The value of bitcoin?

[suzanne5223]

In bitcoin world the volatility which cause the ridiculous increase in value of bitcoin some will say was the only thing that create people love at first sight toward bitcoin and concerning the OP not knowing the past record or history of bitcoin price. You can figure out that using the coin cap market chart and historical data for bitcoin.

[keenjester]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation.   The price of gold is determined by the cost in human labor to mine it.  It can then be exchanged for another commodity which takes an equal amount of labor to create it.

Over time I have been able to find ways to place a price on stocks which I can use to evaluate what their value is to me.   I can then buy and sell based on what I determine as value at any time.   

I’m not a currency speculator but I also believe the US dollar is being killed.   I don’t like having much of a cash position but would rather be fully invested.   At this time what I see is a highly inflated value of the S&P 500.  Any bonds other the very short term bonds come with too much risk tied to the Feds low interest rate policy and the increasing money supply along with quantitative easing which is placing too much fake money on the Feds balance sheet.

After many years I have developed a feel or intuition to tell me when prices are out of line.   When it comes to bitcoin I am at a loss.   I like the core concept of bitcoin and long term it seem like it will all work out but it’s value is another issue.   I just don’t have a feel for what it’s worth in exchange for food, a house, a car, gold equivalent.  It seem that it should be relatively close in value to the cost incurred by the bitcoin miners.   How do I find out what the current cost is to mine bitcoins.  It cost to mine a well know number kind of like the PE for a stork or index?

I have started to buy small amounts which I plan to hold but I really don’t like the volatility.  It is also difficult to invest in something when I don’t really have any history to give me a clue of somethings value.  I doubt I would hold if bitcoin went over 5000.  It seems to be moving a bit too fast.

Shipping these T-shirts is the big problem in this . We can't just ship to the 3rd world countries easily. So i guess this will only work at NA and EU only. Not in Asia at all.

[BartS]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation.   The price of gold is determined by the cost in human labor to mine it.  It can then be exchanged for another commodity which takes an equal amount of labor to create it.

Over time I have been able to find ways to place a price on stocks which I can use to evaluate what their value is to me.   I can then buy and sell based on what I determine as value at any time.   

I’m not a currency speculator but I also believe the US dollar is being killed.   I don’t like having much of a cash position but would rather be fully invested.   At this time what I see is a highly inflated value of the S&P 500.  Any bonds other the very short term bonds come with too much risk tied to the Feds low interest rate policy and the increasing money supply along with quantitative easing which is placing too much fake money on the Feds balance sheet.

After many years I have developed a feel or intuition to tell me when prices are out of line.   When it comes to bitcoin I am at a loss.   I like the core concept of bitcoin and long term it seem like it will all work out but it’s value is another issue.   I just don’t have a feel for what it’s worth in exchange for food, a house, a car, gold equivalent.  It seem that it should be relatively close in value to the cost incurred by the bitcoin miners.   How do I find out what the current cost is to mine bitcoins.  It cost to mine a well know number kind of like the PE for a stork or index?

I have started to buy small amounts which I plan to hold but I really don’t like the volatility.  It is also difficult to invest in something when I don’t really have any history to give me a clue of somethings value.  I doubt I would hold if bitcoin went over 5000.  It seems to be moving a bit too fast.

I do not remember where but I have read that is not the case and that theory has been disproved, let me give you an example, if you begin to paint the materials are going cost you a certain amount of money, however if you are not very good and you are not famous the art you create is going to be worth less than the materials used to create it but if you are good and you are famous the value of your painting is going to exceed the value of the materials used to create it.

[vibingpositively]

The volitaile nature of bitcoin is precisely why most people got in the first place. Yeah the swings are nasty but if you play your cards correctly there is a lot of money to be made. It is hard to give bitcoin a value other than the

one it is currently attaining in the market. At the time of writing that would be around ~7300 and that to me seems like a fair price, but to others it may be either cheap yet or too expensive.

[engrshu]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation.   The price of gold is determined by the cost in human labor to mine it.  It can then be exchanged for another commodity which takes an equal amount of labor to create it.

Over time I have been able to find ways to place a price on stocks which I can use to evaluate what their value is to me.   I can then buy and sell based on what I determine as value at any time.   

