Bitcoin Forum

Interesting interview posted on BI

http://www.businessinsider.com/raoul-pal-on-bitcoin-2014-11

Great! Well, buy my coins then. More than happy to sell some :) I'd be willing to settle for $900000. Hell, make it $800000! But no less, I don't want to be screwed over here! But honestly... Who knows where we will be in a couple of years. We could also be at $0.10 again... But I don't think it is very probable.

The reporter said:"bizarre digital cryptocurrency"

Watch the interview and add substance to this discussion instead of replying compulsively like a 13 year old.

Like planned.




need wait.





only.

Some people do not like wasting time on useless things as that.
If it is worth that sum, I'd happily sell some for half the price, right now.  :D

Right. They prefer to waste their time trolling. Got it.

Bitcoin is worth 1.000.000$. Maybe in the next 20 years, because now it's impossible to reach that value ! Naturally I hope that this will happen :D

Why would someone buy yours for half a million when there are others letting theirs go for less than $400?

Predictions are meaningless without a time frame.
If bitcoins are going to be worth that much in 2400 AD, I really couldn't care less.

He is predicting the long term potential value/price of bitcoin, not something that anyone would realistically pay today; the price that buyers would be willing to pay today is around the "market" price plus or minus ~10% depending on a number of factors

As my more persistent stalkers have probably noted **waves** ... I've said this before... any restricted field or use you can think of for bitcoin, like, only online commerce, or only a reserve currency, you spitball a few percent penetration into that space, and the numbers go ballistic.... if it took 20% of everything it could possibly do, a million will look like chicken feed... it's a bit of a problem since it makes it all rather unbelievable.

Kinda makes you think of this...

http://en.wikipedia.org/wiki/Stanford_marshmallow_experiment

Do I take a piddling few thousand now, or wait x years for the biggie.

Its going to be an exciting ride I don't think it will happen for until a couple of years have past though.

Probably what's keeping it down is that it's so "cheap" to mine. Someone wanna project that, hashrate growth at 20% a month, presuming we've caught moores law, electricity at 4 cents a kilowatt, reward halving in 2 years, how long before 1 BTC is a million to mine?

really? only $1,000,000? this is loooooook down on Bitcoins, at least $1,000,000 / BTC

Within the next 5 years bitcoin has the potential to cross 100.000$ dollars . Im not sure about 1 million yet but for that it will take at least 10 more years.

Lets pray and wait then.

Who is this headline chasing idiot? We should talk less and focus more on getting stuff moving. these kind of predictions are what make btc look like a ponzi scheme

total bitcoin or one bitcoin?
one bitcoin will never reach 1 million $, let's focus on the 10k $

To dA Mars!

Well I'm sure if you were trying to "sell" internet to anyone in 1990, telling them it would have an effective "GDP" of 2 Trillion by now they'd be yelling ponzi.

These financial people are inventing formulas to value bitcoin.
The best ones I've see, use gold's supply/demand as the closest comparison.

I don't think any model is close enough to be predictable.
BTC valuation will be somewhere between 0 and 1,000,000.

Yah, exact analogs don't exist. It would be nice if they did and you could just bang in numbers and come up with "Bitcoin is worth $15,763.24" ... and get the same answer twice.

One thing to bear in mind though is that the Internet is still in an economic expansion phase, 8-10% per year, so any gains of BTC in penetration on internet, get amplified by that also.

I have done a calculation before that if all fiat was pooled into Bitcoin one Bitcoin (after all are mined) would be worth 2.6m$, total bitcoin market cap is currently already at $ 5.2 Billion $.

If anyone had actually read the article, he is comparing Bitcoin to gold. He is basically saying that if Bitcoin reached just a third of the money in gold we would be at $1 million each.

Just like it was said before. If you take a % of a huge industry, you can get some interesting numbers.

The great thing about Bitcoin is we will be taking a % of gold, Western Union, credit cards, payroll services, etc...
plenty of potential

Raol Pal...


I read this logic that Bitcoin may equal 1M USD long time ago on this forum...


^^^Can u believe this ?

I like that term  :D. Might use it myself.


They're still meaningless even with one. Nobody can predict what bitcoin is going to be worth in the near future. It could be 1 million or zero or anywhere in between.

Shoot, people were saying that pretty much through all the 1990s!  ;-)   "Fad".  "Unsafe". etc  

Maybe we need to start running ads. "Liberate yourself from financial system tyranny with this one bizarre trick."




Edit: Though I don't see how it's more bizarre than any other digital or cryptocurrency, to those used to conventional currency it's bizarre, it's the difference between saying "A bizarre long necked giraffe" which sounds rather typical of all giraffes, rather than "The giraffe is a bizarre long necked animal"  because among other animals it's bizarre.

Those rectangular scraps of cotton with inked symbols declaring faith in the state (obedience) and god (superstition) are grossly overvalued if you think you can trade 1,000,000 of them for ANY amount of bitcoin (real money).

