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I don't think gold and silver will lose all their speculative value. I will be diversifying into PMs in the future, but for now it doesn't make sense because Bitcoin still has soooo much growth ahead.
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Here's another thought. Imagine someone set up a Litecoin2 and called it Copper. I'm pretty sure you would think that to be nonsense.
Someone already did. They called it feathercoin. |
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Maybe the $10 000/BTC party can be on the ISS?
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And we believe the future value is that of severely impacting or replacing:
PayPal
Western Union
MoneyGram
WebMoney
American Express
Visa
Mastercard
Discover
Banks
If it even replaces 50% of all of those, bitcoin will be worth multiple billions of dollars easily.
This is correct. Sadly more and more people see bitcoin as "gold 2.0". And this was never the purpose of bitcoin. Bitcoin can be used for whatever purpose people find it suitable for. |
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If we agree that I will trade you a random physical Price Tag from a store with numbers on it for a Candy Bar does that make the Price Tag a currency? If we are trading the item for your item?
Your comparison of Bitcoin to a price tag is a poor one to be honest. But, in answer to your question: Yes, if everyone is trading price tags for the things that they want, prices tags are a currency. |
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I agree with you comparison to the graph. I disagree that Bitcoin should be compared with a startup. Its not a company, its better to compare it to gold.
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FFS, why did I literally just find this thread after sending to WeExchange...
Had a tiny amount of BTC, less than the 0.1 withdrawal limit. Sent 0.1 so that I'd be able to withdraw...
At least its not a lot for me - others have quite a lot tied up. This is unacceptable, I'm okay to wait but what about those who have 1000's of dollars stuck?
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$100 price target sounds about right considering bitcoin can't capture the market that people believe it will and the developers of bitcoin are unable to address this issue as the onus lies with the mining pools.
Some people state that consider the transaction fees on bitcoin are 10x less than traditional means. This means they can only earn 10x less revenue. The price target can now only be $10 in the long run. These are good valuation methods proven by "value investors" such as Warren Buffet, undoubtedly also fool.com.
However, we also know the maximum block chain for most mining pools is around 250kb which means only 90,000 transactions a day can be completed. This means that there is no way bitcoin will capture any of the money that western union makes and believe me Western Union Charges Ludicrous Fees to gain the amount of revenue that they do!
Thus we have to take one quarter of the price target due to the 250kb limit, which now values bitcoin at $25 or $2.5 each using modern portfolio valuation methods. I'm guessing the hedge funds are waking up to this, after all they all use these methods.
http://www.reddit.com/r/Bitcoin/comments/1mb27q/bitcoins_vast_overvaluation_appears_caused_by/cc7i6y8 |
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3 million USD per day to keep this system up woohoooooo is paying?  Lol, sell and run away mate, this is obviously not a game for you. that is exactly what this is - a game. Closest thing I can describe it to is a modified game of chicken. but people with no fear will get killed as they will hold until the final crash. so you have to be the bravest chicken that sells right as the final wave of "investors" buys in whenever that might be, before the ultimate collapse. @jasonjm You have said that you have a fair amount of trading experience, and I assume you've researched Bitcoin extensively before getting involved. What is your reasoning when you assert that Bitcoin will ultimately collapse? Have you given any consideration to the fact that it may actually grow to a much larger size and then last for some time as a viable means of exchange? |
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A guy in Africa with access to a smart-phone and a mailbox can transact with almost anyone on the planet. No currency has ever been able to hand power to the poor like bitcoin.
With services like moneero it won't even need to be a smart phone. Any phone will do, you can send via sms. |
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I sold some at almost exactly that price, and I'm happy with my descision. I am still holding coins.
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Can't decide if OP is just a troll, or genuinely incapable of waiting a few years for a new idea to become accepted.
revans, you do realise that Bitcoin is trying to grow from nothing to becoming a competing world currency. The only way for it to get there is for the market cap to go from zero to several hundred billion dollars. If we manage that within 10 years, it will involve phenomenal growth, something along the lines of what we're seeing right now.
Good things come to those who wait.
Wrong. Your lexicon betrays your true motives...market cap; ffs If Bitcoin is to be a real currency its relative value to that which it seeks to supplant is irrelevant. The way for its value to grow is by providing value by becoming a ubiquitous medium of exchange. Indeed, that was the plan initially, then somewhere along the way that idea was ditched and the speculators moved in. Wow you need to re-charge your brain. Evil speculators are the only reason you made your post, because without them bitcoin would still be IRRELEVANT and nerds would still be buying pizzas for 10,000btc. I agree with you that bitcoin is more important than getting rich, and this process of eclipsing the USD by an utter magnitude is proof positive that the philosophical position is the correct one. If bitcoin can't survive this terrible run-up then it's DOOMED anyways. Yep, that's exactly right. Revans, I suggest you read this post: http://www.reddit.com/r/Bitcoin/comments/1mb27q/bitcoins_vast_overvaluation_appears_caused_by/cc7i6y8It lays it out quite nicely. |
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yeah i don't know what happens next but just seeing what I am seeing is nothing other than amazing. I am telling you my brain is totally amazed.
I have no clue what happens next because I have never seen this before.
and this is now with real money, not that BS april thing that happened before, I can see orders of $100 000s flowing through in single buys and sells.
no offence to any of you still long, but just so I can witness something equally as amazing, I would like to see a crash of the same magnitude, because I will never forget this run up, ever, so a crash to match would complete the amazement x 2. But I am hoping it runs higher first, stretch the elastic band to the moon ...... and back lol
It will crash eventually like it did in April, but probably not as hard - maybe it will drop to 1/3 of the peak before it gets bought back up. And there will be endless threads of, 'I told you it was a bubble' with the replies of, 'whatever, just hold and wait for it to recover and go even higher' |
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nah I would say if you are a good trader, investor you could double your equity in 3 years  in stock markets In forex it takes 1 year, if you are really good trader, mentally and intelligent. Whereas in crypto you can make 10 times your investment in a year if you just buy and then do nothing. Seems that people have trouble with the doing nothing part though, a lot of them end up selling at a loss instead... |
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Can't decide if OP is just a troll, or genuinely incapable of waiting a few years for a new idea to become accepted.
revans, you do realise that Bitcoin is trying to grow from nothing to becoming a competing world currency. The only way for it to get there is for the market cap to go from zero to several hundred billion dollars. If we manage that within 10 years, it will involve phenomenal growth, something along the lines of what we're seeing right now.
Good things come to those who wait.
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Does this mean we crash tomorrow?
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....Is that when an anonymous hacker invents a revolutionary financial technology... pay attention.
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Yeah I was pretty confident it would end up looking that way. Nice to be proven right.  |
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Great thread to dig up. Its always amusing to read posts calling the top, even below the $50 low of the crash.
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