will the bitcoin reach $1000 one day...?

[KGBSlim]

Would be nice if it hits 1000.00, I think people are forgetting if it cost a ton of money to mine a coin the price has to rise.....Look at Physical Silver, tons of it yet it never drops far below the amount of cash it takes to mine an ounce, even with an abundance in reserve. No reserve of bitcoins anywhere so its only a matter of time before it factors itself out. Why would anybody mine if it was half the cost to just buy the bitcoins?? good take though man, interesting view you have there I like it and agree with ya.

[Lauda]

This might be happening sooner than we all had previously expected.

[Rassah]

My uneducated totally-from-rectum guess is that this bubble will get to around $600 to $800 before correcting to a lower level. I don't think this bubble will reach $1000. Despite the fast growth, we're just not growing fast enough, and we are starting from a level too low for it.

I may be wrng. I am much more confident in that this bubble will not result in a new $1,000 level. Even if it hits $1,000, it'll likely find itself much lower, and will spent next year slowly rising back to $1,000

[SgtSpike]

I think there is good reason to believe that Bitcoin really already should be at $1000.

If you look at the behavior of miners with respect to hardware, they're already behaving as though BTC is worth about $1000. Granted some proportion of the hashing power being put online now are delayed pre-orders trying to recoup some of the sunk cost on what is already a negative ROI versus outright coin buying, but there are plenty of orders happening right now under very comparable return calculations. Are we to believe simply that all miners are just greedy delusional idiots?

The behavior of miners suggests to me that there is some inherent structural bottleneck right now artificially suppressing outright buying demand, probably something to do with the barrier of dealing with exchanges with national fiat (for example the delays in electronic transfers from conventional bank accounts is absolutely killer for anyone serious about trading). I think it's unreasonable to just assume that the higher level of anonymity inherent to mining (i.e. no "cash business" reporting requirements, etc.) supports that much of a premium.

Miners are irrational right now.  If they are buying machinery only expecting a reasonable return upon a price increase, then they should just buy Bitcoin itself, not machinery.

[ANiceJewishBoy]

If you like this thread, come over here and share your opinion
https://bitcointalk.org/index.php?topic=328203.0

[MelodyRowell]

Yes, I am hopping next month..... Pre-Christmas gift...

[andre_9]

This might be happening sooner than we all had previously expected.

Can't wait.

[mel2000]

I may be wrng. I am much more confident in that this bubble will not result in a new $1,000 level. Even if it hits $1,000, it'll likely find itself much lower, and will spent next year slowly rising back to $1,000

Bitcoin upward fortunes will depend on the following developments, in order of importance:

1.) Senate hearings on bitcoin later this month will be non-unfriendly toward bitcoin
2.) MtGox gets its license to sell to USA customers and settles its lawsuit with CoinLab
3.) PayPal fully supports merchandise purchases with bitcoin
4.) PayPal allows sales and purchases of bitcoins
5.) USA banks support sales and purchases of bitcoins

I expect $1000/BTC easily if 3 and 5 happen.

[ANiceJewishBoy]

Some people think we could see $1000 in less than 2 months
https://bitcointalk.org/index.php?topic=328203.0

[KGBSlim]

Holy crapola Jewishboy!!! How many times you going to spam that link?? Wont lie I read it because someone gave you negative trust and that was listed....lol. Isnt devcoin the one that makes mining BTCs look easy? maybe im wrong but one of them is like that and it makes me wonder when I see it at the bottom of the coin mining charts as is to why anyone would even bother.

[kalin]

I dont think it needs paypal support. The fact that users can go direct is one of its strengths. No reason why, for example, you couldnt put a QR code on an add and a note to use a reference number on your payment. Then all fees can be avoided. (at least as far as I am aware). That is a concept that will work.

The major financial papers are now discussing it, and while they are saying be careful, they are not saying avoid.  That gives it legitimacy.

They are the first global currency. The internal is global. People buy and sell across the globe. There is room for a global currency now.

You can (not legally) avoid taxes. There is no record of where you are when you create a wallet. As a concept, that will interest a lot of people. It may be a bad thing, and that may be an oversimplification but its the interest that drives the price.

