Why do people think one Bitcoin will be worth $1000 (or more)

[Radacoin]

Who controls the addresses involved in this transaction? http://blockchain.info/tx/26e5b4458b03929da89679fb0d05f286e87c73e3da52f7e0490c1bd4440ede0c

Who controls the address: 1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb ? Might it be him https://bitcointalk.org/index.php?action=profile;u=36044 ?

Or 1MagedVeZqDtU4Jh5BdgvHpcWk9dXFzZY8 ?  Might it be https://bitcointalk.org/index.php?action=profile;u=6347 ?

Or a user named hugolp with this signature "Tips: 1Q4pxzZHnXCfVpWig6Q6YgpdN7AkpPNRjA". Might it be that hugolp controls 1Q4pxzZHnXCfVpWig6Q6YgpdN7AkpPNRjA ?

 

[Come-from-Beyond]

Who controls the addresses involved in this transaction? http://blockchain.info/tx/26e5b4458b03929da89679fb0d05f286e87c73e3da52f7e0490c1bd4440ede0c

Who controls the address: 1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb ? Might it be him https://bitcointalk.org/index.php?action=profile;u=36044 ?

Or 1MagedVeZqDtU4Jh5BdgvHpcWk9dXFzZY8 ?  Might it be https://bitcointalk.org/index.php?action=profile;u=6347 ?

 

ROFL

[codro]

Why do people assign value to things? Because of the properties of those things.

What are Bitcoin's properties?

-highly divisible
-finite

Note that just from a technical point of view, in the protocol, Bitcoin amounts are expressed as an integer number of satoshis.

Should there be a need to add extra digits of "precision" in the future this would essentially be the same as multiplying the monetary supply by 10 for each extra digit of precision. One could argue against the "finite" argument in this case.

[Come-from-Beyond]

Why do people assign value to things? Because of the properties of those things.

What are Bitcoin's properties?

-highly divisible
-finite

Note that just from a technical point of view, in the protocol, Bitcoin amounts are expressed as an integer number of satoshis.

Should there be a need to add extra digits of "precision" in the future this would essentially be the same as multiplying the monetary supply by 10 for each extra digit of precision. One could argue against the "finite" argument in this case.

Reality even worse. I believe bitcoiners won't come to a consensus if and how many digits should be added.

[johnyj]

But on the other hand no one measures the value of a 100 Dollar note with the paper and the ink that it's composed of. A 100 Dollar note has it's "value" because it's accepted everywhere and I can get "stuff" for it.

That is the real question here: Why do people exchange their stuffs for a 100 Dollar note, which is just some numbers added by FED at will without doing anything? How long do you think this game is going to last?

[Radacoin]

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

[cbeast]

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

*plonk*

[Puppet]

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

you cant do any of the above with paypal either, and so all we do is transfer from your paypal account to your bank and vice versa. Does that mean paypal is pointless and worthless?

[johnyj]

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

I agree, if bitcoin will only be used to buy booze and hookers, then its price won't rise above $1000  

[Peter Lambert]

Let me correct this for you:

Btc has value because it fulfills could fulfill needs ...like transfer big amounts off money across the world almost instantly in a private way...

It's just - no ones does it. Hence: Zero value.

Just because you don't know about it does not mean it is not happening. (Sorry for all the negatives, that is just how the thought goes) The nature of bitcoin is such that you simply cannot see what it is being used for, and unless somebody comes forward with examples you will never know how much money is being transferred around the world using bitcoins. If you look closely through the forum you will see examples of people moving large sums of money around the world, like I said, Just because you don't know about it does not mean it is not happening.

I agree, if bitcoin will be used to buy booze and hookers, then its price won't rise about $1000 

I had offered in the past to sell homebrewed mead for bitcoins, and at some point I want to build myself a still to make harder stuff (although I have been told my mead is pretty stiff). Let me know if you are interested.

