Topic: will the bitcoin reach $1000 one day...? - page 110. (Read 112647 times)

once the 21m coins are out...

At $1000, the BTC market cap would be at $21 BILLION 

Yeah right. I forgot to mention bitcoin is fast becoming ridiculously easy to use because of the various 3rd party layers.

These guys don't find it difficult to use :
http://www.coindesk.com/review-of-blockchain-bitcoin-wallet-for-android/
http://thebitcoinreview.com/site.php?site_id=764
http://kipochi.com/

A tiny percentage of those who can use it already know about bitcoin.

I dont believe exponential growth is possible here anymore, thus the prediction is very off. People total number is limited and a good percentage of those who can use it already know about bitcoin

Thank you for the figures and clarification.

The difficulty self-adjusts every 2106 blocks based on the mining hash speed (or more specifically based on the average time between those 2016 blocks) to keep the average blocks per day at 144.  Since there are 25 new bitcoins mined every block, we can calculate that 75% of the blocks will be mined by autumn of 2016.  If you think "the dollar value will start to rise in general" once 75% of the blocks are mined, then you are saying before the end of 2016 (just a bit over 3 years from now).

It all depends on miners, difficulty, media, usage, and regulation. However my opinion is that we'll reach this threshold within the next 5 years (or sooner) and the dollar value will start to rise in general despite fluctuations. I'm only predicting an overall rise in value, I'm not predicting a time frame for the $1000 price point.

So you're saying in just a bit over 3 years?

I don't consider the this years value fluctuation as a negative thing. A lot was brought on by media hype and brought in many short term investors looking to make a quick buck. If we use bitcoins as a currency and stop always looking at the btc-to-dollar value, then it will become even more valuable to each user and merchant. As for the $1000 price point - I think once the bitcoins are mined 75%, that's when the dollar value price will start to rise. By that time the world should have more experience using a decentralized currency and governments would figure out how they plan to deal with it. Will it reach the $1000 dollar value at that time? I don't know, but I think the dollar value of BTC will be based on supply and demand just like other good and services.

A much larger number of people can go out and use their GPU to mine than the number of people who can purchase and ACTUALLY RECEIVE an ASIC in a timely fashion. You may think you are all being slick right now, but when the people who were actually spending the coins move on you're all going to be wondering why your bullshit economy that is only in existence because of drugs and drug users dries up.


When it becomes more profitable to mine altcoins than bitcoins (which is already the case), your "businesses" will follow the money. And you are probably thinking "they aren't more valuable", to which I would suggest you read on.


the one thing we agree on


All of those things provided a way to complete a task that wasn't already in existence via something else. In the case of bitcoin, that something else is called the collective governments of the world and their respective currencies. People don't need to have bitcoins to buy whatever they want already (including drugs). You do not offer anything unique to the world populace besides a way to acquire drugs anonymously and have them sent to your house. It used to be unique in that an everyday person could use their PC to create them, and in turn, spend them on the economy, but now they are simply being used as a way to play the market to make the speculator extra fiat currency. When the end goal is to use btc to acquire the very thing you are setting out to challenge there is a problem with your logic, plain and simple.


You must not get out much, because cash will ALWAYS be around and will ALWAYS have a place in the economy. People pay with credit cards and debit cards at a higher rate today, absolutely, you are correct in that statement. But they are only using them as an extension of their bank accounts, which is funded by cash or direct deposit from their place of employment (which makes its money from fiat currencies, not bitcoin, and therefore pays in fiat currency). When people need to pay fees and jump through hoops to convert what they already have in cash, to a currency that is wildly unstable, to buy shit they could have just bought in the first place with cash, you would need a very convincing argument for why bitcoins are worth acquiring besides "they're the future bro".


You must not check very often. And for all your talk of "in the future this" and "in the future that" you must be naive to think alt coins wont make their way into that scene. Criminals are always five steps ahead of everyone, so when they start taking altcoins YOU KNOW the jig is up.


Does bitcoin provide some sort of inherent utility that nothing else can provide? It used to, now it's just in a mid-life crisis of whether it wants to be the ideal online currency or a shitty excuse for a real world currency. It was a pretty hastily thought of analogy, I give you that, but the point remains the same.