How many machine-replica papyrus scrolls would you give me for 1 BTC? How many sheep? How many pounds of grain? Oh wait, who gives a damn.

Bitcoin is worth

https://criticl.me/sites/default/files/public/images/post/746/internal/infinity.png

That is a great way of putting it.

In what world is this guy living  :D

I will sell him my Bitcoins for $25,000 so he later can sell them for $1,000,000 That's what I call a perfect deal!

Let's first get the price to $2000 then we can talk about this subject again.

10k seems reasonable to me :))

Read this so many times, 1 BTC will never be 10, 100, 1000 USD ...all that happened already...I guess the 1 000 000 USD is more difficult to get, however you can't possibly know if it will reach 1 000 000 USD, so never say never...it CAN happen

Maybe since bitcoin is messianic money, then in order to save us from roman oppression the matrix bankers, it has to die first.

I can never take these wild predictions seriously. Where does he get this value from? He's just made it up.

...you mean take a weekend break? Also it would sacrifice itself to itself. You might be unto something...  Maybe a massive bug with a controversial fix that would take 48 hours for the network to decide and converge unto. Also, afterwards,  we would all have to cut some part of the genitalia of babies to show our allegiance to the resurrected crypto. I am doing it right?
 

Though it's been pronounced dead 3 times in last 2 years... once in spring 13 when we had a nasty fork, once in fall 13 when SR 1.0 closed, and once early in 2014 when gox imploded.

Tell him to buy some of his own then else go fu** himself :)

I agree with posts complaining that the comparison to Gold is confusing and off-point. But the claim that each bitcoin may soon be worth hundreds of thousands is computationally reasonable. It is not at all a stretch...

Raol Pal echoes my philosophy. It all hinges on broad adoption, which, for me, seems a fait accompli. We’re not there yet—but the network effect is underway.

If one can convince themselves that Bitcoin will be at the heart of (at least) a universal money transmitting system—not necessarily a recognized currency—then the value is determined by the daily float needed to lubricate the wheels of commerce. That is, just how thin must we shave the 21 million coins so that consumers can buy gum, gifts and homes and so that businesses can move oil, airplanes and software?

I posted this same comment in a LinkedIN group (also discussing the Raol Pal interview), to which Michael Bouchier asked: “How could Bitcoin be at the heart of a universal money transmitting system, and NOT a recognized currency?” Good question! I have observed three schools of thought on Bitcoin:

1. Extreme Skepticism—even derision: Since Bitcoin has no intrinsic value and no authority requires Bitcoin denominated taxes, it is simply a Ponzi scheme...a house of cards.

2. Money Transmitting Instrument: Since the block chain offers bookkeeping and simple division (pocket change) for a provably limited resource, Bitcoin is supremely useful as a low cost money transmitting instrument. But like a debit card or an Amazon gift card, there is some other "real" money that backs it, such as dollars, Yuan or Pesos. It is a money instrument, but not the money itself.

3. The Libertarian View:

Bitcoin is both a transmitting instrument and the money itself. It derives intrinsic value from supply, demand and its own critical mass (the fact that a growing body of individuals value ownership and believe that someone else will value their stake).

In this view, items can be priced in Bitcoins independent of national currency. The wild fluctuations will lessen as a growing number of individuals hold their bitcoins pending their own spending needs, rather than converting immediately into their own regional currency.

Some individuals believe that Bitcoin may eventually destabilize central banks and national treasuries. (If this happens, it does not necessarily mean that Bitcoin would threaten governments or even their ability to tax. It only hastens the redundancy of centralized bodies for monetary policy and control). New York is chomping-at-the-bit to reign in cryptocurrency and issue “Bit licenses” (inadvertent pun). But, in fact, our nation’s Federal Reserve has issued signs of concluding that Bitcoin may represent more of an opportunity than a threat. Nowhere is it written that a prosperous and free nation must control its monetary policy. Ascribing durable value to something that is traded and prized, and yet cannot be printed or unreasonably leveraged may build trust and respect.

Like Raoul Pal, my view leans toward #3. I have also speculated on the natural value of a Bitcoin:

• Calculate Bitcoin Value: Modest assumptions: http://awildduck.com/?p=3223
• Bitcoin Adoption: Series of reactions: http://awildduck.com/?p=3121

I hate these types of articles, completely baseless and fruitful attempts by people trying to recruit "investors" when Bitcoin itself isn't an investment.

There are a lot of peolpe who speak without know what are saying!!!

Before this it was the Winklevoss.

Really tired of these so called credible people loudly speaking about out price predictions without anything to really back it up.

"The Global Macro Investor is a highly original, thought-provoking and completely independent research publication,"

rotfl, dont hold your breath...

Not with that attitude.
One never knows...

Eventually, bitcoin price will become stable.
When all 21m are mined, who knows what the price would be.

If anyone knew, they would make millions...if not, billions.