Is it true that Bitcoin is going to hit $100?

[alpha523]

Do the math. Currently running a single machine, mining is barly worth it. In december I can see the price nearly doubling. This is because the mining rate is going to be halved. Now tell me who is going to mine bitcoins and lose money? Nobody. If it isnt profitable, they wont do it. That will either cause them to crash or have a huge price spike.

[drakahn]

Do the math. Currently running a single machine, mining is barly worth it. In december I can see the price nearly doubling. This is because the mining rate is going to be halved. Now tell me who is going to mine bitcoins and lose money? Nobody. If it isnt profitable, they wont do it. That will either cause them to crash or have a huge price spike.

... if the price doubles then mining will be exactly as profitable as it was before ...
Now, if butterfly delivers on the ASICS, i doubt there will be many gpu's going next year.

[freeAgent]

The only way I see that happening any time soon is if there's a major currency collapse which affects the dollar's value.  The Euro could collapse, but that would also push people to dollars, which would possibly decrease the $/BTC exchange rate.

[alpha523]

Do the math. Currently running a single machine, mining is barly worth it. In december I can see the price nearly doubling. This is because the mining rate is going to be halved. Now tell me who is going to mine bitcoins and lose money? Nobody. If it isnt profitable, they wont do it. That will either cause them to crash or have a huge price spike.

... if the price doubles then mining will be exactly as profitable as it was before ...
Now, if butterfly delivers on the ASICS, i doubt there will be many gpu's going next year.

Not if the rate you get coins is halved, and you are using the same amount of power.

[drakahn]

Do the math. Currently running a single machine, mining is barly worth it. In december I can see the price nearly doubling. This is because the mining rate is going to be halved. Now tell me who is going to mine bitcoins and lose money? Nobody. If it isnt profitable, they wont do it. That will either cause them to crash or have a huge price spike.

... if the price doubles then mining will be exactly as profitable as it was before ...
Now, if butterfly delivers on the ASICS, i doubt there will be many gpu's going next year.

Not if the rate you get coins is halved, and you are using the same amount of power.

... what? lol
okay, so block reward is 50BTC and they cost $10 each (for the sake of argument) - mining 1 bitcoin per day gets you $10
Then, block reward is 25BTC, price doubles to $20, the same hardware now gets 0.5BTC per day which is $10...

Of course, it won't be like that, there is nothing to even say the price will magically double because new supply is lower

[goodlord666]

absolutely true.
question is when.

[rocks]

Yes, but then the FED and US Gov will throw 0.0001% of their computing power in Nevada at the network and bring it down.

[drewoflorton]

Yes. And given a few more years, I can also see it hitting over $1000.

Here's why: Bitcoin has everything to become a new major worldwide money & payment standard. It has enormous benefits (e.g. see here or here) and greatly fits with the uprise of information technology and the integration of internet in our everyday lives. At the same time, banks and governments are trying hard to destroy our existing euro and dollar based economy, undermining it with ridiculous credits, loans, creation of money out of thin air by the billions, and covering debts with even greater debts, ad infinitum.

Now, do the math: how much do you think is one 21millionth of the global economy (at least the part that deals in BTC) worth?

Sure, banks will disapprove. They see their old-fashioned wealth, monopolistic position, power and privileges melt away. Well, tough luck. It's the age of the internet, we don't need banks anymore to handle our wealth and payments. They can't put the genie back in the bottle.

The times they are a changin'. 

[Domrada]

When the user base is 10x the size it is now, the price should hit $100 easily.  I don't think that's unrealistic. We would only need less than a million users.

[danster82]

easy its only roughly a 1billion market cap which in the scheme of things is tiny.

If bitcoin is going to become an alternative international currency then its going much higher than that also.

[live627]

google it, brings many results.

[bitcoinsydney]

Depends on what pirateat40 wants