Bitcoin Forum

Most people didn’t buy in bitcoin as the price is not “right” or in other words, too expensive. However, there will be no “proper” price for bitcoin. Lao Mao , COO of Yunbi, released an op-ed article, expressing his views on bitcoin and rebutting some general conceptions among the public.

He concludes the following:
 There is no right price for bitcoin.
 Automated transaction is irrelevant to price
 Developers doesn’t have a better understanding of bitcoin than John Doe
 Pseudo-conception for bitcoin-based applications
 Bitcoin is a imagined community
 Organizational impacts to the long-term value of bitcoin is zero


http://news.8btc.com/op-edthere-is-no-proper-price-for-bitcoin

Welcome to Economics 101 lol. There is no "proper" pricing for anything, it's all subjective.

It's worth what people are willing to buy it for.  At the moment that is about $1010 on US exchanges.
I don't really see any extra depth to the question/statement. 

Does Bitcoin have an intrinsic worth?. Do and should mining costs be related to the price?  Those are tougher questions. The price is about $1010 at an exchange.

Precisely, it's all about demand and supply and from the look of things Bitcoin is going to be priced upward and upward until there are no more to be sold. I'm just keeping my fingers crossed to see how things turn out.

Of course, there is no "proper" price for bitcoin. It is the market that dictates it,the law of supply and demand.Price is volatile, someone can dump his bitcoins whenever he wants nor pump if he has a substantial amount of bitcoin.As we know,no one controls the bitcoin.

There's only 0,003 bitcoin per one human. The price should be much much higher

The price surely depends on people, their faith and possibilities. As for intrinsic worth.. I think btc doesn't have it, because there are no materials from which it is made. Mining is related to the price in a way, because after halving people who mine need to spend more time and money on doing the same job, so they need it to be still profitable. There is no proper price for bitcoin and yet there seems to be proper everage price of it for the community.

Do you regard bitcoin hodlers as a "imagined community"?

Low amount of availability is not what determenes price. Its what people are willing to pay for it. There are also good altcoins, so amount is much bigger.

I agree to that bitcoin has no proper price and it is normal like other commodities on the stock market. Let us take gold for example there is no fix price since the price is dictated by the market flow.Bitcoin is the same  with gold but what makes bitcoin different to other commodities in the stock exchange is the range of bitcoins volatility.

Not only demand and supply Bicoin is also subject to speculation.  Since most early adopters that hold a good amount of bitcoin are now wealthy elites.  People are driven with the belief that Bitcoin train has not left yet and assuming that Bitcoin will be adopted by the whole world and getting the ratio between Bitcoin and world population for its actual price.  They tend to think that Bitcoin is undervalued atm, and it will increase in price so they buy and hold them as much.  But as I said this is just mere speculation and I think Bitcoin price varies from people to people in accordance how they view Bitcoin price value.

Alts are just scam there's no need of them. There's only one priceless Mona Lisa and plenty of useless copies.

Define proper please, just tell half of the miners to stop mining to see what proper price really means. people admittedly talk about the inevitable rise in price over time but are like the bystanders just watching as events occur. don't mind me though I'm just an imaginary friend of Satoshi's :D.

In theory we will remove money entirely at some stage in human evolution. Its not the most optimum way to divide resources between people since 1 persons opinion on what they need resouce wise entirely for their whole life is usually flawed.  I think this is why there is no proper pricing for anything and its all subjective.

Your opinion isn't correct because every human isn't using bitcoin, our community isn't big and there are some million people who uses it. Nowdays everyone can buy bitcoin without problems and if there will be more people interested in, than it will cause bitcoin price rise up. Nowdays supply of bitcoin is enough for it's users, there is no need of more higher price now. Imagine, when bitcoin was very new and it don't had users, it's price was some cents and when people were interested in bitcoin and it gained many user, now you see how much become prise.

The price changes as soon as people want to sell it for more. If people want to sell it for $2000, it would be sold for $2000 and that would be the price. We are changing it, and it is changing so slow because we are millions using it.

certainly no one can do that. all bitcoin price changes happen. even an expert in the analysis traders can not do a correct prediction.

