Topic: will the bitcoin reach $1000 one day...? - page 103. (Read 112647 times)

If it is not overtaken by another cryptocurrency: most definitely!

Are you mad? 

It's not possible.

I don't think it is possible. I'm waiting for $200 again.

yes

Right now the primary way of obtaining bitcoin is trading for fiat currency. The difference between your Euro example is at some point people started receiving their salaries in EUR, while this will not happen in the foreseeable future with BTC, even if adoption increases as those of us bullish on BTC think it will. Companies will start offering employees the option of being paid in BTC only after their revenues are coming in in BTC in meaningful numbers. BUT, and this is a very important point, the current size of the bitcoin economy cannot support a meaningful amount of purchasing power; $1.something billion with the majority of that being held does not go very many ways in a multi-trillion dollar economy; so in order for this reality to happen, the price of BTC would have to be exponentially higher than it is now.

Very true - but unfortunately it (the adoption of the euro) was the only near-ish example I could think of in real life which I can equate to. Even though it was 10 years back, I can remember it well when I got my first pay check in euros. With the euro being 1.27x times the old Irish punt, it "seemed" like I got a payrise, when in reality I was getting exactly the same "money" as before. I didn't mean to suggest that the adoption of BTC would be the same, only that it would be similar from a psychological view point. i.e. How many goats can I buy with 1x BTC is all that matters verses USD or Euro or magic beans.

Yeah, I'd also agree with that summation that for it to replace fiat it would need to be "backed up" with a heck of a lot more than the 1xbillion USD that it's currently got - but remember, some 12 months ago it was down in the 80-100 Million so it's not impossible - just unlikely.

Me? Like everyone, I'm hoping my paltry few BTC's will explode and that I can pay off some of my mortgage in fiat :-) Well, we can all dream can't we?

Slightly off topic: I remember reading a SCI-FI book "Red Mars" some years ago where the author had a great description of the value of money on Mars. Must have a look for that again.....

Yeah, my logic is flawed in a multiple of ways but mainly a large majority of BTC is being bought in the USA for a number of reasons so the price hovering around that nice $100 is because of this in my mind:
1) gambling- BTC offers ways around the heavy anti-gambling laws of the US
2) drugs- Many drugs are illegal in the US whereas in other countries they are legal or not so wanted/used.

IMO, without the above 2 things offered, bitcoins would probably still be under $20 per coin because these two things are the major advantage of bitcoins and other cryptos compared to fiat for the everyday user. Why gamble offshores with all the sending / receiving fees when you can simply use bitcoin? Why have to find a local dealer when you can have drugs delivered to a simple P.O. box. Yes there are other uses for bitcoins and hopefully it will involve more legal activities in the future but right now those are the two main driving forces of bitcoin besides mining more of them of course, determining the price. There are many flaws in my opinion here, I know.

Just fyi, I am not new to BTC, I have a main account on here but I am creating a sports Propbook, thus the purpose of this account. I do not promote or use drugs I am simply stating they are a major advantage compared to fiat. Obviously many people like bitcoins because they believe they will be the transacting way for buying/selling things legally in the future instead of / or in combination with fiat.

Right now the primary way of obtaining bitcoin is trading for fiat currency. The difference between your Euro example is at some point people started receiving their salaries in EUR, while this will not happen in the foreseeable future with BTC, even if adoption increases as those of us bullish on BTC think it will. Companies will start offering employees the option of being paid in BTC only after their revenues are coming in in BTC in meaningful numbers. BUT, and this is a very important point, the current size of the bitcoin economy cannot support a meaningful amount of purchasing power; $1.something billion with the majority of that being held does not go very many ways in a multi-trillion dollar economy; so in order for this reality to happen, the price of BTC would have to be exponentially higher than it is now.

As mentioned, I'm no economist either but I'm curious as to why you think it will hover around the 100 mark. Sure it's a nice round number, and I get where you might be coming from with
converting back to fiat, but for us here in Europe (some **350 million people** of us using euros!!), it's equivalent is about 77 euros currently. Not exactly a nice round figure that we can equate to.
It's a global currency, as more and more people adopt, the relating back to older fiats becomes meaningless. It's what you can get with a bit coin which is the important thing not what it's worth in USD or euros or magic beans.

No, the price is driven by supply and demand (and greed). If people pretty much **KNEW** they could offload them in 12 months for $150 you'd have a stack of people queuing out the door to buy them today at 100 USD and that would drive the price up.

Don't take my thoughts look at the data and formulate your own thinking. http://bitcoincharts.com/charts/mtgoxUSD#rg1460ztgCzm1g10zm2g25zv

For the best part of 2 years it hovered around the 5-10 USD range then in Apr this year went ballistic, and almost as quickly dropped 75%. For it to thrive more adoption with a steady growth rate would help.I'd rather see it go up 20% a year than those 50% swings. Right now it does have currently what they call "resistance" there at the 100 mark, but with a bit of momentum I could see it easily breaking the 120 range in the short term. Anything after that, is even more guessing....:-)

but yeah, no reason $1,000 couldn't be on the cards, some day !

That doesn't compute. In order to buy something, you need someone to sell it to you. Many people holding BTC, myself included, are bullish enough to hold it if it drops rather than selling off at $50-$75 (in fact I did this just a few weeks ago) and only sell a fraction of their coins at the $150 price point, only enough to recoup investment costs and pay for current living expenses.

