The road to $1000 would be much harder

[IIOII]

A fast runup to about $1000 is not impossible, however given the current state of Bitconomy and infrastructure it will not be sustainable.

It would be better for the development of market activity if price appreciation would decrease for some time.

[Luckybit]

I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

It's just hard for certain tangible products to be paid for in BTC when there is no means to protect the buyer...

What effect does it have when people trade BTC for LTC for PPC etc? Would they be trading down and damaging BTC? Or helping BTC by providing competition and diversity?


There are a lot of cryptocurrencies but only three seem to have legit novelty and potential and that seems to be LTC and PPC. LTC is very well marketed, good logo, good name, faster, but it's also less scarce and it's not accepted anywhere. What about PPC? PPC is even less scarce and where would anyone accept it?

[Luckybit]

The worry is how to acquire enough of these coins to actually have any purchasing power within BTC? Price of products will be an issue.

If I have 1BTC, but products sell for 40-50BTC then I cannot afford something like an ASIC for instance. If I can't afford that then I cannot afford to mine. If I cannot do mining then eventually I'll not have BTC at all.

It's currently hard or impossible to earn BTC and too easy to lose it. This has to be more balanced.

I think BTC is good because encouraging savings encourages people not to spend their precious BTC on crap they don't really need or which wont produce profit. The problem with now is if we buy a bunch of BTC we have not enough stuff to in invest in.

Let's use an example, lets say you buy 4 BTC for $1000. You now want to invest these BTC so that 4 becomes 8 and 8 becomes 16. Can anyone tell me how to do it? To me there are two strengths of BTC, it's a wonderful investment currency, and it's deflationary thus encourages saving. The problem is we don't give people anything to invest in right now, and so people are encouraged to save and if they do decide to spend it's on stupid stuff like 14,000 BTC on a pizza.

[b!z]

yeah, dreams are weird. a day before I had a dream where I was tripping on some psychedelic chemical, having cool visuals, but then all of sudden hundreds of cats attacked me, I was completely helpless because I was drowning in cats and all of them were biting and scratching me. that was a total nightmare but luckily it was such a bullshit that I actually realized that it has to be a dream so that by using my lucid dreaming powers I teleported away.

how is this related to bitcoin and/or speculation?

[piramida]

The problem is we don't give people anything to invest in right now, and so people are encouraged to save and if they do decide to spend it's on stupid stuff like 14,000 BTC on a pizza.

The whole idea of "investing" (i.e., giving your money to someone else) comes from inflationary currencies. You either "invest" so that your money "work", or you lose money. With deflationary currency, you don't have to. You can, but you also can remove that risk (any investment is a risk) and just keep your money, knowing they won't lose value. So you can consider that an investment in yourself.

[herzmeister]

The whole idea of "investing" (i.e., giving your money to someone else) comes from inflationary currencies. You either "invest" so that your money "work", or you lose money. With deflationary currency, you don't have to. You can, but you also can remove that risk (any investment is a risk) and just keep your money, knowing they won't lose value. So you can consider that an investment in yourself.

Well the gold standard free banking era had banks aka investments too.

[Gordonium]

I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

This. If I could pay my rent and groceries with BTC there would be almost no use for FIAT money for me.

[Jobe7]

If $7 million comes into bitcoin per month we will be at $1,000 by the end of the year.

$7 million per month you say?

http://blockchain.info/charts/market-cap

Check the graph.

[crazy_rabbit]

I think if we can see some more market stability - more online merchants will adopt btc as a payment method - which in turn will reduce the amount of "Cash Exit" clients. - If you could buy fuel cards / clothing and even pay your electricity bill with BTC then you would be less inclined to exit.

This. If I could pay my rent and groceries with BTC there would be almost no use for FIAT money for me.

*ding ding ding ding ding*

Yep.