"The price of your bitcoin is 1000 times overvalued"

[Doofus]

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?

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[DoublerHunter]

I don't agree with him that bitcoin is overvalued in terms of price because we can't get to this price point if there is no real support from the users or investors of bitcoin. Bitcoin is a controlled free currency and its price is always depending in the market so there is no proof that bitcoin is really overvalued.

If bitcoin is overvalued then there is a lot of bitcoin users, holders and investors are doing panic selling because the price is not stable when overvalued. So i highly believed that bitcoin is not overvalued and it deserves what its current price now.

[7788bitcoin]

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.

[mindrust]

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.

[franky1]

the guys that say its 1000x too expensive.
are the ones with only $1000 to their name wished they bought at $1 so they would later be millionares when they scream for it to be worth 1000x more after buying.

the guys that say bitcoin should be 500,000 are the ones that bought at probably $500 and are screaming for it to be worth $500k to then be millionaires when buying only 2btc.

i have seen this in the past.

many peoples 'future price' valuations are usually linked to what they hold or wished they held. and then calculated to a future profit of $1mill

EG someone screaming bitcoin should be $33k each probably only has 30btc
i dont know where this mindset came from but many people i speak to have this "i wanna be a fiat millionaire" mindset.
not realising by the time they become fiat millionaires. hyper inflation will only by them a loaf of bread with it.

i do laugh at those that only care about a future FIAT value while pretending "banks are bad, governments are bad"

[BitcoinHodler]

bitcoin has been around for 8 years and so far there has been 100 years worth of bullshit about it and its price.
if we want to start reading all there is out there talking about price, speculating without knowing what speculation means and how price of bitcoin has been rising so far, we will get our heads exploded.
and it is so funny seeing people who have never even seen a chart in their whole lives talk about bitcoin price future!

[jacktheking]

As a long time Bitcoiner, honestly, I do not want to see the price of one Bitcoin too high. It will keep average human like me and many others out of the game. It will only attract investors who will hold onto the coins for long term and hence no average business will accept Bitcoin. It will be more like stock and not a currency. However, at this point in time, I don't think Bitcoin is 1000 times overvalued. This is the prefect price for Bitcoin - around 1000 USD per Bitcoin.

(Just my personal opinion).

[bitbunnny]

Who can say that Bitcoin price is overestimated? It's the market and the factors that influence it who deteremines the Bitcoin price. Price is volatile and changes all the time and despite some theories I don't think the price could be deliberately manipulated. Besides, I don't think that high value could harm Bitcoin.

[freebutcaged]

Sure but the cost of mining bitcoin speaks something else, in average you'll need to invest $2000 and earn it back after 2 month and profit from there forward, basically it is more logical to buy bitcoins rather than investing in mining hardware and start mining and only then you'll need the cheapest energy cost as possible to ROI faster than 2 moths.

[The One]

As a long time Bitcoiner, honestly, I do not want to see the price of one Bitcoin too high. It will keep average human like me and many others out of the game. It will only attract investors who will hold onto the coins for long term and hence no average business will accept Bitcoin. It will be more like stock and not a currency. However, at this point in time, I don't think Bitcoin is 1000 times overvalued. This is the prefect price for Bitcoin - around 1000 USD per Bitcoin.

(Just my personal opinion).

No it doesn't. You can buy .01 btc if you are poor.

[doomistake]

I don't agree with him that bitcoin is overvalued in terms of price because we can't get to this price point if there is no real support from the users or investors of bitcoin. Bitcoin is a controlled free currency and its price is always depending in the market so there is no proof that bitcoin is really overvalued.

If bitcoin is overvalued then there is a lot of bitcoin users, holders and investors are doing panic selling because the price is not stable when overvalued. So i highly believed that bitcoin is not overvalued and it deserves what its current price now.

In a way you have a point, and also OP do have a point. Bitcoin do exist because of us, and it was made for us to use, we all know that the bitcoin's price in the first time that it was launched here in the cryptocurrency world is so little, but time passed by---right now, bitcoin's price is higher than we thought, it is not stable because it was always fluctuating, and this is because every day that passed by, many people are turning themselves on using bitcoin, also the investors and buyers, that is why we come up to a conclusion that it is overvalued, which is a good thing.

[~Bitcoin~]

LOL he must have some mental problem or he is a guy who have never seen the world outside walls of his house.

He must look at the number of transactions in darkweb and also he can look at number of bitcoin transactions and volume of bitcoin that are being transferred every second.

24 hour transaction volume says different story
https://blockchain.info/stats

Estimated Transaction Volume (USD)   335,309,068.62 USD

[jacafbiz]

I guess he meant undervalue 1000times, if not the likes of Chinese miners holding the space at ransom, the price of BTC would have been at least $1500 by now. Once the scaling solution has been resolved the numbers of users will definitely increase.

[Dorky]

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

Thus I think bitcoin is undervalued by 99.45%.

[European Central Bank]

the first mistake this guy is making is calling it a currency. it really isn't for now. for most people it's an asset.

[Juggy777]

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?

No I do not agree with him, never heard of this guy also and this statement is more of a opportunist statement rather than any factual statement. It seems he just wishes to have attention on himself and decided to make a random statement. I am 1000% sure this guy does not understand Bitcoins at all, he wanted his 2 minutes fame and you just gave him. Bitcoin is controlled by demand and supply more demand less supply price shoots up. And as far him not many people buy with Bitcoin, tell him his freney Japan has passed a bill allowing Bitcoins. And look in this forum so many people are buying with Bitcoins.

[Mikkiun]

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?

Chinese government is very scared of bitcoin because of foreign currency crossing oversea too much . They use the chinese economists to make foreign currency market orientation and say bitcoin price is 1,000 times overvalued but it's really not overvalued . Many people are using bitcoin as central payment method and bitcoin becomes more interesting than the other payment method nowadays.

[olushakes]

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?

Whether he is right or wrong, he is entitled to his opinion, because as a respectable figure in his area of specialization, I am sure he has a reason for arriving at that conclusion. However, in other to support him on his opinion, I would like to understand the basis of his conclusion but based on my conclusion, I dont think its totally true that bitcoin is over-valued by that amount because day by day the adoption of bitcoin increases, consideration for acceptance is also increasing as well.

[krisnt80]

Its a decentralized currencie is already a huge problem to others centralized currencies, and lets compara bitcoin with pounds, 1 bitcoin are around 800 pounds, soo from my point of view there is no overvalue at all, there is a big investment and big interest over bitcoin as well crypto world, people does like freedom.

[Kprawn]

Over valued or not, I bought a Xbox One with my Bitcoin from a online market place and they accepted it.  ..... So while someone accepts it,

I will use it.... The purchase came with a huge discount for Bitcoin customers too, so I actually saved a bunch of money using it. I am one happy

customer. Next purchase will be 2 games from Steam ....using my over valued bitcoins... So fck that Chinese economist.