"The price of your bitcoin is 1000 times overvalued"

[ebliever]

Everyone can have their own opinion of how much they personally value an item. But saying "the value is X" where X is their personal preference rather than the value assigned by the entire market, is a tad arrogant. 

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[Qunenin]

I think the economist is correct! Bitcoin itself is intrinsically worthless, just like seashells are worthless but were used as money in the past.

Bitcoin is now worth >$1000 just because it has gained acceptance by more and more people- this is where its value lies.

Of course the value is determined by the demand and Supply and how much demand it has among the people. Bitcoin is the most worthy currency these days and since everyone wants to have it, its value will continue to rise.

[sportis]

how much does a bitcoin worth?
Some say:“Worthless. It’s just a Ponzi scheme.”

A ha; I would like to read this. Would be funny after 8 years someone to give adequate reasons why he believes something like that

Some hail:“Priceless! It’s the future of money.”

Why not. Yesterday, I read this that in Japan after the recent legislation about 260,000 stores will accept bitcoin as payment this summer.

A Chinese economist Ou Chengxiao,  often nicknamed”Ou Guru” said yesterday "The price of bitcoin is 1000 times overvalued". He believed that the value of currency is decided by its scale of circulation, or adoption. But now the lack of businesses that accept the digital currency as payment has been holding bitcoin back from wider adoption. not so many people are buying things with btc.
 i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?

I found the english translation from this post here I don't know the famous 'guru' economist but if someone wants to search for him in english google the first result is only this thread. Therefore, I am pretty confident that he is not so famous as OP stated and I believe that is only a charlatan who tries to create reputation about his name. Moreover I would like to point out OP that according this article the author(Ou Chengxiao) in chinese language is not an economist but an investor in real estate.

[Turk Ace]

how much does a bitcoin worth?
Some say:“Worthless. It’s just a Ponzi scheme.”
Some hail:“Priceless! It’s the future of money.”
A Chinese economist Ou Chengxiao,  often nicknamed”Ou Guru” said yesterday "The price of bitcoin is 1000 times overvalued". He believed that the value of currency is decided by its scale of circulation, or adoption. But now the lack of businesses that accept the digital currency as payment has been holding bitcoin back from wider adoption. not so many people are buying things with btc.
 i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?

I agree and this is why I'm keeping a couple bitcoins aside for retirement. Not gonna spend them I add small amounts each month and I will keep that for when bitcoin takes off and the. I'll be able to retire. Everyone should be doing this right now. Stash them coins.

[U2]

Lol 1000x overvalued! Hahaha I'll gladly take a few bitcoins for a few bucks off of him. No problem.

The American dollar is 10,000x overvalued IMO. Now it's a fact, because I said it. Although if they just keep printing money and printing money every year soon they'll be at their true value (worthless).

[Hydrogen]

Mao Zedong's "revolution" was funded by foreign bankers.

Today, china is still heavily influenced by foreign banks.

That's why china will always push for "regulation" or if they can't have regulatory control over crypto, they will try to destroy it.

China will always work in the best interests of bankers rather than what is best for ordinary people.

[X7]

how much does a bitcoin worth?
Some say:“Worthless. It’s just a Ponzi scheme.”
Some hail:“Priceless! It’s the future of money.”
A Chinese economist Ou Chengxiao,  often nicknamed”Ou Guru” said yesterday "The price of bitcoin is 1000 times overvalued". He believed that the value of currency is decided by its scale of circulation, or adoption. But now the lack of businesses that accept the digital currency as payment has been holding bitcoin back from wider adoption. not so many people are buying things with btc.
 i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?

Bitcoin isn't interested in the opinion of one man.

[machinek20]

The one that said bitcoin is overvalued is the one that never used bitcoin, and the one that too afraid to try a new thing, I think bitcoin is still undervalued, there are still so many things that can be achieved from bitcoin, but I understand that bitcoin still in progress of developing so there will be a lot of controversial and there will be a lot of people underestimate bitcoin

[NoiseBoy]

I think it's intended as a figure of speech, not a precise estimate. Essentially, he's saying, "It's massively overvalued."

