcoin is worth at least $1000 a coin right now and was rising to that level before the mtGox incident. It's worth between $1000-5000 right now, if the infrastructure can hold it. There are some things which need to be implemented, there needs to be more job boards which pay in Bitcoins, more businesses which pay in Bitcoin and more ways for people to learn Bitcoin selling products or services. That is happening but slowly and I think we are about 6 months away to a year away before everything is in place.

Right now we have to fix mtGox and the exchanges. When MtGox is fixed and the exchanges are decentralized then the value will shoot up to $1000-5000.

darkmule

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Threads like this are convincing me, almost against my will, that maybe there should actually be a longer timeout in the noob cage than there already is.

gradient vector

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Quote from: yocko06 on April 13, 2013, 09:46:04 AM

This doesn't even need to be discussed. these new comers who don't know a thing about bitcoin yet are repeating the same stupid things like bitcoin doesn't have any real value. try researching the use of bitcoin and you will find it has a huge vale. all that needs to be said is it will make money modern. The tech that bitcoin is made up of is ground breaking and has alot more applications than just money aswell. they are just unseen by everyone at this point.

+1

Peter Lambert

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It's all fun and games until somebody loses an eye

Quote from: qbits on April 13, 2013, 03:10:11 PM

Quote from: MonkeyBear68 on April 13, 2013, 05:44:55 AM

$1000/BTC is not unreasonable once it gains wider acceptance.

I'm not sure about that unless eventually difficulty is so high one needs to spend close to $1000 on electricity to mine one BTC. Currently mining 1 BTC on GPU costs about $40-$50 on ASIC about $4-$5.

As more people get into mining bitcoins the difficulty will go up. As more ASICs are introduced to the network, the difficulty will go up. In just a few years the block reward will drop in half again. If the price of bitcoins goes up, then more people join in mining and the difficulty goes up, so if a bitcoin costs $1000 then the cost to mine a bitcoin will trend toward $1000.

johnyj

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A very deep learning curve make sure that everyone always have something to learn (and become attracted more) Grin

qbits

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Quote from: MonkeyBear68 on April 13, 2013, 05:44:55 AM

$1000/BTC is not unreasonable once it gains wider acceptance.

I'm not sure about that unless eventually difficulty is so high one needs to spend close to $1000 on electricity to mine one BTC. Currently mining 1 BTC on GPU costs about $40-$50 on ASIC about $4-$5.

Quote from: MonkeyBear68 on April 13, 2013, 05:44:55 AM

Bitcoin is a very easy and cheap way to send money across the internet. The more businesses that accept it, and the more people that use it, the higher the value of a single BTC will need to be in order to serve the market. $1000/BTC is not unreasonable once it gains wider acceptance.

I am down about $120,000 from last weekend and I still believe in bitcoin as a very easy and cheap way to send money across the internet. The price of a single BTC is still more than what it was on April 1. The value simply went up too quickly and caused a temporary bubble. MtGox going down so much did not help.

Because bitcoin is a virtual commodity that acts as the medium for transfer, and goods are priced in dollars, it is crucial that we have stable reliable bitcoin exchanges!!! The bitcoin protocol itself is robust, the exchanges need work!

I agree 100%!!!!

yocko06

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This doesn't even need to be discussed. these new comers who don't know a thing about bitcoin yet are repeating the same stupid things like bitcoin doesn't have any real value. try researching the use of bitcoin and you will find it has a huge vale. all that needs to be said is it will make money modern. The tech that bitcoin is made up of is ground breaking and has alot more applications than just money aswell. they are just unseen by everyone at this point.

John Self

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We were recently in the 'new paradigm' stage of that bitcoin bubble chart that everyone keeps posting.

MonkeyBear68

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Bitcoin is a very easy and cheap way to send money across the internet. The more businesses that accept it, and the more people that use it, the higher the value of a single BTC will need to be in order to serve the market. $1000/BTC is not unreasonable once it gains wider acceptance.

