Bitcoin Forum

Watching the price of Bitcoin stay at $500 is pretty sad especially when you run a Bitcoin farm. So here is a question I would ask.

If everybody in the Bitcoin community including merchants, speculators, investors, miners and forum members decided to add $1000 to the value of Bitcoin so a Bitcoin price today would be more like $1500 USD instead of $500. Would that really be a bad thing if everybody agreed it was the right thing to do?

Miners would then make money, the back bone of the system.

Adoption would be higher as a base price of $1000 is always guaranteed.

Mining manufactures could continue to create better ASIC machines.

The public would start to see Bitcoin as something of real value, and know each coin is worth at least a $1000.

Maybe this is just something added for the next 5 or 10 years. Just as a way to keep it going so Bitcoin can continue to show the world what a really great technology it really has become.

Bitcoin price PLUS $1000, would that work???  8)

No, it is not in interest for buyers. But you are free to put sell orders at $1500 USD, no one force you to sell or spend at $500 USD...

You can't coordenate such big group. Otherwise there would not be any bubble in any market.

And even if you could, then outside people would see it as big market manipulation, since if you can agree to stay at the 1500's, then you can agree to put it back to the 500's and then rise to the 1500's, making a huge profit in the meanwhile.

Exactly. It's not as easy as what you are suggesting, plus this kind of artificial price hike wouldnt be good for bitcoin. We need natural growth which will hopefully come along gradually with adoption.

It's that natural growth that worries me. Coindesk just had an article about a survey showing a large percentage of people in America would NOT invest in Bitcoin. So are we entering into a time where people do not want to own Bitcoin because of the price volatility? If the mining difficulty just rises and the price stays low or worse goes down then what? If a mining farm is spending more on the cost to run it, then most will shut down. That's not good for the Bitcoin eco system.

Maybe a national Bitcoin lotto (not the scam ones out there now) run by the same companies who run the lotto and power ball lotto's would be better. I just think the Bitcoin community better come up with a way to get people to buy and hold Bitcoin or it's all going to crash.

What's the point of bitcoin exactly if everybody just held on to it?

You assumptions are just like imagining money grows on trees?Is that it? Or like government print as much money they would like to and they get rich?There is always a specific control system to handle the flow of everything,bitcoin is decentralized doesn't mean the price of it are too.

I think if you did that it would make Bitcoins crash completely.

That is sort of why in the world we live in today the Government just doesn't start "Producing more money" so that everyone can have more, because then the value goes down.

The exchange rate is by no way related to world wide acceptance. A higher exchange rate only means higher hoarding by long-term investors. That said, acceptance will increase if the exchange rate remains stable (i.e not more than 1-2% change in the 24 hour period). But no difference will be there even if Bitcoin trades at $10 or $10,000.

Would could launch a global promotion of dont sell or spend any bitcoin week but yeah i dont see it working since the network is so big now.

Bitcoin is not a get rich quick scheme. Sorry you bought at 750, but sit and hold like the rest of us. Be patient, it will go up.

Even if price had something to do with user base and you could change it, you don't want a bunch of normal people using Bitcoin right now. The experience would be too frustrating. Those users would be turned off and never return to Bitcoin in the future. You would also have the added benefit of having them recite their lousy user experience to all their friends and family. Bitcoin needs to be so simple that an American idiot can use it first.

Price is decided by supply and demand, you can't set a price for bitcoins and hope it will be fixed forever.

When bitcoin will have a complete worldwide adoption the price won't be 1500$ but 150000$ or more.

We do have worldwide participation just not mainstream.

Come back in 10 years if you want mass gains.

I bought a lot lower than $1000 so I sure would accept and start spending it!

I would not expect for everybody to hold onto Bitcoin. Mining farms cant do it because there is a cost to mining.

All the merchants are dumping into fiat so I am sure we need more people to buy and hold to bring up the price, but a base price is just a base. No reason why Bitcoin with a base price could not also climb to $2000 or $3000 on its own.

What we need are some great ways to get Bitcoin to be adopted by the masses!

and we will sit on beds of cash.

How do you "add" $1000 to its price? You won't achieve that unless you start spending many millions buying bitcoins.

The price will "naturally" increase as it becomes more used. It's just a matter of time, of more shops accepting it, of being more easy to use, etc.

Increment in price doesn't mean people would accept it.Increment and more volatility in short period makes people not to trust in bitcoin

Once 1000 is broken again the brakes will be lost. It's just dumb uninformed people with their doubts thats keeping the price down.

