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Author Topic: Speculators Eye the Day When Bitcoin Price Hits $1 Million  (Read 1799 times)
Febo
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June 09, 2017, 10:41:34 PM
 #21

$1 million is so far away that is just waste of time to lose words on that. Why not rather talk about $10k BTC?  Could be quite close or a bit further but no matter how you look gonna happen.

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June 10, 2017, 09:23:12 AM
 #22

I think that's highly unrealistic. As great as Bitcoin is, it still has its flaws. New technologies will come and go that are built on the Bitcoin framework that will eventually succeed Bitcoin. Unless the price magically jumps to $1m/BTC in the next few years this is never going to happen. 
Bitcoin is open source, which basically means that anything that is, or might be forming somwhat of a problem, is pretty much solvable.

New technologies don't change anything here since every flashy altcoin nowadays offers a wide set of features, but they barely to almost never experience any sort of use.

Altcoins are nothing more than speculative investment opportunities for people, and that's really it.

People constantly complain about Bitcoin, and even "threaten" to move to altcoins due to the higher fees, but it's nothing more them barking without any actions that follows.
Well yeah I agree the bitcoin is at the moment a focus point for many of the people but if we look on the other hand there are many things related with the bitcoin such as the transaction fees. If the Bitcoin reaches more than $25K, I think more than half of the users will switch to the altcoins for the lower fee they have and will prefer to trade and to invest and hold the Altcoins as they will be more convenient.


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June 10, 2017, 09:31:48 AM
 #23

With the current state of bitcoin, it is impossible. When 1btc hits 1m$, 0.001btc will be 1k$ which is the minimum transfer fee nowadays. Unless they figure out something to spend bitcoin in satoshi levels, the maximum price for bitcoin is 10k$. If the problems don't get solved after 10k$, bitcoin will start to lose blood and another alt will replace it. That's inevitable.
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June 10, 2017, 09:52:03 AM
 #24

With the current state of bitcoin, it is impossible. When 1btc hits 1m$, 0.001btc will be 1k$ which is the minimum transfer fee nowadays. Unless they figure out something to spend bitcoin in satoshi levels, the maximum price for bitcoin is 10k$. If the problems don't get solved after 10k$, bitcoin will start to lose blood and another alt will replace it. That's inevitable.

If you want to avoid having to deal with greedy miners directly, you'll need to go off-chain, and that's where Lightning Network will come handy. It will allow people to do micro transactions again without having to worry about confirmations, fees, and all other annoyances that may be caused by miners. Obviously, miners will not like this, so I am curious about their actions if it ever comes that far.

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June 10, 2017, 10:18:03 AM
 #25

With the current state of bitcoin, it is impossible. When 1btc hits 1m$, 0.001btc will be 1k$ which is the minimum transfer fee nowadays. Unless they figure out something to spend bitcoin in satoshi levels, the maximum price for bitcoin is 10k$. If the problems don't get solved after 10k$, bitcoin will start to lose blood and another alt will replace it. That's inevitable.

If you want to avoid having to deal with greedy miners directly, you'll need to go off-chain, and that's where Lightning Network will come handy. It will allow people to do micro transactions again without having to worry about confirmations, fees, and all other annoyances that may be caused by miners. Obviously, miners will not like this, so I am curious about their actions if it ever comes that far.

Well they could run nodes on lightning and make some money their as well I would guess, depending on what lightning model would get implemented.
And I also think that this may be the main reason, beside ASCIBOOST, why mostly Bitmain and Antpool doesn't want get SegWit activated.
But there are ways miners can profit from L2 implementations as well. Furthermore I believe the normal and big money transactions would still move on-chain. And payment channels transactions have to be settled on chain regularly as well.

