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Question: When will BTC get back above $70K:
7/14 - 0 (0%)
7/21 - 1 (0.8%)
7/28 - 11 (8.9%)
8/4 - 16 (12.9%)
8/11 - 8 (6.5%)
8/18 - 6 (4.8%)
8/25 - 8 (6.5%)
After August - 74 (59.7%)
Total Voters: 124

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26490015 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (174 posts by 3 users with 9 merit deleted.)
macsga
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November 27, 2013, 10:26:38 PM
 #51341

nobody is getting my BTC for a mere $56,000 each...no way

Yes that would be a rip off (for you)... Wink
fred1111
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November 27, 2013, 10:27:14 PM
 #51342

The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
Vycid
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November 27, 2013, 10:28:06 PM
 #51343

After the $1K mark today; I've been -literally- bombarded with questions about the "roof" the price will be "landed". I know that bitcoin is nothing like anything we know up until today; but still; we can estimate a projected value regarding something similar. Gold.

This is a rough estimation I did back in March (before the April crash). I think it remains pretty accurate to give you an idea. It's also posted at www.bitcoinvest.eu for Greek readers.
The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.
If the total lot of bitcoins reaches 21M (it comes @ 2140) and NO EXTRA DOLARS are being "cut" (unlikely, but say it is so), the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
If you now take in mind the overpriced hypothesis of gold; then you get the idea...

PS:
It's also posted here answering (guess) the same question...  Grin
http://np.reddit.com/r/Bitcoin/comments/1rloww/serious_question_do_we_have_any_reasonable_idea/

If you have any objections; please let me know.

Sorry, what? This doesn't make sense. You can't derive the value of gold by dividing M1 by the total gold "minted during our presence" (Huh). You know the gold standard is LONG gone, right?

I like the $56k number, but the method is BS.

Here's a cheery alternative: Bitcoin grows to displace the current value of all extant gold, which is $6,389,389,447,193 at the last spot price.

$6,389,389,447,193/21M = $304,256/coin.
alexeft
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November 27, 2013, 10:29:00 PM
 #51344

After the $1K mark today; I've been -literally- bombarded with questions about the "roof" the price will be "landed". I know that bitcoin is nothing like anything we know up until today; but still; we can estimate a projected value regarding something similar. Gold.

This is a rough estimation I did back in March (before the April crash). I think it remains pretty accurate to give you an idea. It's also posted at www.bitcoinvest.eu for Greek readers.
The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.
If the total lot of bitcoins reaches 21M (it comes @ 2140) and NO EXTRA DOLARS are being "cut" (unlikely, but say it is so), the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
If you now take in mind the overpriced hypothesis of gold; then you get the idea...

PS:
It's also posted here answering (guess) the same question...  Grin
http://np.reddit.com/r/Bitcoin/comments/1rloww/serious_question_do_we_have_any_reasonable_idea/

If you have any objections; please let me know.

Gold is not being used for day to day transactions.

On the other hand, if bitcoin is used for day to day transactions the price would be even higher.

Whatsmore, bitcoin is also a very nice store of value, hence the price would be even higher than the statement above.

macsga
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November 27, 2013, 10:29:16 PM
 #51345

The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
We're talking about circulation (aka: the $ that can buy gramms of gold). Debt is not in circulation (or it may as well is - who knows Tongue )
derjanb
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November 27, 2013, 10:30:10 PM
 #51346

The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.

So European and Chinese people are not allowed to buy gold unless they use dollars? ;-)
alexeft
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November 27, 2013, 10:30:48 PM
 #51347

The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
We're talking about circulation (aka: the $ that can buy gramms of gold). Debt is not in circulation (or it may as well is - who knows Tongue )

About the only thing that is in circulation is debt, as even cash is debt. Someone took a loan for it to be around!!!  Grin
macsga
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November 27, 2013, 10:31:31 PM
 #51348

The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.

So European and Chinese people are not allowed to buy gold unless they use dollars? ;-)
People: It's simple. Your money (wherever you are) are equal to SOME dollars. It's a THEORETICAL approach.
Davyd05
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November 27, 2013, 10:32:12 PM
 #51349



Hey well I'll tell my kids or family the story behind my bitcoin stash. How one fateful cold Nov. night (while in my warm basement Cheesy) a kind gentlemen/women helped me Invest in myself Cheesy

Call it a "satoshi stash." It has a better ring to it.

Deal.