[iamTom123]

Well, all I can say is that this guy must be feeling so authoritative. Is he the brother of Satoshi Nakamoto. In fact, he is just unknown and whatever he might be saying has no bearing on the value and the future of Bitcoin. The value of Bitcoin now is reflecting also the possible future value it might have...it is just the same with stocks as businesses with good future can have more valuable stocks.

He can just be saying it so tat Bitcoin can devalue just like what China did to yuan and then he can buy more Bitcoin...must be feeling bad that he did not bought Bitcoin when the value was still low. Funny guy...at least he is now part of the Bitcoin history on the naysayers side.

[SHAWN-MIDWAYS]

you mean to say bitcoin was suppose to be valued about a dollar right about now

imo bitcoin has seen its worst days and put into consideration how long its taken to get at its current price...its valued right and we are responsible for its value!

[BartS]

I think the economist is correct! Bitcoin itself is intrinsically worthless, just like seashells are worthless but were used as money in the past.

Bitcoin is now worth >$1000 just because it has gained acceptance by more and more people- this is where its value lies.

Nothing really has intrinsic value, but as people begin to find uses for it then the need for that product or that service goes up and then we see people willing to pay for it, at first bitcoin had no value except as an incredible experiment but as it gained acceptance we have been able to reach this point where a single bitcoin is worth much money.

[U2]

I think it's intended as a figure of speech, not a precise estimate. Essentially, he's saying, "It's massively overvalued."

Nah, when you put a factual number on something like that it's because he thinks it's a fact. He did some sort of math and decided it was about 964x overvalued so rounded that up to 1000 for dramatic affect. He's just your typical middle child syndrome narc that's looking for some attention. We should stop giving it to him.

[Lorilikes]

He is just speculating. Just like the other guy who says that "it will reach 500k$ in the future."

For now, people believe that it's price should be around 1200$ and it can either go to 500k$ or 1$ in the future. All of those are possible. The bad thing about bitcoin is that it's open source. That means it not unique. Any altcoin can do the same thing as bitcoin. Ironically, being open source also makes bitcoin what it is now and makes it powerful.

Exactly what I say,  especially because of the open source peer to peer nature of the blockchain it can demolish itself completely or it can rise continuously for the same reason.  Almost  as if a democracy: we the users decide ultimately, in a perfect world, what the value is of our beloved bitcoin.  It really does boil down to you and me and how we spend our coin.

[Febo]

how much does a bitcoin worth?
Some say:“Worthless. It’s just a Ponzi scheme.”
Some hail:“Priceless! It’s the future of money.”
A Chinese economist Ou Chengxiao,  often nicknamed”Ou Guru” said yesterday "The price of bitcoin is 1000 times overvalued". He believed that the value of currency is decided by its scale of circulation, or adoption. But now the lack of businesses that accept the digital currency as payment has been holding bitcoin back from wider adoption. not so many people are buying things with btc.
 i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?

Huge Bitcoin price is in speculation and not actual use. Huge part of Bitcoin economy are altcoins.  Bitcoins price would be way lower if it would have higher inflation.

[aTriz]

I think the economist is correct! Bitcoin itself is intrinsically worthless, just like seashells are worthless but were used as money in the past.

Bitcoin is now worth >$1000 just because it has gained acceptance by more and more people- this is where its value lies.

I had a really good laugh reading that some people are really thinking that bitcoin is some kind of a Ponzi scheme.
Tell me you geniuses, how is it possible that bitcoin is a ponzi, when the source code is available for everyone, who has internet connection?
There is no mystery in it, everyone can look into the code, because it is open source right?

Bitcoin is worthless?
It may be overvalued a little bit, but as we can see we dont have some strange price drops from 1200$ level to 1000$ just for few seconds, and im sure that would happen if bitcoin price would be overvalued.
Im waiting for some real proofs that we should pay 1000 times less for 1 bitcoin than we do now. So far, I have found none.

[cpfreeplz]

I think the economist is correct! Bitcoin itself is intrinsically worthless, just like seashells are worthless but were used as money in the past.

