Bitcoin Forum

We've mined 17m of the 21m bitcoin already.

In that time bitcoin has gone up 6 million times its original value! That makes no sense at all. Even 1000x - 10000x increase would be rather absurd


Bitcoins price is WAYYYYY TOOO HIGH!!! Only 1% of the world has adopted the coin so far. It makes no sense that the first 1% to adopt (aka miners and HODLers) should get up to a 6 million times return on their money. While someone adopting today would get a one times return. That's simply not feasible. The remaining 99% of the population will not agree to deflate their own purchasing power by 6 million - they will just continue to use Fiat.

That's the biggest problem that will prevent bitcoin from scaling.

https://www.youtube.com/watch?v=F7luAHdv61k

Heres a great video from Crypto Daily discussing the problems of bitcoins price

Bitcoins exploding price might be the biggest deterrent to its success. A gradual rise in price would be much more reasonable.

This exponential, nonstop increase is looking more and more like a bubble.

What should bitcoin be worth? Maybe $100 would be more reasonable after 7 years of growth

There really has been little innovation overall. Lightning network isn't even rolled out and SegWit hasn't been integrated everywhere. Basically the market cap of Bitcoin has ballooned without any real growth to justify it. The price is just being hyped

That's why lot of people calling in an buble.

You know that the mining process is every time is more difficalt and power require more and more. To mine all the bitcoins (21m) it will take years and years, it can be even 10-15 years.

This doesn't only apply to bitcoin, it applies to all rare things and things that have certain cap
Yeah some people may not like it , but its a normal thing
Everyone who gets in early in something successful should be rewarded

Why not? If I bought Microsoft stocks back in 1986, why shouldn't I get more returns than someone buying it in 2017? If you invested early in something that turns out to be successful, you make more money than the people who come after you. It's called economics.

Lets compare bitcoins price rise to a bottle of water. Since water is something EVERYONE needs



Water:

2008 - 50 cents
2017 - 1 dollar

2x increase



Bitcoin:

2008 - $0.003
2017 - $18,000 dollars

6,000,000x increase



Clearly water (and the demand for it) is more important than bitcoin. Yet water appreciated 2x in value while an imaginary, invisible, untangible thing called bitcoin has increased 6 million times. If water increased by the same amount it woud cost 3 million dollars for a bottle today.

Would you pay 3 million for 24 fluid ounces of water? No.

Then why would you buy bitcoin for the same inflated price?

But many speculators saying that if any economical product or service bumps big in the chart will fall at one stage when it goes to hill climb. We have to think now since the price moves bigger in the marketplace chart.
Value we are seeing is now is satoshi's expectation on 2020 but we achieved this value very soon that will be a positive information for us but still panic about this is burst.
After CBOE I expect we may find the bump to touch the 20k but still haven't done the chart. So go to investment on bitcoin.

yeah you can said it really high, because we know bitcoin price is born in in under 0 $.
but this is still very cheap price for new players because they will think the bitcoin price will be double or even triple in the future.
dont you think more people will interest and join? more plyers buy more high its price.

I'd say it is too low but everyone as they think

What? You are comparing oranges to apples.

Microsoft has revenues, Microsoft profits, Microsoft creates value, Microsoft has added many new technologies and expanded business. When you look at the history, you actually see the growth of a company. Those are the things that actually GENERATE the returns. When you look at bitcoin you see none of this. Its growth is derived not from profits, not from revenues, not from new technologies, not from much of anything. Its price is entirely based around hype



It is very possible bitcoin will indeed double or triple in price before crashing. That would provide a mere 2x-3x return

My entire point is that bitcoin has already gone up 6,000,000x.

Is it worth the risk of losing a 6,000,000x profit for a chance at 2x-3x more?

It fills a certain need. People feel the need to be free of the banks, to send money around relatively anonymously and quickly. The price would be nowhere near what it is if cryptocoins were useless.

This need was not present before, and now it is. To use the analogy you used in your previous post, the price of bottled water hasn't changed because it still fills the same need, and the demand for it has remained constant. Bitcoin's price is increasing because it is filling a need that people have, and the demand is on the rise at the moment.

The Monopoly Money costs too much real money :(

as the saying goes, we will see, but, the crypto currency is gaining popularity, the coinbase falls on the influx of people who want to buy lightcore and ether, the time is the transition to crypto-currencies

They are not losing purchasing power they are just late to enter the market. Not everyone can set up mining rig and begin mining cryptos. People are still buying it merely for returns and not for making it as a mainstream method of settlement. So its price is destined to go high its nothing like too high.

