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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508125 times)
JayJuanGee
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November 05, 2015, 07:35:34 PM
 #3001

Main Stream adoption is key. Buy Buy Buy while you can get a bargain Smiley

That is true mainstream adoption is the key to success, but at present the prices are comparatively going high so it is not the right time to buy, this is the right time to sell a part of bitcoins and make a profit out of it and if the prices goes down in the coming months than can again buy some bitcoins and hold it for the future for the price hike.

With all respect I do not agree. Now is still time to buy. I feel the price will rise and fall down to what it is now. Then again this is all speculation but I got this gut feeling a while ago and really think this is another major bubble.

I Agree. But the fact is that the newbie who wants to get into the bitcoins for the first time will he buy at this price?? I believe he will wait for the prices to get lower down, and yes the people who are using bitcoins since long time they can still afford to buy as they have already made profits out of it, but for the newbie I don't think its a right time to buy.

Soon the world will buy mBTC instead of full BTC

There aren't enough full BTC for everyone, it's only natural the price of 1 BTC is beyond reach of even first world citizens.    

If you would want to give every citizen of Tokyo a Bitcoin, you would not even have enough to give each of them a full Bitcoin (not enough by half). And that's just one city. It's ridicilous to expect the price of Bitcoin to stay so low that it is accessable for the average person, it's not designed to be.

The average person should be able to afford just about 3 mBTC (21 million divided by 7 billion) if you hoor more than that your already ahead of the curve.

That's a good illustration of the direction that this thing is likely going, and talking in terms of mbtc is going to become much more practical - and I hope that the bitcoin community or at least some kind of widespread practice will come into adoption in order to be clear about certain names for valuations (and various fractions of a bitcoin), as the priced are likely to continue to increase.

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November 06, 2015, 05:57:03 PM
 #3002

We could see a retracement (in fact we just saw because of the auction)

However I really doubt it will go below 200$ this time. I am confident it could reach 600$ too if we push strong Cheesy

With so much positive news about the adoption of bitcoin and the use of blockchain technology, the price will not go down to $200. It shall reach $600 in a few months.
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November 06, 2015, 06:09:22 PM
 #3003

We could see a retracement (in fact we just saw because of the auction)

However I really doubt it will go below 200$ this time. I am confident it could reach 600$ too if we push strong Cheesy

With so much positive news about the adoption of bitcoin and the use of blockchain technology, the price will not go down to $200. It shall reach $600 in a few months.

Pretty much agree with this. In a few months the price will reach maybe not $600 but rather around $500 but definitely not around $200.

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November 06, 2015, 06:52:16 PM
 #3004

Main Stream adoption is key. Buy Buy Buy while you can get a bargain Smiley

That is true mainstream adoption is the key to success, but at present the prices are comparatively going high so it is not the right time to buy, this is the right time to sell a part of bitcoins and make a profit out of it and if the prices goes down in the coming months than can again buy some bitcoins and hold it for the future for the price hike.

With all respect I do not agree. Now is still time to buy. I feel the price will rise and fall down to what it is now. Then again this is all speculation but I got this gut feeling a while ago and really think this is another major bubble.

I Agree. But the fact is that the newbie who wants to get into the bitcoins for the first time will he buy at this price?? I believe he will wait for the prices to get lower down, and yes the people who are using bitcoins since long time they can still afford to buy as they have already made profits out of it, but for the newbie I don't think its a right time to buy.

Soon the world will buy mBTC instead of full BTC

There aren't enough full BTC for everyone, it's only natural the price of 1 BTC is beyond reach of even first world citizens.    

If you would want to give every citizen of Tokyo a Bitcoin, you would not even have enough to give each of them a full Bitcoin (not enough by half). And that's just one city. It's ridicilous to expect the price of Bitcoin to stay so low that it is accessable for the average person, it's not designed to be.

The average person should be able to afford just about 3 mBTC (21 million divided by 7 billion) if you hoor more than that your already ahead of the curve.

That's a good illustration of the direction that this thing is likely going, and talking in terms of mbtc is going to become much more practical - and I hope that the bitcoin community or at least some kind of widespread practice will come into adoption in order to be clear about certain names for valuations (and various fractions of a bitcoin), as the priced are likely to continue to increase.

personally i like to keep it simple and stick to mills and crows.

Mills are already used in finance (although not heard nearly as often as cents) (mill is short for milli, like cent is short for centi, but milli is 1/1000 instead of 1/100).

We already have satoshi, and micros are often called 'bits' but I don't like the word bit because of possible confusion (100 satoshi or 1/1,000,000 bitcoin or 1/1,000 mills)

Therefore I like using crow, because it's phonetically smilar to micro (the latter part of micro obviously).

