Bitcoin Forum

This will be after the global collapse of currency systems and they all go into hyperinflation. I cannot believe what I have just read in this article from the chief economist of the BOE.

Bitcoin also gets a mention, im in absolute shock.

http://www.telegraph.co.uk/finance/bank-of-england/11874061/Negative-interest-rates-could-be-necessary-to-protect-UK-economy-says-Bank-of-England-chief-economist.html

In England the telegraph is generally recognised as being one of the more respected newspapers.

It really is amazing.

how many years to see this price?

When ever they talk about the reasons for a downward trend in markets,interest rates and what ever,they always point to aging population.
Did they not see this coming for decades or am I to believe they did not see that elephant waddling closer and closer towards them!

Think there would be two ways of looking at this,one being that bitcoin will rocket and current holders will make a killing. But then they face the issue of being tied in at that price as it will not go back down for quite some time. Or the economy collapses and bitcoin follows suit,this is more how I see things happening,since the markets have already shown that to be the case with bitcoin. The rises are usually speculation and when the issue hits bitcoin drops.

Bitcoin is THE PERFECT tool for a gov to have 100% control of money... Not good.

What is the relate to BTC ? Why any collapse on currency and economics of countries always lees you to BTC ? There is no necessary ......

He mentions bitcoin in the article...

The paedo drug thing is slowly fading away. If they do want to foster control then they'll make it appeal with security.

Mentioning Bitcoin within a couple of sentences of talking about abolishing cash (once again) isn't too reassuring.

Saying that will be the price of bitcoin was tongue in cheek. my point is that when the banking system collapses (and im confident it will) the central banks will print their way into hyperinflation, giving currency's way less purchasing power. currency will also flow into bitcoin as people look for a safe haven against fiat systems.

when the markets go down, gold goes up. bitcoin is internet gold:-)

https://twitter.com/MarketWatch/status/644964245554221056/photo/1?ref_src=twsrc%5Etfw

No it isn't. Not yet anyway.

Bitcoin does not follow the markets,it speculates what the markets may do but it does not go up in times that you would expect. Take Greece for example,people speculated that people would turn to bitcoin and it got a bump just before the peak of the drama. There was talk of bitcoin atms flooding Greece to help establish bitcoin and the banks where
given permission to release more funds and talk of bitcoin died off. The price turned downward.
Gold used to be more tied to the markets but lately it does its own thing and does not go flying up when the markets are bad. So I would argue gold is a bad example because in the past it went the opposite of the markets. Bad times it would go up,good times it would go down. But bitcoin is pure speculation and not following the markets per say.
Would be a bad thing anyways if we started following the markets,as bitcoin should be more free of controls.

I think the number is a bit exaggerated although i do have the confidence that bitcoin price should be much higher if the economic situation starts to worsen.

only a bit? we must be happy to see the price reach $2000 at some point in the future. at this point we can't even maintain the $300 level for quite a while.

They will abolish cash and they will never use blockchain technology, at least not a decentralized blockchain.

Thats the plan to have total control and they will do it, when it happen lots of people will be left with tons of monopoly paper, the rest will be slave of the rigged new digital money system.

About the price of bitcoin i dont care, never sold  a satoshi for fiat, hope some day i can just buy and pay things with the satoshis my computers are generating for me.  ;D

Right now it's at the extreme end of the speculation scale. It would be the first thing to go if you couldn't pay your mortgage. I think we're a long time away from it ever having some type of safe haven status. It still has a lot to prove.

It is quite possible to see this price in coming years even without happening of any collapse of fiat money or markets.Bitcoin has made successfully its way and recognition in spite of all the opposition and doubts which were at the start.So we can see that price obviously. 

i doubt it will ever reach this price though i would think more about a 10 thousand pounds price i think it might reach this in about 5 years

Using pounds is a subtle way to say that you expect it to reach 20 thousand dollars ;) 5 years seems ok to me and Id be more than happy with that timeslot :)

BTCitcoin has more potential to reach £1000000 even more than that as time is passing away BTCitcoin getting more attention around with it's adoption and acceptance, many big companies and merchants are thinking about this innovation to start accepting it as normal payment method for their daily use so hold it tight soon it would be happen.

Yes your correct. The current trend looking like going further down instead moving up. If I'm not wrong the bitcoin prices and any other country economy is not linked so whether country currency go down or up bitcoin prices will not move much. Bitcoin prices will move up only when its demand increasing for that more and more businesses start accepting it as a currency.

To the contrary. If Bitcoin went fully mainstream and the transaction volume went as high as fiat transaction volume, then good luck to the goverment trying to trace stuff out.
Bitcoin is OPEN SOURCE. There's no way an open source tool is going to be a gov wet dream tool of control. There will always ways to go around it if you want to, specially if getting paid in BTC becomes a normal thing.

We are witnessing for the first time in history a fully alternative economy that is about to mindfuck the establishment. This is simply unparalleled and the consequences cannot be fully predicted.
What we know is tho, cash is going OUT in the next 1 to 2 decades, and Bitcoin will be there to fill the gap in an open source way.