The price for bitcoin just seems to high in the current moment. in some developed countries to spend 1000$ to buy one bitcoin would be good investment in future. Bitcoin will be doubbled during this year. So it is fast chance to dobble your money.
I think some people just do not understand bitcoin in how it works, because of it is totally unique thing. Weneed to be educated about bitcoin.

Maybe Bitcoin shouldn't have a price? Maybe it should be free, and you should give me all of yours?


I'm not sure how educated you are. Bitcoin's values is not "too" high, if anything, it's too low. You're thinking wrongly, as if you need to buy exactly one Bitcoin. Bitcoin is infinitely divisible (in theory), so you have to get rid of the idea of their being a "1" unit of Bitcoin anyway.

There is no right time to buy bitcoins because we always hope that the price will become cheaper but then we see that suddenly the price gets higher and higher, the current price is high but it may be low if we think after few years.

Supply and demand gives the right price, if no one want to buy a BTC then its value is zero. If i am hungry to death then a piece of pizza worths all the BTC of the world

Pricing is just a part of the technology which is given importance to get the attention of users for their needs. The circulation in all factors of buying, selling and all other parts decide the price to vary in accordance to time.

Yes I think there is no proper price for bitcoin, actually bitcoin was created for user to be more convenient in transaction and no need to exchange rate to do global transaction, but somehow now it become the trade commodity and because of that the price becoming more valuable, so it is about market demand, so there is no actual price for bitcoin

There is really no proper price for bitcoin. It depends on the law of supply and demand which estates that if the supply is low, the demand is high and if the demand is low, the supply is high! This law is applicable to almost everything that can be found in the market.

obviously when the market is unstable then there is no question of same price over a long time so bitcoin is unstable. REASON: demand of cryptocurrencies are increasing day by day and people take first step only in bitcoin so its demand is increasing day by day but its supply is almost negligible that is very less as compared to demand so its price keeps increas. its the law of market

while i agree, i like to think that the minimum value should be the one that make the miners take their profit, to avoid the network being unsecure

so there is definitely a bottom price for bitcoin and a price where you say that bitcoin succeeded, which reflect the worldwide adoption

True, if people are willing to sell a house and lot for tulip bulbs, I see no reason why there have to be a "proper" price for bitcoin.

Sure, it's designed to have a limited amount in circulation like precious metal but that don't give it any intrinsic value. If everyone decide to dump their bitcoins today, then we can expect it to lose value. Which would then attract some people to buy it for close to nothing, more people buying it then means it starts gaining value again, and so on...

I always thought there is a reason for a big price rise or drop not only for Bitcoin, but for all goods. If supply doubles then the price goes down or if fails what it is supposed to do then the price drops. We might not always have all the information and price might behave unexpected sometimes, but i always thought this is right for the longer run.
With Bitcoin i can not see such a thing and i would say that the price follows no logic, but maybe it is my fault, to believe that the price should be related to some actual facts.

I guess this is brought about the very reason that we still link bitcoin with fiat currency that we still see a dollar value or whatever currency it is that we compare bitcoins to. We can't eliminate this unless bitcoins because the only currency the world and everybody will only use it and nothing else.

The problem looking for a proper price, its that on buyer's view the price always seems expensive, and for the seller it looks cheap. It happens with bitcoins, and with other things. When you ask for gold price opinions users have the same questions.

Yes, there is no stable price for bitcoin. It varies in proportion to demand and supply.In fact, bitcoin as an asset,has outperformed any other asset on earth over the last five years and perhaps even in history.So price with bitcoin is a very magical thing indeed.And bitcoin is not an imagined community.It has already proved how worth it is and if it is an imagined community, then why such big banks and government sectors accept and try to implement blockchain technology?

Ini other words, there is no right time to buy bitcoin as the price keep fluctuate and rise up as time goes on.
But, many people get into bitcoin and act as traders, always looking for buy-sell at the right price which sometimes cause another decrease to the price. However, only big whales that could manipulate the market price and give us time to buy bitcoin at cheaper level.