Well it's the other way around actually. Bitcoin will only see a higher price if more and more people are buying it and using it, at least as a store of value. $1000 actually is still too low to assume a world-wide acceptance, we've crossed the $1000 mark before, after all! If it really was accepted world wide, we'd see at least $50k-$100k I guess. If not more!

go, and buy some bitcoins, if it will do everyone, the price will go up
give all your money to bitcoin right now !

someone make him bitcoin ceo^

This is really not how supply and demand works. As of now the market has decided that one bitcoin is worth ~$477, if everyone was willing to agree that one bitcoin would be worth $1,500 then it would already be trading at that level.

It depends on how much it's demanded. If it becomes something comparable to the USD, each bitcoin would have a purchasing power greater than 1 million of dollars nowadays. Just take into account the enormous amount of money in the financial markets.

In theory the price shouldn't affect the adoptability of bitcoin, yeah it would be great if it reaches $1000 again any time soon but I think more focus should be put on building services and infrastructure to enable world wide adoption.

In theory it shouldn't.  In reality, when the price is sky-rocketing the news reports it and the main-streamers want to buy in

I think you misunderstand how markets work.

If you used the quality of discussion on this forum as a leading indicator of price movement, you'd liquidate everything after reading this post.

But what if we just plus $1000 to it?

Don't be so short sighted. Add another $1,000 for good measure.

Probably closer to $5k is where the price would be stable enough to drive that kind of mass consumer and merchant adoption and importantly spending

I can see that probably BTCwill be accepted by lot of people considering its value. Now if it starts dropping to 300 then people will ignore it.

If bitcoin would sky rocket there would be much more investors and companies accepting bitcoins, even large companies like ebay.. So yes  Bigger prices would  effect ALOT bitcoin adoption.

That is exactly what I think, and am about to do. I can no longer stand behind this, it's becoming more scam like everyday

Okay, you start. Buy my bitcoins for $1500 USD.

its already worldwide accepted.. just not every business.

This isn't a bad idea. OP, I have some bitcoins I will sell you at a discount for only $1400 if you can make this happen.

I see it becoming popular with those that wish to sell however with those who wish to invest and buy bitcoins I don't see it being as welcomed as many may seem at that price. It would be a nice price if we knew we could sell at that price.

1000 is the psychological barrier (again). It was before it got beaten once, now we need to beat it again (and we will) to regain solid trust, just like a champion has to be champion 2 times to be considered more than a one hit wonder. Then people will wake the fuck up hopefully.

True, but if there is something like Bitcoin central bank, their goal can be 1500 USD, so buy until price reach 1500 USD, and sell if over 1500 USD. This way price can fixed at 1500 USD, as long as the central bank has enought USD and Bitcoins to feed the market

Everybody make a note of this post: Robin will sell me all his BTC. You got it as soon as it hits $1800 your BTC is mine at $1500. Yea buddy!!  ;D

If bitcoin's price was higher, then people could purchase big amounts of it without losing a lot in slippage. Right now buying let's say $1000 000 000 in bitcoins would really move the market, you would have to pay much more for the last bitcoin than for the first one. And that's not much money if it comes from many different people.

Having a few people start thinking of bitcoins as being worth more won't suddenly or even slowly change the value of them.

It will if they put their money where their mouth is. If people consider that it's cheap, they'll buy, and therefore the price will increase.

If we're going to play make-believe like children, why not add a million billion dollars? You can't just make up the price, if you think you should only sell for $1500 someone else will be willing to sell cheaper

Acceptance/adoption is not driven by price, it's the other way around.

This is what you can do if you have a central bank.

The only thing bitcoin needs to get world wide acceptance is to educate the world with it

Current price is determined by the supply and need. Both sides believe the current price is acceptable.
If price rush to 1500 dollars, supply will be more than need and price goes down.
Free market determines the price.

How can they see if the world lacks bitcoin education? They probably see this bitcoin as a scam....

"WORLDWIDE" is a very very big word.

It has been accepted by the public (who knows about bitcoin) at $500. Bitcoin should advertise their product more.

Canada-wide is the word. Or UK-wide. But not Jamaica-wide, Puerto-rico wide.

For seller it might be very good price to sell Bitcoin but for buyer it may be hard to buy Bitcoin.

I think it's hard
people buy bitcoin when the price low
and they sell bitcoin when the price high
and this happen everytime (with bot too)

So the price will went up and down for many times
and the price only grow small

Well when it hit $1000+ lots of people took an interest.

Richard branson and 50 cent, I'm sure that generated a lot of interest.

he should have been more interested when it was 50 cents

He would of made a couple million if he did.

Well more than he usually does.

I think it defends on the price of bitcoin supply and demand

I don't think price = adoption.

This would make the price to high for the average person and then there would be issues with poor distribution.  The large miners new what they were getting into and if not they should have.  Nobody will bail them out and they are not to big to fail.  This type of thing would not be good and set a horrible example/precedent for how problems should be solved(IMO).