Yepp that's pretty much it. Totally disruption from the outside and I believe also from the inside when high technically skilled employees at Banks (who will try transform themselves into Tech companies because traditional banking is going to die), will choose to switch the sites when realizing that permissioned closed centralized ledgers will have no chance in the long run.

 btc to £1000000
lolz this make me laugh.
this is really impossible even in the future.
reaching $500 is so hard for us as of now.
but no doubt it will reach again $1000 but to say
£1000000 wow!!! and lolz... well i hope so i can see this.
even i age some day... but it is really impossible.
so please stop dreaming now and wake up... :P

When I first came across Bitcoin the BTC/USD price was around 10c ($0.1). I watched it go up by an order of magnitude, to $1. Then a second order of magnitude, to $10. A third, to $100. And then a fourth, to $1000.

So no, while I might be pessimistic about the chances of this happening again soon, saying that this is really impossible just seems naive.

lol,

all GBP exchange here http://bittybot.co/uk/uk-bitcoin-exchanges-gbp/

there is a million times to the distance of your goal

That would be true if the current price was GBP 1. (1 * 1 000 000 = 1 000 000). But the current price isn't GBP 1, it's ~ GBP 150. It's less than 10 000 times to the goal (still a long way to go, but not without historical precedent - as I mentioned in my previous post in this thread, BTC rose from USD 0.1 to USD 1000 - a 10 000 increase.)

It only takes about 1% of the world's wealth to get to 6 figures, so it's definitely doable. There will be a huge paradigm shift and it will be during our lifetimes. If anyone thinks things can go on the way they are indefinitely they are being delusional and victim of normalcy bias.

impossible, even can also, it takes a very long time  :(

Nice of you to drop by, Mike. 

http://friendswelove.com/wp-content/uploads/2010/09/Screen-shot-2010-09-29-at-1.36.30-PM-590x328.png

not really as i know

do not be too quick to think like that, to get to the $ 1,000 price alone is very difficult

I understand what you are trying to say. Bitcoin growth was indeed phenomenal and nobody expect it to grow over 1800% over these years.
But you probably know that: lower the price = easier to reach higher value. It was quite easy for BTC price to rise from 10 to 20 dollars.
But it is extremely unlikely that we will see $240 into $2400 anytime soon.

Well, as I said I'm pessimistic about it happening any time soon. My intent was to point out that such a rise isn't "really impossible". I don't entirely agree that the USD 10 to 20 rise was "quite easy" - it took 19 months to happen! (BTC/USD first rose above $20 in June 2011, next rose - and remained - above $20 in February 2013 (http://bitcoincharts.com/charts/mtgoxUSD#rg1460zczsg2011-05-01zeg2013-04-15ztgSzm1g200zm2g365zl)). Nice, round, absolute numbers like 1, 10, 100, 1000 - and 1000000 - are really just "magic numbers" - they're only useful when we consider the context, hence why I've been talking about orders of magnitude, and why we tend to use log charts rather than linear charts.

People get carried away with absolute numbers - there's a thread on slashdot.org (http://news.slashdot.org/story/11/02/10/189246/online-only-currency-bitcoin-reaches-dollar-parity) from early 2011 where people discuss the magic number "1" - and how ludicrous it is that "magic internet money" could presume to have this value! We saw similar things with USD 10, 100 and 1000 - yet BTC is global and not directly connected to USD (the OP and myself both think primarily in GBP, and there's a significant part of the community who think in CNY, and, to a lesser extent EUR or CAD). Slightly off-topic, though - this paragraph is straying away from the directional discussion and more towards a general comment on our obsession with certain numbers, so apologies if it seems like I'm starting a new tangent.

The time you're speaking about Bitcoin was nothing. And when Bitcoin suddenly reached $1 in price people said it will soon go down again. The same was said when the price hit $10.
Today Bitcoin is still very very small and lots people and experts see it's potential. Even the WEF is of the opinion that in 10 years 10% of global GDP could be hold in Bitcoin and Blockchain in general. Even if only 10% of these 10% would be hold in Bitcoin alone this could mean a price of $40.000 for Bitcoin.Not that bad I think even if it's not close to the £1000000.
My point is that there is still a lot room and space that Bitcoin's price can rise.
Therefore a really interesting article was written by nasdaq regarding the WEF.

"Bitcoin: Long-Term Perspective Shows Boundless Possibilities"
http://www.nasdaq.com/article/bitcoin-longterm-perspective-shows-boundless-possibilities-cm524183 (http://www.nasdaq.com/article/bitcoin-longterm-perspective-shows-boundless-possibilities-cm524183)

You cannot but love how all these newspapers and experts are slowly changing their point of view about Bitcoin. I mean there are so many nice articles in this year that are slowly but surely acknowledging the Bitcoin technology.

The tide is definitely turning around and this cannot be but a bullish sign! We can't be but excited about our future!

Bitcoin has something special than our expectation and that is good sign there so many positive signals and media attention, big whales are now taking it as safer investment so that we can hope for this £1000000 price level even more than that one day we will be there.

