What if Bitcoin's goes to $1000 - $2000+
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Hi
Interesting question I have.
If Bitcoin for example goes to $1000 - $2000+ for “1 coin”, who will buy it? I can’t see normal people buying coins from eBay for that much.
Thanks
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No problem, buy mBTC or uBTC…
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If bitcoin goes to $2000 - it will cease being a currency. High prices are evidence of lack of services.
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[quote name=“zerodrama” post=“34964” timestamp=“1384871046”]
If bitcoin goes to $2000 - it will cease being a currency. High prices are evidence of lack of services.
[/quote]How so?
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[quote name=“chrisj” post=“34965” timestamp=“1384871829”]
[quote author=zerodrama link=topic=4522.msg34964#msg34964 date=1384871046]
If bitcoin goes to $2000 - it will cease being a currency. High prices are evidence of lack of services.
[/quote]How so?
[/quote]The money goes into one funnel, the exchange. When you have services and places to spend, money is spread out and price jumps are reduced.
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Surely the best time to sell bitcoins is now, I mean paying around $534 is a lot of money, any further, it might be hard to sell?
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[quote name=“zerodrama” post=“34964” timestamp=“1384871046”]
If bitcoin goes to $2000 - it will cease being a currency. High prices are evidence of lack of services.
[/quote]That’s the opposite of the reality we’re seeing: A boom in prices, AND in services. Besides, prices aren’t high, they’re exceptionally low. Currently 1 Satoshi is worth 0.0000564 USD. Less than 1/10000 of a cent? That’s incredibly low. It’s default transaction fees that are incredibly high right now, and that’s going to change very soon.
[quote author=FeatherWeight link=topic=4522.msg34971#msg34971 date=1384872747]
Surely the best time to sell bitcoins is now, I mean paying around $534 is a lot of money, any further, it might be hard to sell?
[/quote]Nope. Order depth continues to increase to match demand at higher prices. Bitcoin just passed Western Union in the number of daily transactions.
I’m startled to see you guys ignoring BOTH the fundamentals, AND the technical studies.
According to the technical studies, Bitcoin is on track for linear growth on a logarithmic scale. We’re entering the “vertical” section of the S-curve, which is the same curve every other major technology’s adoption pattern has followed: Facebook, Twitter, Google, rats breeding on an island… they all follow the same exact pattern. Hashrate continues to grow at unprecedented rates, transactions are through the roof, exchange rates are on a steady climb upwards. There is literally nothing happening right now that would slow down that growth. It would take a fundamental flaw in the Bitcoin network that would allow double spending to knock it off it’s news.
Examining the fundamentals paints a similar picture: The Feds have given overwhelmingly positive guidance, the major businesses are all making the news accepting it, it’s the [i][b]#1 search term on Google yesterday[/b][/i], new features continue to be rolled out, new services continue to come online, new investors continue to put their money in. Berkshire Hathaway stock trades at $168k+, it’s not divisible down to 8 decimal places, it’s got shakier fundamentals than Bitcoin, and it’s not starting to be accepted at major retails all over the world, and you think $500 is a good price?
Don’t you know that Bitcoin has done this about 20 times before? It does a run up in price on news, then it comes down again, but when it does, it stays higher than where it started. A year ago people thought $50 was high and $25 was cheap, a month ago people thought $150 was high at $50 was cheap, and today people think $500 is high and $250 would be a good price. If $25 was a good price a year ago, why would you pay $500 today? In a year, you’ll do the same math, saying that $5,000 is high, and $1,000 would be a better price.
Sell your coins. I’ll pick them up for cheap and sell them back to you at twice the price in 6 months.
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If I have to think in terms of nanobits, then I am already a slave to decisions made by others whether I am in the market or not.
Not having to deal with prefixes means the currency is more free to do whatever it wants.
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[quote name=“zerodrama” post=“35001” timestamp=“1384884111”]
If I have to think in terms of nanobits, then I am already a slave to decisions made by others whether I am in the market or not.Not having to deal with prefixes means the currency is more free to do whatever it wants.
[/quote]You don’t have to think in terms of nanobits (which isn’t a word, since a bit can’t be divided a billion times). We already have a word for 1 Bitcoin divided by 10 million: Satoshi, and a term for 10 million Satoshi’s: A bitcoin. This is no different than calling 100 cents a dollar or a quid, or a dollar divided by 100 a penny, or 1,000 dollars a grand. USD hasn’t been hurt by these terms in the slightest. In Canada they have loonies and toonies.
I don’t even know what prefix you’re talking about, let alone what it has to do with freedom.
It’s just like Kirjokansi said: You don’t need that kind of thinking with crypto-currencies. By always thinking in terms of price of 1 Bitcoin, you’ve done exactly what you said you don’t want to do: Become a slave to decisions made by others. Free your mind. 1 Satoshi. 1 mBTC. 1 uBTC. It’s deceptively simple.
