will the bitcoin reach $1000 one day...? - page 83.

Valerian77

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Quote from: Wekkel on September 22, 2013, 01:02:53 PM

Quote from: uininPeter on September 21, 2013, 04:31:38 PM

Quote from: bitcool on September 21, 2013, 02:06:55 PM

I think $1,000 will come sooner than later. More interesting question is, when one BTC costs $1,000+ USD, how much will LTC worth?

Most likely around $2, why should LTC be worth more just because BTC is ? Cheesy

Most likely $20, because the LTC/BTC ratio will probably stay the same.

I do not think so. Due to the fact that there will be four times as much Litecoins as Bitcoins the value ratio should konverge to that sooner or later (probably later). Currently no cryptocurrency (CC) is mainstream so none of the current values (fx rates etc.) is stable or represents anything measurable. That may change within the next two years if Bitcoin gives a proof of stability and acceptance.

Then the next question is what will happen to the next introduced cryptocurrency (or the ballpark of the currently existing ones)

PassTheAmmo

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Quote from: ronimacarroni on September 20, 2013, 01:58:37 PM

Quote from: PassTheAmmo on September 20, 2013, 01:26:12 PM

Yes, with only 21 million of them there is no level of success small enough to give a stable price under $1000. So the only possibility for BTC not to reach $1000 is if it goes to 0. Which isn't impossible of course.

You're thinking really long term.
The block reward will get cut in half in 4 years and by that time it'll be worth around $1000 for sure.
There'll be bitcoin atms, bitcoin smart cards, there'll be more places that accept bitcoins like Germany.
I think the proper question is if it will reach $1000 before that.

Yes, but that is the way to deal with novel investments like Bitcoins in my opinion. Don't worry about ups and downs, don't try to time the market, and for the love of god, don't trust technical analysis.

I don't think that block reward halvings will affect the price too much, as for the time frame, I'd be surprised if the price isn't at $2k within two years. We'll soon get to the situation again when the sellers start to disappear. Not very healthy but most sellers seem to have a much higher price in mind.

Wekkel

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yes

Quote from: uininPeter on September 21, 2013, 04:31:38 PM

Quote from: bitcool on September 21, 2013, 02:06:55 PM

I think $1,000 will come sooner than later. More interesting question is, when one BTC costs $1,000+ USD, how much will LTC worth?

Most likely around $2, why should LTC be worth more just because BTC is ? Cheesy

Most likely $20, because the LTC/BTC ratio will probably stay the same.

uininPeter

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Quote from: bitcool on September 21, 2013, 02:06:55 PM

I think $1,000 will come sooner than later. More interesting question is, when one BTC costs $1,000+ USD, how much will LTC worth?

Most likely around $2, why should LTC be worth more just because BTC is ? Cheesy

bitcool

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Activity: 1441

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Live and enjoy experiments

I think $1,000 will come sooner than later. More interesting question is, when one BTC costs $1,000+ USD, how much will LTC worth?

In other words, how much a price difference will the Network Effect be able to exert?

In the payment world, Visa, MasterCard, America Express, Discover coexist, why hasn't the Network Effect killed most of them?

Rassah

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Quote from: rangerbob21 on September 20, 2013, 02:11:49 PM

I use BTC daily but when I talk about it one of the first questions is "is that legal?"

That's really sad that so many people seem to believe that they are only allowed to do what government tells them is OK Sad

ronimacarroni

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Quote from: wachtwoord on September 20, 2013, 02:15:18 PM

Quote from: ronimacarroni on September 20, 2013, 01:58:37 PM

Quote from: PassTheAmmo on September 20, 2013, 01:26:12 PM

Yes, with only 21 million of them there is no level of success small enough to give a stable price under $1000. So the only possibility for BTC not to reach $1000 is if it goes to 0. Which isn't impossible of course.

You're thinking really long term.
The block reward will get cut in half in 4 years and by that time it'll be worth around $1000 for sure.
There'll be bitcoin atms, bitcoin smart cards, there'll be more places that accept bitcoins like Germany.
I think the proper question is if it will reach $1000 before that.

If you're sure of this and this timeframe: 1000/125=8 ==> 4sqrt( Cool

= 1.68

So an annualized rate of 68%. There really are worse investments

Bitcoin's price evaluation is not linear so you can't say it'll grow x% each year.
You know it was $266 at some point.
Either way, it might be an optimistic estimate, but I think a combination between bitcoin ATMs and the halving of the reward in 4 years
will make bitcoins price spike big time.

wachtwoord

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Quote from: ronimacarroni on September 20, 2013, 01:58:37 PM

Quote from: PassTheAmmo on September 20, 2013, 01:26:12 PM

Yes, with only 21 million of them there is no level of success small enough to give a stable price under $1000. So the only possibility for BTC not to reach $1000 is if it goes to 0. Which isn't impossible of course.

You're thinking really long term.
The block reward will get cut in half in 4 years and by that time it'll be worth around $1000 for sure.
There'll be bitcoin atms, bitcoin smart cards, there'll be more places that accept bitcoins like Germany.
I think the proper question is if it will reach $1000 before that.