Reducing the transaction time by over 3/4ths and creating a currency that cannot be taken over by a bunch of glorified paperweights is not a minor tweak, it's a complete overhaul. And for all that stuff you just listed off as if it were commonplace, I see not a one that isn't already being used just fine by fiat currencies. If something isn't broke people will not attempt to fix it, especially if the only outcome is going to be having to spend 50% of the day explaining to the customers what the fuck a Bitcoin even is, let alone how to acquire them.


not sure if you are being sarcastic or the reference really went over your head, but not much to say regardless.

I do not wish to see Bitcoin fail, I just don't agree with the direction it is heading. It started out as an anonymous currency, and you bitheads want to bring it into the mainstream attention. News flash guys: the words "anonymous" and "mainstream" is already a description of what cash is to society. You know, that stuff that is printed and controlled by the Federal Reserve. You know, those guys in black suits that don't even have to listen to the government to do whatever the fuck they want. You know, the guys who can infiltrate and take down those "fancy services" you tout around as the future of Bitcoin while they are mostly based in the US. You cannot challenge the Feds at their own game, and if you think you can then you seriously have something else coming to you. Bitcoin made its bones by being a way for a small number of informed individuals to use as a means to bypass conventional currencies and use their knowledge of computers to acquire tangible things. When it became a high-ROI producing machine, it attracted all the people who DID NOT use them for tangible things. They simply bought them in the hope of making a larger return of fiat money. You cannot hope to challenge the currencies already in existence when the only thing driving yours is greed and the desire to make a quick turnaround on the very currencies you are setting out to challenge.

Because the only thing that gives Bitcoin value is the places you can spend them at, when more and more developers see the writing on the wall and move onto new coins and the current bitcoin services are all in Federal Court or based out of some third world shithole, you can expect a drastically different outlook on the value of them.

I don't think anyone wants to see Bitcoin fail, some of us just have realistic expectations of its potential and recognize the effect several key services have on it's economy. Throw in the fact that BitInstant is now checking names through a database and taunting the Feds by being based out of New York (with it's partner being based out of San Francisco), and you got a recipe for disaster that literally gives a giant middle finger to anything Bitcoin was supposed to be.

But that is the problem at the core really, when big money gets involved people lose sight of the reality around them with some kind of reasoning that because they were smart enough to acquire it in the first place, they can't possibly lose it in the future. You can either be a solid online cryptocurrency, or try to play with the big boys and become a train wreck of a legitimate currency. Anyone who is moving onto Litecoin or whatever coin they support understands that. It is solely you Bitheads who won't accept the fact that the high water mark of Bitcoin has already come and passed because the very principles it was founded on are now being brushed aside as unimportant. While it may be worth more in fiat currency right now, what the fuck is the point if everyone is selling their soul to become what they hate? You are pushing out the silent majority that supports Bitcoin by being a bunch of hypocritical dumbasses who think altcoins are useless because they have little vendor support. How do you think Bitcoin compares to fiat currency? The amount of services provided by any altcoin is much closer percentage-wise to the amount of services Bitcoin will ever provide compared to plain old cash. And at least most altcoin devs know they aren't going to ever become mainstream, and are simply trying to create a coin that will tailor to it's rightful audience and users.

We as a mainstream society are living in the age of convenience, and Bitcoin provides nothing but an inconvenience to all but a group of technical savvy internet dwellers. The fact that it is trying to break down that barrier while providing nothing unique anymore is just comical.

maybe 1 year or 2

Want to bet.

Haha nice one, it's true though no one will be able to stop it.

imho if the bitcoin gets past its birthing pains it will not only reach 1000$ but will perpetually go up in value like a precious metal getting rarer by the day.

Never.

$266 again? it's impossible

FTFY

Indeed, it would be like the alcohol in prohibition times 

What people need to realize is what does it matter if it reaches $1000... what does matter if it becomes a mainstream currency. The real concern should be when and if it is regulated... that will determine it's tue value.

Is this really the right question? Honestly, even if we have to trade our fiat money against btc to start of with it, I really am not interested in what it is compared to the USD, EUR, GBP, etc. The question is, will it become a common currency. And actually, even that question shouldn't be asked. Wo do you think can change the world? Who do you think can make the world work with BTC? It's us, you guys! You and me! Together we can convince consumers (of whatever), entrepeneurs, governments, etc to use BTC as a true currency. And only than, we will succeed. No matter what it compares to any other currency at that time.
So who's with me?!