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[quote name=“Kevlar” post=“35005” timestamp=“1384885709”]
[quote author=zerodrama link=topic=4522.msg35001#msg35001 date=1384884111]
If I have to think in terms of nanobits, then I am already a slave to decisions made by others whether I am in the market or not.Not having to deal with prefixes means the currency is more free to do whatever it wants.
[/quote]You don’t have to think in terms of nanobits (which isn’t a word, since a bit can’t be divided a billion times). We already have a word for 1 Bitcoin divided by 10 million: Satoshi, and a term for 10 million Satoshi’s: A bitcoin. This is no different than calling 100 cents a dollar or a quid, or a dollar divided by 100 a penny, or 1,000 dollars a grand. USD hasn’t been hurt by these terms in the slightest. In Canada they have loonies and toonies.
I don’t even know what prefix you’re talking about, let alone what it has to do with freedom.
It’s just like Kirjokansi said: You don’t need that kind of thinking with crypto-currencies. By always thinking in terms of price of 1 Bitcoin, you’ve done exactly what you said you don’t want to do: Become a slave to decisions made by others. Free your mind. 1 Satoshi. 1 mBTC. 1 uBTC. It’s deceptively simple.
[/quote]When the system decides to take down MSats they’ll be associating my Sats with whatever goblin they come up with.
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[quote name=“zerodrama” post=“35018” timestamp=“1384893595”]
When the system decides to take down MSats they’ll be associating my Sats with whatever goblin they come up with.
[/quote]Sometimes I wonder if we’re even having the same conversation… ???
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Zerodrama where are you from?
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[quote name=“kris_davison” post=“35030” timestamp=“1384896981”]
Zerodrama where are you from?
[/quote]Eastern US
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That’s cool just struggle to get some of your colloquialisms. :)
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1 BTC = $2000
0.10 BTC = $200
0.010 BTC = $20 -
Let’s put this in perspective, shall we?
The world GDP is somewhere around 50 Trillion Dollars. Bitcoin will never have more than 21 Million in existence. Let’s say that there is a possibility that Bitcoin could one day constitute 1% of world transactions. If this were the case, then
($50T * 1%) / 21M BTC = $23,809.52 / BTC
What is the likelihood of Bitcoin succeeding in being the currency used in 1% of world transactions? Let’s say it’s 10%. You get a risk-adjusted value of $2,3809.52. So a BTC price of roughly $2,400 wouldn’t be a crazy price today.
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Let’s add that it’ll take time for it to be taken up.
If the $2,400 is reasonable and if the flip-flop habit of bitcoin prices is what it is, then maybe it will hit $4,800 (2x value before it cracks) and then level of to between $2,200 and $2,600.
Not bad, but it’s only 4x from where it is now. LTC could stop at $1,800 (faster run up gives it a higher peak, everyone is familiar by then) and return to $550 to $650 and FTC $250 (two miracles in a row, FTC won’t get the same treatment) then back to $140 to $160, IF WE PLAY BY THE NUMBERS.
If we play by roles and usage:
BTC used for stock trading, mass shipments.
LTC high class hotels, car dealers, home buyers.
FTC rent, groceries, cell phones.In these cases, the market share of the usage has more influence than the raw numbers.
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[quote name=“zerodrama” post=“35300” timestamp=“1385013591”]
If we play by roles and usage:
BTC used for stock trading, mass shipments.
LTC high class hotels, car dealers, home buyers.
FTC rent, groceries, cell phones.
[/quote]But why? Why would you not use BTC for everything? At $2,400, a single satoshi is still a fraction of a penny, making it perfectly acceptable for even the smallest of transactions.
I’m just playing devil’s advocate here. I’m interested in people’s opinions on how they see LTC and FTC gaining the same level of adoption that BTC is experiencing.
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[quote name=“Kevlar” post=“35302” timestamp=“1385014622”]
[quote author=zerodrama link=topic=4522.msg35300#msg35300 date=1385013591]
If we play by roles and usage:
BTC used for stock trading, mass shipments.
LTC high class hotels, car dealers, home buyers.
FTC rent, groceries, cell phones.
[/quote]But why? Why would you not use BTC for everything? At $2,400, a single satoshi is still a fraction of a penny, making it perfectly acceptable for even the smallest of transactions.
I’m just playing devil’s advocate here. I’m interested in people’s opinions on how they see LTC and FTC gaining the same level of adoption that BTC is experiencing.
[/quote]You cannot use Bitcoin for everything because it’s very slow and very expensive to send.
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[quote name=“ghostlander” post=“35304” timestamp=“1385021383”]
You cannot use Bitcoin for everything because it’s very slow and very expensive to send.
[/quote]Both of these problems have solutions. The payment protocol addresses the slowness and the free market will adjust the transaction fees. Remember, transaction fees are NOT hard coded in the protocol, nor are they required; 0 fee transactions go through all the time. The devs are working on fixing the client to respond to increasing market pressure to bring down the cost, and the free market will do the rest.
