Bitcoin Forum

There are now countless threads talking about "where is the support for this price?" And the press calling it a bubble because there is "no support for the price".

Well they are all wrong. The support for bitcoin is the most obvious part, yet no one publicly mentions it.

Bitcoin is encrypted money. Money that you can lock with a secret inside your brain, where no bank, government, or anyone else can take it.

This. Encrypted money. This is why Bitcoin is worth a trillion dollars. If we never spend it on groceries, but hold it like gold, it will still be worth a trillion dollars.

Because bitcoin is the fulfillment of the internet and digital manifest destiny.

Security through numbers, freedom through cryptography.

yes!

+1

The OP is what in the trade is known as rationally bullish.

So much YES to this :) total on spot
Best post i ever read in this forum, just Perfect
Max Keiser should brodcast these words in Tv

Exactly.

It's actually encrypted money that can be sent over the internet at ridiculously low cost.

It's also a great store of value, in that it's scarce, with a predictable and honest rate of creation.

It's also a payment processor, far more honest and efficient than anything Western Union, PayPal or any of the others have offered us so far.

If it achieves just one percent of its potential in any of these three areas (or one third of one percent in all three) it will already be worth more than 1 trillion dollars.

In nemo nos fides

This among a few other good reasons. I'm totally overwhelmed by the number of new users in here that think buying BTC at $X and selling it at $X+10 (the top) is all that bitcoin has to offer them.

They have some concrete evidence of why the price can't go past $X, and in all of those scenarios I just see concrete evidence that they don't understand what bitcoin is or what the price even represents.

Governments can torture so no, encrypted anything isn't a threat to any government. It's only going to increase risk to yourself. The best bet is to accept these risks from the start and assume there are no secrets which are kept from governments. The goal should be to make governments accept cryptocurrencies not fear them and to move to governments and countries which are more civilized.


Nothing stops governments from arresting people and torturing them into paying taxes so its easier to just pay the tax up front. Just pay the IRS.

Yes but it's not invincible. It will eventually either be taxed or banned. Governments also have trained expert hackers who will steal your money in civilized governments and in uncivilized places you'll be arrested and asked to open your wallets.

Extortion will also happen in the form of mafias which actually act as government.

By and large, entrenched government employees are the ones that couldn't cut it in the private sector. That's not to say that all government employees are incompetent but the incompetent are disproportionally represented in the public sector.

I have much more faith in math, P2P, crypto and the laws of physics than I do in banks or governments.

yawn this stuff about bitcoin being the future of money and killing bankers is starting to get tiring

find a new story bro

You have that backwards. Central bankers have been boring, tiring and predictable for too long. Time to light a fire under their asses.

If there are no speculator and 1% of people (70,000,000) will invest $1000 into FREE MONEY then  we have invested $70B ($70,000,000,000 USD)  and we will split 11M BTC (11,000,000)

result
70,000,000 adopters
$70,000,000,000 market cap.
11,000,000 BTC (today)
====
every own 11,000,000/70,000,000 = 0,157 BTC ($1000 investment)
1 BTC = $70,000,000,000/11,000,000 = $6,364

===
I think FAIR PRICE :-)

Just to be clear, I have nothing against being a legal upstanding citizen, and I will be paying tax on my capital gains. But I stick by my OP-  Russia being #1 in google trends for bitcoin is not about letting the government know your secrets.

you mean the enormous speculative bubble story?

I could live with that.

Not sure, since most of the money is not in private people's hands, not to speak about other financial instruments.
How about backing the Quadrillion Derivatives Death Star by BTC?
1,000,000,000,000 / 11,000,000 = $90,909

If one type of nonsense goes to the moon that does not necessarily mean that all nonsense goes to the moon with it.

This is just one sentence, and it's not catchy, but it is a simple truth that all by itself would make Bitcoin worth trillions if wealthy people all understood it: There's simply nowhere else a billionaire can really hide or transport his money with impunity anywhere near as effectively as Bitcoin. Every billionaire must invest a significant portion of their assets; it is inevitable if Bitcoin sticks around, and is a very attractive option even right now, in the face of uncertain capital controls and leaks. The Rothschilds will do Bitcoin!

And another thing everyone seems to miss: the actual value potential is in the quadrillions, because the economy fueled by Bitcoin will be far, far more efficient than the current one, so everyone will be far wealthier and each bitcoin will have to cover that much more.

I was trying to be modest with that $1 trillion figure.

Bitcoin might be revolutionary and incredibly useful but what we are seeing now IS a bubble. The price has been rising fast for no reason other than speculation. At some point, likely fairly soon, the speculators will want to get their money out and we'll see a correction.

Personally, I think that is a couple months away.

+1

crazy_rabbit is not so crazy!

I look at it as personal banking that you have total control over your money at all times.  That is, if you do your homework!

And how many apples does bitcoin worth?

2.346

Proof, please?  :)