Bitcoin Forum

I have a few comments:

1) We have not even seen the beginning of this revolution. We are seeing exponential growth. We are barely starting to see some real money pouring in to the system.

2) This crypto-currency economy will consume the weaker and smaller nations of the world as their local economic policies will simply not be able to compete. Roughly 1/3 of the world's nations will have to convert to this soon.

3) Right now, we are seeing that the "mining rich" bitcoiners are really the only ones providing the liquidity for bitcoin sales. That is drying up fast. Hoarding is becoming a major epidemic right now.

4) This is NOT A STOCK!!! I am so sick of reading pundits say we are in a bubble! It doesn't make sense mathematically right now. They say that bitcoins do not have "intrinsic value" which is absurd. That's like saying software itself has no intrinsic value to it cuz you can't wipe your ass with it like you can US dollar bills! The value of the bitcoin network is that of a NETWORK, increasing with the value of the network according to 2^n. Stocks are valued in a linear way to the underlying company, thus they tend to max out as they are overbought and the obvious devaluation occurs, hence a bubble forms. To say that bitcoin is in a bubble is like saying that facebook was in a bubble when it was experiencing breathtaking growth. It doesn't make sense, because the value of facebook is inextricably tied to the value of the network itself. Facebook has massive value to businesses that use it even if facebook does not directly profit from that. It's also like saying a network of telephones could experience a bubble. The telephone network creates vast value far beyond the physical value of the assets that comprise it. This will not behave like stock my friends. Hear this now: Bitcoins WILL INEVITABLY AND WITHOUT A DOUBT BE WORTH FAR MORE THAN $10,000 EACH EVENTUALLY! Trillions of dollars in GDP will transduce into the crypto-currency market. When 1 trillion dollars is invested in this, each bitcoin will be worth $90,900 dollars. The world GDP is estimated at over 340 trillion USD annually. We WILL get there. Bitcoin is far too competitive not to take over some nations run by gangsters.

5) Most people involved in this community have no idea what they are involved in. You guys are the pioneers of something as revolutionary as the lightbulb. Front row seat to history. Mark my words on this.

Long live the People's Currency!

Do you have any money invested in bitcoin?

Every single spare dollar I have. 100% all in.

where do you get world GDP as 340T?   The USA is still the largest economy and its GDP is only around 20t right?

Sounds good to me!    ;D ;D ;D

Unless you believe there is such thing as a permanent asset bubble (there is not), you cannot believe in permanent deflationary spirals. A deflationary spiral is simply a bubble for money. People "hoard" securities during bubbles, and money is no different.

So unless you believe in bubbles that literally do not end, you reject the notion that central banking is required to expand the money supply to stop deflation.

And let's say this isn't a bubble at all (it may not be). That means mass adoption will occur and BTC takes a bite out of the fiat market share. so the speculation was rational and justified.

A currency with around 100% adoption rate cannot have this luxury; mass adoption has already reached its limit, and it can only be a bubble.

I believe in bitcoin more than most and have been here for a looong time.  I believe that BTC is worth 100x what it is valued at now.

So, please, don't invest more than you can afford to lose.  Every dollar you put in BTC pretend that it could just vanish tomorrow.  

I am in contact with Morisson Bonpasse, who authored "The Single Global Currency" who has provided me with that estimate. He runs the Single Global currency association (www.singleglobalcurrency.org)

I am independently wealthy anyway.

I only invest my spare money, as I have to have other funds to manage my life and career, but as far as my investments are concerned, 100%. I could afford to lose it all frankly. But I won't.

And I certainly don't believe this is a permanent spiral. It just hasn't even gotten close to maturity. That's all I'm saying.

you mentioned "deflation"

If BTC reaches $10,000 at the current stage of the BTC economy, THAT would be a bubble.....

That isn't even necessarily true; if the bitcoin saturation of the world economy was maturing with mainstream bitcoin institutions and financial services, credit, widespread acceptance by merchants... let's say 2% of the world used it in 5 or 10 years. That would absolutely justify a price of 10,000 USD today.

Let's not get too ahead of ourselves ^_^

Oh heck, why not. Lets do.

I agree with the OP in the main. Let's look at the numbers.

blockchain.info wallet users are groing at 1.5% per day. that's 56% per month. I'm pretty sure that outpaces the ramp up that facebook saw.

I think it will continue to grow, but the current pace is going to be hard to maintain due to the barriers to entry. When the Mt.Gox queue gets north of 20,000; people will just get discouraged from the whole process.

We could see exponential growth morph into a linear ~3000 new users a day growth.

In 5 to 10 years, not now...

In my opinion we aren't nearly there...

How large part of bitcoin economy is fully done by bitcoin not, fiat->bitcoin->fiat?

In theory it shouldn't really matter. The more people there are doing fiat->bitcoin->fiat purchases, the more people will be holding a transient bitcoin float. These people are accidental hoarders. Just like the countries that buy USD just because they want to buy crude oil, it still helps the dollar.

True, but you should also take that approach to every dollar you don't put in BTC. 

That would be the end of bitcoin.

bitcoin's idea is worth way more than 10.000$ per bitcoin

imo 1.000.000$ per bitcoin seems fair to the people of earth

we have official confirmation, gentlemen  :D

Problem is that the price of bitcoin rises and many people that have absolutely no idea about bitcoin or computers in general are making "investments" to try and profit off the phenomena.

It's good for them and it's good for all of us too.

That figure of 340T isn't even close to being correct.

http://en.wikipedia.org/wiki/World_economy

If your present-day figures are total shit, why should anyone believe your extrapolations about future figures?

People like stability when it comes to currency, it is good for bitcoin as an investment and as a virtual commodity but not as a currency which most of the forum supports according to my understanding.

Given current daily money supply of $2.8 billion from QE infinite and 3600 bitcoin, 10K is quite possible, but that will change when FED start to tighten

It is off by an order of magnitude.   How does he explain that.  The US is 14T and the whole G8 is only 34T and then it drops off the face of the earth from there.

You seem to be ignoring the fact that outside the US nobody really gives a crap what the 'FED' thinks.

Wrong. Something like 70% of all Forex trade is done with the USD as the quote currency. Interp/Extrapolated, that means most people interested in currencies outside the US give a crap what the Fed thinks.