Bitcoin Forum

The miners have spoken:

Bitcoin’s Rally Crushed Every Other Currency in 2016. Here’s Why
https://www.bloomberg.com/news/articles/2016-12-16/bitcoin-s-rally-crushed-every-other-currency-in-2016-here-s-why

It must be time to go all in if Bloomberg is reporting this.

http://rlv.zcache.com/im_all_in_poker_chip_dinner_plate-re0440241c4284495b9a9473c32dc28cf_ambb0_8byvr_512.jpg

It's true that bitcoin price has been increased pretty good this year and we can expect the price to reach 1k pretty soon. I can say that I didn't expected this to happen this year but 2016 was full of surprises.

What's the date on that Draper quote? Didn't he cry like a bitch when his block size proposal was ignored.

Another 100% price increase would be great though & I definitely see that as realistic?

Bloomberg has it written so shall it be so.

They can write what they want but won't consider realistic the 100% increase if this was said these days! Realistic would be an increase of +~$200 which could lead the bitcoin price to $1k.

A few years ago I saw people predict bitcoin to $1000 then to $10000. I did not believed it. Bitcoin went to $1000 but not $10000. Now I think it will definitely go to $10000. Why? because it is like gold, the fiats devalue quickly, not bitcoin.

Im all in too. All my money is in btc and i like it that way.

50k here we come!

Who's with me?

Bitcoin is untouchable.

It will go to $10,000 easy.

I agree.

I think it might be going up in part because of Venezuela. If tiny countries like Greece, Cypress, Venezuela can move the price so much, wait untill large countries like Germany, the EU, England begin to acknowledge their true financial state ie bankrupt... Thats what will blow it up to $10,000.00. And that day is coming soon.

your write bitcoin price incraese until reach 10,000 dollar is easy
i think is very dificult can reach 10,000 dollar
and you say bitcoin price can up until 100%
how long your prediction bitcoin price can up 100%(1500 dolllar because in december bitcoin price always over 750 dollar)

I dont know about last year price but it is sure that in 2017 we can see the price of bitcoin above $1250 surely after that their will be some selling pressure.

the future's looking positive right now. 100% and more? i ain't convinced in the short term but let's wait and see. maybe this is a return to the mean after a deeply pessimistic price action over the last 2-3 years and not much else.

That was good news actually many companies right now are adopting bitcoin and more events will happen this following year since we are experience good things in bitcoin this year. like other said the price will increase more but we can not say it can be still reach 1k soon maybe mid or month of may we can see that the price will touch in 1k value..

I've been all in since btc was $3......
I expect 5k or so in 2017

I love Bloomberg.  Brings me back to when I used to listen to the radio program before the market opened in the morning.  Good times.

100%?  Sure!  Could happen, and the rise could even be higher than that.  Bitcoin has always been volatile as hell, and we're definitely in a bitcoin bull market right now.  I'm going to ride the momentum wave and accumulate what I can.

I personally think 100% is on the low side...
When btc gains traction it will go up a hell  of a lot faster than that.... Fiat money is crashing around the world and demand for btc is voracious...

They are right, it will have to go up. The difficulty rises and power consumption for the same amount of blocks rises with it. The price will have to adjust for that or we won't have anyone to support the network.
It may not double but we should see a nice increase in price in 2017. Good luck and patience to all the holders!

We may correct to $600 in Jan.

Not a correction, a flash crash and then rocket to the ATH and beyond!!!

It is funny how you were trying to cause FUD all these months but have finally decided to buy Bitcoins at a very late moment. Well at least you know that buying is better and knowing the future of Bitcoin is still bright (or dark, as in darknet).

The real and organized criminals have not yet started using the dark markets. When they start using it for a good % of their business this will be worth so much and it will be unstoppable, with Bitcoin in the middle of all that trades and value making.

Too many people investing thesedays  for the price to get back to 600 I think...
If it even dropped to 750 I think people would fill their boots.... And make it shoot back up  :D

I think so too. Though the problem is what if everybody sold their bitcoins so fast that it will drop to 600 due to fears of it really dropping. I guess we can't yet discount the possibility that it may drop to 600. But I think there would be plenty of people willing to buy shit tons of bitcoin once it goes back to 700. We won't know for sure until it happens.