Never be the first investor, or the last. But we're in a good time right now, as most of the world still isn't too familiar with Bitcoin. They only heard about it. But as more stories keep coming out about it and as more want to purchase cryptocurrencies, there's going to further interest.

No they are definitely losing purchasing power.

Allow me to illustrate:

Theres two people in the world and $2. They each have $1

Person A invests $1 USD in monopoly money in 2010, Person B saves $1 USD in a piggy bank in 2010
Person A now has $6,000,000 USD worth of monopoly money in 2017, While Person B has $1 USD in a piggy bank
Person B wants to join Person A and get some monopoly money. So they buy $1 worth in 2017


Person B has 1 monopoly dollars and Person A has 6,000,0000 monopoly dollars out of the total of 6,000,001 dollars

Therefore, Person B has significantly lost purchasing power. In this case of only two people in the world their purchasing power would drop by a factor of 6 million times. The 6 million number is based on the ACTUAL price increase of bitcoin from 2010 to 2017. This example illustrates how phoney and absurd the price increase of bitcoin is

No.  Person B has gained less than Person A (they gained none), but did not lose purchasing power unless the value of a US dollar decreased, in which case the purchasing power that they lost was proportional to the US dollar's loss in purchasing power.
Purchasing power's definition:

"the financial ability to buy products and services."

Person B can buy pretty much the same amount with that dollar that they could before, not six million times less.

its like you didn't even read my point.

if Person B starts off with $1 out of the $2 total he has the same purchasing power as Person A, they both hold 50% of the cash

when Person B ends up with $1 out of $6,000,001 total he loses purchasing power, because he now holds a very small percentage of the cash


WHAT DONT YOU GET?  :D Its not that hard to understand

If you compare this year's market capacity with the market capacity in 2009, then perhaps the price is acceptable. That's why you see so many people entering encrypted money every day. What I think we need to do is how to further promote the application of bitcoin to specific projects.

Today’s Bitcoin situation “has aspects of a bubble in the sense that it’s a contagion,” Shiller says. “Bubbles are periods of contagious excitement about some investable asset that is enhanced by public observations of increases in price, and envy of people who made a lot money so easily.”

(Source: Popular Science, 2017).

https://www.popsci.com/too-late-buy-bitcoin

I think for a new player, today's bitcoin price is very expensive, why? because before he never found a currency of great value, and will make an impression to him that bitcoin is extraordinary.

It is high but I think it is a response to the stranger and more questionable policies of the worlds' central banks with their inflationary practices

yes i agree with your openion that bitcoin rate is to heigh but it can go much heigher from this point because is growing but supply is droping

We are all a little shocked by the recent sharp rise in the price of bitcoins to 18,000 dollars. We are also not sure how to respond to such an unrestrained rise in price. The fact is that the problem is not in the bitkoyne itself. Such a sharp increase in it can not but affect the economy of most countries, and this influence is destabilizing. Some states can take protective measures to stabilize the situation on the market and this will not do good to bitkoyu.

i know right, you need to at least have money or a good miner component to earn some btc

Bitcoin too expensive for new comers so that chance for alcoint and other bitcoin fork growth very fast.
Such as Litecoin price rocket x5 just in 3 days from $60 to $300.
all of these make big FOMO

What you have said makes lot sense. But again, the market really doesn't always follow sense and logic. How will you justify a iphone x price at more than $1000 where not every one in the world can afford it? Come on it is just a phone and and we all know how less it actually costs to manufacture an iphone..

Getting more than one times return by investing in bitcoin now isn't  impossible. We can't say even you are surely going to earn profits as trading is always based on volatilization but according to speculators, bitcoin is still young and it can surge upto $50,000 further. So if bitcoin goes as per the speculations, you can conveniently earn more than one times by investing now

Are you seriously comparing an investment tool to a consumable stuff!!!
Water or any consumable stuff can't be compared with BTC or stocks. In that way, Petrol or crude oil should also be at be $500 per litre.
one of the major reason behind vigorous price rice of BTC is its decentralization. No authority can regulate its price and trading. Moreover, it is only Investment tool which can trade all around the world without any hurdle.
So I think still its price is underrated as more n more people all around the world are interested to buy and invest in crypto-market every day.

Hope you are normal while complaining this,do you think an investor who purchased the shares of Microsoft or a major share when it was in the beginning phase at a really cheap price is not playing fair and any investor investing must get equal returns  :D if so ,what is the parity in that,the early investors or miners does have an advantage than the late investors and there is nothing wrong in it. If you are not interested in bitcoin,then simply do not use it. :P

What?
How much would you pay for the air you're breathing in today?