As much as we all hope it will reach $1000 per coin, I do not believe it will. In my opinion a price of $300 might occur but similarly with what happened in March, I believe the price would collapse. I believe that the average price of BTC will hover around $100 for its lifetime. I believe that people will find $100 to be an easy amount to calculate and also selling with occur from $110-$150 whereas buying will occur in major numbers from $50-$75. Bitcoin prices will definitely fluctuate past these figures but I believe people will find $100 to be the price in the long run due to supply and demand from what I've seen. I'm no economics major though so this is only a slighted educated guess.

Are you still in Ireland?

I'll be visiting the country for the first time in a month.  Any chance you, or anyone you know, will be in Dublin on August 31 and would like to pick of some bitcoins at a discount?  I'd love to meet up and exchange bitcoins for euros when I arrive to avoid dealing with the "foreign transaction fee" my bank cards hit me with when I use them for purchases.

My first post - bit of an odd rule, but it lead me to this thread which has been an interesting thread - thought for awhile there we were going to get a flame war going, but that subsided nicely all amicably a few pages back.

I'm no economist, but I think people here need to understand the concept of the "value" of money to answer the question of if it's going to hit $1,000.

Money, as the text books will tell you is something that "can be exchanged for goods and services".  Most of us here in Europe probably remember ~10 years ago the conversion to the euro (barring the nutters in the north of europe Sweden and the like - just kidding guys!) The adoption of Bitcoins should be thought of the same way. For a few years, around the time of the migration to the euro, I know I was doing the conversion back to what things cost in the "real money", which for me was the Irish punt. After a time I stopped doing the conversion as i got used to the fact of how much a pint of milk was in euros and the Euro became "real money" to me. I understood the "value" of what a euro was worth. How many M&M's I can buy in the shop, widgets, or whatever ... and I completely stopped thinking about things in Irish punts - it was effectively dead to me. The goal is to drive towards how we could do this for BTC's (assuming when you add up all the pros/cons it's better than Fiat)

The question that's being asked now with Bitcoin is how much is the dam thing worth. it's a tough question. We're in uncharted territory. Even the economists haven't a clue. (they probably have a better clue than I do, but certainly no historical data to draw conclusions from) It's interesting to see people say "no way can it reach $1,000", or "Definitely!" and have such convictions in their opinions.

Like any stock, it's value can go either way. If the masses think they are "junk bonds" it'll go to zero very quickly, as people startle the "herd" and a mass panic sets in as people "dump", but I think that unlikely.
A $1,000 bucks price seems like a huge jump but really it's still only the same 10x times that the jump was from $10->$100. If you asked the same question with BTC was $10 what would people say about $100? "Your mad!", "Never happen!", yet here we are at $100. Yeah, i know...."the law of large numbers" kicks in eventually, but I don't think, even with all the publicity that it's got so far that it's even remotely gone mainstream. I work in IT, and I'd say 80-90% of my work mates haven't a bog of what BTC is and this demographic would be on the "enlightened" side of BTC.

Once the masses (proper) get into BTC's, your plumbers and nurses and cinema owners etc and it gains acceptance $1,000 is possible. Though strangely large fluctuations (even upwardly) would actually weaken the adoption as people during that "transition phase" would have a harder time to mentally attach back to what it's worth in fiat.

Interesting thoughts anyway - my thanks to you all!!

Ps:- Also, there was a veiled reference to tulips there a few pages back. For those who didn't know, this might shed light https://en.wikipedia.org/wiki/Tulip_mania
(although I don't think it's applicable here)/ I just wanted to share the knowledge what I think the other poster was saying with the tulip reference.

I think it can happen all the sudden over night.
What if a big FIAT currency collapses ?

Ofcourse it will if it does not die.But before that, it can be replaced by another kind of currency or,currency does not exist in the future.

Just spent the last few hours reading this entire thread, and while I will admit to being biased as I hold a few bitcoin myself in the hopes that it will go up, I have to say that IMO the naysayers arguments are very thin against the idea that the bitcoin economy of ~$1B is a drop in the bucket compared to the global economy, and as we see continued growth of acceptance, it is only a matter of (not very much) time before we see 10x growth of this economy followed shortly by 100x+++ growth.

VCs have thrown literally millions of dollars at companies like Bitpay and Coinbase to hire biz dev staff to expand the number of sites that accept bitcoin, and by my judgment (as a sales professional) the pitch is incredibly easy and a no brainer for companies that want to 1) save on transaction fees 2) save on chargebacks and 3) get free press; i.e. every company in the world. Given that these companies don't have to hold any currency in BTC to accept payment (at least with Coinbase), I am challenged to find a single reason to not accept it.

Some altcoins may have their day, but they will likely be secondary cryptocurrencies to bitcoin, similar to the relationship silver has to gold. Bitcoin has reached the critical mass it needs to be here to stay.

So to answer the question posed by the OP, I say yes it will reach $1000, and within a few years at most.

You are correct, however I was discussing store-of-value aspects... There is not much value in having a brick of gold inside the brain.

Well, technically... 

Probably not...

I might hit in in like 200 years. 

Gold hit $1000. It's heavy, you need to haul it around, can't make backup copies, can't send it instantly overseas, can't store it in your brain.