There is always something else behind the rise of the price. So you have to just be vigilant with what is happening right now and just ride the wave while it lasts cause you never know what tomorrow may bring with another rise or slide in price. :-\

With the current rate of price growth $1000 doesn't seem too far price may sit well above $800 by end of this year and next year we may see another 100% pump so it seems price can easily touch $2000 by end of next year which will be more than 100% of today's price.

Price growth also looks healthy this time rather than quick pump and dump like before. Price is pumping and getting some correction and than again pumping which is good pattern and shows natural growth.

i've been all in for a long time now and i have already made more than 100% even before bloomberg starts finding out about bitcoin. my rule is to always get in when nobody is talking about anything. it means more than a year ago where every single topic in this board were talking about price falling to $100 and i was happily buying and filling my mattresses (so to speak).

No bodys with me for a 50k btc???

In our dreams maybe.  ;D ;D ;D

It could happen but not in the near future nor it could happen in 10 to 20 years. But I think it could happen, especially if bitcoin gets adopted by a very big company. If half the world would be using bitcoins then the demand will really skyrocket along with it's price. As the supply of bitcoins can never match the demand for it, as bitcoins has only a finite amount.

Bitcoin is the break in all world's economy. Just appeared in 2008 year today it costs so high as creators even could not expect. I think bitcoin is our future and future of money in general. We don't know how much bitcoin is goin to cost in some years and what form it will takes. Today we can only guess about it all.

If we should drop down to $600 I'm pretty sure there will be more than enough people being happy to buy in or accumulate even more as we all know that Bitcoin still is very very tiny in terms of market capitalization and value.
So I say let it skyrocket and I will have a seat and enjoy the ride, or let it get dumped and I will buy even more and enjoy the moon ride happening after that.

What do you think will be behind the bitcoin price rise in the next 6 to 12 months?

I agree, and I have been buying even when I really couldn't afford it.

Some day, and I think it may be sooner than many think, we will look back when bitcoin was ONLY $2000 a coin, and if I only had bought more then,,,
(but I am glad I bought what I have now)

It may seem expensive now at this price, around $790 today, but it is tomorrow's bargain, and maybe even winning lottery ticket.  (only with a lot better odds of winning)

I feel very same things in bitcoin, it really has huge potential of speculations.
It is like nothing is very expensive if you think about future.
I can guess another $1000 in a year or two, but I dont think it will be stable.

Yeah we are strong believe that if the price goes or touch in 600 level it can increase again back or refill what was gone just to prove that bitcoin is now strong than before.. and they are not let the price to decrease until 600 value because this is a new level of bitcoin..

In case of correction to 600 in january then this is right time for selling and waiting for that drop, and buying again. This sounds like perfect way to make more coins. Just things are not always like they look like, that drop might not happen. Bitcoin price is going up all this months, and I don`t believe in drop, I believe in slow rise until we touch that 1000 $ mark. I thought it will happen earlier, but I was wrong about timing, that price will come but not so fast as many of us wish here, including me.

If you speculate something that must have some realistic reference and evaluation but not a price of your imagination. Everybody loves to see a price of bitcoin reach $50000 but just image the total valuation it will be.It will surpass everything to dust. So have some realistic speculation.

honestly ive been amazed on bitcoin because if you compare the prize of bitcoin last year and now . its a huge difference that's why bitcoin is the best of all crypto currency. still thinking if bitcoin could literally be digital currency that we can use on our everyday life. I'm still waiting on $1000 per bitcoin hahah hope next year will be good at us.

There have been pretty consistent predictions like this from people I don't really know about or who don't really seem to have a good grasp on how the market likes to operate.

While Bloomberg included that in the article, it's just another quote. I don't know the guy's reputation, his previous accuracy, none of that. I can't take everything I hear as gospel.