And crows and mills just kind of make sense.

Written could just use normaly ISO notation of mBTC = mill and µBTC = crow (or uBTC if you can't write µ)

I actually liked the suggestion of using Ƀ for bitcoin so we could use ƀ for satoshi.

So we have Ƀ mɃ µɃ and ƀ

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November 06, 2015, 08:29:04 PM
 #3005

Main Stream adoption is key. Buy Buy Buy while you can get a bargain Smiley

That is true mainstream adoption is the key to success, but at present the prices are comparatively going high so it is not the right time to buy, this is the right time to sell a part of bitcoins and make a profit out of it and if the prices goes down in the coming months than can again buy some bitcoins and hold it for the future for the price hike.

With all respect I do not agree. Now is still time to buy. I feel the price will rise and fall down to what it is now. Then again this is all speculation but I got this gut feeling a while ago and really think this is another major bubble.

I Agree. But the fact is that the newbie who wants to get into the bitcoins for the first time will he buy at this price?? I believe he will wait for the prices to get lower down, and yes the people who are using bitcoins since long time they can still afford to buy as they have already made profits out of it, but for the newbie I don't think its a right time to buy.

Soon the world will buy mBTC instead of full BTC

There aren't enough full BTC for everyone, it's only natural the price of 1 BTC is beyond reach of even first world citizens.    

If you would want to give every citizen of Tokyo a Bitcoin, you would not even have enough to give each of them a full Bitcoin (not enough by half). And that's just one city. It's ridicilous to expect the price of Bitcoin to stay so low that it is accessable for the average person, it's not designed to be.

The average person should be able to afford just about 3 mBTC (21 million divided by 7 billion) if you hoor more than that your already ahead of the curve.

That's a good illustration of the direction that this thing is likely going, and talking in terms of mbtc is going to become much more practical - and I hope that the bitcoin community or at least some kind of widespread practice will come into adoption in order to be clear about certain names for valuations (and various fractions of a bitcoin), as the priced are likely to continue to increase.

personally i like to keep it simple and stick to mills and crows.

Mills are already used in finance (although not heard nearly as often as cents) (mill is short for milli, like cent is short for centi, but milli is 1/1000 instead of 1/100).

We already have satoshi, and micros are often called 'bits' but I don't like the word bit because of possible confusion (100 satoshi or 1/1,000,000 bitcoin or 1/1,000 mills)

Therefore I like using crow, because it's phonetically smilar to micro (the latter part of micro obviously).

And crows and mills just kind of make sense.

Written could just use normaly ISO notation of mBTC = mill and µBTC = crow (or uBTC if you can't write µ)

I actually liked the suggestion of using Ƀ for bitcoin so we could use ƀ for satoshi.

So we have Ƀ mɃ µɃ and ƀ


I like it.  Did you come up with this on your own, or were you influenced by various discussions on the topic.  I think what you are saying is fairly straight forward, and it seems to be fairly intuitive and to be fairly easy to embed into our various subconsciousnesses.

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November 06, 2015, 08:32:44 PM
 #3006

I really hope we are the new wealthy elite. I have about 0.3 BTC and will be getting more!

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November 06, 2015, 08:34:43 PM
 #3007

We could see a retracement (in fact we just saw because of the auction)

However I really doubt it will go below 200$ this time. I am confident it could reach 600$ too if we push strong Cheesy

With so much positive news about the adoption of bitcoin and the use of blockchain technology, the price will not go down to $200. It shall reach $600 in a few months.

Pretty much agree with this. In a few months the price will reach maybe not $600 but rather around $500 but definitely not around $200.

Ok then but we can all agree that the current price levels +/- a deviation is the target range for the price.

We cannot know for sure, but we all expect a 600$ in the following months!

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JayJuanGee
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November 06, 2015, 08:43:54 PM
 #3008

I really hope we are the new wealthy elite. I have about 0.3 BTC and will be getting more!


A little more could be helpful because otherwise it may take a bit longer for someone with your level of BTC holdings to identify as being within the elite statuses.

Even OP was referring as $10k per BTC bringing him into elite status, but even with $10k per BTC, .3 BTC is only going to get you to $3,000, which seems quite a distance from elite status, in my humble bumble opinion.

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November 06, 2015, 08:50:22 PM
 #3009

We could see a retracement (in fact we just saw because of the auction)

However I really doubt it will go below 200$ this time. I am confident it could reach 600$ too if we push strong Cheesy

With so much positive news about the adoption of bitcoin and the use of blockchain technology, the price will not go down to $200. It shall reach $600 in a few months.

Pretty much agree with this. In a few months the price will reach maybe not $600 but rather around $500 but definitely not around $200.

Ok then but we can all agree that the current price levels +/- a deviation is the target range for the price.

