WhatsApp has over 600 million users, at $30 person value thats 18 Billion market cap.
If Bitcoin had even 60 million users at $30 person value is only 1.8 Billion, so it seems over valued now?
are you being silly... 60 million people using bitcoin atm would mean almost no1 having a single coin... depending on distribution but really a terrible comparison
Just comparing the users of whatsapp are worth money to advertisers.
The users for bitcoin must increase from its current base to spread to survive.
Then comes the problem will value increase? and why? because of limited availability like a commodity? which is opposite of what it was intended to be a medium for transactions with lower fees.
In the end I think btc needs to be pegged to some definite value to be worth anything. Other than that the Fed is correct that it can only be a "storage" mechanism.
You are talking garbledy gook regarding some necessity to "peg" bitcoin.... that is just some distracting mainstream talking point that is used to confuse people regarding the value of it NOT being pegged. The value of bitcoin is the users and the network and the infrastructure.... which is all still building and growing.
For clarity sake, I am going to attempt briefly respond to each of your questions in the order that you presented them:
So you would agree the value of bitcoin could be valued at $1 or $1 million.
Your way of phrasing this question is quite weird - it is like you are trying to summarize what I have said, but I never said anything near what you seem to be assuming in the question.
But I would still more or less agree that the value of bitcoin could be either of those prices. Let me elaborate a bit.
Bitcoin has already been $1, so it has gone through that price range, and surely it could return to that price, if events develop in a certain direction to cause the price to move in that direction. A lot of events could cause bitcoin to return to that $1 price range, but the more and more infrastructure is built around BTC, the less and less likely bitcoin would return to $1 because likely people are going to be willing to pay more than $1 per BTC for quite a long time to come.
Regarding the $1million price point, surely that is possible, also; however, the bitcoin infrastructure does NOT seem to be even close to be able to accommodate such a price in the near term. Probably the infrastructure could currently support up to a $20k price, but probably only up to about $3-5K is sustainable with the current state of the infrastructure... though there could be peaks into the $12k or higher arena.
As you probably already know, lot's of things have to happen for price to go up and to be sustainable, and surely I am NO expert... even though you were asking me what I think.
Do you think buying 2 pizzas for 10,000 bitcoin was a ripoff or a bargain?
This pizza situation was 2010-ish? It was the agreed to amount that the parties were then willing to transact, and so it was likely neither a ripoff or a bargain. Surely, later we can look at the transaction from another lens, but at the time, they seem to be transacting for the current value of what the parties were willing to transact, and the facts do NOT establish that either party was in any duress while they were transacting.
Those who bought at $1100 was that cheap?
I believe this is pretty much the same answer, as the pizza answer. There were a lot of people transacting bitcoins in the $1,000 to $1,500 price arena between late November 2013 and early December 2013. BTC prices elevated in some places to over $1,000 again for short periods in early January 2014. These prices were what people were then willing to pay for BTC.
If there was not exchanges (China exchanges, btc-e, bitstamp, etc) that DO "peg" btc to a fixed value (like the USD or Euro) btc price would still be in Limbo. And these exchanges are only in for the money to be made.
I believe that here you seem to be mixing up concepts or at least conflating a lot of ideas. BTC prices are exchanged for fiat, but the exchange rates are NOT pegged, but yes, when people buy and sell they use those prices to figure out whether they want to buy or sell.
I don't know the philosophy behind exchanges beyond that people can buy and sell their BTC, and I do agree with you that people speculate and they make money, but making money is NOT the sole purpose as far as I understand... b/c merely buying and selling may NOT make you money but you are able to either acquire BTC or liquidate your BTC through exchange services. And the exchange price can be used to determine other Over the Counter values, too.
The problem is the traders and speculators who think they can buy it like it is a lottery ticket and make profit if it goes up from the price they bought it from.
I do NOT understand what you are attempting to achieve with your various questions and assertions, but some of your ideas do NOT come across as very well thought out. You seem to be ranting on and jumping to conclusions, and there also seems to be quite a bit of emotions in your assertions that seem to be misplaced. Yes, some people may speculate with BTC and gamble with BTC values; however, NOT everyone is engaging in this activity. And some theories are that traders and speculations is good to lessen price volatility, but anyhow, along the same lines some people may strive to get rich, and some may make mistakes.
Anyhow, the extent to which the price of BTC goes up or down and the timeline for such price movements is based on a large variety of factors, and some people have gotten rich and some have gotten poor from their involvement in BTC and/or their BTC investment strategies.
In the end, so what? Are you proposing any solutions? I would suggest that you study up on various aspects of BTC first before you begin to prescribe various solutions, b/c your various assumptions seem to be overly simplified... from my reading. I am NOT trying to be argumentative or derogatory - I am merely reacting to the contents of your post.
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