Bitcoin Forum

At the current time of posting this thread, 8:55pm CT, the current exchange rate for 1 BTC to USD is $318.0100, and growing.
This makes me wonder will it just keep on growing forever, or is this the beginning of the collapse. A lot of people both professorial financial analyst and everyday people say it can't last very long.

However, now you can do so much with bitcoins. For one, you can buy a car with this currency. In Australia there is a company that allows you to trade bitcoins for their off-road vehicles. http://venturebeat.com/2013/11/04/you-can-now-buy-a-car-with-bitcoin-in-australia/ (http://venturebeat.com/2013/11/04/you-can-now-buy-a-car-with-bitcoin-in-australia/)  You can even buy regular stuff with bitcoins, such as if you go to the www.bitcoinstore.com

So if business are will to risk real items for bitcoins then that must tell me that it's not going away anytime soon.

One thing is for sure, this is totally amazing! Bitcoin has forever changed the way we think about currencies, and how we spend it.

I heard you can also take bitcoins to the guy wearing the green hat on the corner of 5th and 9th in Manhattan between 1 and 3pm and exchange them for a knock-off rolex.

So yes, you can "do more" with bitcoin than, say, a rock.  But we aren't competing with rocks.  We're competing with government monopoly currencies.  

Many professional analysts and everyday people don't understand Bitcoin. Bitcoin is different than any other commodity or financial instrument.

While it will not last forever Bitcoin can up go up a lot more until it reaches its saturation point. This is where Bitcoin has is being used everywhere where it is useful.

This kind of growth is typical for technology adoption curve.
http://www.x-btc.com/1/post/2013/11/bitcoin-is-not-surging-going-ballistic-or-going-on-an-astronomical-tear.html

Some people estimate Bitcoin could go up to US$ 1,000,000 or so in 5-10 years.

I think its gonna flatline once the media driven hype slows down, but long term btc is flying

In the last revaluation (in April) the price started in the 30's then shot up.  It hit 266 and stayed there for like an hour before it went down to 60ish.  This time we have started at 130ish and gone to 300+ and stayed there for a day and a half.  Every hour that Bitcoin stays above 300 is a win in my book.  It slowly reprograms humanity's expectations on what a bitcoin is and can be worth.

Based on the development I see coming out of the altcoin sector "you ain't seen nothing yet!"

this time the price is "covered" by the insane difficulty. I think 400 euros is a fair price if you consider that the network is still growing with an insane rate.

$320 is only the equivelent of

200k people investing $19,200 ever in their life so far (on average)

600k people investing $6,400 ever in their life so far (on average)

2mill people investing $1920 ever in their life so far (on average)

now imagine there being 7 billion people in the world and only 1% of the world ever put 1 months salary (about $1920) EVER into bitcoin
70million people when all coins are mined.. each coin is worth $6400, or currently with 12 mill coins mined. each coin is worth $11,200

so there you go.. theres some possibilities of population uptake and average financial input figures, to get your minds playing about with

I think it can go further than that. If we can get it to overtake some smaller currencies, perhaps just behind the euro and then have another financial collapse it may be looked to as the world reserve currency.  That could push it to ridiculous levels (so ridiculous you don't say how many $ its worth)

Whose 1 months salary is that, I'm pretty sure that is not true for most of the world ;)

The wage takes into account the inflation of fiat  ;)
Besides BTC will make everyone rich ;D, well at least me I hope  :P

Well our hopes are similar. I find it hard to believe, my bitcoins are worth over $1000 one day. That would be like flying on crack.

I just looked at coinbase and bitcoin was trading over there at $325 and doesn't show any signs of slowing down currently.

No signs?

It's getting ready to crash! Grab your dog and your ammo and head for the hills!! :)

http://www.youtube.com/watch?v=9N1wNbyqNDo

someone in another thread says that difficulty is already starting to taper off

good times for all :D

Sucks when you're wrong huh :(   Went up to $352 after you posted this :)

The problem with your calculations is that not even the US Dollar, which is the most widely used currency in the world, is used by 7 billion people for purchases.

And your assumption on the average monthly salary is pretty extreme for the majority of the population of the world.

I do believe that widespread use of bitcoin will drive it up in value, but I'm questioning your calculations, and assumptions used in your calculations.

Another point is that it takes technology to use bitcoin, even if its only a cell phone, it has to be a smart phone. The cost of smartphone plans is not affordable to a huge portion of the population in many countries.

