Please - stop guessing BitCoin prices

[niklas_a]

I see a lot of people commenting on what they believe the BitCoin price will be in the future. I have nothing against anyone trying to speculate on where the BitCoin economy is going. But wild guesses on future prices of BitCoin is just adding to the confusion for newbies.

Instead, if you truly believe that BitCoin will be valued at $1000 by 2013 I would love to read your analysis on how you reached that conclusion.

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[Karen Palen]

Well I have no idea what BTC will be "worth" - tomorrow or next year!

I just recall what Warren Buffett says: "Consider the Market to be a madman who offers to buy everything you have or sell you all you will buy at some totally random price! You only get into trouble when you think that this madman actually knows something."

BTC is a "medium for exchange" and no different in concept from things like the Yap "stone money".

It does have a certain utility value, but NOTHING that carries significant wealth can avoid some very determined and very smart attacks.

To me the real question is how well will the BTC mechanisms stand up to real and well funded (>US$100M) attacks.

The Iranians thought their nuclear program was secure until STUXNET (see the Synaptic report)!

Is BTC even THAT secure?

WHO KNOWS until the attacks actually happen and either succeed or fail.

[niklas_a]

Yes - attacks are definitely a risk. Hopefully it will be more profitable for the hackers to join the network instead of reversing a few transactions.

[dacoinminster]

Instead, if you truly believe that BitCoin will be valued at $1000 by 2013 I would love to read your analysis on how you reached that conclusion.

See my signature for my analysis.