"The price of your bitcoin is 1000 times overvalued"

[Lorilikes]

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

Cheers!  I agree, totally.  Those who resist the concept of digital money are going to be surprised when there bank notes become worthless.  The naysayers will simply be left behind, and we can look back through the wake of our digital waves and say "told ya!"

[york780]

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

Cheers!  I agree, totally.  Those who resist the concept of digital money are going to be surprised when there bank notes become worthless.  The naysayers will simply be left behind, and we can look back through the wake of our digital waves and say "told ya!"

Untill banks launch their own blockchain currency and Bitcoin got rekt.

[xIIImaL]

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

Cheers!  I agree, totally.  Those who resist the concept of digital money are going to be surprised when there bank notes become worthless.  The naysayers will simply be left behind, and we can look back through the wake of our digital waves and say "told ya!"

However, fiats are still in use and many banks started implementing online banking facilities and other mode of bank facilities in the rural areas as well. Price value of the concern currency and share value bank will remain same only, where will become worthless. that do not know.
I wish to bitcoin to rule overall bank institution and expecting bitcoin will be made international transaction to transfer the mone instead of paying forex charges and other fees over it.

[Iranus]

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

Cheers!  I agree, totally.  Those who resist the concept of digital money are going to be surprised when there bank notes become worthless.  The naysayers will simply be left behind, and we can look back through the wake of our digital waves and say "told ya!"

Untill banks launch their own blockchain currency and Bitcoin got rekt.

Bitcoin won't be destroyed by any blockchain currency from banks.  It would be a centralised coin mined by banks with a huge premine that results in "stabilised" prices with its mass adoption (and inflation, for that matter).  People who are genuinely interested in Bitcoin or in proper cryptocurrencies would keep their money in that Bitcoin or cryptocurrency, especially since people's identifiers in a blockchain from the bank would most likely be very traceable by banks and governments.

Bitcoin is overvalued if you only view it as a currency rather than a store of value, but in my view it's both.  It's important that its asset-like qualities are recognised by investors due to its artificial scarcity and that will result in huge price increases which are necessary for stability and potentially more adoption in the future.

[TryAngle]

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?

It's possible that the price of bitcoins is based on a demand only. What I mean is that people may want bitcoins for the potential and are demanding it as an investment which makes the price go up. But if people want it for that price, then isn't that what it is worth?

[ArdiPrabowo]

 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 price is suply and demand, if demand big so bitcoin price can incraese
if you say 1000 dollar over value, and you want bitcoin price down to 10 dollar, i think bitcoin can die if real down to 10 dollar
or another coin can replace position bitcoin

[BitFinnese]

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?

The guy is just stating his opinion, so it does not mean that it is true.  I can say and state that Bitcoin is 100,000 times undervalued and state the reason about adoption.  This means each person have their own opinion over Bitcoin price but in the reality, the price tells us what is the current Price Value of Bitcoin.

[The Sceptical Chymist]

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.

Agreed, but think for a moment about the population that has given bitcoin its value:  Speculators.  Drug dealers.  Arms dealers.  Illegal pornographers.  Hardcore gamblers. Speculators.  Speculators.  Speculators.  Don't know about you, but that gives me pause.  Interest rates have been at about zero for years, and people have been borrowing money on the cheap for years--and assets have inflated like crazy (stocks, houses, bitcoin, etc.).  You watch if interest rates start to climb.  Precious metals will start going up again, and bitcoin may head to the toilet.  It's scary if you think about it.

[darkangel11]

It's possible that the price of bitcoins is based on a demand only. What I mean is that people may want bitcoins for the potential and are demanding it as an investment which makes the price go up. But if people want it for that price, then isn't that what it is worth?

That's it, in a way. The demand is far greater than supply, but we have to agree that there is a supply. Out of the coins in circulation much is forever gone, lost on some unused wallers or damaged hard drives. Much is in the hands of early holders, who took their profits and have enough to live comfortably, so they have no need to sell their stashed coins. This limits the real supply, the one available to new consumers, to maybe 50% of the coins mined to date. The prices are just an illustration of the current state of affairs.

[Mbokani]

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.

The worth of any object is determined by different variables and it does entertain the masses and with the limited amount of the product it is quite natural to have the valuation it is having at the moment and if you really want to compare something with seashells it is better to look out for gold and petroleum as seashells also have its own price. 

[Amph]

my opinion on this is that the value of bitcoin should be equal to the one needed to secure the nertwork by miners, since miners are the "guards" you need to pay them

this payment is the true value of bitcoin, anything below that and the network will fall and begin to be unsecure

the minimum value should be no less than the one needed fro an antminer to pay for the consumption and earn something for the miner

now you need 5-6 antminer to have the same revenue of one antminer in the past, this is due to the diff that keep increase, this is no different than having a single antminer consuming 5-6 times more....