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June 10, 2017, 10:52:47 AM
 #26

Well they could run nodes on lightning and make some money their as well I would guess, depending on what lightning model would get implemented.
And I also think that this may be the main reason, beside ASCIBOOST, why mostly Bitmain and Antpool doesn't want get SegWit activated.
But there are ways miners can profit from L2 implementations as well. Furthermore I believe the normal and big money transactions would still move on-chain. And payment channels transactions have to be settled on chain regularly as well.

Miners, and especially those that are on the side of BU, will surely not look at how things move on without themselves accounting for a serious numbers of nodes. As we speak, it's not even clear how much of the current Core nodes are owned by these people. In that regard, it will be interesting to see what will happen in August. Other than that, Lightning Network is something to enhance Bitcoin's currency aspect, where spending small number of coins will be worthwhile again. For me personally Bitcoin in current form (even with the higher fees) is perfectly workable, but I want to see Bitcoin become mainstream and experience growth in every possible aspect. I am sure that the average Bitcoiner will greatly value LN as micro transacting is a big deal.

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June 10, 2017, 11:47:57 AM
 #27

I think that's highly unrealistic. As great as Bitcoin is, it still has its flaws. New technologies will come and go that are built on the Bitcoin framework that will eventually succeed Bitcoin. Unless the price magically jumps to $1m/BTC in the next few years this is never going to happen. 

Which ''flaws'' you mean scaling? Scaling is NOT a technical flaw, it's a luxury problem and that will be solved.

I laughed when you said that new tech will come and go, you must be to young to understand how important new tech is.

Anyway, when Bitcoin reaches only 10% of m2..yes, i think 1m per pop will be achieved in a time span of atleast 20 years.



Have fun with the very low transactions costs  Roll Eyes

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June 10, 2017, 12:00:59 PM
 #28

As for now, according to coinmarketcap, bitcoin's dominance has fallen as low as %43.8.

Bitcoin is already bleeding since late February.


Eth alone sucked most blood from bitcoin. (Eth dominance is %24 at the moment) Even if we add eth back to bitcoin, it will be around %68. Still nowhere near to %86.

Bitcoin lost so much in a such short time because of a stupid fight over scaling.

On the other hand, if the problems get solved (via segwit) before it is too late and if btc gains its dominance back, we'll be very close to 10k$ instantly.
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June 10, 2017, 12:14:33 PM
 #29

As for now, according to coinmarketcap, bitcoin's dominance has fallen as low as %43.8.

Bitcoin is already bleeding since late February.


Eth alone sucked most blood from bitcoin. (Eth dominance is %24 at the moment) Even if we add eth back to bitcoin, it will be around %68. Still nowhere near to %86.

Bitcoin lost so much in a such short time because of a stupid fight over scaling.

On the other hand, if the problems get solved (via segwit) before it is too late and if btc gains its dominance back, we'll be very close to 10k$ instantly.

Ethereum will be the biggest "Bubble" we have ever seen in Crypto currencies. A centrally controlled currency have much bigger risks for the

owners of that currency and to top that, ETH have no coin cap. Bitcoin's value are based on rarity and supply and demand. When you have a

unlimited supply of a currency, it has no real value. I can create a game, where I sell in-game tokens to play the game... these token are not

capped, so I can create as much as I want to.... [ insert --> toilet paper Fiat currencies here ]

Bitcoin can be worth $ 1 000 000 per Bitcoin, because there are a capped supply.  Wink

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June 10, 2017, 12:14:42 PM
 #30

a market cap three times higher than gold?

yes, i think that's ridiculous but possible. to most people it's more useful than gold as it has so many more properties that fit their lives.  

and we're talking market cap here so it could reach one million per coin in a week if everyone stopped selling on a volume of a few million dollars.  

It is ridiculous and really impossible. I think it will never reach this price because of the limited amount of btc in the market and a lot of altcoins are coming in the market. And some of this are even becoming .ore and more recognized by its usefulness for the community. Investors would want  to invest in this low cost coins because for sure after a year a lot of these coins will have ridiculous price increase.