Bitcoin is divisible up to 8 decimal places. If the price were to reach these levels then the "average" person could simply buy lesser of a fraction of bitcoin if they are to start using it for the first time.

It would make all the fallling type guys butthurt, thats for sure.

Of course the price will correlate with adoption. The more people that use bitcoin obviously will have bought bitcoin. The more people that have bought bitcoin means that there is more overall demand for bitcoin

I think you would have better luck if this entire subreddit decided to buy $5 worth of bitcoin on the same day.

We should have a bitcoin purchase day! Start it off once a month or something. The 1st of every month! National Buy-a-Bitcoin day

Yes. Crossing ATH twice = moon.

Right, that's why no currency from a country with a central bank has ever collapsed. Stay by the phone, the Nobel people may call at any moment.

that is a matter of relevancy...it will depend on the integrity of fiat currency I guess...

When the price will hit $1000 several hodlers will sell their holdings but the adoption will continue without them.

I don't doubt a lot of people will sell once it gets to 1k, but it depends how fast it climbs to that. If it goes up fast people will still be tempted to hold to see where it goes to.

World wide acceptance will come when bitcoin's value will be 10,000$ or more.

When we hit 1K, we are going to see some serious shit.

Heh... even if people wanted to do it, it's not a decision that can be made. It's just not that simple.
You cant just add a thousand dollars to the price of bitcoin because the price is driven by supply and demand and economics.
Also, artificially driving the price of something up would make it lose value in my opinion. People would lose trust in its value. Also, probably the biggest problem with what you suggested, is everyone would just  buy bitcoins before it goes up and sell afterwords, causing total havoc and likely crashing the price of bitcoin wayyyyyyyyyyyyy under what it was.

Your plan lacks the part that says how this would even be remotely possible...

Even if bitcoin is worth around $500 as long as everyone gets a good grip on what it is, it will be accepted.

I think this is a problem with bitcoin. There are too many people who believe the price will always rise, thus preventing them from spending their bitcoin thus preventing adoption from increasing

I agree. We need to see more bitcoin related commerce. When we see enough commerce then we can truly see the benefits that bitcoin has to offer. When enough people use bitcoin then merchants will hopefully start to offer discounts for using it, which will hopefully cause more people to buy and use it, and the circle will continue.

Even if bitcoin is $200 as long as they can easily get a hand on it. People will embrace it.

Educate people first so that they will be accepted all over the world.

Still not.. :) As long as they do not know much about bitcoin.

Well at $1200 it caught the attention of some famous people like Richard Branson

there must be the possibility of achieving price $ 1,000 more, see more investors and merchants that accept bitcoin,
but which I'm still confused as to why the current very low price

Some say it could be because of new merchant accepting it they will never hold bitcoin, due to obvious reasons.
They will sell it the second they accept it. So basically it leads to Bitcoin sell-off through huge market sell orders.

Bitcoin's acceptance isn't really tied to commerce as much as it's crippled by usability. Of course there must be someplace to use Bitcoin for it to have value but for general acceptance it must be easy to use. Until very recently Bitcoin was a toy for techno geeks and nerds because it requires speciality knowledge that the overwhelming majority of citizens don't possess. I'd like to say that Bitcoin could be used by just anyone that spends the time necessary to gain the knowledge but this simply isn't true. There are still many people that can't balance their own checking account ledger and need to have someone else do their taxes because they can't figure it out or their lazy.

Businesses are starting to pop up that will allow Bitcoin to be used like a credit or debit card. These businesses need to create a layer between the protocol and the user that will allow a simpleton to scan a QR code or answer a simple question to pay with and buy Bitcoin. I'd like to see software that fits on a phone works like Bump and asks questions like, "a register near you is requesting that you pay .005 Bitcoin. Would you like to make this payment? This step is really more important than any value that could be assigned to the individual unit of 1 Bitcoin. Satoshi is the unit most people will eventually buy and whole Bitcoins will be reserved for transferring large amounts of money between financial institutions. Ever seen one of these, this is the future one Bitcoin:

These were reserved for bank transfers.
https://c2.staticflickr.com/4/3185/3100221910_6631a12ca4.jpg

you need to use your bitcoin too..

If there was software that would process these kinds of requests for payments then people could easily scam by broadcasting these kinds of requests near a register and when a customer pays the incorrect address there would be nothing they could do about it, nor could anyone prove who was the scammer.

A much better scenario would be retail outlets using a QR code on a PIN pad so you could scan a QR code to send a payment to, include a TX fee, then broadcast the TX to the store's node only. When the store receives the TX they would rebroadcast the TX to multiple "super nodes" ensuring that the TX is well propagated before accepting it as a 0/unconfirmed TX

That's good too. Anything that allows the average dumbass walking down the street in Oklahoma to use Bitcoin is good with me.

Not even sure if they will reach that kind of price.