9kv



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Full MemberActivity: 145Merit: 100Learning Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 12:40:04 PM #1 I understand that most everyone here has put some money into Bitcoin, and you may not like this because of that reason, but why is the prevalent theory that Bitcoin should be worth thousands of dollars? I myself would be fine if Bitcoin was worth two dollars each, but was stable.



Thoughts?

cyberpinoy



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Hero MemberActivity: 1120Merit: 502 Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 12:45:39 PM #2 If bitcoin was worth 2 dollars a coin it will quickly cease to exist. At 2 dollars a coin it is not only NOT rpofitable to mine, it is actually going to cost people money to mine. Bitcoin needs miners to process transactions, without miners the blockchain freezes and no confirmations are made on your transactions, So at 2 dollars a BTC no one would want to mine much less be able to afford to mine.

9kv



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Full MemberActivity: 145Merit: 100Learning Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 12:48:10 PM #3 Quote from: cyberpinoy on September 29, 2014, 12:45:39 PM If bitcoin was worth 2 dollars a coin it will quickly cease to exist. At 2 dollars a coin it is not only NOT rpofitable to mine, it is actually going to cost people money to mine. Bitcoin needs miners to process transactions, without miners the blockchain freezes and no confirmations are made on your transactions, So at 2 dollars a BTC no one would want to mine much less be able to afford to mine.

2$ was a bit of an underexaggeration (if that's a real concept). I mean more in the realm of $100. 2$ was a bit of an underexaggeration (if that's a real concept). I mean more in the realm of $100.

xmasdobo



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Full MemberActivity: 168Merit: 100 Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 12:48:14 PM #4 Quote from: 9kv on September 29, 2014, 12:40:04 PM I understand that most everyone here has put some money into Bitcoin, and you may not like this because of that reason, but why is the prevalent theory that Bitcoin should be worth thousands of dollars? I myself would be fine if Bitcoin was worth two dollars each, but was stable.



Thoughts?



Lucky people that bought a ton of bitcoin with 50$ and are now multimilonaires want to keep that lifestyle going and become even more wealthy. For this, they need people like us (the 99%), people that think we'll emulate their success hoping 1 coin goes to 10k or even 100k or even 1 million per coin.



Most people are clueless to understand Bitcoin's technology. Everyone i've talked to IRL didn't gave a fuck about Bitcoin except when I started going on about how it may increase in price, then they start listening. All people want is a better lifestyle without stress and luxuries, everything else is not worth the time. That's human nature, and thats why I think Bitcoin may fail, since the wealth has already been distributed mostly. No normal person now has chances to become a multimillonaire (normal person = the 99% of people that don't have much spare money at the end of the month). No one cares about doing your normal groceries and shopping with Bitcoin when they can just pay with cash or credit card, or even with your phone using country fiat, it's just pointless to buy BTC just to shop what you can already shop with "normal" money so to speak. Only nerds would get any reward from doing that. And only in specific situations would BTC be useful, aka useless for most people. Lucky people that bought a ton of bitcoin with 50$ and are now multimilonaires want to keep that lifestyle going and become even more wealthy. For this, they need people like us (the 99%), people that think we'll emulate their success hoping 1 coin goes to 10k or even 100k or even 1 million per coin.Most people are clueless to understand Bitcoin's technology. Everyone i've talked to IRL didn't gave a fuck about Bitcoin except when I started going on about how it may increase in price, then they start listening. All people want is a better lifestyle without stress and luxuries, everything else is not worth the time. That's human nature, and thats why I think Bitcoin may fail, since the wealth has already been distributed mostly. No normal person now has chances to become a multimillonaire (normal person = the 99% of people that don't have much spare money at the end of the month). No one cares about doing your normal groceries and shopping with Bitcoin when they can just pay with cash or credit card, or even with your phone using country fiat, it's just pointless to buy BTC just to shop what you can already shop with "normal" money so to speak. Only nerds would get any reward from doing that. And only in specific situations would BTC be useful, aka useless for most people.

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Sr. MemberActivity: 364Merit: 250I'm really quite sane! Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 12:52:56 PM #5 Quote from: 9kv on September 29, 2014, 12:40:04 PM I understand that most everyone here has put some money into Bitcoin, and you may not like this because of that reason, but why is the prevalent theory that Bitcoin should be worth thousands of dollars? I myself would be fine if Bitcoin was worth two dollars each, but was stable.



Thoughts?



OK, promise not to tell anyone...I agree. I think it's just that the most vocal group is the speculators/investors. There's also the whole "value tends to move toward production cost" argument, but that sounds like wishful thinking to me. OK, promise not to tell anyone...I agree. I think it's just that the most vocal group is the speculators/investors. There's also the whole "value tends to move toward production cost" argument, but that sounds like wishful thinking to me.