We cannot know for sure, but we all expect a 600$ in the following months!


I doubt that any large group of bitcoin talk members can really agree upon where the price is going in the short term. 

Ultimately we need to consider both short term performance, and what is going on now, and also give some consideration to the longer bitcoin history. 

Generally, we are talking in terms of probabilities, and in that regard, it seems much more probable that bitcoin will reach $600 before it reaches $200 - does any of us know specifics.  I doubt it, unless you happen to have enough money that you know that you specifically cause prices to rise or fall to a predicted level.  And in our current world, it is much easier for a wealthy person to get ahold of a lot of dollars (without affecting bitcoin prices) as compared with getting ahold of a lot of bitcoins (without affecting bitcoin prices).

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November 07, 2015, 12:24:33 AM
 #3010

Main Stream adoption is key. Buy Buy Buy while you can get a bargain Smiley

That is true mainstream adoption is the key to success, but at present the prices are comparatively going high so it is not the right time to buy, this is the right time to sell a part of bitcoins and make a profit out of it and if the prices goes down in the coming months than can again buy some bitcoins and hold it for the future for the price hike.

With all respect I do not agree. Now is still time to buy. I feel the price will rise and fall down to what it is now. Then again this is all speculation but I got this gut feeling a while ago and really think this is another major bubble.

I Agree. But the fact is that the newbie who wants to get into the bitcoins for the first time will he buy at this price?? I believe he will wait for the prices to get lower down, and yes the people who are using bitcoins since long time they can still afford to buy as they have already made profits out of it, but for the newbie I don't think its a right time to buy.

Soon the world will buy mBTC instead of full BTC

There aren't enough full BTC for everyone, it's only natural the price of 1 BTC is beyond reach of even first world citizens.    

If you would want to give every citizen of Tokyo a Bitcoin, you would not even have enough to give each of them a full Bitcoin (not enough by half). And that's just one city. It's ridicilous to expect the price of Bitcoin to stay so low that it is accessable for the average person, it's not designed to be.

The average person should be able to afford just about 3 mBTC (21 million divided by 7 billion) if you hoor more than that your already ahead of the curve.

That's a good illustration of the direction that this thing is likely going, and talking in terms of mbtc is going to become much more practical - and I hope that the bitcoin community or at least some kind of widespread practice will come into adoption in order to be clear about certain names for valuations (and various fractions of a bitcoin), as the priced are likely to continue to increase.

personally i like to keep it simple and stick to mills and crows.

Mills are already used in finance (although not heard nearly as often as cents) (mill is short for milli, like cent is short for centi, but milli is 1/1000 instead of 1/100).

We already have satoshi, and micros are often called 'bits' but I don't like the word bit because of possible confusion (100 satoshi or 1/1,000,000 bitcoin or 1/1,000 mills)

Therefore I like using crow, because it's phonetically smilar to micro (the latter part of micro obviously).

And crows and mills just kind of make sense.

Written could just use normaly ISO notation of mBTC = mill and µBTC = crow (or uBTC if you can't write µ)

I actually liked the suggestion of using Ƀ for bitcoin so we could use ƀ for satoshi.

So we have Ƀ mɃ µɃ and ƀ


I like it.  Did you come up with this on your own, or were you influenced by various discussions on the topic.  I think what you are saying is fairly straight forward, and it seems to be fairly intuitive and to be fairly easy to embed into our various subconsciousnesses.

I heard of other nicknames before, but all of them lost out to bits (not even because bits was more popular, but because some psychological trickery the supporters of bit pulled (there were some push polls, where they asked the question if "100 satoshi" should have a name, but those polls included "bits" as the only option to name them, linking the yes answer directly to the name the creators of the poll prefered, instead of having a neutral poll where the name was not set in stone. falsely creating the illusion that "bits" was agreed upon, despite the fact that there were lots of threads that opposed the name bits, but were in favor of naming the unit), as well as adding "bit" as an option to different popular wallets. (I can dig up those threads but i will do so later, too busy watching blizzcon atm)

I wanted to oppose bits even though it is already getting dangerously close to being established around the bitcoin world (because i still stick to my original complaint that "bit" is ambiguous and can be interpreted in too many different ways)

I didn't want to go with too fancy names so i thought about names that are easy to explain, remember, sound nice (and not too similar to each other) and just make sens.

so i ended up with those two (one of which turned out to be actually used in finance), the other is so small in normal currencies that it's obviously never used (I mean what currency is measured in one micro parts really?)

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November 08, 2015, 08:53:58 AM
 #3011

I really hope we are the new wealthy elite. I have about 0.3 BTC and will be getting more!

