Why do people think one Bitcoin will be worth $1000 (or more) - page 4.

Peter Lambert

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

Quote from: Radacoin on March 07, 2013, 05:35:14 AM

Let me correct this for you:

Quote from: Frequency on March 07, 2013, 05:26:02 AM

Btc has value because it ~~fulfills~~ could fulfill needs ...like transfer big amounts off money across the world almost instantly in a private way...

It's just - no ones does it. Hence: Zero value.

Just because you don't know about it does not mean it is not happening. (Sorry for all the negatives, that is just how the thought goes) The nature of bitcoin is such that you simply cannot see what it is being used for, and unless somebody comes forward with examples you will never know how much money is being transferred around the world using bitcoins. If you look closely through the forum you will see examples of people moving large sums of money around the world, like I said, Just because you don't know about it does not mean it is not happening.

Quote from: johnyj on March 07, 2013, 12:06:47 PM

I agree, if bitcoin will be used to buy booze and hookers, then its price won't rise about $1000 Grin

I had offered in the past to sell homebrewed mead for bitcoins, and at some point I want to build myself a still to make harder stuff (although I have been told my mead is pretty stiff). Let me know if you are interested.

johnyj

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Beyond Imagination

Quote from: Radacoin on March 07, 2013, 11:51:18 AM

Quote from: johnyj on March 07, 2013, 11:46:10 AM

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

I agree, if bitcoin will only be used to buy booze and hookers, then its price won't rise above $1000 Grin

Puppet

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Quote from: Radacoin on March 07, 2013, 11:51:18 AM

Quote from: johnyj on March 07, 2013, 11:46:10 AM

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

you cant do any of the above with paypal either, and so all we do is transfer from your paypal account to your bank and vice versa. Does that mean paypal is pointless and worthless?

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: Radacoin on March 07, 2013, 11:51:18 AM

Quote from: johnyj on March 07, 2013, 11:46:10 AM

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

*plonk*

Radacoin

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Quote from: johnyj on March 07, 2013, 11:46:10 AM

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

johnyj

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Beyond Imagination

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

But on the other hand no one measures the value of a 100 Dollar note with the paper and the ink that it's composed of. A 100 Dollar note has it's "value" because it's accepted everywhere and I can get "stuff" for it.

That is the real question here: Why do people exchange their stuffs for a 100 Dollar note, which is just some numbers added by FED at will without doing anything? How long do you think this game is going to last?

Come-from-Beyond

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Newbie

Quote from: codro on March 07, 2013, 10:59:21 AM

Quote from: ?? on ??

Why do people assign value to things? Because of the properties of those things.

What are Bitcoin's properties?

-highly divisible
-finite

Note that just from a technical point of view, in the protocol, Bitcoin amounts are expressed as an integer number of satoshis.

Should there be a need to add extra digits of "precision" in the future this would essentially be the same as multiplying the monetary supply by 10 for each extra digit of precision. One could argue against the "finite" argument in this case.

Reality even worse. I believe bitcoiners won't come to a consensus if and how many digits should be added.

codro

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Quote from: ?? on ??

Why do people assign value to things? Because of the properties of those things.

What are Bitcoin's properties?

-highly divisible
-finite

Note that just from a technical point of view, in the protocol, Bitcoin amounts are expressed as an integer number of satoshis.

Should there be a need to add extra digits of "precision" in the future this would essentially be the same as multiplying the monetary supply by 10 for each extra digit of precision. One could argue against the "finite" argument in this case.

Come-from-Beyond

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Newbie

Quote from: Radacoin on March 07, 2013, 09:48:01 AM

Quote from: ?? on ??

Who controls the addresses involved in this transaction? http://blockchain.info/tx/26e5b4458b03929da89679fb0d05f286e87c73e3da52f7e0490c1bd4440ede0c

Who controls the address: 1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb ? Might it be him https://bitcointalksearch.org/user/kano-36044 ?