[zimmah]

So you're saying bitcoin should be $1 per bitcoin.

there's no way that's ever going to happen, it has not been that low since years and it won't ever even get close to that low of a value.

[york780]

So you're saying bitcoin should be $1 per bitcoin.

there's no way that's ever going to happen, it has not been that low since years and it won't ever even get close to that low of a value.

I dont believe in overvalued or undervalued kind of talk. The price represents the good at that moment of time. Only in huge dumps or pumps you can talk about over or undervalued assets. Anayway btc is flat now, waiting for scaling news. Positive is up, negative is down. Its always been that way. When people think its overvalued just wait untill it reaches the price you want to pay for it. Its so simple. Looks like not a lot of people want to pay higher than the current price because of scaling. So its likely we will go down untill people think muhh cheap.

[Rahar02]

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?

Current price speak the truth, people still want bitcoin simply because it has big potential with many of its advantages to grow up more than current price level. What he said just pure speculation of his thought. For now, bitcoin cannot state as currency even though we can buy some goods using bitcoin but I consider it as another medium of exchange. If we want say bitcoin as currency, yes ; bitcoin need to scale and accepted by many people over the world, maybe about quarter of population will be enough. For now, I consider bitcoin like gold, or commodity but not a currency.

[JosNekoKopa]

I really don't know how to determine what real price is at the moment so i can't be sure is this true? Once price was 1$, so from this point of view price is already 1000x more, and demand now is 1000x in relation to the mentioned period, right?
How we can be so sure that we are not victims of manipulative games?

[tunctioncloud]

Do not fall in this FUD, because that is what it is, nothing else. I would not say we have a lack of bussinesses accepting Bitcoin when we can count Amazon, Steam, Microsoft, Lamborghini and many more.

[york780]

Do not fall in this FUD, because that is what it is, nothing else. I would not say we have a lack of bussinesses accepting Bitcoin when we can count Amazon, Steam, Microsoft, Lamborghini and many more.

There are still quite a lot of businesses that first accepted btc and after a short period of time they dont want it anymore because of its volatility.

[topminingcontracts]

Do not fall in this FUD, because that is what it is, nothing else. I would not say we have a lack of bussinesses accepting Bitcoin when we can count Amazon, Steam, Microsoft, Lamborghini and many more.

There are still quite a lot of businesses that first accepted btc and after a short period of time they dont want it anymore because of its volatility.

There are quite a lot of people have different plans of implementing bitcoin. Only the volatile nature and the user base are the one that are responsible for the price variation. So nothing seems to be overvalued,  the growth is a stabilized one.

[Lorilikes]

Do not fall in this FUD, because that is what it is, nothing else. I would not say we have a lack of bussinesses accepting Bitcoin when we can count Amazon, Steam, Microsoft, Lamborghini and many more.

There are still quite a lot of businesses that first accepted btc and after a short period of time they dont want it anymore because of its volatility.

There are quite a lot of people have different plans of implementing bitcoin. Only the volatile nature and the user base are the one that are responsible for the price variation. So nothing seems to be overvalued,  the growth is a stabilized one.

It seems like eventually whether we like it or not, Bitcoin will BECOME the centralized currency, or something digitally equivalent.  A type of universally accepted currency is a way to make the world function more efficiently and it's probably not long before a group of suits declares themselves the "New World Bitcoinologysts" hehe.
.  I don't suggest the fulfilling of any prophecies but I think it is happening anyway.   Perhaps it will have a less sinister undertone than the massses are expecting.  Who knows?

[Nagadota]

Do not fall in this FUD, because that is what it is, nothing else. I would not say we have a lack of bussinesses accepting Bitcoin when we can count Amazon, Steam, Microsoft, Lamborghini and many more.

There are still quite a lot of businesses that first accepted btc and after a short period of time they dont want it anymore because of its volatility.

There are quite a lot of people have different plans of implementing bitcoin. Only the volatile nature and the user base are the one that are responsible for the price variation. So nothing seems to be overvalued,  the growth is a stabilized one.

It seems like eventually whether we like it or not, Bitcoin will BECOME the centralized currency, or something digitally equivalent.  A type of universally accepted currency is a way to make the world function more efficiently and it's probably not long before a group of suits declares themselves the "New World Bitcoinologysts" hehe.
.  I don't suggest the fulfilling of any prophecies but I think it is happening anyway.   Perhaps it will have a less sinister undertone than the massses are expecting.  Who knows?

Being accepted doesn't make it centralised.  It is unfortunate that Bitcoin pretty much is going to naturally become more centralised as time goes on, but a master currency having a lot of money doesn't inherently make it centralised.