Actually, Hal Finney predicted 10 years ago that bitcoin could reach $10 million per coin. His assumptions were if the entire world M1 (or cash equivalent) would move over to bitcoin or about $300 trillion or something.
Still, that's going to take at least a couple of decades, so maybe 2040 or 2050 we can revisit this thread and see what has happened.
YES YOU ARE RIGHT, I fkn forgot about that post from Hal Finney...OMG. But, we are getting to 10 million per coin waaaay before those years. I believe that you are referring to the post in which he considers the possibility of Bitcoin replacing all the wealth of the world. Simply stated, he is wrong because money can't do that. He is conflating the "store of value" and "unit of account" aspects of money. For example, a house that you own has a value that is part of your wealth, but the house cannot not be replaced by Bitcoin. It is also a mistake to compare Bitcoin to M1, M2, etc. because those money supply values include the result of fractional reserve banking. The correct comparison is the global monetary base. Matthew Mežinskis and Fernando Ulrich ( cryptovoices.com) have done a lot of work along these lines and have come up with a maximum potential value of the Bitcoin money supply -- about 19 trillion USD, or about 900 thousand USD per bitcoin. Keep in mind that those values assume that Bitcoin will replace all of the money, which is not likely to ever happen. Note also that the values do not account for future economic growth and lost bitcoins. Central Banks are increasing the money supply by billions every single day. There is a misunderstanding regarding a market cap. It does not matter what is the world money supply, the market cap is just the amount of units available x price. If someone buys a Bitcoin from someone else @10 millon dollars...thats it...Now that is the market and 10 millons x 21m coins= market cap Therefore, the total money supply and global weath amount have NOTHING to do with market cap |
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Actually, Hal Finney predicted 10 years ago that bitcoin could reach $10 million per coin. His assumptions were if the entire world M1 (or cash equivalent) would move over to bitcoin or about $300 trillion or something.
Still, that's going to take at least a couple of decades, so maybe 2040 or 2050 we can revisit this thread and see what has happened.
YES YOU ARE RIGHT, I fkn forgot about that post from Hal Finney...OMG. But, we are getting to 10 million per coin waaaay before those years. |
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One should ask oneself, If bitcoin will make me rich ,
Why are so many miners going Bankrupt?  https://www.cbc.ca/news/canada/newfoundland-labrador/great-north-data-bankrupt-1.5383713Great North Data hosted bitcoin mining operations and processed artificial intelligence algorithms at facilities in Labrador City and Happy Valley-Goose Bay.
According to bankruptcy documents filed late last month, the company listed $13.2 million in liabilities against just $4.6 million in assets.
The federal and provincial governments are owed some of that cash.
The Atlantic Canada Opportunities Agency (ACOA) is an unsecured creditor for $281,675.
The Newfoundland and Labrador government's Business Investment Corporation is owed $313,718.
That amount is secured by Great North Data's building and land in Labrador City, and machinery and equipment. FYI: The Four B's,  Bitcoin Bubble Burst Bankruptcies ahaha what a joke. |
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Bitcoin is designed to be more scarce every single day while the population is almost required to increase its demand. Why? Because people will have to sell their failed fiduciary currencies per Bitcoin. The current financial system failed already and people will realize that Bitcoin is the only system to reset everything. Governments will try to create their centralized cryptocurrencies that will fail like the fiat due to hacks and the fact that people will prefer to use Bitcoin. Bitcoin is a blackhole that is swallowing every single fiat bill. 10 million dollars per coin is probably too conservative. People who dont own Bitcoin now will have to own in it later. Those who are acummulating BTC right now will be the richest people in the world. Bitcoin should hit that price in the next 10 years and there is nothing that could stop it.
The way I see it now, Bitcoin will exist alongside fiat and will probably be regulated. Bitcoin is impossible to regulate my friend. Banks, central banks and governments are doomed. They would go bankrupt even trying it. There will be a point in time where everybody will realize that Bitcoin is a blackhole that is everywhere and cannot possibly be stopped. Fiat will disappear because it will be worth nothing against Bitcoin. Everybody will HAVE TO use Bitcoin. |
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SELL BITCOIN. Buy a house, a car, a slut and keep fiat for your retirement.
SELL NOW BEFORE BITCOIN GOES TO $0 or it will result in Great Misery.
DO IT!