Or 1MagedVeZqDtU4Jh5BdgvHpcWk9dXFzZY8 ? Might it be https://bitcointalksearch.org/user/maged-6347 ?

Grin

ROFL

Radacoin

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Quote from: ?? on ??

Who controls the addresses involved in this transaction? http://blockchain.info/tx/26e5b4458b03929da89679fb0d05f286e87c73e3da52f7e0490c1bd4440ede0c

Who controls the address: 1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb ? Might it be him https://bitcointalksearch.org/user/kano-36044 ?

Or 1MagedVeZqDtU4Jh5BdgvHpcWk9dXFzZY8 ? Might it be https://bitcointalksearch.org/user/maged-6347 ?

Or a user named hugolp with this signature "Tips: 1Q4pxzZHnXCfVpWig6Q6YgpdN7AkpPNRjA". Might it be that hugolp controls 1Q4pxzZHnXCfVpWig6Q6YgpdN7AkpPNRjA ?

Grin

Come-from-Beyond

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Newbie

Quote from: ?? on ??

Who controls the addresses involved in this transaction? http://blockchain.info/tx/26e5b4458b03929da89679fb0d05f286e87c73e3da52f7e0490c1bd4440ede0c

http://eprint.iacr.org/2012/596.pdf

It's conclusion:

Quote from: ?? on ??

Next time I won't bother clicking show/hide.

I posted for newbies. Click [hide] and lock it.

Come-from-Beyond

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Newbie

Quote from: ?? on ??

Why do people assign value to things? Because of the properties of those things.

What are Bitcoin's properties?

-highly divisible
-finite
-recognizable
-impossible to counterfeit
-fungible
-easily transferable (send and receive)
-easily and inexpensively secured and stored
-easily accessible, 24/7 (requires internet)
-can not be seized
-~~pseudonymous~~
-worldwide
-low fees (if any at all)
-distributed and decentralized (no central control, I don't need to ask permission to send coins, no central point of failure)
-irreversible (this is a pro for responsible users)
-voluntary (no one is forcing me to use Bitcoin, for anything, including payment of debt)
-apolitical (x country's choices won't affect Bitcoin except through free market forces)

Decide if any of those properties are valuable to you. Decide if having one thing with this particular combination of properties is valuable to you. Act accordingly. In the process keep in mind one additional property, experimental.

Or, you could just troll...

Fixed. For newbies who will see ur post in the future...

imanikin

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New trolls and astroturfers, (might be same people under different usernames) such as the OP keep arriving with the same worn-out, debated, and redebated arguments, and you regulars keep wasting NEW time from your lives rehashing the same crap with them... Cheesy

Pathetic! Let Bitcoin, and other virtual currencies speak for themselves!

Bitcoinpro

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you know fairtales dont come true not when it comes to you
i found a new thing call bitcoin im cool with laying high its
thursday night and im feeling rich im feeling good for the
first time and you can bets thats bitcoin and i wave goodbye
when you say hello woohooo im sick of these sleepless never
ending nights i dont care whos wrong or rich Cheesy

im sick of the
rumours and the alabyes bbbiiittcooiinn biitttccooiinn

mobodick

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Quote from: nobbynobbynoob on March 07, 2013, 08:11:32 AM

Quote from: Radacoin on March 07, 2013, 08:01:09 AM

Quote from: mobodick on March 07, 2013, 07:57:36 AM

So what, exactly, is not "real life" about the fact that i can buy 43 dollar for one bitcoin right now?

I maybe can. Maybe 10 more people can too. But not 100, 1000 or 10000. Bitcoin is a niche market and it would collapse - or explode - if too many people trade.

This line of reasoning made perfect sense in 2011, and indeed the "collapse" scenario kind of played out, with the exchange rate falling by about 92%.

It makes far less sense today: if you dump, let's say BTC10k on Mt Gox it won't have a major effect on the exchange price. In 2011, however...

The thing is that back then there was a bubble IN the bitcoin economy and bitcoin survived and climed back up completely in non-bubble style.
The OP suggests that bitcoin ITSELF is a bubble, which i dont think is true and the OP has brougt no arguments for at all.