                                     
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June 10, 2017, 12:47:58 PM
 #31

As for now, according to coinmarketcap, bitcoin's dominance has fallen as low as %43.8.

Bitcoin is already bleeding since late February.
-snippity snip snip-

Eth alone sucked most blood from bitcoin. (Eth dominance is %24 at the moment) Even if we add eth back to bitcoin, it will be around %68. Still nowhere near to %86.

Bitcoin lost so much in a such short time because of a stupid fight over scaling.

On the other hand, if the problems get solved (via segwit) before it is too late and if btc gains its dominance back, we'll be very close to 10k$ instantly.

Ethereum will be the biggest "Bubble" we have ever seen in Crypto currencies. A centrally controlled currency have much bigger risks for the

owners of that currency and to top that, ETH have no coin cap. Bitcoin's value are based on rarity and supply and demand. When you have a

unlimited supply of a currency, it has no real value. I can create a game, where I sell in-game tokens to play the game... these token are not

capped, so I can create as much as I want to.... [ insert --> toilet paper Fiat currencies here ]

Bitcoin can be worth $ 1 000 000 per Bitcoin, because there are a capped supply.  Wink
ETH doesn't really have an "unlimited supply" though.  It has a supply which increases by 18 million Ether each year, beginning with the 60 million from the crowdsale.

This means that the relative inflation rate decreases each year.

Also, due to lost coins the increase in supply would eventually match the amount of lost coins, making the inflation rate approximately zero.

The real threat is ETH devs toying with the supply later, since they fork 24/7.  Centralised development is the problem, not any current systems which are intended for ETH.
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June 10, 2017, 02:12:10 PM
 #32

Speculators Eye the Day When Bitcoin Price Hits $1 Million

Cryptocurrency speculators and investment gurus are having a great time predicting Bitcoin’s future as the popular digital currency’s price continues to break records on a regular basis. A well-informed prediction, a random guess or just wishful thinking, everyone is coming up with a new Bitcoin price forecast. The latest one puts the cryptocurrency’s price at $1 million in the future.


http://www.newsbtc.com/2017/06/08/speculators-eye-day-bitcoin-price-hits-1-million/

Your thoughts?

bitcoin will never be worth a million dollars because the dollar will always remain legal tender and be available for offline transactions while bitcoin will always be that international currency that is cool and could be a reserve currency but can never be a national one.
Yeah this is true the bitcoin can never be a national currency and it can also not be said that the 100% of world population will use the bitcoin for the transactions, because when I have to pay for something on the spot I will prefer fiat with no transaction charges.

I think everyone around will do so, like no one will prefer to pay the grocery shop the Bitcoin. So the price can never reach this high.
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June 10, 2017, 08:00:25 PM
 #33

While I think a $Million price is inevitable, it will be a few decades before it gets here.

However, I think there is a 50/50 chance that we will see $100k/BTC within a decade.

I also expect to see $10k before the end of this decade.

Eventually, the blocksize problem will be solved. If nothing else, after several altcoins have a market cap greater than Bitcoin. This will result in a lot of people moving on to other coins. I honestly believe that part of civil war with Bitcoin right  now is being supported by shills that wish to destroy it. They won't totally succeed, but their actions will result in another coin taking the marketcap lead.

Once an altcoin takes the market lead, I suspect the people sabotaging Bitcoin will switch their targets, this will result in a real solution to the block size problem.
Yes this is true I can’t consider the price of the bitcoin in millions. There are some of mates who are well-wishers of the Bitcoin as we all are, but they give a hype to it more than it have the strength.
We know that the bitcoin have the strength to go up to $50K but more than that if we double it in our debate even I don’t think it’s the right thing to do.

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June 10, 2017, 08:21:42 PM
 #34

Ethereum will be the biggest "Bubble" we have ever seen in Crypto currencies.

