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1  Other / Beginners & Help / Re: will the bitcoin reach $1000 one day...? on: July 11, 2013, 06:51:41 AM
- snip -
I think once the bitcoins are mined 75%, that's when the dollar value price will start to rise. By that time the world should have more experience using a decentralized currency and governments would figure out how they plan to deal with it.
- snip -
So you're saying in just a bit over 3 years?
It all depends on miners, difficulty, media, usage, and regulation. However my opinion is that we'll reach this threshold within the next 5 years (or sooner) and the dollar value will start to rise in general despite fluctuations. I'm only predicting an overall rise in value, I'm not predicting a time frame for the $1000 price point.

The difficulty self-adjusts every 2106 blocks based on the mining hash speed (or more specifically based on the average time between those 2016 blocks) to keep the average blocks per day at 144.  Since there are 25 new bitcoins mined every block, we can calculate that 75% of the blocks will be mined by autumn of 2016.  If you think "the dollar value will start to rise in general" once 75% of the blocks are mined, then you are saying before the end of 2016 (just a bit over 3 years from now).

Thank you for the figures and clarification.
2  Other / Beginners & Help / Re: How can a user contribute to the bitcoin.it Wiki? on: July 11, 2013, 06:42:32 AM
I did more searching and found a link on reddit that lead me here:
https://en.bitcoin.it/wiki/BitcoinPayment and https://en.bitcoin.it/wiki/Special:BitcoinPayment

I should have just searched the forum because I see it's been asked before. Also another question I had was how long will it take to be able to contribute, and the 2nd page says "Please note that you will need to wait for your transfer to be confirmed"
3  Other / Beginners & Help / Re: will the bitcoin reach $1000 one day...? on: July 11, 2013, 06:25:08 AM
- snip -
I think once the bitcoins are mined 75%, that's when the dollar value price will start to rise. By that time the world should have more experience using a decentralized currency and governments would figure out how they plan to deal with it.
- snip -

So you're saying in just a bit over 3 years?
It all depends on miners, difficulty, media, usage, and regulation. However my opinion is that we'll reach this threshold within the next 5 years (or sooner) and the dollar value will start to rise in general despite fluctuations. I'm only predicting an overall rise in value, I'm not predicting a time frame for the $1000 price point.
4  Other / Beginners & Help / How can a user contribute to the bitcoin.it Wiki? on: July 11, 2013, 06:12:37 AM
If a user wants to edit a page on the wiki or contribute to it, how can this be done? I have been searching all over their site but I'm haven't found the answer.
5  Other / Beginners & Help / Re: will the bitcoin reach $1000 one day...? on: July 11, 2013, 06:03:12 AM
I don't consider the this years value fluctuation as a negative thing. A lot was brought on by media hype and brought in many short term investors looking to make a quick buck. If we use bitcoins as a currency and stop always looking at the btc-to-dollar value, then it will become even more valuable to each user and merchant. As for the $1000 price point - I think once the bitcoins are mined 75%, that's when the dollar value price will start to rise. By that time the world should have more experience using a decentralized currency and governments would figure out how they plan to deal with it. Will it reach the $1000 dollar value at that time? I don't know, but I think the dollar value of BTC will be based on supply and demand just like other good and services.
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