In fact it will always be difficult to make accurate predictions about a phenomenon as relatively new as the bitcoin. However I have read several interesting studies and analyzes carried out by important institutions and they seem to agree that $1300 seems an affordable price in the medium term, but not much beyond, so I would prefer to be very cautious with my expectations regarding the price of bitcoin.

I think that's not impossible, unfortunately. The block size problem has grown in the last months. It's pretty "normal" now to have tens of thousands unconfirmed transactions. A large portion may be spam, but I think we are slowly reaching the limit. Segwit still isn't implemented enabled. (Editted)

This discussion will prevent BTC from reaching a new ATH (a 100% increase would be $1400-1600). The problem is that most Bitcoin users will experience the issue (when doing a transaction with a too small fee) and it's probable that they then will lose interest.

I feel that it can not be happen this is just what i feel since more promisses and more old members are actually giving idea to us.. that i think those are business people who are saying more adoption will happen in 2017.
Just like the exchange site was hack few months ago but they are fail to kill bitcoin even the price of bitcoin was crash in the time and rise again due to demand.. or people who are thinking that bitcoin is pretty cheap to buy and it can be increase more until now we are in good and strong level..

Besides the topic of the discussion here, but it looks like we are reaching a conundrum.
ASIC-based POW turned out to be unsustainable long term because of mining monopolization.
People are blocking technical progress based on their immediate interests (higher fees)
China (miners) want one thing, West (nodes and Core)-another.
I think core should make the last attempt at reconciliation, and if it is not possible, employ something new.
Bitcoin price would suffer, but then China will have their pie and eat it too.

i agree that the current form of pow is not healthy for bitcoin and had satoshi envisioned it i hope he would've designed it out before it could happen, but i haven't seen anyone other than a small fringe element propose that.

how do you think a proposal like that would pan out if it actually happened?

very very messy ........
changing from POW to POS or something else would shake up the entire crypto world
we will have a better idea after ETH moves to POS next year how the coin marketcap changes
but eth is a constantly changing experiment ....
Bitcoin is supposed to be the reliable  safe haven of all coins  so i dont think we should change the fundamentals
that attracted people to btc in the first place  if we want to maintain the integrity and reputation of the coin

yeah. i'll believe that when i see it.

as for the rest, i guess there's a line somewhere between bedrock of crypto and badly compromised antique. it'll probably be too late to know if and when it's been crossed.

ETH? It is slowly dying. Between Ethereum and Ethereum Classic, I would go for the latter. It is on the rise and has declared that it will continue on with Proof of Work. The miners from ETH would then move to ETC and also imagine the miners who are disillusioned with ZCash. Once the network becomes strong enough in hashng power, ETC may achieve parity with ETH.

ETH is with dev support and ETC without. Once ETH goes into POS we can say that mining profit is going to be hell until the next Zcash come out!!

bitcoin price will be around 4000-5000 USD per coin one day and that is already a couple of 100% rises and it will only happen slowly. i think something around 100% rise each year (give or take) is a good estimate of the future rises.

The thing with that is BTCBTCBTC will lose it's purpose, at least when when it comes to doing microtransactions.

You mean due to the higher going price? If so, then I can't really agree with that. Bitcoin is a currency tool that you can divide into 100 million smaller units (satoshis). I think the transaction fees are the thing that will make Bitcoin less interesting for small transactions. Fact is that pools will depend on income through transaction fees more and more due to the halvings. And at some point, it will be their only income.

Lets hope on it that this will happen, it can happen but it will not happen fast it need a year or so to do this if you are asking me about it.

Yes and no. Just getting doubled had happened many times in short period of time itself with the bitcoin prices. So getting 100% growth is highly possible to occur in very short period of times like one or two months are more than enough. But for that we need some initial triggers, yes we are all waiting for those triggers.

What could those triggers be that will raise the prices really high? I would love to see bitcoins double in just months too. But the triggers for it to drop is more identifiable than those that will make it rise. A sample would be news that a bitcoin online trading company gets "hacked." That news really brought the prices of bitcoin by a lot. So I guess we could see the doubling but we could also see the halving of the price. But if it does halve, let's pray that it still shoots back up.

