Topic: will the bitcoin reach $1000 one day...? - page 33. (Read 112647 times)

would be insane if it did. This is sort of all new to me so no idea lol

Probably dropping slowly until something big happens. I don't think people will let it goo too low as too many believe in it, but people seem to be getting scared.

http://xkcd.com/386/ 

time expands the limits

it already has! hope it gets there again soon

What happens when bitcoin currency reaches the limit?

bitcoin price can easily reach an equivalent of an ounce of gold in perspective. but, i don't think it can stay so for long. after all, bitcoin is not the currency of future anymore, but, rather future of currency - barter. there will be numerous more advanced coins coming out next year...

*facepalm* Ok, one by one...


Bitcoin is rare at every point in time between now and 2140. Right now, no more than X bitcoins can exist. Period. Tomorrow, no more than X+3,600 bitcoins can exist. Period. Their supply is constrained, and thus they are rare, unlike, say, USD that can theoretically have an unlimited supply and created in any arbitrary amount at any point in time.
Using your claim, I can say that gold is not rare, and its "rarity" will not be reached until all the gold in our solar system is mined, which will likely be beyond 2140.


Plenty of metals do not rust, do not turn fingers green, and last for a very long time. Like Aluminum for example. Or brass. The only reason gold is worth more than those other metals is because it is rare, aka limited in supply.
Likewise, Bitcoin is used because it is decentralized
Unlike fiat, bitcoin has no counterparty risk
Bitcoin makes better money, because it is not based on debt, and can be programmed to do things money by itself can't.


At over 20,000 different merchants. Thanks to services like Gyft, that even includes Amazon and Target, where you can buy almost anything you need.


Yep. From Burger King, Red Robin, Applebees, TGI Fridays, and directly for a bunch of restaurants around the world.


Yep. There are plenty of bars around the world that accept bitcoin directly. One just started taking them in Baltimore just two weeks ago.


Walk into a Burger King, and give them this proposition. IF they do take your gold, chances are you will severely overpay for those things, compared to gold's actual exchange rate. If only because it's a pain in the butt to convert gold back to fiat. Higher chance that they will tell you to go away, because they don't have the equipment to check whether your gold necklace is made of real gold.


And this is why you fail so embarasingly bad. You are making the typical mistake of looking at bitcoin as a funny internet currency, and are not even bothering to look at where it can be spent, let alone what it can actually do.
First of all, at the moment, I can basically live off of bitcoin entirely, and aside from having to use my credit card for gas, I actually do, as do many other people. And second, bitcoin is not a "currency," it's a globally distributed asset ledger. We can use bitcoin coins as currency, or we can use bitcoin coins as tokens to represent something else. Think of ANYTHING that requires proof of ownership representing an asset. Title to a house or a car, gold backed currency, commodity ETFs, stocks, bonds, you name it. All of that can be linked to a fraction of a bitcoin, and be traded on the blockchain directly, making the jobs of notaries, trust lawyers, title storage services, investment banks, brokerages, and many other financial system jobs obsolete. Until you realize this, you don't understand what bitcoin even is, let alone what it is worth.

I think so. I believe the price will hit 2500 by mid next year and 15000 in the next 5 years and 40000 in the next 20 years. This is more than a currency this is a vehicle of exchage. 

yes its can touch this figure easily after this panic drop

it will go to 2000$ in a year !!!!

BTC is at the moment just a concept.
Until it recieves widespread adoption it has very little value.
It's "rarity" will not be reached until 2140? aka we will all be dead before all the bitcoins are mined.

No, Gold is used because unlike iron it will not rust.
Unlike copper Gold will not turn your finger green.
Gold makes better jewelery that lasts longer.

Yep, 21million bitcoins that will not be mined till 2140.
I will be dead long before Bitcoins are actually rare.

Where can I spend a BTC?
Can I buy a burger for BTC?
Can I trade a BTC for a beer?

On the other hand I could easily trade a gold necklace for a keg,
Or a few bags of burgers.


I refer back to my previous statement.
Please educate yourself.

Right, It has a bunch of nice qualities for a currency, and nothing you can spend that currency on.
At the moment you can basically buy drugs with bitcoins or gamble with bitcoins.

You should check that site yourself.
It lists currency related attributes.
Gold is the most noble of the noble metals, the idiocy of you BTC fanatics appalls me.