Funny rationale and probably wrong.

I do not understand why the maximum BTC amount is relevant, it is scale-able!
Bitcoin is not useful nowadays for vendors thus i propose other view- BTC is marketing for crypto world but other cryptos are the ones which will change the world.

Yes, the price is too high.
But this is good for those who invested in it at the initial stage.
If you had buy bitcoin before, you would probably be among the jubilators whom are happy for the for the high profits.
So let's just say this high price is favoring some people why it is not doing so for some.
Nevertheless, its never too late to invest now.
You can probably, start by purchasing a small amount of it.
You never can tell what that price will be in years to come.

Well yes Bitcoin price right now is really high but it does not mean that it is expensive. Remember that anything in the world is actually price if there are people willing to buy it on the said price and as you can see people are still buying.

If you are saying that 99% will not agree to deflate their purchasing power basically Bitcoin has nothing to do with that. Even without Bitcoin FIAT depreciate yearly because of inflation and central banks printing out their currency.

Well you might be right that the price growth of Bitcoin is absurd and we have never seen this type of price inflation since the tulip mania and right now Bitcoin have surpassed that rise. We might see a Big correction in the future but with bitcoins history it usually recovers really fast.

Different people have different opinions. You think the price of bitcoin is too high now, and I think that's just the beginning. It will continue to rise!

The incredible increase of price will also contribute to the increase of transactions fees and heavy traffic in the blockchain. But I've feel a little bit worried because of having a massive increase of in and out transaction, a possible of internet breakdown and increase the numbers of unconfirmed transactions.

yes, of course Bitcoin prices is very high to other currency.In this day, today 1 BITCOIN =19345.99 US DOLLAR, so is very high rated.Bitcoins prices is day by day increasing position.In the next year, Bitcoin is a very biggest currency in the world.

This analogy is flawed. While there  is a huge demand for water there is also an abundant supply of water that exceeds the demand. If water were very scarce or access to water was as difficult as a layman flying to the moon,trust me it will cost more than the current price of bitcoin.

We simply can't control the demand of the people. Back in 2008, how many were there who traded Bitcoin compared to today?

Bitcoin pricess high the 2018. It will increas the prices then people will be invest the bitcoin. But people releas the bitcoin then it will down the prices. Bitcoin pricess not stabel so you will kow the pricess information for the future growth. So you will check the bitcoin proces day by day then you will which time to invest and how to get profit. So you will some ideas from bitcoin.

Yes it is! Bitcoin price is already high, it will continue to rise for the next months or years. Bitcoin price is rising because of the demands, everyday bitcoin is introducing to ever new people. It keep rising the demand of bitcoin. Because people know that bitcoin is the future payment.

In case of bitcoin it's just the hype. Compared to btc gold is much more rare and adopted worldwide but still cheaper than btc, reason being there is no hype for gold. Newer adopters of bitcoin are just adopting it because of fear of losing out, bitcoin obviously is a bubble but it's not going to burst anytime soon.

       Bitcoin price is to high because it is in demand. Many users and investors are now log in the world of bitcoin that brings poppularity to this kind of currency.

I think it is because merchants now accept bitcoins as payment. The more the movement in bitcoins like trading, the more the higher its market value.

How is it any different to many other things? Diamonds could easily be mined in many countries previously, same as oil or gold, the early adopters made a fortune because they realised the value such things could have. The same can be said for early adopters of the internet.

Definitely these banks and central systems had their own will and nature. And they were imposing their decisions on us because they knew these people don’t have any choice. So no I think bitcoins have helped us to regain our dignity from these corrupt and dishonest systems and tasted them the fun of competition. These banks are now in danger and they deserve this.

Yeah. But do you think bitcoin will still grow like it did with 10000X times returns? It will not grow like tht but sure it will grow.

The technology behind bitcoin is very high it has all the features that it need to succeed in the market, so even due the price rise to one million dollars today it will not affect bitcoin in any way investors will still come in and bitcoin will scale through the market. We are praying for the price to keep rising in other for it to get popular and generally accepted.

The price of bitcoin has reached that far because of its popularity. Every day many and many investors come in to buy coins to invest. The community is growing that is why the price is getting high.

yes it is very informative information. when bitcoin was started it journey the price of bitcoin was about. 0.3cent but in present situation bitcoin price is about $15000+ really it is amazing high.