£1000000 seems unlikely for bitcoin. If bitcoin ever hit £1000000 then the £1000000 might not worth as much as £1000000 of today.

Not necessary. Of course inflation is a given since all fiats hyperinflate eventually, but defeinitely enough to retire? hell yes. Guys like the CEO of Xapo are saying they believe in 1 million per coin in every interview and he wouldn't risk his and his company reputation if there wasn't solid reason to believe:

https://www.youtube.com/watch?v=ORcFGBhDDis

I also love the "Bitcoin is not going anywhere" vibe from the hosts, these naive idiots don't see it coming. It feels great being ahead of so many people. It's exactly how I felt back in the day when I was the only weirdo using internet in town.

Maybe we should take inflation out of the equation. How long will bitcoin reach the value of £1M (today's value) per coin? Personally I think it will be a very very long time.

I think each coin will worth about 5-10k (today's value)in 5 years, but of course I hope I am underestimating the potential.

This. This is what I stand for.

Was already announced that the major banks have been throwing money at the blockchain technology.

http://www.bbc.com/news/technology-34278163

Now. the real trick to BTC will be this. If and when they do decided ok lets go live lets bring blockchain currency to the masses via a centralized platform where every bit of money has a infinate record ever coin note fingerprint scan what ever it may be is recorded. then BTC as we know it will no longer exsist. It will be destroyed by goverment somehow.

The trick will be to get out at the right moment. Many people think that moment has long passed. For a long time now the market has been hovering around the same figure. while the difficulty level is rising at a steady rate,

Who is to say BTC was not the brain child of some shady government outfit working on a "trial" of De-centralized currency. to see what happens. to test the technology behind the networks. the equipment, the encryption the wallet's. Only to kill it off and use the system to change currency as we know it..

Who know's...

All I know is the banks getting into Blockchain technology can only spell one thing for the people...

Damn man, that's quite some theory that you got here! :)

Answer me this please, when governments create this centralized blockchain with the fingerprint scans, account controls, following of money, etc.. Do you think that people will use this? Or they will turn to decentralized Bitcoin where none of this crap exists?

And OK, we can assume that if this starts happening, governments will step in and destroy Bitcoin via a 51% attack or in whatever other way, but even if they manage to do so, something else will emerge. Some other coin, some other solution will show up.

Understand this, we have tasted freedom with Bitcoin, there is no coming back now, ever again once we taisted this freedom! That's all it counts!

I am on your side with this. But people always get a "taste" of freedom.
But freedom is something that can be taken away just as quickly as it can be created.

People say this all the time.. Oh another coin would pop up yet every coin out there so far to date has yet to come close to the value bitcoin managed to break,
and if they decided to make it a "official thing" then just start bringing charges against people who operate or are involved in creating these new coins.

Not only this the upside to banks using blockchain technology is it will dramatical reduce banking fraud. which will be a massive seller for the governments and banks. Don't forget all that money they pumped into the UK US and EU banking systems in the past 10 years to bail them out.. They have had a massive kick up the ass and told to get thing fixed and use this technology.

With almost all banks trialling RFID bank cards "touch and pay" that would be perfect to link into the blockchain system. Infinite logging of every card transaction ever day. who has what money at what time,,,, dose that not sounds like a gold mine for them?

Also it would dramatical reduce the crime of money laundering. Would make it very hard for businesses to be laundering dirty money when they can just follow the block chain to see where it came from and where its going..

There more to all this crypto coin malarkey that most of us will ever know..I'm sure one day it will all come out to be some massive conspiracy somehow..

Everything is these days..

I agree with most that you have written, but you are forgetting one important thing. US debt is not decreasing, it keeps increasing! Greece will not get better, just worse. Italy, Spain, Ireland, Portugal and the whole Euro zone will just get worse. You can patch the holes just to the certain point until they don't become unpatchable no more.

Another thing, looking through the history, there were always revolutions where the people were wining. In the end, people will always win.

Yes but all previous revolutions were before technology was at the level it is at today..

https://www.youtube.com/watch?v=waetWPG_W7o

Always a good watch. :)

Yes, a great documentary! Thanks for sharing it, I enjoyed watching it! :)

Lets get the price of BTC to the pumped/rigged all time high first which has been hard enough for the last couple of years. Why on earth would anyone believe it could go to that price is beyond me lol

Good point, i think the same.
We want be rich, but we wont be rich with only ONE btc

banks want to use the blockchain technology for their own benefit without using bitcoin.

what effect this will have on bitcoin itself remains to be seen.

given how there's less than 21 million bitcoin and over 7 billion humans, having 1 bitcoin is an enormous luxury not many can afford.

Bitcoin are WAAAAAAY underpriced right now.

there's a reason bitcoin can be divided into pieces of 0.00000001


based on these facts it should be possible to give a rough estimate of the future price of bitcoin, assuming bitcoin will some day replace fiat completely (which may or may not happen).

using the Pareto principle along with these numbers we can even approximate the distribution and the value of bitcoin relative to current purchasing power in above scenario.