Topic: will the bitcoin reach $1000 one day...? - page 115. (Read 112647 times)

One is supported by a huge network of merchants, developers, and payment infrastructure. The other is supported by printing presses, and a bunch of butthurt miners who think they missed out on being early adopters. Last time I checked, people who use dollars and euros don't care what kind of printing presses their money is printed on, or which banks it goes through first.

  i dont think it can reach 1000$... 100$ is good enough..
if they dont drop again and agin..

Well, I think when the amount of bitcoins being generated starts going down, price will go up. I don't know if we'll see it during our lifetime, because I think the last coins will be generated by the year 21xx or something around there. So my thinking is that with less bitcoins hitting the market, and people wanting to buy them, the price can go up. Maybe my logic is flawed though, feel free to reply and tell me why it's wrong, I'd appreciate to learn something today.

Really? It's 1% to 2% in fees to use Bitcoin, versus 2.5% to 3% in fees to use VISA. It's just that vendors aren't doing discounts yet.

If things ever got 'that bad' I wouldn't need gold, silver or bitcoin. If it seriously came down to such drastic measures I wouldn't need any, they would all be useless. My gun collection will give me everything I need, for free.

BitCoin will crash to $0. I sure hope so, I short sold it at $100.

As soon as you submitted this thread the price is going down. Please lock this thread and let bitcoin go up.

Yes, it's possible, maybe in 10 years.

Sorry, english isn't my native language.
It's no problem as long as the economy is healthy. Usualy a state could make 75% back in taxes of the GDP, and if the state is higher in debt it is no problem. But when the economy is unhealthy (high unemployment, people refuse to buy stuff because of low wages or high interest rates) then it will turn into a problem. The states have to pay back the the goverment bonds including interrest rate, which is another way of a state to gain money. If the economy is down and a state has to pay back old bonds, it will try give out new bonds with a higher interrest rate to attract people to buy those bonds. But when nobody buys those bonds (because of to high inflation or deflation) then the state is in deep shit and will go into bankruptsy. The USA probably won't be affected as the first country, but it is an accepted opinion that this might happen to Japan in 3 to 5 years (If I remember right 380% of GDP is the critical value for Japan). This will affect other states too, as banks are holding japanese goverment bonds and when those aren't paid back they are in trouble. They might go into bankruptsy (probably the state will prevent that by pumping lots of money into them, which is then missing in other places) or at least are not that willing to give out credits to companies anymore, which means to most companies they have to fire their employes, which means that there is more unemployment and a more unhealthy economy. And then the next country is in deep shit... Interrest rates in most countries are already very low to get the people to spend their money (value added tax for the state) instead of making savings.
In such circumstances it is good to have some gold, silver or in modern times cryptocoins that will help you to survive those bad times. And with bad times I mean something like the 1920's when your income from the past days isn't even enough to buy a bread.

Ah!  You meant Government Debt.  I got confused when you said Goverment Dept..  Yes, the current debt is higher than the current annual GDP.  This could change if the debt were to be reduced or the GDP were to increase.  Regardless, I'm not sure that current debt higher than current GDP a problem in and of itself. Certainly there are a lot of strong opinions on the matter.  As far as I'm concerned, it can be a problem or it can be a good thing, depending entirely on how the money from the loans is spent.

http://www.imf.org/external/pubs/ft/fm/2013/01/pdf/fm1301.pdf Page 14

Source?

The last I saw, I thought the USA 2012 GDP was $15.7 trillion and the Federal Budget was $3.538 trillion.  That works out to 22.54% doesn't it?

I suppose you may be including all the state and local budgets in your "Government Dept" number, but I haven't seen a reliable source that provides that total.

Just have look at the Goverment Dept of some countries:
Japan   245% of GDP
Greece  179% of GDP
Italy     130% of GDP
USA      108% of GDP
Ireland  119% of GDP
Portugal 123% of GDP
Belgium   98% of GDP
Cyprus    92% of GDP
France    92% of GDP
Spain      91% of GDP
UK          93% of GDP
Canada    87% of GDP
Germany  81% of GDP
Hungary  80% of GDP

If there will be a world wide recession, then there is a big chance that those countries will go into bankruptsy. Then the value of Bitcoin and the other cryptocoins will rise a lot. But lets hope this will never happen.

IMO Bitcoin will continue to grow quickly over the next few years as people become more aware about them and more and more services start to accept them but, if governments interfere I think people will go back to regular currency. If they don't however, then I think there is really no limit to the eventual worth of Bitcions.

Thing seem to go in the other direction right now ....

From my limited use of Bitcoin thus far, I would say the leading advantage it has is the ease with which value can be transmitted anywhere in the world without a central authority.  The few times I've paid for something it's been incredibly convenient.  I don't have a lot of opportunities to do this, and also, the incentive to convert my cash to BTC is not very good since I lose a little on the transaction, as naphto pointed out.  But if I have to get value overseas or to the next town Bitcoin is potentially the best option--like cash, but I don't need to meet anyone face to face.  So in this case, it is far easier to buy something with BTC instead of USD or EUR.

So, I agree with the posts I quote above--as the use of BTC grows so will the demand and so will the price.  If use diminishes so too will the price.  I would frankly use Bitcoin for the pure joy of knowing that I pay no fees to VISA or any of the financial/banking industry.  Rock-solid philosophical foundation: open-source, peer-to-peer + real-world utility = potential to thrive.  All in my humble opinion; I wouldn't trust me to predict the future!

Be that as it may, if Bitcoin doesn't hit $1000 in the next decade, I would assume it'll be because a much better alternative will emerge or civilization will collapse; the latter probably being more possible.  It's all a gamble!

I don't know how much higher the value can go.
Over time though the value can only go up because there will be less and less bitcoins in circulation.

As you pointed out yourself, it is more expensive to buy anything with bitcoins that just buying it with euros.
Bitcoin can provide anonymity, but it will always be more expensive to pay something with bitcoins. Indeed, you have to pay fees to exchanges (banks, mt.gox, bitinstant or whoever....).

Why by 2018 ?

no way.