 
Vycid
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November 27, 2013, 10:32:17 PM
 #51350

The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
We're talking about circulation (aka: the $ that can buy gramms of gold). Debt is not in circulation (or it may as well is - who knows Tongue )

About the only thing that is in circulation is debt, as even cash is debt. Someone took a loan for it to be around!!!  Grin

Not necessarily true. Governments pay people for stuff all the time.
alexeft
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November 27, 2013, 10:33:16 PM
 #51351

The money in circulation today ($USA) is 1,18 trillion dolars (data 20.03.2013, Federal Reserve). Gold minted during our presence here is now 171,300 metric tons. Therefore there's $6,888.5 per kilo of gold. The current (27.03.2013) gold value per kilo is $51,267 (http://goldprice.org/) which means this is overpriced about a factor of circa 7.5. That's because NOT ALL of gold is available for trading.

So European and Chinese people are not allowed to buy gold unless they use dollars? ;-)
People: It's simple. Your money (wherever you are) are equals to SOME dollars. It's a THEORETICAL approach.

Ok, it's an approach, only IMHO it's very narrow in that you anly take into account money that is in circulation.

Then again, I certainly don't know how far bitcoin will go.

alexeft
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November 27, 2013, 10:34:02 PM
 #51352

The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
We're talking about circulation (aka: the $ that can buy gramms of gold). Debt is not in circulation (or it may as well is - who knows Tongue )

About the only thing that is in circulation is debt, as even cash is debt. Someone took a loan for it to be around!!!  Grin

Not necessarily true. Governments pay people for stuff all the time.

They do, but they become indebted to central banks or others to do so.
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November 27, 2013, 10:34:49 PM
 #51353

So, lets get a vote put up for the following naming conventions:

1. "ceebits" (cBTC) / "embits"  (mBTC) / "mybits"  (µBTC)
2. "centi-bit" (cBTC) / "milli-bit"   mBTC / "micro-bit" µBTC / "satoshi"  (sBTC)
3. "cents" (cBTC) / "mills"   mBTC / "mics" µBTC / "sats (satoshis)"  (sBTC)

Or will this all need a seperate thread of its own?


Yes - if there's a Satoshi for No. 1 sBTC too? Wink

Let's pester for a vote - I think it actually matters in terms of adoption and the future.

Maybe we will then be voting (as you suggested) for a next target of $2 / mBTC !

EDITED doh...


I'm not sure these milli/micro divisions will stand the test of time.

If a bitcoin becomes worth $1 million, the mBTC will be $1,000, still too large for a base unit.

If bitcoin does go to $1 million, the satoshi is the new cent or penny.

How about using old terms like 'buck' or 'quid' for 100 satoshis? In time perhaps redesignate 100 satoshis as the new 'bitcoin'?

We could then call the mBTC a 'grand' or 'grand bitcoin'

All we'd need then would be a good term for a million of the 'new bitcoin' to replace the original!
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November 27, 2013, 10:35:00 PM
 #51354


Ok, it's an approach, only IMHO it's very narrow in that you anly take into account money that is in circulation.
Then again, I certainly don't know how far bitcoin will go.

I could help and support your own one; if you like... Grin
alexeft
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November 27, 2013, 10:36:35 PM
 #51355


Ok, it's an approach, only IMHO it's very narrow in that you anly take into account money that is in circulation.
Then again, I certainly don't know how far bitcoin will go.

I could help and support your own one; if you like... Grin

Please, indulge!!!  Grin
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November 27, 2013, 10:36:56 PM
 #51356

1070
macsga
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November 27, 2013, 10:37:14 PM
 #51357


Ok, it's an approach, only IMHO it's very narrow in that you anly take into account money that is in circulation.
Then again, I certainly don't know how far bitcoin will go.

I could help and support your own one; if you like... Grin

Please, indulge!!!  Grin

Here is a nice way to start Smiley
https://s3.amazonaws.com/tristara-backup/sliders
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November 27, 2013, 10:37:29 PM
 #51358

The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
We're talking about circulation (aka: the $ that can buy gramms of gold). Debt is not in circulation (or it may as well is - who knows Tongue )

About the only thing that is in circulation is debt, as even cash is debt. Someone took a loan for it to be around!!!  Grin

Not necessarily true. Governments pay people for stuff all the time.

They do, but they become indebted to central banks or others to do so.

Also generally not true, most government outlays come from taxes. Only a small portion of expenditures in a given year are from borrowing.

In the US, at least, M1 is larger than the internal debt, so cash is not debt.
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November 27, 2013, 10:37:47 PM
 #51359

I like the following:

1 BTC or 1B, pronounced "one bitcoin"

and the bits:

1 mBTC or 1 mB pronounced "one millibit" or "one embit"  (both pronunciations can be used, I don't see a problem with that)
1 uBTC or 1 uB pronounced "one microbit" or "one youbit"
1 sBTC or 1 sB pronounced "one satoshi"
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November 27, 2013, 10:38:16 PM
 #51360

I can't tell if these are pumps or the greatest bear traps of all time.
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