Technomage

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Affordable Physical Bitcoins - Denarium.com

Quote from: Radacoin on March 07, 2013, 07:52:18 AM

I know lots of newbies that think Bitcoin is 100% anonymous and have no idea about the Blockchain, 51% attacks, etc.

Your average Joe on eBay buying "1 BTC" understands as much about cryptocurrencies as your average Joe buying one "Silver Eagle" knows about mining and metallurgy. He buys silver because it's the thing to have in times like these.

As for dividing Bitcoins:
People don't think in Cent, or mCent - they think in Dollar.
People don't think in mBTC or µBTC - they think in BTC.

Even the dollar can be divided to smaller pieces, so most regular Joes do understand that. On your point in general, I do agree though.

However, it isn't necessarily true that people will always think primarily in terms of BTC. It's certain that people don't want to think about decimals, they don't want to pay 0.0058 for a product. This is why Bitcoin will most certainly move, and people's thinking as well, towards using mBTC. This is destined to happen if the value of BTC grows.

It takes time to get used to the whole idea. There has never been a "gold-like" commodity that is convenient to divide to smaller pieces, convenient and cheap to transfer internationally, etc. Bitcoin is something totally new, and it takes years for people to really understand it.

nobbynobbynoob

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Annuit cœptis humanae libertas

Quote from: Radacoin on March 07, 2013, 08:01:09 AM

Quote from: mobodick on March 07, 2013, 07:57:36 AM

So what, exactly, is not "real life" about the fact that i can buy 43 dollar for one bitcoin right now?

I maybe can. Maybe 10 more people can too. But not 100, 1000 or 10000. Bitcoin is a niche market and it would collapse - or explode - if too many people trade.

This line of reasoning made perfect sense in 2011, and indeed the "collapse" scenario kind of played out, with the exchange rate falling by about 92%.

It makes far less sense today: if you dump, let's say BTC10k on Mt Gox it won't have a major effect on the exchange price. In 2011, however...

mobodick

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Quote from: Radacoin on March 07, 2013, 08:01:09 AM

Quote from: mobodick on March 07, 2013, 07:57:36 AM

So what, exactly, is not "real life" about the fact that i can buy 43 dollar for one bitcoin right now?

I maybe can. Maybe 10 more people can too. But not 100, 1000 or 10000. Bitcoin is a niche market and it would collapse - or explode - if too many people trade.

Now you're just trying to hide.

Since i can sell a bitcoin for 43 dollar right now it means that a bitcoin has a value for me of 43 dollars.
There is nothing you can say to make that go away.

mobodick

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Quote from: Radacoin on March 07, 2013, 07:52:18 AM

Quote from: Technomage on March 07, 2013, 07:39:54 AM

It's a rare newbie that doesn't understand that bitcoins can be divided to smaller pieces. It also has a positive effect on the value of bitcoins (that they can be divided sufficiently), so it's a very strange thought indeed.

I know lots of newbies that think Bitcoin is 100% anonymous and have no idea about the Blockchain, 51% attacks, etc.

Your average Joe on eBay buying "1 BTC" understands as much about cryptocurrencies as your average Joe buying one "Silver Eagle" knows about mining and metallurgy. He buys silver because it's the thing to have in times like these.

As for dividing Bitcoins:
People don't think in Cent, or mCent - they think in Dollar.
People don't think in mBTC or µBTC - they think in BTC.

You're making the erroneous assumption that people think at all..

Radacoin

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Quote from: mobodick on March 07, 2013, 07:57:36 AM

So what, exactly, is not "real life" about the fact that i can buy 43 dollar for one bitcoin right now?

I maybe can. Maybe 10 more people can too. But not 100, 1000 or 10000. Bitcoin is a niche market and it would collapse - or explode - if too many people trade.

Topic: Why do people think one Bitcoin will be worth $1000 (or more) - page 4. (Read 15384 times)