Fully agree here. Not only doesn't Ethereum have a fixed coin cap, but the far majority of the total coin supply is sitting in the hands of just a few people. If Ether was fairly distributed, current levels would have never been reached. The entities that account for the far majority of the total coin supply have basically nothing that holds them back, and thus its price could very well end up touching $1000 at some point.

Stats :

1 BTC would buy you 2000 ETH at first ICO stage.
1 BTC would buy you 1337 ETH at second ICO stage.
1 BTC today buys you 9 ETH at current exchange rate.

People keep referring to a bubble when it comes to Bitcoin's price, but these same people should open their eyes and point at Ethereum for being in a massive bubble.

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June 10, 2017, 09:09:04 PM
 #35

Just dreaming nothing more nothing less, mate market wouldn't agree on such high prices, that is insane, if price now is $2800 then could you tell me

What is the cost of mining 1 Bitcoin? then could you also tell me after calculating how much would it cost to mine 1 coin if price were to be $1M?

People might clone Bitcoin some where along the way and start from scratch to reduce the costs.
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June 10, 2017, 10:08:46 PM
 #36

By that time I'm already dead so I wouldn't be around to see whether the price has increased that much or not but you'll never know what kind of technology might be invented in the future and how they could affect Bitcoin, in development to make it a super currency of the future, I'm sure by then you'll only be able to buy a pizza and one night stand on a hotel with $1M so don't get your hopes that high.

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June 11, 2017, 03:11:24 AM
 #37

Never will. BTC is slowly becoming more and more useless by the minute. In the beginning BTC was the only thing worth money when all coins were fighting to be used as currencies and stores of value, but now that all of the they have actual utility, i dont see BTC holding up once mainstream adoption of crypto happens.

This is the stupidest thing I've ever heard all day. So you're saying that centralized shitcoins will eventually overtake bitcoin because they are able to reset the block chain in the case of a hack? Oh please give me a break. Bitcoin is always going to be king of crypto. Altcoins will come and go. Remember peercoin and name coin? Yeah they are now both dead coins.

@OP, that's just wishful thinking. As much as I am a bitcoin believer I don't see how bitcoin can appreciate so much. If he backed his argument up with proof then maybe. But it's just pure speculation.

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June 11, 2017, 07:18:11 PM
 #38

I totally don't agree with this news because it is impossible for bitcoin to reach 1 million as the market cap is too less for the price to reach at 1 million. I also read another article that it will reach 1 million in one day , i mean come on this all is nonesense amd I'm pretty sure articles like this are posted to make it on the first page of search bar
Yes and so do I, it is joke of the year for me. Looking to the Bitcoin on the practical bases and looking at the ground realities this information whoever provided is a BULLSHIT and nothing else.
Being practical if we look at the strength of the Bitcoin that its price is increasing no doubt but it has to reach to a limit where its weaknesses will not let it go more high.

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June 11, 2017, 07:28:48 PM
 #39

That would be a $21 trillion market cap which I don't think will ever happen. Usd would have to cease to exist, and that's not gonna happen.
Of course it will. No fiat currency has ever survived. Not one in all of world history. It's not designed to.

There is no bubble.
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June 12, 2017, 06:38:39 PM
 #40

Speculators Eye the Day When Bitcoin Price Hits $1 Million

Cryptocurrency speculators and investment gurus are having a great time predicting Bitcoin’s future as the popular digital currency’s price continues to break records on a regular basis. A well-informed prediction, a random guess or just wishful thinking, everyone is coming up with a new Bitcoin price forecast. The latest one puts the cryptocurrency’s price at $1 million in the future.


http://www.newsbtc.com/2017/06/08/speculators-eye-day-bitcoin-price-hits-1-million/

Your thoughts?
I don’t think that day will ever come, almost all the economy is going to have to move through bitcoin for that to happen, also I don’t think that is the best way, if that happened everything ill be recorded and available for the public, I still like cash better than bitcoin in some circumstances due to the characteristic that every trade is private with cash.

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