0.3 BTC will worth a lot in a few decades. If it is practical, you can get more to make it 1 bitcoin more higher. No more than 21 million people in the world can own 1 bitcoin. It is very rare and useful.
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November 08, 2015, 09:07:40 AM
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Bitcoin will really start to rocket when mining caps out.
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November 08, 2015, 09:18:37 AM
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Yeah. I definitely agree that we are the new wealthy gentlemen of the world. Bitcoin is the currency of the future, and we have it. Pretty much we are holding the future. We are getting rich as the price of Bitcoin continues to rise.

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November 08, 2015, 12:02:27 PM
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November 08, 2015, 12:31:20 PM
 #3015

I also agree with full confidence that yes we are future's new elites if we keep holding our Bitcoins.I don't accumulate my coins and keep them in cold storage because there will be a sudden move in price and price will go out of the reach over night.I will be one of the new elites surely.

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November 08, 2015, 12:35:41 PM
 #3016

Bitcoin will really start to rocket when mining caps out.

Bitcoin will rocket only when the "demand" outstrips the supply. Right now, that is not the case. There is an over-supply of the coins. And talking about mining, although the next block reward halving is supposed to occur in about 7 months time, I am not sure how much effect it will be having on the exchange rates. Also remember that the mining will go on till 2140.

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November 08, 2015, 01:01:35 PM
 #3017

Bitcoin will really start to rocket when mining caps out.

Bitcoin will rocket only when the "demand" outstrips the supply. Right now, that is not the case. There is an over-supply of the coins. And talking about mining, although the next block reward halving is supposed to occur in about 7 months time, I am not sure how much effect it will be having on the exchange rates. Also remember that the mining will go on till 2140.

A lot! Think of it as less BTC each time. Meaning the demand will be higher, thus the price will be higher.
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November 08, 2015, 02:49:14 PM
 #3018


I doubt that any large group of bitcoin talk members can really agree upon where the price is going in the short term. 

Ultimately we need to consider both short term performance, and what is going on now, and also give some consideration to the longer bitcoin history. 

Generally, we are talking in terms of probabilities, and in that regard, it seems much more probable that bitcoin will reach $600 before it reaches $200 - does any of us know specifics.  I doubt it, unless you happen to have enough money that you know that you specifically cause prices to rise or fall to a predicted level.  And in our current world, it is much easier for a wealthy person to get ahold of a lot of dollars (without affecting bitcoin prices) as compared with getting ahold of a lot of bitcoins (without affecting bitcoin prices).

This is the signle biggest forum for bitcoin.

Every post, thread, article is influencing the price of bitcoin, that originate from this forum.

I`d guess about 0.8 correlation between bitcointalk activity and bitcoin price.

So if the majority of guys agree from here, it will go there probably.

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November 09, 2015, 07:38:57 AM
 #3019


I doubt that any large group of bitcoin talk members can really agree upon where the price is going in the short term. 

Ultimately we need to consider both short term performance, and what is going on now, and also give some consideration to the longer bitcoin history. 

Generally, we are talking in terms of probabilities, and in that regard, it seems much more probable that bitcoin will reach $600 before it reaches $200 - does any of us know specifics.  I doubt it, unless you happen to have enough money that you know that you specifically cause prices to rise or fall to a predicted level.  And in our current world, it is much easier for a wealthy person to get ahold of a lot of dollars (without affecting bitcoin prices) as compared with getting ahold of a lot of bitcoins (without affecting bitcoin prices).

This is the signle biggest forum for bitcoin.

Every post, thread, article is influencing the price of bitcoin, that originate from this forum.

I`d guess about 0.8 correlation between bitcointalk activity and bitcoin price.

So if the majority of guys agree from here, it will go there probably.


Part of my point is more or less exactly the opposite of what you are asserting to be possible.  You are asserting that a bunch of us could affect the direction of the bitcoin price if we could get on the same page and push in the same direction at the same time.

I do not disagree with that assertion as a possibility, but your assertion really seems to be out there in LA LA land. 

I maintain my assertion that you cannot really get a bunch of forum members to agree, even if it were in their own best interest to agree - it's a kind of prisoners dilemma, because every person would continue to act as an individual in his/her own best interest and to tend to deviate from the direction of the others in order to attempt to get an advantage, which in the end would cause the whole proposed coordinated effort to fail.






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November 14, 2015, 07:26:45 AM
 #3020


This is the signle biggest forum for bitcoin.

Every post, thread, article is influencing the price of bitcoin, that originate from this forum.

I`d guess about 0.8 correlation between bitcointalk activity and bitcoin price.

So if the majority of guys agree from here, it will go there probably.

There is correlation between bitcointalk activity and bitcoin price. The former is affected by the latter. When there is Price rise, there more activity here. When the price is low, people are quite here.
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