Really this should not happen because many people start afraid to buy bitcoin, already now people are afraid to buy bitcoin even it is at 800$. Bitcoin should change lives of the people not to destroy the bitcoin because only people who have bitcoin will become rich. Once it rises to 4000$ really people will start thinking that it is also one of the hype, so many people stay away from it.

This will happen but it will take a lot of time before this is gonna happen for sure because it not just nothing..

ETF (COIN, etc), in more immediate time frame. ETF could happen in 2-3 mo or later in 2017.
It will move btc at least 400-500% to $4000-4500 within 2-3 years from it happening.
personally, I would probably put 5% of my retirement fund in such ETF(s) early.
There might even be an arbitrage opportunity if such ETF NAV exceeds 100%, and it will, at least for some time.

I don't think we will see a rapid increase now after the big gains this past year. I expect continued growth but at a slower pace.

No this will not happen I just do not think that this will happen to be honest, its just way too much for the bitcoin if you are asking me.

It could happen in months if the right news and forces collided. Question is what is the catalyst?

What a stupid comment. You've been "all in" since it was $3 huh? how have you lived since then, off the land?

Possible but it will take some time to do this and its also depending how fast the bitcoin grows, if it grows fast its possible pretty soon.

This

You can't say that fiat will be the cause of the rise of bitcoin. Even if fiat currency drops they will not flock to bitcoins as their alternative. Bitcoin will need to be adopted far more than today to get more people to use it and shift to the bitcoin revolution. If not they we won't see to much upward movement. The value of bitcoin is still based on the best and most stable currency if fiat currency drops in other countries that are not among the stable currencies then they would have to buy bitcoin at the vale of the stable currency which would in turn be far more expensive.

No it will not. Bitcoin will never lose its purpose as long as the dark markets are around. If you can give a good alternative to Bitcoin to be used by drug vendors, internet criminals and scammers, ransomware hackers and other underground markets that are not served by the banks then that it might lose its purpose.

I think the ZCash is more suitable for the dark market.

something else might be suitable technically but these druggies want money. they're not going to have much use for an alt that can be destroyed in value between taking an order and having to pay off their cartel buddies.

Going up another 100% from what it is now which is $822 to now move to $1644 is actually a big feat in which I am not seeing happening soon. The threat I am seeing to that is the attention its gaining especially from government which might eventually erode the reason quite a number of free thinkers came into it in the first place... Aside that I can boldly say the road maybe long, but it is possible...

I doubt we get that far. It is a remote price level, which will be very hard to achieve, let alone, we have a massive printing at works and the US dollar becomes much more toilet paper than it is now, so people en mass loose faith in its value. There is a slimmer chance for such a scenario to play out, but I wouldn't bet on that.

The words of a speculator are not necessarily the best things that an emerging community can hear.

Personally I would much happier with a stable price around $1000 for years rather than these volatile rallies that speculators love so much.

It's very hard to achieve, you are right, but it's not impossible. We see bitcoin prices changing every time and always going up. Look the progress since last year until now. The bitcoin price was in $350-$400 exactly 1 year ago.
Now it's going very well around $800, the price doubled in one year, maybe we can have another good progress in the end of the next year, nothing is impossible when we are using cryptocurrencies.

Volatile rallies are a necessary evil, it is a process of new price discovery. If you noticed, bitcoin have several years of relative stability inbetween each rally (and an aftershock crash) - which only last couple of months every time. Now another one has started, in spring 2017 bitcoin price will stabilize on a new price level, which can only be deducted by violent swings. So brace yourself.

I also would like that more because its just so awesome to just have a stable price and from their it can built out more.

Hoping on that, I think that it can happen but its hard to really say it will happen, with some time it will if it stays growing like this.

Maybe but Bitcoin is doing a good job as an avenue for value transfer and as a censorship resistant type of currency. In fact the Zero Coin Protocol can be added as a layer on top of Bitcoin as an optional feature if people want anonymous transactions. So Zcash has a good use case as a testnet for Bitcoin.