I’m not a currency speculator but I also believe the US dollar is being killed.   I don’t like having much of a cash position but would rather be fully invested.   At this time what I see is a highly inflated value of the S&P 500.  Any bonds other the very short term bonds come with too much risk tied to the Feds low interest rate policy and the increasing money supply along with quantitative easing which is placing too much fake money on the Feds balance sheet.

After many years I have developed a feel or intuition to tell me when prices are out of line.   When it comes to bitcoin I am at a loss.   I like the core concept of bitcoin and long term it seem like it will all work out but it’s value is another issue.   I just don’t have a feel for what it’s worth in exchange for food, a house, a car, gold equivalent.  It seem that it should be relatively close in value to the cost incurred by the bitcoin miners.   How do I find out what the current cost is to mine bitcoins.  It cost to mine a well know number kind of like the PE for a stork or index?

I have started to buy small amounts which I plan to hold but I really don’t like the volatility.  It is also difficult to invest in something when I don’t really have any history to give me a clue of somethings value.  I doubt I would hold if bitcoin went over 5000.  It seems to be moving a bit too fast.

It is indeed moving too fast, for the past weeks the value of bitcoin is just playing around $7000, It's volatility is not predictable as the stock market. I understand if you don't want to take a risk, but based on its trend, there's a bright future for btc, it has a great probability that btc will continue in the future. And for its value, the stochastic trend of it makes btc more interesting for the investors, i think.

[Hamstead]

We can't imagine how bitcoin become famous today, from crap into a very precious thing as I've described.
Bitcoin nowadays become popular and everyone wanting to have it as their investment. As it become valuable, the more it become influencial in the market.

[christian07]

Bitcoin is like a dream you need to be strong and do harkwork to make that happen like to earn for your good future.Bitcoin change me a lot base in food,time and knowledge i think i become a better person here i think day by day its very useful in my life because i earn here so i can buy all i want in life

[fasdorcas]

The value of bitcoin is driven by its community support.First,its price was very low as very few people used it and so the demand was very low.Mass adoption was needed for bitcoin's price to increase high and nowadays,its becoming true.More companies coming forward to accept bitcoin payment,more countries to legalize bitcoin.

The main reason for its continuous increase in value is its limited supply of 21 million coins and unlike paper currency,it could not be printed more and issued which causes value of paper currency to get low.

It is an acceptable fact worldwide that greater the demand, greater will be the price of a product. It works exactly the same in case of bitcoin also, since a huge number of people are involved in this bitcoin business it causes the value of bitcoin to increase.

Another reason is that it is appreciated at government level, many governments have their processes undergoing in the legalization of bitcoin which ultimately causes its value to increase.

The government only say that may accept bitcoin in the future. The real action I see. I think they are only playing for time in order to come up with effective methods of dealing with cryptocurrency. Bitcoin is not profitable for any state. But it seems to me that attempts to levy a tax on the users of bitcoin will. Why do we have such legalization?

Obviously the government is actually considering the fact that due to excessive use of digital currencies in today's world for dealing with the financial matters it must be legalized so that the governmental involvement helps improve the economy of the country as they would be thinking about making some laws such as ordering taxes on the holders of digital currencies.

All I can say is that the legalization of cryptocurrencies would only be in favor of the Government and it would somewhat cause a loss for the BTC holders.

[BartS]

I don't agree with Adam Smith.
Bitcoin price is being determined by the free market, it worth what people are willing to pay for it.

The more the bitcoin price goes up, the more it becomes profitable to mine, which makes more miners to join the circulation, which increases the difficulty of mining a bitcoin, and makes it cost more to mine.

I think that the price of something is only related to how much people want it and are willing to pay for it.

During last year bitcoin miners were not really getting a lot out of mining bitcoins but with the recent surge in the price of bitcoin, mining bitcoins has become even more profitable then it used to be and now miners who have spent a lot on their mining equipments are actually making money, bitcoin mining is no longer a hobby but a profitable venture.

Right now miners are making a fortune that is why I find very doubtful they are going to move most of their hash power to other coins as they have threatened to do with the new fork of segwit2x, they have probably made more money in this year alone than in many of the previous years it will not make sense to throw that away especially since they are all competitors and if a miner moves to another coin then that leaves the road open to the rest of the miners to get even more profits.