FTFY  FYI: Even Bitcoin Supporters think you are a nutjob, patroncito. And that says something.  FYI2: Just as most people no longer buy gold, because paying $50 for a gram (size of a postage stamp) just makes you feel poor. People won't bother with buying satoshis to just hodl. Once you exceed the $500 price per coin you started excluding the majority of the world's populace. https://news.gallup.com/poll/166211/worldwide-median-household-income-000.aspxWorldwide, Median Household Income About $10,000 No one in their right mind will spend a year's pay on a crypto coin with no guaranteed support level. Bitcoin has no guarantees that it's price won't go to $0 . Plus while Bitcoin may currently hold the #1 spot on CMK by market cap, Tether has dethroned bitcoin by having a larger trading volume ~ every day all year long.https://coinmarketcap.com/currencies/volume/monthly/
Fiat?, real estate, TETHER?. Wow. Are you a banker? a tether dev? You are DOOMED with that strategy |
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Futures track exchanges prices
You know, that's kind of the answer I've been looking for as to my question about whether futures exchanges can affect bitcoin's price and if so, how. But you're saying that they're relying on the prices reported by "exchanges". If that's true, any idea which exchange(s) they use? That actually makes a lot of sense, though I know in the metals market the prices are actually created by the futures markets (right?). The spot price of gold is what's reported on the commodities exchanges, and they're basically trading futures there. I guess bitcoin is a different beast entirely. Yes, the supply of gold and silver for example are unknown. Therefore, futures markets literally create their price, Bitcoin have a limited supply, and you cant issue more contracts than Bitcoins. If they do, then that's FRAUD. I think CME tracks Bitstamp. But anyways, futures have a very low volume to manipulate the Bitcoin market and they will work as steroids for the next rally to the millions of dollars per coin. |
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You would have said the same when it was $0.01 cents.
Me: Bitcoin: The path to $10,000 ten thousand a coin.
You can get very rich in a Bubble 💰💰💰💰 People got rich in Bernie Madoff's pyramid scheme, people got rich in the .com bubble, but even more lost it all when the bubble popped. Once the market psyche of Bitcoin starts to change, and people no longer believe that the price is going to the moon, you will see selling on an EPIC scale... And resulting price drops that you did not think possible. No one that thinks they are going to get rich by trading in a bubble will face reality until reality punches them in the face 😭😭😭😭 Hard Facts size] People have been saying that Bitcoin is a bubble since it was $10 dollars. That is no longer a valid argument. IF Bitcoin is a bubble for you then short it. |
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I'm wonderring if Bitcoin price can be held down by CME Futures and BAKKT like gold is for many years. The thing is they are not backed by BTC, BAKKT spouse to be but is probably not, so can they work as an inflation on Bitcoin?
The answer is no. Futures track exchanges pricesBesides, their volume is to low. Whoever follows bakkt and CME prices to Buy in the spot market is very stupid. Bitcoin is perfectly following its 4 years pattern cycle. |
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i feel people that say these large values are usually the ones that have a low amount of coin right now but dream of becoming millionaires from it.
Of course they're the ones who want it the most! Getting rich from bitcoin has been the impetus for untold numbers of newcomers to the bitcoin scene, and they probably can't afford to own even a single, whole bitcoin. Let 'em dream I say. $10 million is a long-ass way away, though. I have my doubts that I'll ever see that in my lifetime, and if it does happen I'll probably be thinking through a fog of Alzheimer's how to spend my bitcoin riches from a comfy bed in a nursing home. Or hospice. One other good thing about a price that high is that it would allow institutional investors to own bitcoin outright, which they currently can't do as a practical matter since the market cap is too low to allow enormous purchases. Currently they could buy bitcoin, but they'd be backing themselves into a corner by owning too large a percentage, which would be sheer hell if they tried to sell it. Anyway, that price level is kind of a pipe dream to me. You would have said the same when it was $0.01 cents. Me: Bitcoin: The path to $10,000 ten thousand a coin. You, Khaos, and fudsters: OMG are you crazy??? That is a pipe dream price. Bitcoin would have a market cap of Billlions. That is impossible. |
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titanic was to big to fail.
problem was soo many people thought it was soo big to not fail that they stopped watching out for iceburgs
all im saying is if you want a successful voyage to $10m land.. watch for the iceburgs and stop letting the captain of the ship drive it into other islands of ice saying that full steam ahead is the only way
patroncito says: "Bitcoin is ok, the devs are doing the right thing, hodling is good, personal debt is not an issue" etc
The ship: Bitcoin
The lifeboat: SELLING BITCOIN before it hits $zero!FTFY. Short it. Put your house, car, your slutty wife and your retirement as margin. Shorting from here to 0 will result in a great profit. DO IT |
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titanic was to big to fail.
problem was soo many people thought it was soo big to not fail that they stopped watching out for iceburgs
all im saying is if you want a successful voyage to $10m land.. watch for the iceburgs and stop letting the captain of the ship drive it into other islands of ice saying that full steam ahead is the only way
Mainstream media says: "Everything is ok, the fed is doing the right thing, economy is good, national debt is not an issue" etc The ship: current financial system The lifeboat: BITCOIN |
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Basically that's what most of us are expecting. Reaching the best top value of all times.
