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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507869 times)
bitpop
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April 20, 2014, 10:50:00 AM
 #1161

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!

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April 20, 2014, 12:03:32 PM
 #1162

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!
not possible considering the lowest possible unit of a bitcoin is 0.00000001

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April 20, 2014, 12:04:30 PM
 #1163

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!
not possible considering the lowest possible unit of a bitcoin is 0.00000001

$5 satoshi

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April 20, 2014, 12:24:26 PM
 #1164

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!
not possible considering the lowest possible unit of a bitcoin is 0.00000001

$5 satoshi
exactly, that would be bad for the market wouldn't it?

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April 20, 2014, 12:31:33 PM
 #1165

Unless my maths is wrong $5,000,000 * 0.00000001 = $0.05
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April 20, 2014, 12:55:31 PM
 #1166

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!
not possible considering the lowest possible unit of a bitcoin is 0.00000001

$5 satoshi
exactly, that would be bad for the market wouldn't it?

Idk why?

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April 20, 2014, 12:58:14 PM
 #1167

Unless my maths is wrong $5,000,000 * 0.00000001 = $0.05

Idk

1,000,000 * $5 = 5,000,000

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April 20, 2014, 02:34:24 PM
 #1168

$5 satoshi
exactly, that would be bad for the market wouldn't it?
Why would it? People would just use smaller units more often, such as a satoshi.


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April 20, 2014, 02:39:23 PM
 #1169

$5 satoshi
exactly, that would be bad for the market wouldn't it?
Why would it? People would just use smaller units more often, such as a satoshi.

Plus in a couple years $5 will be worth $0.50

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April 20, 2014, 02:49:57 PM
 #1170

Plus in a couple years $5 will be worth $0.50
With the insane inflation, it might be even less than that.


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April 20, 2014, 02:57:31 PM
 #1171

Plus in a couple years $5 will be worth $0.50
With the insane inflation, it might be even less than that.

I miss $0.99 whoppers

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April 20, 2014, 04:54:34 PM
 #1172

I feel that bitcoin is about to take off and I'm ready to be the new elite. Wink


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April 20, 2014, 05:03:37 PM
 #1173

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!
not possible considering the lowest possible unit of a bitcoin is 0.00000001

It is infinitely divisible with a change to the software.  And if there is no change you could track sub-Satoshi's off the main chain.
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April 20, 2014, 05:18:02 PM
 #1174

I miss $0.99 whoppers

Who knows? May be in the near future you might be able to buy those chocolate covered malted milk balls for BTC0.0001 from Walmart or Tesco.  Grin

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April 20, 2014, 07:07:47 PM
 #1175

Plus in a couple years $5 will be worth $0.50
With the insane inflation, it might be even less than that.

I miss $0.99 whoppers

In 10 yrs, they will be the $9.99 whopper. The prices of ciggies are getting out of control too.
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April 20, 2014, 07:32:50 PM
 #1176

Unless my maths is wrong $5,000,000 * 0.00000001 = $0.05

Idk

1,000,000 * $5 = 5,000,000

There are 100 million satoshis per bitcoin - NOT 1 million.. So  $5million per bitcoin would be $.05 per satoshi.  $5 per satoshi would be $500 million per bitcoin.. which would be much more difficult to reach by 2019 - especially since we are having trouble reaching $500 in recent days.

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April 20, 2014, 07:35:46 PM
 #1177

Unless my maths is wrong $5,000,000 * 0.00000001 = $0.05

Idk

1,000,000 * $5 = 5,000,000

There are 100 million satoshis per bitcoin - NOT 1 million.. So  $5million per bitcoin would be $.05 per satoshi.  $5 per satoshi would be $500 million per bitcoin.. which would be much more difficult to reach by 2019 - especially since we are having trouble reaching $500 in recent days.

I will settle for just 1 million per coin, that would be great. even 100k/coin would be nice!
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April 20, 2014, 07:45:50 PM
 #1178

You early adopters got to buy at $1000 !!!
In 2019 we pay 5,000,000!!!!
not possible considering the lowest possible unit of a bitcoin is 0.00000001

$5 satoshi
exactly, that would be bad for the market wouldn't it?


This seems like a troll question... but o.k... I will bite a little bit. 

either $5 or $.05 per satoshi would be very disruptive to our current money system and our current ways of storing value.  Personally, I think that either $5 or $.05 per satoshi are reachable by 2019 - but fairly unlikely to reach that level of adoption or value increase in 5 years.

 Either price scenario would seem to require pretty extensive adoption and possibly a bitcoin bubble that is too unstable if it were rising in value that rapidly.

