Bitcoin Forum

IT'S NOT TOO LATE TO GET INTO BITCOIN, INSISTS BITCOIN JESUS


Full story: http://www.wired.co.uk/news/archive/2015-05/29/bitcoin-opportunities-amazon-growth

It will never be too late to get into bitcoin. Right now it is a fantastic time to get in it being good and lowish price if it goes down even more on price I will continue to buy more and more of it and build my reserves for retirement when that day comes and have the opportunity to make a good profit from it too if coin goes back and beyond 1300 a coin.

That is not necessarily true. It assumes that the velocity stays constant (referring to MV = PQ), which is not likely to be the case. As adoption increases, the price could continue to fall just like it has been for the last year.

There are somewhere between 5 and 10 billion Bitcoin users in the world -- because of anonymity, the exact number is unclear, but one thing Ver is sure of is that it is going to grow.

Sheesh.... These people at least need to get their math right.
Number of Bitcoin users > the population of this earth?

Of course it's not too late. Bitcoin is still in its early phase really so even people joining today or even months down the road can still have the chance to be an early adopter. I think bitcoin can easily get back to its $1000 price tag and even multiples of that if bitcoin gets adopted by some huge businesses or industries so there's still great potential for great profit.

If people have been following the coin for a while and looking to make purchases around this time, they are far luckier than many others that got in at higher prices. That said, those that bought at higher prices have been doing so for quite a while and are a step ahead in their accumulation.

I didn't expect him to say otherwise. But he is right indeed. Smart people always buy in on huge sell-offs and keep holding their coins. The others are always waiting. Stop waiting and buy now.

Another way to look at it is that a stagnant price is actually good for bitcoin.  It makes things less dangerous for the casual user.  What bitcoin needs is wider adoption and slow price increases, not bubbles.  When it is no longer considered an investment by the majority of users is when things will get interesting.

FTFY

Like saying it's too late to get into gold.....

Its never too late.....

He probably got confused between "million" and "billion". IMO, there are only around 1 million active Bitcoin users in the world right now (got the figures from rpietila's thread). During the last 12 months, the growth in new users have been blunted, due to various scandals (such as the Mt Gox robbery, SR 2.0 take down.etc).

I wouldn't take anything rpietila says that seriously, especially if its not well sourced or documented as he's well known to use dodgy or unconfirmed sources. Knowing how many active users bitcoin has would be very had to quantify as well. I'm sure there are many people who are still just holding their coins for the future and they shouldn't be discounted either.

In the absence of other trustworthy sources, the methodology used by rpietila seems to be the most reliable and accurate one. His assumptions are backed up by the (leaked) data from the Mt Gox. Anyway I am sure that the number of users is much smaller than the figure of 5 million or 10 million given by most sources.

Whereas you trust the methodology from someone like Roger Ver?   :D

We have estimations from the Federal Reserve Bank, European Central Bank and then banking authors like Jeffrey Robinson who all put the user estimation at or under 250,000 human users (FRB states 100,000).   Addresses =/= Human Users, one human can have many addresses.

As well the Federal Reserve Bank claimed Bitcoin was seeing exponential doubling every 10 months but that doesn't explain why Bitcoin websites like Bitcointalk.org, Coindesk.com, et cetera - have actually fallen in their Alexa Rank.   Falling in alexa rank = less people coming to bitcoin related websites and less people are reading about Bitcoin - doesn't look good if the thesis is Bitcoin is supposed to be doubling in population every 10 months.

Yep, and it's never too early to get some of your savings out of fiat. ;)