I never knew all that about bitcoin. 

great link Rassah, thanks

You must be new here. http://www.whyisntbitcoinworthless.com

Bitcoin has more value outside of its use as currency than gold does.

BTC has real value due to being a usable concept with real rarity.


The only reason you want a gold wedding ring and not a copper one is because gold is rare.  If copper were rare and gold were plentiful, then gold wouldn't have any more "real value" than copper has today.  Value is determined by supply and demand.  It doesn't matter if you are talking about gold, or bitcoin.  That economic principal isn't any different.


And I meant what I said.  Bitcoin is a precious concept that has rarity, only so much bitcoin available.

Gold has no value outside of what you can exchange it for (buy with it).


Gold is the goto metal for wedding/engagement rings only because it is rare.

The electronic use of gold contributes less to its value than the use of copper in household wiring contributes to the value of copper.  In other words, practically nothing.  If gold wasn't rare, high end electronics companies would be paying pennies per kilogram for gold.

To say that anything other than food, potable water, or shelter has value outside the demand for it is to completely overlook what the word value means.

You can buy both small amounts of BTC and big amounts of BTC, and still sell it fairly easy. It's not easy to sell 1kg gold on the street.

People are looking down at BTC and thinking that there is endlessly with coins, but there is not.
There is a limit of coins as there is of gold. It's easier to get coins than gold. It's easier to sell.
You are able to buy a pizza with coins, but can you buy a pizza with gold?
Can anyone mine gold? Can a poor working man in Spain go to a gold mine and get some gold?

I guess this is the same discussion that people had when internet came. "Internet won't get big, no one will be able to use it. Letters, phone calls and the library - that's the only thing that's secure. The internet is just something that will be big for a year"
Or the touchscreen-phones.

Sure bitcoins isn't stable at the moment, but is the euro stable?
One week it's 10SEK, the next week it's 9. Then all of a sudden down to 7 and then rises.
Bitcoins is still a new currency, it isn't until this year a lot of people started to use it. I was thinking the same way as every doubter does, back in 2010-2011. I had a few coins that I bought games with and then quit mining. Do you think I regret it now? I had 2 BTC left or something when I quit. If I would have continued I would have been a millionaire today. I started again a few weeks ago, I got a second chance.
People have been doubting BTC for years now, can't you see that it's just growing bigger? Sure it crashes before the week before christmas, there is two reasons why it crashed:
1. China.
2. It's christmas, people need money. They sell their BTC before christmas because they need money. People don't buy BTC right now because they need money. I promise you it will rise again in January, I'm 100% sure of it.

Bitcoin has best Merchant support.
Bitcoin has most secured network with computation power.

Comparisons like these lead to nothing but confusion with new bitcoiners.
Gold has real value due to being a tangible item of real rarity.
BTC has no value outside of its currency aspect.

You want a copper wedding ring?
Yes, Gold has real value in the things crafted from it.

I meant what I said, Gold is a precious metal that has rarity, only so much gold is available.

Bitcoin has no value outside of what you can buy with it.


This is inaccurate.
Gold is used to ensure good connections on high end electronics.
Gold is the goto metal for wedding/engagement rings.
Gold has much value outside of the demand for gold.

It's quite probable that BTC will drop again before the end of the year and I don't think it will be as high it was for a while.  It will increase,  but more steadily.

Actually, it is.


As does bitcoin.


So can wood, plaster, sand, and paper. Yet none of them are considered valuable or useful as a currency or store of wealth.  It is not its craft-ability that gives gold its value.  I know gold-bugs like to fall back on that as a "but see, it has ACTUAL USE" argument, but seriously if a source of gold large enough to make gold as common as iron was suddenly discovered and was easily accessible, do you honestly believe that gold would be any more useful or valuable than any other common metal?


The word "rarity" indicates a limited supply, and the word "precious" indicates a high demand.  You are using fancy words to say that "The driving force behind gold's value is demand for gold".

I can say the same thing about bitcoin using fancy words too: "The driving force behind bitcoin's value is its rarity as a widely adopted decentralized method of electronic value exchange."


And now you are using simple words to say the same thing about bitcoin as you just said about gold.

I can use the same simple words to say the same thing about gold: "The driving force behind gold's value is demand for the limited gold supply."