In essence, the questioner, here needs to be more specific concerning why s/he believes $5 million per bitcoin in 2019 would be "bad for the market."    I would suggest narrowing down the question a bit and provide us some more explanation about what would be the potential concern(s) about the effect(s) on the market.  Otherwise, the question, as currently framed, leaves potential responses floundering into way too much speculation about the meaning of the question regarding the potential effects on the market and/or the possible concerns of the questioner.

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April 20, 2014, 08:19:51 PM
 #1179

Unless my maths is wrong $5,000,000 * 0.00000001 = $0.05

Idk

1,000,000 * $5 = 5,000,000

There are 100 million satoshis per bitcoin - NOT 1 million.. So  $5million per bitcoin would be $.05 per satoshi.  $5 per satoshi would be $500 million per bitcoin.. which would be much more difficult to reach by 2019 - especially since we are having trouble reaching $500 in recent days.

I will settle for just 1 million per coin, that would be great. even 100k/coin would be nice!

Personally, I think that we have to walk before we run, and surely bitcoin, in its short life, has had a truly amazing growth path - which causes these very extravagant predictions.  

I understand  and appreciate bitcoin fundamentals enough  to realize that any of the scenarios are possible - even 10x growth per year is possible.  

If my investment grows at a higher rate than other assets in which I could have placed my money, then I will be happy with that.  

If bitcoin doubles in value every year between now and 2019, that would be truly amazing in my estimation.  
2014 $500, to
2015 $1,000, to
2016 $2,000 to
2017 $4,000, to
2018 $8,000 to
2019 $16,000.

I would be extremely satisfied with such a performance, which seems more realistic than continuing 10x performance per year.  10X would look like this.

2014 $500, to
2015 $5,000, to
2016 $50,000 to
2017 $500,000, to
2018 $5,000,000 to
2019 $50,000,000.

I can grasp that 10x is possible and plausible... but seems a bit too much for the infrastructure to absorb into such a short period of time - especially going from $50k to $500k - I have a very hard time envisioning that - however, I do recognize that if any medium size country picked up bitcoin as its national currency, then those scenarios are completely reasonable - and there are a variety of other adoption scenarios that could continue the 10x growth per year for several years into the future.... but somewhere between 2x and 5x growth seems much more within the grasp of the possible.

Surely I agree with you that the higher the better for those of us who have already accumulated a respectable stash of BTC.

Yet, even with a current stash of 10BTC may cause some challenges to be able to hold onto such a stash between now and 2019, especially if BTC prices were to have their continued up and down moments, which cause holders (especially financially strapped holders) to engage in panic selling behaviors or even necessity selling behaviors at the wrong times.

Personally, my own little fantasy may be that BTC could get 5x for the next couple of years, then 2x thereafter for the next few years and then 20%, which would look like this on a 10 year timeline:

2014 $500
2015 $2,500 (5x)
2016 $10,000 (5x)
2017 $20,000, (2x)
2018 $40,000 (2x)
2019 $80,000 (2x)
2020 $96,000 (20% increase)
2021 $115,200 (20% increase)
2022 $138,240 (20% increase)
2023 $165,888 (20% increase).

I am NOT sure whether this kind of a BTC appreciation model is sustainable, but it does seem possible at some point to enter into a period of an ongoing average appreciation of BTC value somewhere between 10-20% per year.







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April 20, 2014, 10:42:44 PM
 #1180

Personally, I think that we have to walk before we run, and surely bitcoin, in its short life, has had a truly amazing growth path - which causes these very extravagant predictions.  

I understand  and appreciate bitcoin fundamentals enough  to realize that any of the scenarios are possible - even 10x growth per year is possible.  

. . .

I can grasp that 10x is possible and plausible... but seems a bit too much for the infrastructure to absorb into such a short period of time - especially going from $50k to $500k - I have a very hard time envisioning that - however, I do recognize that if any medium size country picked up bitcoin as its national currency, then those scenarios are completely reasonable - and there are a variety of other adoption scenarios that could continue the 10x growth per year for several years into the future.... but somewhere between 2x and 5x growth seems much more within the grasp of the possible.

. . .

I am NOT sure whether this kind of a BTC appreciation model is sustainable, but it does seem possible at some point to enter into a period of an ongoing average appreciation of BTC value somewhere between 10-20% per year.

The price history of bitcoin shows 10x growth per year on average, which is supported by 3.2x average growth in both bitcoin addresses and adjusted number of bitcoin transactions - according to Metcalfe's Law. My own logistic model of bitcoin prices says that this growth rate will continue on average, actually very slightly diminishing, until we reach the midpoint of adoption. We could already be past that point but the preponderance of evidence in my opinion, is that the Bitcoin Economy is far from reaching that point.

After the mid point of adoption average price growth rates will rapidly diminish, reaching the levels you mention or lower.
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