No Proper price because bitcoin rapidly change in its value.

Price for bitcoin depend on demand and supply on every markets in the countries
usually Chinese markets always needs much bitcoin than other markets and
bitcoin's price always be more high than other markets,
there is no proper for bitcoin just there are supply-demand.

Is there any other similar assets?

Bitcoin has its intrinsic value, deflation is the most important one, it is also the currency of freedom, people fight for their money against inflation like fiat currency. Your articles says that btc has no proper price, I fully agree, current price is a bargain compared to the long term.

Good point. How much do you value the "deflation" feature?

You are right. Have you ever been told USD price is this and this.  NO.
But when we say about bitcoin we compare it with USD because Bitcoin is not widely used and we normally convert the bitcoins into Fiat before using it in majority of locations. So thats why its price is determine by demand and supply like a commodity and not like a currency.

Do you see a scenario that reverse the comparison? How could bitcoin be used in a majority of locations without smooth tx confirmation?

Even better yet, do you call a whole network of merchants and service providers that accepts Bitcoin as a payment option, a "imagined community"? I do not know what qualifies as a community, if a network like this, with a huge user base are not defined as a community?

Try again, because you missing the point. ^smile^ This whole forum is a community.

No one could really predict the price of bitcoin anytime and it does really move everytime but it doesnt mean that in future its value would be zero just as stated on the op. Its quiet a nonsense thing to mention those since bitcoin does really have a good community not an imaginable only.I dont know what kind of understanding does it have regarding bitcoin.

The cryptocurrency value is like that there is no proper value for that, and it will change depends on the market. And yes no one could predict this bitcoin price. And on what basis this price will be fixed we don't know. If we know that fact we can analyse the price. And yes the price may go down, but it will not end with zero ever.

bitcoin have no proper price and this is the beauty of bitcoin. it makes an Ideal currency for traders and investors.
if bitcoin price stuck to one price and don't up or down. than there will not any sense remain dealing with bitcoin (at least for me)

Whoa! Thank God there is something to agree with. I love the fact that it was said "Bitcoin is a imagined community". It is true. It had no physical thing but still it works. Why is that? Maybe that could ecplain why no one here could really predict what price will be the next one.
Yes you could go near the prediction but still there is no basis for that. All of it are mere guess which will not be backed up by any facts.

Of coarse there is no "proper price", there is no proper price for anything. All exchange rates change, not just for bitcoin, but for everything.

It is all based on supply and demand, and bitcoin's volatility does not mean it has no "proper" price.

True, the fact that bitcoin has no physical existence and it is limited when it comes to the resources and people are coming in every day means that the user base is getting bigger which means that the price is going to keep on rising, for bitcoin the sky is the limit and we can never really know what the price is going to reach.

true because bitcoin fluctuating nature than that many traders on bitcoin, so no price is suitable for bitcoin. bitcoin prices always go up and down, so that users get profit

Bitcoin prices is like a rollercoaster which leads us to the heaven. The prices seem very fluctuating but it always goes up and according to my experience, Bitcoin will reach more than $2000 in June. Well, we have to witness lot of decline if we want to prices continue to go up.

Bitcoin is unpredictable. Right now the price doesn't fluctuate much, its been stabilized around certain price. Further it might grow higher or sometimes it too can go down. With the ongoing price variation we cannot predict that the price touches $2000 by the mid 2017.

Obviously there is no right price, it can go as high as the fiat printing machine wants to print, so that means infinite value, and that is not considering stock sand gold and other investmetns moving into bitcoin.

Bitcoin is the king of crypto and all crypto will always be measured in BTC.

Yeah! More users means more demands and bitcoin gets the value that is right for it. It is better to have a stock of bitcoin now since this good things that are happening. I guess a lot of people are now looking to the bright side. More than that, if they can read testimonies about people who have change a lot just because of turning their money to bitcoins.

As long as you make instant transactions, or you move your money between countries, I agree that price don't matter at all.

