Bitcoin Forum

Would like peoples honest feedback please


thanks

It has doubled in just a few months recently (tripled even for a very short time). It is not likely to continue increasing at this rate, but it is certainly possible that it will double again in a year as interest in bitcoin increases.

it should, and I hope so.

I wouldn't be surprised. I don't think the price will go below $6, and I don't think it'll go above $30 in the next 12 months.

That's only a little over double from where it is right now.  In 12 months?

I think there is a good chance. I wouldn't bet the house on it though

My money on bitcoins doubling easily over the next 12 months.....

because there is a lot of active promotion of these over in USA...

so many seminars...so many more new exchangers etc...

and more demand = more price!

and infact simply by more people "holding on to their money in bitcoins" you will be increasing its value....rather then cashing out on first drop of price...

dont get scared...hold on to ur bitcoins...help the rates to go up... (i know i will)

better investment than buying real Gold!!!

I'd expect so.

It was only in the last year that Bitcoin was stabilizing in terms of the value. When I was mining in mid-2011 the Bitcoin value was bouncing around like crazy. I think this was because of the inconsistent balance of new-comers to mining so the supply and demand system was a bit messy to say the least.

I have more faith now as the miners that are making a real impact are consistent and treating it like a real business; a real mine. I didn't have the funding, nor the patience to go down this route so I left it to the pros. With steadily growing demand and a consistent supply there is no reason why Bitcoin can't double if not triple within the next year. It's up to the businesses to keep the currency in circulation.

I am currently developing a Bitcoin lottery site so I hope that the effort was worth it in the next 12 months.
*fingers crossed*

Absolutely. Bitcoin will cost more than 2x its current price in 12 months. How do I know? Because I'm involved in the business world of Bitcoin and very exciting things are happening.

22$ per bitcoin is doable  :D

It looks like its on track to do around that well, or better. The waters have calmed over time but are still quite choppy. There's still plenty of speculation ahead. However, a strong growth trend has shown itself, a hard floor has been built, and the critics have been silenced. Hopefully the growth rate of the business/service ecosystem and of the Bitcoin holding community will go noticeably exponential over the next year.

This is important and necessary work, of course--Speculation is the work of price discovery, and the fact that a speculative profit exists to be made is an incentive for newcomers to arrive to trade Bitcoin. They're pulling Bitcoin out of obscurity and illiquidity into the realm of competition with major state-sponsored currencies--not a task to be taken lightly! Once price speculation has drawn in enough participants and the gains from time arbitrage peter out, we should be left with very stable rates from Bitcoin's perspective. Until then, I don't see the harm in quoting prices of goods/services in, say, dollars and dynamically adjusting the amount of Bitcoins charged based on the present exchange rate or a formula approximating it.

I don't think it will. I have no evidence to support my position :-)

It's a free market, no one knows what will happen. I'm sure there will be a lot of volatility, but the price will increase over time. There is a huge potential in bitcoin and the only problem is that the system is relatively hard to use and understand for a simple user. So once there are more simple to use clients and it's simple to exchange the fiat goverment money for bitcoin I believe that bitcoin can easily be worth 50-100 bucks.

maybe you should ask the other way arround, will the US Dollar loose half of its value against the Bitcoin in the next 12 month?
I think it is very possible the way they print the greenbacks.
Almost half of the bTC are already mined.

But the dollar's value relative to gold, silver, crude even does not show the dollar losing value. (though I agree, that may be coming).  

 - http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=w1
 - http://finviz.com/futures_charts.ashx?t=ENERGY&p=w1
 - http://finviz.com/futures_charts.ashx?t=METALS&p=w1

So if bitcoin is rising against the dollar, as well against other currencies, and against metals, and against even the commodities that have risen quite a bit (soybeans, wheat, etc.) that indicates more is going on than an inflating supply of dollars.

There's no doubt to me that if this trend continues (daily transactions ... excluding common miner-related addresses and SatoshiDICE) that another doubling or more of the BTC/USD exchange rate is likely.
 - http://blockchain.info/charts/n-transactions-excluding-popular?timespan=all&daysAverageString=7

Add Ben's resumption of QE (QE3 or whatever they call it) at Jackson Hole, and I'll be even more convinced.

Bitcoin is a type of investment. Whether you are a miner and 'investing' money into the hardware and electricity spent mining or hoping to "buy low sell high".

Just like every other investment, do NOT invest something you can not afford to lose.

Personally, I love doing 'distributed computing' stuff, having done folding@home and worldcommunitygrid for several years, this just gives you a way to have some fun with a relatively small (for now) economy and the potential to make a few bucks and hopefully learn something and have fun in the process.

I am one of those entrepreneurs and will be doing what I can to accept btc in all future businesses for as long as it remainds stable enough to not be putting my self at high risk of losing money.

WTF ?

I thought you were a Prince, looking to restore your family's Kingdom..... ?

That's it. Scammer recommendation for you. I must report this. And to think, I nearly sent you 1000 BTC to help your cause.

I will never trust anyone, ever again.

yes i reckon

Nice..... From Nigeria right?

I think bitcoin price will keep going up and up, as it has been steady for so long now. As more people start accepting it, trading with it and using it, it's value will increase.

Can't see it going anywhere but up, just imagine where it could be in 5 years time

It *should* be upward-bound, and would be if not for all the skepticism encircling Butterfly Labs and their ASIC products.

If BFL does actually produce their SC line of products, it will mean very scary things for your average every day miner. Even though there are lots of FPGA modules available for purchase from various manufacturers, the "meat" of block creation is still GPU mining. The release of FPGAs didn't impact the viability of GPU mining all that much because the speeds are in the same neighborhood (Overclocked 7970 GPU ~650MH, BFL FPGA Single ~830MH). If BFL releases even 1/10th of the ASIC products that they have pre-orders for, the difficulty will just about double in a mere matter of weeks.

This is all compounded by the fact that the block reward will be cut in half sometime in early December. Enthusiasm for the currency as a whole will be drastically reduced on the miner-side if GPU mining is no longer viable unless you have free electricity, and even then, it won't be nearly as profitable. Who wants to run their cards at high temperatures for next to no reward?

The bottom line is... If ASICs make it out onto the market, you better have one, or you'll be making a fraction of what you're making now with GPUs. I'd rather have tens of thousands of users under 1GH/s mining/trading/spending coins, than a couple hundred users close to or over 1TH/s. Fewer users and less enthusiasm amongst the community means a drop in value.

We all know what happens when the majority of wealth in an economy is limited to the privileged few.

If you ask such a question you should state to what the Bitcoin value is doubling up to. I asume you want to know if the Bitcoin is doubling up against the US$.
If it is the US$ than it depends who is winning the The United States presidential election of 2012.
If the winners is Republican Mitt Romney the chances for Isreal attacking Iran is round about 90%.
If Israel attacks Iran there could be nuclear weapons involved.
So If there are nuclear weapons involved it could affect the peoples trust in specific currencies and it also could affect the international trades. If the people don't trust the governments of the world to regulate the money the would for example invest in Bitcoins.
So there is a possibility the BTC to US$ will *2 but there is also a possibility the BTC to US$ will /2.
 ???

Yes.