[Horus_Cryptsy]

I don't agree with Adam Smith.
Bitcoin price is being determined by the free market, it worth what people are willing to pay for it.

The more the bitcoin price goes up, the more it becomes profitable to mine, which makes more miners to join the circulation, which increases the difficulty of mining a bitcoin, and makes it cost more to mine.

I think that the price of something is only related to how much people want it and are willing to pay for it.

During last year bitcoin miners were not really getting a lot out of mining bitcoins but with the recent surge in the price of bitcoin, mining bitcoins has become even more profitable then it used to be and now miners who have spent a lot on their mining equipments are actually making money, bitcoin mining is no longer a hobby but a profitable venture.

Right now miners are making a fortune that is why I find very doubtful they are going to move most of their hash power to other coins as they have threatened to do with the new fork of segwit2x, they have probably made more money in this year alone than in many of the previous years it will not make sense to throw that away especially since they are all competitors and if a miner moves to another coin then that leaves the road open to the rest of the miners to get even more profits.

The value of bitcoin are the economic status and its is a digital currency system ,the value of the bitcoin it's been increased day by day and today rate was $7286 so in future it increased very high and it's touch arround the $10000 this vaules

[Ronaldcoin2017]

I don't agree with Adam Smith.
Bitcoin price is being determined by the free market, it worth what people are willing to pay for it.

The more the bitcoin price goes up, the more it becomes profitable to mine, which makes more miners to join the circulation, which increases the difficulty of mining a bitcoin, and makes it cost more to mine.

I think that the price of something is only related to how much people want it and are willing to pay for it.

During last year bitcoin miners were not really getting a lot out of mining bitcoins but with the recent surge in the price of bitcoin, mining bitcoins has become even more profitable then it used to be and now miners who have spent a lot on their mining equipments are actually making money, bitcoin mining is no longer a hobby but a profitable venture.

Right now miners are making a fortune that is why I find very doubtful they are going to move most of their hash power to other coins as they have threatened to do with the new fork of segwit2x, they have probably made more money in this year alone than in many of the previous years it will not make sense to throw that away especially since they are all competitors and if a miner moves to another coin then that leaves the road open to the rest of the miners to get even more profits.

The value of bitcoin are the economic status and its is a digital currency system ,the value of the bitcoin it's been increased day by day and today rate was $7286 so in future it increased very high and it's touch arround the $10000 this vaules

yes i agree the value of bitcoin is really increasing and it is all because btc today is getting popular .i believe that btc is getting stronger each day with the high value because of its great demand in the market place because that was really the cycle of the market if the item has a high demand the will rise and also with the value it is aleays correspond buy the moving or maybe the work of bitcoin it really works and many people gain through it that is why it is now having a high price.

[tj4dmx]

The limited total supply of bitcoin that would ever exist also plays a role in its volatility !!

[MiF]

I don't agree with Adam Smith.
Bitcoin price is being determined by the free market, it worth what people are willing to pay for it.

The more the bitcoin price goes up, the more it becomes profitable to mine, which makes more miners to join the circulation, which increases the difficulty of mining a bitcoin, and makes it cost more to mine.

I think that the price of something is only related to how much people want it and are willing to pay for it.

During last year bitcoin miners were not really getting a lot out of mining bitcoins but with the recent surge in the price of bitcoin, mining bitcoins has become even more profitable then it used to be and now miners who have spent a lot on their mining equipments are actually making money, bitcoin mining is no longer a hobby but a profitable venture.

Right now miners are making a fortune that is why I find very doubtful they are going to move most of their hash power to other coins as they have threatened to do with the new fork of segwit2x, they have probably made more money in this year alone than in many of the previous years it will not make sense to throw that away especially since they are all competitors and if a miner moves to another coin then that leaves the road open to the rest of the miners to get even more profits.