It only matters if you decide to keep them as bitcoins. And It still doesn't matter as long as you don't sell them for cheaper than what you bought. In other words, hold bitcoins only if you don't need that money in the future.

That is given the fact that the upper band of Bitcoin is 21 million coins and when we divide that with the total estimate of world population, 7 billion, that gives  21,000,000/7000,000,000=0.003 BTC. That is certainly a small amount for each person and would most likely drive people to demand for more of it to be able to meet their needs and in so doing, the value would keep appreciating. The best way to go about Bitcoin is to take its increase in value, one price at a time!

Yah, having unstable price of bitcoin is interesting right? Having a high and low, but mostly increasing value of it every single second is a good thing with this. If the price is stuck in one price for sure the people will not stay on this.

Yes, there's nothing proper to it, good thing for it is even it is not proper but atleast it would increase or decrease a price. It would be more nice, exciting, interesting, and it would become the center value of bitcoin. Bitcoin always change the value of the price day to day and that' s the investors want to have more profit.

Nailed lol. That is why i dont see any difference of bitcoim form other currencies or even items. When it comes to pricing. As there was this known philosopher said that no man is island

Do you know that dollar and other currency also doesn't have proper price everything keeps changing in every moment. Actually all these values changes with respect to another. Similarly bitcoins value changes with comparison to other cucurrency it's price 1 btc will be always 1btc only. Only the difference from fiat is value compared to other currency changes drastically.

yes i accept it . bitcoin is popular in world that's why it has no proper price . many people buy and trade it beacuse they know other people surly buy and trade them.

On the contrary we can say that it is always the right time to buy bitcoin because Bitcoin price might increase in price tomorrow or the next day, who knows.  Applying the same logic, meaning it can be the best time to buy or the worst time to buy, but eventually the right time to buy depends on the person on how much he needs to have a hold of Bitcoin. :)

I don’t think there is no proper price for bitcoin for that reason.
I think people are using bitcoin and more people are coming in to the bitcoin industries because of the price so as long as the price keeps on going up people will still use it and trade it, higher price means more people and more people means higher price.

It wont really go zero but going 1 sats is possible specially on shitcoins out there they really dump their price but for bitcoin price it wont really go to zero unless if its dies and no one would able to use it.Possibilities are really there but price cant be predicted no matter what,

The price of Bitcoin, just like everything else, is subjective. The price that Bitcoin is at right now is the ask price for the amount that's available at that particular price. If all the Bitcoins that are available at the current price are bought, the amount of supply available at the next best ask price will become the price of Bitcoin. That's how prices are formed in all markets.

I honestly think people should just treat bitcoin like regular money, you earn it by working..

It can't be accurately but we could speculate how it will be based on the market trading volume and government regulations which affected decision of big investors. Yes, there is no proper price for bitcoin yet, but it should be has certain point somewhere in the future when more adopters and groceries join in, bitcoin will get good liquidity then.

On Bitcoin being 'infinitely divisible', even in theory, I think that's just not too accurate.
If Bitcoin ever comes close to becoming a global currency, used by a few billion people, even the current supply isn't going to be enough to support such a massive user base. 

Bitcoin seems more an asset the way its price are volatile just like assets and commodities. It is fact that normal currencies also see changes in value but the way Bitcoin goes 100$ up and down it is biggest hurdle in its way to become normal currency. It price always will be manipulated by big whales.

No, it's the volatility that divides bitcoin from other assets.

This is absolutely right, no proper price for bitcoin. As bitcoin depends on demand and supply, also its fluctuating price thats why there's no really proper price for bitcoin. This would definitely be more growing in the market, as bitcoin is becoming popular each day.

Bitcoin holds value because of the people who uses it. This crypto currency has a unique decentralized feature thats why it attracts investors or even ordinary people to use it.
Yes it has no proper price because the market dictates in other words those people who uses it dictates what would be it's price value.
Bitcoin is one of good example of a volatile currency because no individual has the power to control it but the majority itself decides if this digital curency is over or will continue to pump.
Throughout the years bitcoin has survived countless bubble but look at bitcoin now.