Bitcoin is now worth >$1000 just because it has gained acceptance by more and more people- this is where its value lies.

I had a really good laugh reading that some people are really thinking that bitcoin is some kind of a Ponzi scheme.
Tell me you geniuses, how is it possible that bitcoin is a ponzi, when the source code is available for everyone, who has internet connection?
There is no mystery in it, everyone can look into the code, because it is open source right?

Bitcoin is worthless?
It may be overvalued a little bit, but as we can see we dont have some strange price drops from 1200$ level to 1000$ just for few seconds, and im sure that would happen if bitcoin price would be overvalued.
Im waiting for some real proofs that we should pay 1000 times less for 1 bitcoin than we do now. So far, I have found none.

Exactly. If bitcoins are a ponzi scheme then my whole life is a ponzi scheme too. Email is a ponzi. They steal your computer's electricity to send messages accross the world. That's a waste of electricity! Ponzi! Also, the internet is a ponzi. Someone somewhere is making money off of the internet. I know, it's open source but someone is making money!? Omg ponzi. Shock of a lifetime here folks.

[d5000]

I recently estimated the value of bitcoin today, if it is used to facilitate global trades, at over $220,000.

Actually this kind of calculations - "bullish future estimations" - make Bitcoin worth $1200 at this moment. If present use was the major factor in its valuation - e.g. people thinking that Bitcoin would have the same acceptance like now, forever - its price would be much lower.

Economists often adhere to the Monetarist school and use the quantity theory of money (M*V=P*Q). Particularly V (money velocity) and Q (transaction number) are pretty low at the moment, as most Bitcoins are "hodl'd". That would limit the "theoretic price" of a Bitcoin token (which depends on P) if we hadn't bullish future expectations. (I would actually like to see a calculation of this kind for Bitcoin, e.g. taking into account the daily transaction volume.)

[Lorilikes]

I think the economist is correct! Bitcoin itself is intrinsically worthless, just like seashells are worthless but were used as money in the past.

Bitcoin is now worth >$1000 just because it has gained acceptance by more and more people- this is where its value lies.

I had a really good laugh reading that some people are really thinking that bitcoin is some kind of a Ponzi scheme.
Tell me you geniuses, how is it possible that bitcoin is a ponzi, when the source code is available for everyone, who has internet connection?
There is no mystery in it, everyone can look into the code, because it is open source right?

Bitcoin is worthless?
It may be overvalued a little bit, but as we can see we dont have some strange price drops from 1200$ level to 1000$ just for few seconds, and im sure that would happen if bitcoin price would be overvalued.
Im waiting for some real proofs that we should pay 1000 times less for 1 bitcoin than we do now. So far, I have found none.

Exactly. If bitcoins are a ponzi scheme then my whole life is a ponzi scheme too. Email is a ponzi. They steal your computer's electricity to send messages accross the world. That's a waste of electricity! Ponzi! Also, the internet is a ponzi. Someone somewhere is making money off of the internet. I know, it's open source but someone is making money!? Omg ponzi. Shock of a lifetime here folks.

This is hilarious, thanks for the laughter guys, I can't stop chuckling. I wish there was a like button.  "PONZI" is one of those terms people stopped using correctly in the recent years.  Sort of like the word "spam".  Usually when someone calls bitcoin a ponzi they either have deep pockets in traditional fiat somewhere and they are threatened by their crumbling future or they simply don't know how to do their own research and they believe what there old uncle said at dinner last week when bitcoin was the subject.

[Barbut]

I heard many times that bitcoin is one big ponzi scheme, but that was from the people outside bitcoin community. For me this is one more newbie that comes here to talk bad about bitcoin, or digital currencies, and that is opposite from my beliefs. Digital era is knocking on our doors, people are online all the time with little computers in their pockets, sooner or later everything will be digital. Price of bitcoin is not overvalued, its just reflection of the demand and supply, and more people is involved now then ever before.
I don`t agree with this Chinese economist, he have his opinion and I have mine, period.