If you're sure of this and this timeframe: 1000/125=8 ==> 4sqrt( Cool

= 1.68

So an annualized rate of 68%. There really are worse investments

rangerbob21

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Activity: 98

Merit: 10

As soon as BTC has some legal/tax/trade/etc... guidance (in the US) that is positive and makes the general public feel "safe", yea, the sky is the limit! I use BTC daily but when I talk about it one of the first questions is "is that legal?" I do my best to explain what is going on, but I dare say most just do not understand... might be me...

ronimacarroni

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Activity: 140

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Quote from: PassTheAmmo on September 20, 2013, 01:26:12 PM

Yes, with only 21 million of them there is no level of success small enough to give a stable price under $1000. So the only possibility for BTC not to reach $1000 is if it goes to 0. Which isn't impossible of course.

You're thinking really long term.
The block reward will get cut in half in 4 years and by that time it'll be worth around $1000 for sure.
There'll be bitcoin atms, bitcoin smart cards, there'll be more places that accept bitcoins like Germany.
I think the proper question is if it will reach $1000 before that.

PassTheAmmo

newbie

Activity: 23

Merit: 0

Yes, with only 21 million of them there is no level of success small enough to give a stable price under $1000. So the only possibility for BTC not to reach $1000 is if it goes to 0. Which isn't impossible of course.

Rassah

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Merit: 1035

Quote from: rufusred1 on September 20, 2013, 10:08:03 AM

Quote from: masyveonk on September 19, 2013, 03:05:30 PM

Quote from: Rassah on September 19, 2013, 11:24:28 AM

In short, mining difficulty and costs DO NOT affect bitcoin prices. At least not in any significant way.

I see it bit differently. With so much invested in Bitcoin ASIC, the owners are not likely to sell quick because they woudnt get investments back anyways, thus price might be rising

I feel the same way. Since selling the coins right now is hardly enough to break even with the ASIC miners, people will tend to hold on to them. That would mean that less coins being sold and produce a higher demand for them causing the price to rise.

First, people have to pay for electricity, so they can't ask their power company to hold off on sending them a bill until bitcoin prices rises a bit. The way it works is, if it's profitable to mine, more people buy ASICs and start to mine. If it's unprofitable, those miners are far better off shutting down their ASICs and using the money they would've paid for electricity to buy bitcoins directly; why spend $100 to mine $90 worth of bitcoins in hopes their price will rise, when you can just buy $100 worth of bitcoin? In that sense, the price rises and falls on it's own, and the difficulty just follows it up and down.

Second, the reason I say miners don't affect price is because the amount of mined coins that are being sold every day is not a big percentage of the total amount of coins being traded. The percent has gone up recently, due to the decrease in trading, but something like 3% to 5% of coins being added to the market won't move prices too much. It will put a constant downward pressure on it (which will be constant and will not change due to difficulty changes, since number of coins mined doesn't change), but it's offset by the upward pressure of new adoption, and so the actual mining, or difficulty, doesn't really matter much.

rufusred1

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Quote from: masyveonk on September 19, 2013, 03:05:30 PM

Quote from: Rassah on September 19, 2013, 11:24:28 AM

In short, mining difficulty and costs DO NOT affect bitcoin prices. At least not in any significant way.

I see it bit differently. With so much invested in Bitcoin ASIC, the owners are not likely to sell quick because they woudnt get investments back anyways, thus price might be rising

I feel the same way. Since selling the coins right now is hardly enough to break even with the ASIC miners, people will tend to hold on to them. That would mean that less coins being sold and produce a higher demand for them causing the price to rise.

torrentheaven

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Quote from: nobbynobbynoob on September 20, 2013, 07:32:19 AM

I'm thinking of 100 μBTC/USD as a bigger milestone.

10.000 USD/BTC ?

It is really unreachable milestone Wink

marcotheminer

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┴puoʎǝq ʞool┴

Of course 1 day but when?!

ronimacarroni

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its more likely than you think

http://business.time.com/2013/09/12/coming-soon-to-america-bitcoin-atms/

nobbynobbynoob

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Annuit cœptis humanae libertas

If it's not quite a consensus, it is widely believed in Bitcointalk circles that difficulty doesn't drive price directly. However, it wouldn't be at all surprising were there a delayed drive in demand (thus also price) driven in part by earlier difficulty increases.

That said, clearly, difficulty alone mightn't generate the bid demand to reach mBTC-dollar parity, but combined with other market (f)actors...

I'm thinking of 100 μBTC/USD as a bigger milestone.

expertcoin

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It's my dream. But I don't think it will be real in my life.

sasuke234

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yes I think it is very likely.

geofflosophy

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Quote from: masyveonk on September 19, 2013, 03:05:30 PM

Quote from: Rassah on September 19, 2013, 11:24:28 AM

In short, mining difficulty and costs DO NOT affect bitcoin prices. At least not in any significant way.

I see it bit differently. With so much invested in Bitcoin ASIC, the owners are not likely to sell quick because they woudnt get investments back anyways, thus price might be rising

It's hard to say whether difficulty increases price or price increases cause difficulty rises, but clearly there is a relationship. It certainly makes sense that price increases would increase investment in mining, but there are other reasons to believe that high difficulty might increase the price.

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