I hope to see a low tech solution which will allow trading of bitcoins without the overhead required now. That will boost the use and acceptance of bitcoin and increase its value significantly.

Sorry.... I can't call the exact moment when it will crash but it will be soon.  :P

LOL.

Nice advertising in the OP. Did anyone else not catch this the first time?

$369 and Raising!!! Btc is ballooning up.BTC

btcchina.com is down at the moment - gox is still running

Wow it's almost at 400. right now. Can anyone answer this question. Why is Bitcoin raising so much and so fast?

I warn you that people have short memories, for the most part. It was a lot like this in the final runup in april. People saying it can never go down, it will correct only upwards, the insane price movement upward that seemed like it was never going to abate.

Cash at least some out. Take at least some profits. Pack a parachute, that's all I'm saying.

Who cares if in a year it will gain at least 10-fold. Bears are always slaughtered in bitcoin world.

Bitcoin's real value is minimum $300,000 dollars, and by the time it hits it, it may be more because it is hard to buy anything with dollars anymore.

The time in between we'll just have to wait.

I am still stunned that 1 BTC=~1/4 ounce of gold at this point and rapidly approaching 1/3 of an ounce of gold.

Yep last time it skyrocketed it had a sudden crash. My belief is that it will crash back to the long-term trendline it was on around $222.
Also with inputs.io being hacked I can imagine a big part of the 4100 btc being sold :)

I pulled out my BTC a few hours ago and am patiently waiting for the crash to come, so I can buy back more bitcoins  ;)

how is an advertisement of a thread like this allowed to exist? we dont need more spammers on this forum. :/

What happened to your trendline in Spring 2013 when it jumped from $14 to $100+ ?
Also, don't expect repeating of April's crash, which was not a natural correction but terrible manipulation including shutdown of major exchange, ddos and FUD campaign.
Bitcoin now is much stronger and protected than it was in April.

I'm no trading expert but only looking at the last month it has gradually crawled from $140 to $222. 24 october there was a correction back to this trend-line.
I believe $222 to be a fair price for bitcoins at the moment and this is what I call the long-term trendline..
I don't believe that the bitcoin will crash below $100 or will go or stay above $440 for long.
It will reach $440 or higher only not in this "bubble".

Taking a look at the bitcoincharts 6 month chart the last bar looks unhealthy :D

Also with the recent 4100 BTC being stolen who can say this bubble isn't a setup so they can sell in the current high.

Nobody knows what will happen but i'm betting on a crash back to the $222 line or lower with a rebound to this value.

Hope I'm right :)

I'm wondering why people seem to forget it? April crash was triggered mainly by severe manipulation and shut-downs. I have a feeling that some (same?) people will try (or are trying) to bring it down again. Exchanges were the single point of failure back than. In my opinion right now it depends if exchanges will defend against vicious attacks this time.

Whole thing only shows how ridiculous some of those predictions are. How the hell are we supposed to know what THE REAL value of btc is and what kind of correction we should expect? It's nothing but reading tea leaves. Bitcoin can go ridiculously high - beyond anyone's imagination.. Or drop down to 0$ tomorrow. My guess - and it's only guess - is that it will steadily go up (with some minor accidents caused by vulnerability of exchanges and govt/banks actions slash propaganda).

As before - I simply keep what I've got and relax. I don't want to take part in the manipulation to make few bucks. It's more of a "value system" thing for me than opportunity to make $

I don't understand all those “predictions” - what are they based on?
What the hell are you talking about bringing some “trendlines”? In april someone hacked two largest bitcoin exchanges causing a panic. Devaluation of btc was a result of failure of exchange vehicles. Nobody knows what would have happened if mtgox and bitstamp and the rest weren't hacked. This discussion is a pile of garbage.

There a multiple known factors that can contribute to btc growing in value and those that can bring it down. If someone will show previously unknown vulnerability in the code, or exchanges will crash again, or government will find a way to crash it, it will quickly go down in value. All the way to zero.

On the other hand: further econonical crisis fueled by continuous quantitative easing, devaluation of currency, banking system corruption and real estate crash will likely contribute to further growth of btc value.

Nobody knows what's going to happen next – you can only bet.

Maybe you should apply for a job at Bloomberg.
What you mean by "chart looks unhealthy"? It's too windy and it caught cold? What your belief in $222 being a fair price is based upon? You found it in a fortune cookie?

the style of traveling is completely up to you. as long as your flight arrives in frankfurt:

https://bitcointalk.org/index.php?topic=285771.0
 

:D