Those might be due to same reasons stated on this topic or simply put people become selfaware of the possibilities that it brings to the table.
For their daily lifes it will be a must have to become someone with more currency power then every other human being.
Thus opening more possibilities in the future daily lives if bitcoin will become just 1 currency replacing fiat.
The fed have only two options. 1. Keep printing money, 2. Let the system collapse. Both are catastrophic. What is the only solution for a reset? What is the only hedge? BITCOIN |
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Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.
In the same sense, bitcoin is just numbers associated to addresses. These numbers are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
Edit:
I see a lot of responders saying I cannot compare Motorola as a company with Bitcoin. Well, I am not comparing the two. I am comparing limited supply of phones and coins by using an argument from analogy. This argument does not assert that the two things are identical, only that they are similar. The structure or form of this argument may be generalized like so:
P and Q are similar in respect to property x.
P has been observed to have further property y.
Therefore, Q has property y also.
In my example I assumed limited supply of Motorola cellular phones. Meaning, Motorola phones(P) and Bitcoin(Q) are similar in respect to limited supply(x). Then I made the second premise: limited supply of Motorola phones wouldn't lead to drastic price growth because people would simply produce their own cellular phones - they would simply produce their own wireless communication devices(y). And then the conclusion followed: limited supply of Bitcoin won't lead to drastic price growth because people will simply produce their own coins - they will simply design their own crypto payment systems (y).
And this is exactly what is happening with the inflation of altcoins - people are designing their own crypto payment systems. Simply, there is no rational reason for people to enter into fast, transparent and cheap payment system(Bitcoin) for $7K, or even for $10, if they can enter such system for $0.001(altcoins) or if they can design their own systems.
That is also the reason why Bitcoin is a mega-bubble and can only go down to the price of an average coin, and not up to the moon.
This is the most stupid argument ever about Bitcoin. You can produce as many phones as you want. Bitcoin is unique and it only allows humans to produce only 21 million ever. This guy is just nonsense |
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Another fudster in the thread.
You cant compare Bitcoins with phones. It is a very stupid analogy.
Bitcoin is unique, rare, scarce (limited in supply), unhackable, sensorship resistance and cannot be conterfeited
Phones cant work as money
There are about 2000 altcoins and none of them have the trust and the capabilities of Bitcoin.
Bitcoin is 11 years old and people still dumping 1 year old "new" shitcoins to buy bitcoin.
If you think that a centralized shitcoin could beat Bitcoin..........well, that is far from happening. Almost impossible.
I achieved my dreams already, so you are not hurting my feelings.
I am very sorry if you are a nocoiner.
seems your new to bitcoin and dont know it all yet bitcoin 2019 is not the same thing as bitcoin 2009 you say it cant b counterfitted and is unique.. sorry but there are as YOU SAY 'about 2000 altcoins' even the dollar is not unique. there is australian, canadian, zimbabwee, .. loads of dollars. as for rare/scarce. there are 2.1 quadrillion sharable units. and if devs have their way there will be 2.1 quintillion sharable units bitcoin was unique 2009-2011. then litecoin and namecoin popped up bitcoin however retained popularity because the units were more scarce than litecoin. the price already had higher valuation and the investment in mining was higher, and people didnt want to lose it merchants already were advertising 'bitcoin accepted here' .. however bitcoin does not offer the most transactions per day compared to others anymore however bitcoin does not offer the lowest transaction cost compared to others anymore however bitcoin does not offer the diverse development it used to compared to others merchants are dropping off from their 'bitcoin accepted here' even developers that were bitcoin heavy have started playing around with altcoins and non-chain networks bitcoin wont just keep going up in value due to 'to big to fail'.. but bitcoin can go up if BITCOIN UTILITY increases
'as for rare/scarce. there are 2.1 quadrillion sharable units. and if devs have their way there will be 2.1 quintillion sharable units'
You can't compare cell phones with bitcoin. You can create a ton of cellphones as much as you can and there is no protocol that could stop you from create MORE. However, the Bitcoin created in 2009 will be just ONE unique code that only allows everyone to create 21 million. |
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In my opinion, BTC cannot kill banks because BTC shortages are
1. High transaction delivery fees
2. BTC does not have a fixed exchange rate like other currencies
3. If saving money in the form of BTC we are not certain of getting profits while banks have interest rates
Fiat is about to disappear. There wont be such thing like a 'exchange rate' anymore because everything will be priced in Bitcoin. Interest rates are going negative and people will have to take their money out of the banks and store it somewhere, and the best option will be Bitcoin. |
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