Bitcoin Forum

The market value of all bitcoins right now is 9-10 BIL$.
Market value of A medium size bank in the US is around 50 BIL$.
A big bank (C, BOF) - 150 BIL $

The bitcoin is not a bank. It's a new economy. Do you think that a new economy worth less than a medium size US bank ?
Think that unlike the banks that have tones of expenses - bounces , advertising , salaries, rent , losses because of arrogant analysts etc etc etc , the Bitcoin has 0 expenses.
Nothing - no salaries, no advertising no expensive shining branches.


So ,to conclude my point -  we will see the Bitcoin value rising and rising - you can't help it.

Well the bitcoin economy is 95% speculation and get rich quick investment for most folks.
Op you bought something with btc ?

Does it really matter? I am very satisfied with "store of value" aspect of it
in that it's not inflatable nor can it be confiscated.

It's a new economy that you have never used to buy anything?  It's a commodity, and a very volatile one at that.
Until it has uses it will be almost all speculation and the bigger fool setting the price.  I hope soon it is accepted as a currency.

I've personally bought a lot of stuff with Bitcoin, and not sorry for it. ;D

Bought some stuff as well, also not sorry, but you can't help but go: "Wow, that bike I bought is now a 80000$ bike" ^^

This is the path to insanity, I'm struggling with it myself  >:(

Keep in mind, that btc has no "store of value" aspect if you can't use it as a currency. If you can use it as a currency you can use it as a currency and a "store of value" as well. If you can't use it as a currency you won't have a safe "value storage".
Most people "satisfied with the store of value aspect" are in because they got or hope to get rich very fast, which is ok, but is shortviewed. If btc isn't used as a currency it will be another "new tech" bubble which made a few rich but didn't help as neither a new currency nor a value storage.

This is why I try to buy everything with bitcoins and at the same time buy me new bitcoins for the same price.

you are getting it wrong.

that bike was maybe 3000 dollars regular. you bought it with your 2011 coins so it cost you 96 $  ;D

don´t punch your calculator keys with figures about what you could have kept. rather be thankful that you had the brains to get into bitcoin at all. be proud !
rather be happy about all those coins you still have.

Very true. It's superior in almost every single way to gold as a store of value. And gold market cap is about $8 trillion or more, I see no reason why bitcoin won't be able to reach that in the future.

Nope, shares bought at low price with dollar only to spike high later doesnt mean you should not buy stuff with dollars but only buy shares

I bought with it 3D cards at www.snapily.com
and bought earphones at bitcoinstore

Edit: That bike cost $80,000 only if you didn't replace the btc you used for the purchase. I always make a replacement purchase of btc before spending them.

I have two $1300 Raspberry Pis :D

0 expenses?

What do you call the 3600+ BTC being introduced by the miners every day.  Yes, this is negligible in the long run, but currently it is a significant expense.  At $800, that is $2.88 million a day.  At 10X $800, it would be $28.8 million per day.

Yep thats the way. I am amazed every time I pay for something with some tiny fraction of a coin, a coin like many that I've given away to friends as a small gift only a year ago :) The 10k pizza guy could have gone crazy if he kept thinking about it - so you should mentally freeze the current value of any spent coins at the time of purchase. But they won't believe you anyway, so let them figure it out the hard way :)

The 10K pizza guy is mentioned a lot. There are 2 ways he could choose to look at it:

The first way is to see that purchase as the first BTC transaction to enable and get the market going. By making that purchase he started a process that made his other previously worthless coins skyrocket in value.
The second way is to forever fret about how many millions he lost out on.

Hopefully he looks at it the first way. BTW I assume whoever he is still probably has several 10K other coins and has done very well regardless. Remember that pizza transaction happened in the very very early days.

You can not compare Bitcoin to market value of one bank only, this technology is much faster and can replace all today banks. X5-X10 more is very conservative given how usefull Bitcoin is

Because thinking that you digested what 99.99% of people on earth will be unable to earn in their lifetime must be maddening if you don't control your greed :)

It is not completely true that this started btc economy, but it sure was one of the very highly referred to transactions. Thing is, this is not a million dollar pizza, it actually was a (still overpriced) $42 pizza. Value of something makes sense only at one point in time; it is a completely different object at a different time, you can't compare 10k btc from 2009 with 10k btc in 2013 - they are completely different things, one of which has been held tight through numerous hacks, rallies and crashes, hard drive failures and so on, so naturally they have much more value than 2009 coins - these were some rough times.

yes, replacement is the key indeed, have learned a lot since then

Indeed.  The more battle-hardened the concept is, the more valuable it will be.  People complain about how hard it is to use, how it has such a small chance of really "making it", low adoption rate, etc.  The truth is, if it had all of those things, you wouldn't be able to afford a mB let alone a full Bitcoin.

On the other hand, if you ever sell anything for Bitcoin you can't help but go: "Holy shit, I sold that bike for $80000"

I got tipped 0.17BTC for teaching somebody on here the alphabet in numeric format. At the time it was ~$5.

Ha, I can top that with my $5600 Raspberry Pi :|