[mobodick]

Let me correct this for you:

Btc has value because it fulfills could fulfill is already fulfilling needs ...like transfer big amounts off money across the world almost instantly in a private way...

It's just - no ones does it. Hence: Zero value.

Yeah also explain to me why someone pays 30 million dollar on an Rembrandt painting

Exact same thing as for tulips and Bitcoins: Pure speculation, zero value.

Yeah, well, i'm a gonna pee over this one again..
FTFY!

Or else please define what you think 'Value' means in this context.

[Timon2010]

The value of Bitcoin is what you can do with it.
The value of Bitcoin is NOT how much is worth in $.

[Spaceman_Spiff]

I am at Olivia Plaza Hotel, Barcelona, Spain at the moment.
I have 12BTC in a wallet on my smartphone.

Why do you even own bitcoin?  Seriously just sell them if you feel they are next to worthless, and stop clogging bitcointalk with your idiotic arguments.  


He brought up the tulips, it pisses me off every time.  

[Nemesis]

I am at Olivia Plaza Hotel, Barcelona, Spain at the moment.
I have 12BTC in a wallet on my smartphone.

Why do you even own bitcoin?  Seriously just sell them if you feel they are next to worthless, and stop clogging bitcointalk with your idiotic arguments.  


He brought up the tulips, it pisses me off every time.  

They think bringing up the tulips argument make them look smarter.

As it turns out , it only show their lack of knowledge.

I wouldnt be pissed man, the idiot dig himself deeper.

[Walter Rothbard]

Let me correct this for you:

Btc has value because it fulfills could fulfill needs ...like transfer big amounts off money across the world almost instantly in a private way...

It's just - no ones does it. Hence: Zero value.

Why do you think noone uses bitcoin to transfer large amounts of money across the world?  People actually do this.  They also use it to buy stuff off of Amazon and to buy pizza.

[redwraith]

How long do you think this game is going to last?

As long as everyone of us is happy to have some of those (100$ notes).

As long as our bosses give us a couple of those at the end of the month.

As long as we can buy booze and hookers with it.

All of those we can't with Bitcoins.

Therefore: All we do with Bitcoins is go to MtGox and change into $$$ to do the above.

You're really talking about convenience right?  Right now it is more convenient to do those things with dollars, that's true.  But, I trust you are aware that the US dollar has been around for a couple HUNDRED YEARS right?  It's kind of established?  It's completely unfair to compare a fledgling 4 year old digital currency to a major one and expect it to immediately have the same utility and convenience.  The junkyard of history is littered with detractors of new technologies and innovations, where given enough time, they turn out to be tomorrow's mainstream.  

[nsfsj]

Nothing has a value by it self. Supply and demand controls the value. If enough people believe something is valuable, it is. At the moment, the demand for Bitcoin seems to be mostly speculative and store of value, but the reason for demand does not make it less valuable.

[Radacoin]

Are you here for honest discussion or to troll?

Have you ever asked yourself this question?

[Radacoin]

Nothing has a value by it self. Supply and demand controls the value. If enough people believe something is valuable, it is. At the moment, the demand for Bitcoin seems to be mostly speculative and store of value, but the reason for demand does not make it less valuable.

Wise words. They apply for Bitcoins. And for tulips.

At least the tulip madness did not turn into a religion. Reading some of the comments here one might think Bitcoin is already a religion.

[mobodick]

Nothing has a value by it self. Supply and demand controls the value. If enough people believe something is valuable, it is. At the moment, the demand for Bitcoin seems to be mostly speculative and store of value, but the reason for demand does not make it less valuable.

Wise words. They apply for Bitcoins. And for tulips.

At least the tulip madness did not turn into a religion. Reading some of the comments here one might think Bitcoin is already a religion.

You keep refering to bitcoin as another tulip mania.
But you haven't put forwared a single good argument to support that.

Please answer what i asked in my last post: define the word 'value' in this context.