Bitcoin Forum

What you guys think of this article ? http://www.forbes.com/sites/samanthasharf/2014/01/15/10-one-perspective-on-what-bitcoin-will-be-worth-in-2014/

What do you think?

I am thinking of setting a price alert at $320 so I can buy up coins around $300.

I predicted in early November we would never see $300 again (but did not actually make a leveraged bet). I would hate to be wrong ;)

Edit: this clued me in that the article is 3 months old:

I think it is a fair review. "Majority if all coins are held by a small group of people" is very true indeed, and early adopters are become speculators  :D

What is worth noting is that the writer seems to believe bitcoin has a low chance of mass adoption and another crypto will replace bitcoin with all the flaws corrected.

The article is worthless. It is based on a fallacy:


Addresses =/= people.

And if you want to buy that new watershed crypto while it is still cheap, you will be using....BTC.  Best to stock up on BTC while it is still cheap.

Here Here! get them while they are cheap! ;D

This author knows nothing about Bitcoin. Bitcoin is a deflationary currency and can never be inflated. It’s amazing how people can get paid to write about a subject they know nothing about. Bitcoin is unique in that it is free from borders and government interference, and is already backed by immense distributed computing power that offers you a guarantee on the integrity of transactions.

It seems you have your definitions mixed up a bit.

Purely deflationary currency means its supply is frozen. Technically Bitcoin is inflationary, because new supply is constantly added to the market. If demand exceeds this supply, there can be periods of deflation, when prices drop, but this is deflation of goods priced in that currency. However monetary inflation of Bitcoin is still there, although it may not be visible. Here is a link for you: http://en.wikipedia.org/wiki/Monetary_inflation

Only Proof-of-Stake currencies can be considered deflationary in the strict meaning of this word, because their supply is fixed and not growing after genesis block.

Bitcoin will become deflationary when the last bitcoin has been mined into existance, but it's still a few years away.

POS coins are deflationary?  :D You have no clue what you're talking about.
Here you go, read about a POS coin: http://en.wikipedia.org/wiki/Peercoin

Their 2011 prediction was that bitcoin can't work because it's not backed by anything. Why should I care about their guess now?

I don't trust to predictions of Forbes!
Bitcoin is a complex system, whose development depends on many factors. IMO, Bitcoin is perspective

Is that a real human?

lol forbes
i see many interesting comment in that site
he knows nothing about BTC, and make statement like that
nobody believe that

i think btc will reach the price at 5000 usd

Bitcoin is a complex system, whose development depends on many factors. IMO, Bitcoin is perspective

I think it is a long ride to 5k.  No doubt it gets there, but honestly, I do not see it in the next 2 years

I think by the end of July if there is no recovery you'd be correct but if it starts picking up and breaks the $1k barrier again who knows...

There's nothing much to think, forbes is generally correct

Yup, especially when they predicted Bitcoin would fail in 2011 because it wasn't backed by anything.  ::)

Making the assumption that something is worthless because it isn't backed by anything is ridiculous. What is Apple backed by? Facebook? Pay Pal? Bank of America? my laptop? your car? They are backed by nothing other than the people who work for them and believe in them, but they all have value because they all provide or are useful services or tools. Bitcoin is a useful service and tool. It truly blows my mind how some "prominent" economists don't understand this. Maybe they're failing to understand the speculation aspect of Bitcoin as investment in Bitcoin more as a distributed autonomous corporation than as a currency. It's more likely they can't fathom the idea of a DAC in the first place because their institutions of higher education never spoke of such a thing and their careers never inspired much creative thought.

Forbes also has a vast number of contributing authors. Jon Matonis used to contribute to Forbes. They have articles on both sides of the fence about Bitcoin, because they don't have a stance. They just publish whatever they think people will read.

Big surprise: Former FED employee bearish on bitcoin. :D

The article cites conspiracy claims of Williams ("47 powers coordinated to push prices up"). Not a single proof is given to support these claims. Nonetheless they are portrayed as facts ("As these facts and questions enter the wider consciousness, ....").

Ridiculous propaganda.

Ahh is this good old professor bitcorn?  ::)

What forbes fails to see is that bitcoin does not depend on previous transactions to calculate cost.
It is simply what people are willing to pay for them.

Maybe they are right about these "power players", maybe even some are amongst this community   ;)
... but nonetheless, regardless of the quantity they flood the market with, as long as there is still demand, there is still price.

Forbes is banking on the fact that these BTC entrepreneurs are going to sell their BitCoin... If someone is smart *or lucky* enough to be sitting on a hoard of BTC, do you really think they would be stupid enough to sell all their BTC at once?  ::)

BitCoin is only on the rise, hold on tight... Dont let go  8)

That article is from January.  Something would have to go drastically wrong for the price to hit the $10 mark predicted in it.

It's nothing bad that bitcoin is open source, It shows generally for everyone that bitcoin Is strong, there are a lot of ALTs but Bitcoin  Is leading without any competitors. And I don't see bitcoin going to $10 in anyway.

Here's another thread discussing that article: https://bitcointalk.org/index.php?topic=378368.0

Here is what i think of Mark Williams:
https://bitcointalk.org/index.php?topic=378368.msg6085846#msg6085846