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Hero MemberActivity: 675Merit: 500 Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 01:07:00 PM #7 There are two separate questions here, and I'm not sure which you are asking.



Why should the total value of all Bitcoins be $5.1 billion? (Is the Bitcoin economy overvalued or undervalued as a whole?)



Why should the number of arbitrary divisions of Bitcoin be set where it is, giving each a value of $385? (Does such a high value make it more awkward to talk about and use in everyday transactions?) Do not waste your time debating whether Bitcoin can work. It does work.



"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.



There is no such thing as "market manipulation." There is only buying and selling.

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LegendaryActivity: 1386Merit: 1016 Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 01:17:17 PM #9 Quote from: barbarousrelic on September 29, 2014, 01:07:00 PM There are two separate questions here, and I'm not sure which you are asking.



Why should the total value of all Bitcoins be $5.1 billion? (Is the Bitcoin economy overvalued or undervalued as a whole?)



Why should the number of arbitrary divisions of Bitcoin be set where it is, giving each a value of $385? (Does such a high value make it more awkward to talk about and use in everyday transactions?)

the price of bitcoin is decided by the market, the balance between supply and demand! No matter how high the price is, if demanding of bitcoin is huge, and the high price like $500 or $1000 is recognized by the masses. Then the price is stable and seen as true value. the price of bitcoin is decided by the market, the balance between supply and demand! No matter how high the price is, if demanding of bitcoin is huge, and the high price like $500 or $1000 is recognized by the masses. Then the price is stable and seen as true value.

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LegendaryActivity: 1288Merit: 1000 Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 03:22:16 PM #12 Quote from: 9kv on September 29, 2014, 12:40:04 PM I understand that most everyone here has put some money into Bitcoin, and you may not like this because of that reason, but why is the prevalent theory that Bitcoin should be worth thousands of dollars? I myself would be fine if Bitcoin was worth two dollars each, but was stable.



Thoughts?





a) because 1 bitcoin = 100,000,000 satoshi

b) if 1 bitcoin will worth $100,000 USD then it will hard to pump (bitcoin become stable)

c) if everyone (99%) will have only 300,000 satoshi it will hard to dump (bitcoin become stable)



Here is math for you.

==

300,000 satoshi * 7,000,000,000 people = 21,000,000 bitcoin

300,000 satoshi = $300 USD



==

On exchange there will be

bid[we buy] ask[we sell]

-------------------------- ---------------------

1,000 BTC @ $99,995 USD 1,000 BTC @ $100,005

1,000 BTC @ $99,994 USD 1,000 BTC @ $100,006

1,000 BTC @ $99,993 USD 1,000 BTC @ $100,007



btw 1,000 BTC = 100,000,000,000 satoshi



==

and if you want to buy pizza online then just spend 10,000 satoshi

a) because 1 bitcoin = 100,000,000 satoshib) if 1 bitcoin will worth $100,000 USD then(bitcoin become stable)c) if everyone (99%) will have only 300,000 satoshi(bitcoin become stable)Here is math for you.==300,000 satoshi * 7,000,000,000 people = 21,000,000 bitcoin300,000 satoshi = $300 USD==On exchange there will bebid[we buy] ask[we sell]-------------------------- ---------------------1,000 BTC @ $99,995 USD 1,000 BTC @ $100,0051,000 BTC @ $99,994 USD 1,000 BTC @ $100,0061,000 BTC @ $99,993 USD 1,000 BTC @ $100,007btw 1,000 BTC = 100,000,000,000 satoshi==and if you want to buy pizza online then just spend 10,000 satoshi

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mene mene tekel upharsin







MemberActivity: 83Merit: 10mene mene tekel upharsin Re: Why should Bitcoin = n*usd (n= 1000's) September 29, 2014, 09:58:52 PM #13 Quote from: cyberpinoy on September 29, 2014, 12:45:39 PM If bitcoin was worth 2 dollars a coin it will quickly cease to exist. At 2 dollars a coin it is not only NOT rpofitable to mine, it is actually going to cost people money to mine. Bitcoin needs miners to process transactions, without miners the blockchain freezes and no confirmations are made on your transactions, So at 2 dollars a BTC no one would want to mine much less be able to afford to mine.



Have we forgotten that difficulty re-targets w.r.t hash power? Have we forgotten that difficulty re-targets w.r.t hash power? Malus pro bono surrepat, et bonus pro malo displiceat; fallaces enim sunt rerum species, quibus credidimus.