The value of bitcoin are the economic status and its is a digital currency system ,the value of the bitcoin it's been increased day by day and today rate was $7286 so in future it increased very high and it's touch arround the $10000 this vaules

yes i agree the value of bitcoin is really increasing and it is all because btc today is getting popular .i believe that btc is getting stronger each day with the high value because of its great demand in the market place because that was really the cycle of the market if the item has a high demand the will rise and also with the value it is aleays correspond buy the moving or maybe the work of bitcoin it really works and many people gain through it that is why it is now having a high price.

yes i agree on that the value of biycoin is really depend on the movement of the demand and usage in a market place because if no one use btc and no one invest on it it will really go down and it cant survive .i believe bitcoin is really amzing that is why its price now a days getting warmer and it has a great demand leading its price to heading up.

[jaysabi]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation.   The price of gold is determined by the cost in human labor to mine it.  It can then be exchanged for another commodity which takes an equal amount of labor to create it.

Over time I have been able to find ways to place a price on stocks which I can use to evaluate what their value is to me.   I can then buy and sell based on what I determine as value at any time.   

I’m not a currency speculator but I also believe the US dollar is being killed.   I don’t like having much of a cash position but would rather be fully invested.   At this time what I see is a highly inflated value of the S&P 500.  Any bonds other the very short term bonds come with too much risk tied to the Feds low interest rate policy and the increasing money supply along with quantitative easing which is placing too much fake money on the Feds balance sheet.

After many years I have developed a feel or intuition to tell me when prices are out of line.   When it comes to bitcoin I am at a loss.   I like the core concept of bitcoin and long term it seem like it will all work out but it’s value is another issue.   I just don’t have a feel for what it’s worth in exchange for food, a house, a car, gold equivalent.  It seem that it should be relatively close in value to the cost incurred by the bitcoin miners.   How do I find out what the current cost is to mine bitcoins.  It cost to mine a well know number kind of like the PE for a stork or index?

I have started to buy small amounts which I plan to hold but I really don’t like the volatility.  It is also difficult to invest in something when I don’t really have any history to give me a clue of somethings value.  I doubt I would hold if bitcoin went over 5000.  It seems to be moving a bit too fast.

The problem is there aren't a lot of way to analyze the appropriate price for bitcoin, or to determine what valuation should be. People can make arguments about technical indicators and levels of support, but that still doesn't really get at the core of what the value should be, or what is an appropriate way to value it. At the time you wrote this, you indicated you would have been uncomfortable with btc over $5000, and now we're over $7000. I've held for a long time, and even as I've increasingly grown less convinced this isn't a bubble, I've still resisted selling out of any position. But today was the day that changed. The SegWit2x fiasco combined with the prices above $7000 have me taking risk off the table now.

[_Dawid_]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation and it is very good clue.
We can also find that is determined by the cost in human labor it is also clear. But in the same time currently we must point out that it is only the rule in the perfect world. We are in the real, a lot of people work for nothing, and others pay too much for things which are overstate.
How about bitcoin? It is a speculaion only, currently people has created its price which only show the demand on such goods.

[palle11]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation.   The price of gold is determined by the cost in human labor to mine it.  It can then be exchanged for another commodity which takes an equal amount of labor to create it.

Over time I have been able to find ways to place a price on stocks which I can use to evaluate what their value is to me.   I can then buy and sell based on what I determine as value at any time.   

I’m not a currency speculator but I also believe the US dollar is being killed.   I don’t like having much of a cash position but would rather be fully invested.   At this time what I see is a highly inflated value of the S&P 500.  Any bonds other the very short term bonds come with too much risk tied to the Feds low interest rate policy and the increasing money supply along with quantitative easing which is placing too much fake money on the Feds balance sheet.

After many years I have developed a feel or intuition to tell me when prices are out of line.   When it comes to bitcoin I am at a loss.   I like the core concept of bitcoin and long term it seem like it will all work out but it’s value is another issue.   I just don’t have a feel for what it’s worth in exchange for food, a house, a car, gold equivalent.  It seem that it should be relatively close in value to the cost incurred by the bitcoin miners.   How do I find out what the current cost is to mine bitcoins.  It cost to mine a well know number kind of like the PE for a stork or index?

I have started to buy small amounts which I plan to hold but I really don’t like the volatility.  It is also difficult to invest in something when I don’t really have any history to give me a clue of somethings value.  I doubt I would hold if bitcoin went over 5000.  It seems to be moving a bit too fast.