Bitcoin to go high to 100% and more won't happen in a short time. Right now the price movement is quite good with big variation in price. Also the price seems to be affordable for most users to benefit high over the years to come as the price difference is continuing providing profit to traders.

It might take a year to do that.

Nothing is impossible, but it is almost impossible to maintain an exponential growth in the long due to the lack of resources. Take bacteria colony as an example. They can double their population each time cycle, until the point there is not enough food to sustain the whole colony. With Bitcoin is the same, you need to have the constant influx of new money of people willing to buy the coins at the each time higher prices. is is sustainable in the long run? I don't think so.

This on-going bitcoin rally is amazing for everyone who believes and I hope this won't just be another fake rally like we had in the past though it looks very different this time because bitcoin's fundamentals are getting much much better than in the past and the acceptance of mainstream people about how bitcoin works really makes this recent rally very special.

Do you have any evidence that the fundamentals got significantly better in the last six months?
I see this current price rise as a speculation pump, yet again. No more than that.

i assume he's talking about now versus 2013? bitcoin itself is unchanged but the scene overall is bigger, better and calmer. it's still a pump for a pump's sake though.

If someone has the data from the growth of the use of Bitcoin in the dark markets that would be a welcome gesture so that we could show everyone that the fundamentals have truly changed. We also have been seeing more and more news about people's computers that are infected with ransomware. Bitcoin's use case as an "X for ransom" currency is growing and will grow more in a serious way in the future once kidnap for ransom groups use Bitcoins.

The whole point is yes, Bitcoin's fundamentals have changed since 2013.

Bitcoin price keep on pumping and dumping from 2013. Especially this year bitcoin value increased 400$ and more due to halving and holidays price pump. As op subject line this cen percent price doubled. We could expect same on the next halving only.

There are also more coins in the circulation compared to the three years ago. Although, if majority of the newly mined coins stays in the hands of whales in China, the market is still relatively easy to push in the desired direction, what would explain the current pump. I was stressing the fact that this is still a pump, with no much backing in the fundamental arguments.
These have not changed significantly in the last months, when Bitcoin was priced below $500 (seems like a distant past now, doesn't it?).

Currently the price is just being pushed in the $900's purely based on greedy intentions.

People are happy right now, but I hope they will understand that when the price happens to go down significantly, that it is a normal market reaction as big players need a high price to liquidate their coins.

The only question that only these big players have the answer to, is how long will it take before they think the time is right to cause a massive cut in the market.

That's why I don't write off the option of going back to the $700's again. Never take for granted that we never visit lower levels again. Because it will happen.

Of course. This is a purely speculative pump that we observe right now, and there will be a correction as a next step. Testing of $700 seems as a reasonable approach, I guess we may see some buying support there.

I get rent and other passive incomes in cash but thank you for asking
Now fuck off  under your bridge you little turd...

In 2013 the pump was pure insane greed
This pump has more foundations and people are buying now for developments they expect to happen in 2017 onwards... Demonetisation of nations is very real, as seen already in India and Venezuela....

Yes, I love this expectation. the price will be 1,500$ - 2,000$ in the year of 2017
I bought some coins when the price at 720$-&750$. Hope I get 100% profit for that.

More people are using the bitcoin, so the price should go higher.

Makes me laughs tho, yes, it is crazy to know that you were "in" since it was $3, when it was? Can you state the exact year for that? How much you invested then from the very beginning until now? You got big enough now??

Pumps in Bitcoin have never been based on fundamentals so far, as there was relatively little in terms of development and mass adoption. This time is no different, the fundamentals have not changed that much to justify doubling the price in the last half a year or so.

Another uptrend on the price of bitcoin will occur next year it will be a big surprise on all of us bitcoin earners.
For now lets take a rest and wait for that wonderful moment.

im very comfortable at the moment ,thank you for asking lol
2011 wasnt the very beginnning though ,i missed those penny coins that people before me were able to to buy
the money im making now will go to my grandchildren becasue i already have
everything i need

I wish I've been in this space way back then.  ;D ;D ;D

If you buy some good altcoin now, it might have the same effects.