I am down about $120,000 from last weekend and I still believe in bitcoin as a very easy and cheap way to send money across the internet. The price of a single BTC is still more than what it was on April 1. The value simply went up too quickly and caused a temporary bubble. MtGox going down so much did not help.

Because bitcoin is a virtual commodity that acts as the medium for transfer, and goods are priced in dollars, it is crucial that we have stable reliable bitcoin exchanges!!! The bitcoin protocol itself is robust, the exchanges need work!

zakoliverz

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Go ahead and buy a few, but treat it as riskier than the stock market, so don't make it a BIG investment. Maybe 5-100 dollars, tops, unless you think you're rich enough to invest, have enough money to stabalize the market in a pinch, and still have enough other assets to keep going.

TimJBenham

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Quote from: Wekkel on April 08, 2013, 06:04:26 AM

Quote from: TimJBenham on March 18, 2013, 10:10:00 AM

Quote from: ?? on ??

People not familiar with Bitcoin don't see a difference. They say that anyone can start a new type of coin tomorrow. When you try to explain how it is difficult to gain traction for a new type of coin they just look at you funny.

I'm sure that if you're the US or the EU you could create a new coin and give it enormous traction. I expect that is coming: StateCoin. StateCoin will have many advantages. It wont be anonymous, so criminals wont be able to use it to do bad things to children. Even better, StateCoin will support remote confiscation, so the financial police will be able to get your money back if it is stolen.

Would you have faith in a Bitcoin that could be confiscated by a bureaucrat because it is labelled 'stolen'.

No, but the sheeple seem perfectly happy with Paypal. Paypal can take money back whenever it wants, basically. The sheeple demand someone give their money back when they fail to secure their bank accounts. They seem happy to accept slow, reversible bank transfers as the price for this. The sheeple want to be able to change their minds, so they love paying by credit card and don't seem to mind having the cost of this built into the price.

simonk83

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Quote from: Come-from-Beyond on March 07, 2013, 05:12:49 AM

Quote from: Radacoin on March 07, 2013, 04:41:04 AM

I think many people (newbies) think the value of Bitcoins can only go up is because they know there will never be more than 21 Millions Bitcoins on this planet.

You r right. But 95% users of this forum own bitcoins and hope to make a fortune spreading this delusion. They don't have strong arguments to support the delusion

Says the guy pushing Bytecoin at every turn Roll Eyes

Wekkel

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yes

Quote from: TimJBenham on March 18, 2013, 10:10:00 AM

Quote from: ?? on ??

People not familiar with Bitcoin don't see a difference. They say that anyone can start a new type of coin tomorrow. When you try to explain how it is difficult to gain traction for a new type of coin they just look at you funny.

I'm sure that if you're the US or the EU you could create a new coin and give it enormous traction. I expect that is coming: StateCoin. StateCoin will have many advantages. It wont be anonymous, so criminals wont be able to use it to do bad things to children. Even better, StateCoin will support remote confiscation, so the financial police will be able to get your money back if it is stolen.

Would you have faith in a Bitcoin that could be confiscated by a bureaucrat because it is labelled 'stolen'. Until recently, even bank accounts were deemed sacred (tax authorities need to attach a bank account; simple confisquation not allowed).

However, a decent State coin would certainly not be without merits. The State might as well just adopt Bitcoin once it has matured.

Zaih

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I really hope Bitcoins will soon be accepted as a median of exchange. I don't see why not either. We're growing so fast atm, it's becoming a more and more feasible idea to accept Bitcoins.

At this rate I wouldn't be surprised if Bitcoin became more accepted than Paypal!

Operatr

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Well, the Bitcoin market cap is about $1.5 Billion, a lot of money composed of several other currencies, a drop in the bucket of the total world's currency. As Bitcoin only grows as other fiats are converted into Bitcoin, slowly eating up these meatworld money systems. What is the price of a Bitcoin when it's market cap is $1.5 Trillion someday? Probably a lot more than what it is now. Those early to the party may walk away very wealthy people in our freshly minted brand new economy free of bankster scams and government lies.

Wekkel

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yes

This is going to end well above $1,000.

onealfa

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Non typical weekend :

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