Looking at it, it should just go back to its history price. The rarity of it should give it more value as if it is like gold that will be depleted in the long run.
It is lined up with commodities and currencies so there would really be no proper price. It is leaning to the usage of people who have it and to how much demands will come. If nothing will be left to earn or to buy or even be mined then it will become more expensive.

very honestly even there is no proper price for any other currency even not for fiat. their price also changing from time to time. bitcoin price is increasing because of the demand and supply. if people want to buy bitcoin then the demand is increasing and when the people start selling then the demand is decreasing.

The price is the proper price of bitcoin, if you speak about fixed price or stable price, it would not happen, we are limited in supply so we have to live with that reality. Now, for us who want to take advantage of the volatility of bitcoin, I guess we better think of investing now, the price will increase ni the future and that cannot be prevented as the population of adopters are increasing.

I will agree with the part that there is really no proper price and I believe its part of the decentralization that was put in mind by the developers where the decision regarding the price is determined by the users and not one body or agency that will say  'this is the price" whether it Worth's more or less that that no one knows. But in all, I have the opinion that its a good thing that we make our gain when price increases and count our losses when the opposite occur.

IMO bitcoin is priceless because the technology and concept of bitcoin is priceless. You know blockchain technology can help bank for higher efficiency.

It's very true there cannot be any "proper" price for bitcoin because it's volatile and events of pump and dump constantly affects its stability. For traders there could be a "proper" price at a particular point in time but not all the time.

it is cryptocurrency and its price varies with demand and availability. since its supply is limit all we know so its demand is increasing day by day and finally we end up in having unstable value of bitcoin. and its is almost near to the impossible to make the price stable.

It is right, there is no proper price for bitcoin, Because bitcoin create for online users, and it don't need it, because it is a crypto currency, and in it, price value very important thing for bitcoin users. We earn from bitcoin behalf of its price, sometime it is increased and sometime it is decreased, So it is better for us to earn from bitcoin in this way.

I think there is a price for bitcoin.. its all about the Demand and the Supply.. and if People are willing to pay 1k for 1 BTC.. then this is the "proper" price (at this time at least).
When Price is increasing/decreasing its just reacting to the market. Just like anything in economy.

I dont know if there is anything in this universe that exists with a definite value or price. Even the dollars and other currencies get up and down. Various things gets up and down due to market demand and supply, then how we expect bitcoins price to be fixed ? I guess its very bad if price remains same because then we cannot trade.

Agreed. To add, wider adoption of bitcoin as a form of payment will ultimately lead to a larger user base. This in turn will have an upward affect on prices. In principle, as Sadlife points out, the "invisible hand" of the market sets the price.

You mean share market, how the share market will fluctuate like that bitcoin price also fluctuate? My opinion is also same the bitcoin price will decide on how the bitcoin transaction and how many people are using bitcoin. But because of this huge price fluctuation, people are making money in bitcoin. If the price is stable then how people can trade bitcoin right.

Yes, similar to anything in this world bitcoin too have no proper price.
But one thing I want to clear you that bitcoin is such a currency which is going to up and up in price. Hence no wonder different exchange / people follow prices relatively different.

If you take example of other thing like gold it prices are being determined by traders. As world wide it is being traded, different country will have different prices for gold. Similarly bitcoin is being traded my many exchanges and based on bid ask volume bitcoin prices get determined.

Yes, Bitcoin doesn't have proper price because it has freedom to anyone and it always depends on the demand of the market. I think it having no proper price for a currency is an advantage especially for traders because they make profit out of that by just buying cheap and selling high. There is no right price of bitcoin but you can make sure it is right if you are into long term investment ::).

Of course bitcoin has no proper price because his value goes up. And it can go down too. So the gold is a great example to compare, sometimes he goes up; sometimes down, it depends of several facts as the number of persons that are using it, the rarity...

yes, bitcoin have no proper price but one thing I want to clear you that bitcoin is such a currency which is going to up and up in their price. If you take example of other thing like gold there is much risk that sometime its price going to decrease which may give you lose but bitcoin have record that it’s price never collapse and increment in their price going to increase day by day.