Can we really acquiesce to that hypothesis of Adams Smith... "that the price of all things are equivalent to the human labor involved in their exploitation".?

Talking about bitcoin and its earnings , we would see that the earnings do not actually equate what was exerted to earn it. This especially in the area of just holding in a wallet.

For instance, with a scenario of a user or investor, just holding a fraction of bitcoin in the wallet & experiencing daily growth far outweighs the energy, time , value and other areas of consideration for investment.

Consequently in my view, bitcoin has flawed such hypothesis.

[appleffi]

The value of bitcoin now a days is becoming more predictable for the early investors of bitcoin. One of my friend, who is one of the few people I knew who believes in bitcoin back in days and invest why bitcoin is on its earlier stage. He once told me a forecast about whats going to happen on bitcoin in the month. And the month after, the thing that he told me to happen really happens. That is how experienced investor be like when they already become knowledgeable on the market trend of bitcoin.

[ferdinandos93]

I don't agree with Adam Smith.
Bitcoin price is being determined by the free market, it worth what people are willing to pay for it.

The more the bitcoin price goes up, the more it becomes profitable to mine, which makes more miners to join the circulation, which increases the difficulty of mining a bitcoin, and makes it cost more to mine.

I think that the price of something is only related to how much people want it and are willing to pay for it.

During last year bitcoin miners were not really getting a lot out of mining bitcoins but with the recent surge in the price of bitcoin, mining bitcoins has become even more profitable then it used to be and now miners who have spent a lot on their mining equipments are actually making money, bitcoin mining is no longer a hobby but a profitable venture.

Right now miners are making a fortune that is why I find very doubtful they are going to move most of their hash power to other coins as they have threatened to do with the new fork of segwit2x, they have probably made more money in this year alone than in many of the previous years it will not make sense to throw that away especially since they are all competitors and if a miner moves to another coin then that leaves the road open to the rest of the miners to get even more profits.

The value of bitcoin are the economic status and its is a digital currency system ,the value of the bitcoin it's been increased day by day and today rate was $7286 so in future it increased very high and it's touch arround the $10000 this vaules

yes i agree the value of bitcoin is really increasing and it is all because btc today is getting popular .i believe that btc is getting stronger each day with the high value because of its great demand in the market place because that was really the cycle of the market if the item has a high demand the will rise and also with the value it is aleays correspond buy the moving or maybe the work of bitcoin it really works and many people gain through it that is why it is now having a high price.

yes i agree on that the value of biycoin is really depend on the movement of the demand and usage in a market place because if no one use btc and no one invest on it it will really go down and it cant survive .i believe bitcoin is really amzing that is why its price now a days getting warmer and it has a great demand leading its price to heading up.

That is true i also think that if more people want it the price will of up way more than it is right now and it does depend on other things too bu this is one of the most best things because last there was a stole btc atm but the robbers did not think that btc is an online currency.

[deisik]

Adams Smith wrote that the price of all things are equivalent to the human labor involved in their exploitation.   The price of gold is determined by the cost in human labor to mine it.  It can then be exchanged for another commodity which takes an equal amount of labor to create it

That's bullshit

The price of anything is determined entirely by the balance of market supply and demand, thus it doesn't matter how much effort, time, or labor was put into creating this or that thing. Deep under the hood, it all comes down to marginal utility or, rather, a combined marginal utility of a particular thing among all economic entities. You may want to read Carl Menger on this rather than Adam Smith (and he is Adam, not Adams) or Karl Marx, who was also an insane proponent of the labor theory of value

[Basmic]

The value of bitcoin now a days is becoming more predictable for the early investors of bitcoin. One of my friend, who is one of the few people I knew who believes in bitcoin back in days and invest why bitcoin is on its earlier stage. He once told me a forecast about whats going to happen on bitcoin in the month. And the month after, the thing that he told me to happen really happens. That is how experienced investor be like when they already become knowledgeable on the market trend of bitcoin.

Believe me it is just a coincidence. I'm not arguing with the fact that sometimes the behavior of bitcoin is predictable but that's only sometimes. Usually the price is behaving inappropriately. Nobody can guess when the whales will begin concerted efforts to destabilize the market. It depends on them. Also, no one can know succumb users panic.