Prices have to go up as more people come on board, and if BTC is successful a LOT more people will come on board. Probably millions of people. Seriously. And the coins need to be split and distributed out. Theres a lot of people in china, and a lot more in the world.

Right now most people buying are investors. They are not selling their coins they are sitting on them. That takes them off the market. Supply vs demand. Less supply = higher prices for those who do sell. Not a great long term strategy, but good for the short term.

For the long term the time is great for people to start selling in bitcoins. If people buy your products in btc, and if the value keeps going up that is great for sellers, although its also discouragement for buyers. What happens here will be the biggest single thing bitcoins need to overcome. So far, so good though.

They have no inherant value. People keep telling me this is a bad thing, but I think its a good thing. They can not be overvalued, their value corresponds to the level of interest. Nobody can say they are overvalued.

And finally, the protocol can be changed. This is protection against the actual crypto being compromised. Most people I speak to think that if the crypto is cracked, bitcoins are worthless overnight. But at worst case scenario, the protocol can be cut over to a new standard at a given time globally and then all new transactions need to use the newer/fixed method. I dont think its likely to come to this, but knowing its possible gives me confidence that an all out bust wont happen.

[mel2000]

I dont think it needs paypal support. The fast that users can go direct is one of its strengths. No reason why, for example, you couldnt put a QR code on an add and a note to use a reference number on your payment. Then all fees can be avoided. (at least as far as I am aware). That is a concept that will work.

Buyers will want PayPal's escrow service to discourage scammers. eBay merchants will want buyers to pay by bitcoin thru PayPal in order to avoid chargebacks after escrow.

You can (not legally) avoid taxes. There is no record of where you are when you create a wallet.

Wallet is irrelevant. I'm certain that legal bitcoin brokers like Coinbase will issue 1099's to record customer fiat cashouts to the IRS. Unless you want the entire cashout taxed, you'll need to provide proof of your purchase price to offset your cashout.
 

[MakeBelieve]

Bitcoin and paypal will never work.

[KGBSlim]

Bitcoin is there so we dont need paypal to gouge our asses with fees for payments.....Paypal and bitcoin go together like Drinking and Driving.

[Lauda]

Bitcoin and paypal will never work.

So Paypal will die.

[Jetbiker]

We can never be sure... For now bit coin might be "a big thing" but it's not big enough... So many people are still uninformed about it... For the sake of argument if bitcoin becomes the official currency 1 bitcoin could go up to 20,000,000 Yes really 20MILLION dollars!

[Valerian77]

We can never be sure... For now bit coin might be "a big thing" but it's not big enough... So many people are still uninformed about it... For the sake of argument if bitcoin becomes the official currency 1 bitcoin could go up to 20,000,000 Yes really 20MILLION dollars!

Nobody can say anything for sure. An interesting szenario would be if the US goverment formally forbids Bitcoin as payment system - then it will take some times until everything has reconfigured. Another option is that a technical way is found by the anti BTC lobby (banks, insurances, money transfer ...) to damage BTC sustainlingly. All that has a low chance now but it is possible. In case nothing like that happens Bitcoin will not grow up to 20E6 USD for 1 BTC. Because the the Bitcoin economy would cover 20E6 x 21E6 USD which equals 4.2E14 USD which is the M1 amount of USD in circulation - before that happens the market for other cryptocurrency opens widely. Secondly it means that 1 Satoshi (the smallest unit) would be worth 20 US cent - a second reason for using other currencies then.

[ANiceJewishBoy]

Please visit this thread and just say "w00t" or something so that people end up seeing the thread
https://bitcointalk.org/index.php?topic=329338.0

I promise Social media is more important to Bitcoin than everyone thinks.

[naphto]

Bitcoin and paypal will never work.

So Paypal will die.

Bitcoin is much more likely to fail that Paypal who has a huge customer numbers and activities in the world

[greenlion]

Bitcoin is much more likely to fail that Paypal who has a huge customer numbers and activities in the world

Paypal has serious customer service-related issues that make it vulnerable to alternative solutions.
Anybody who has ever tried to make large purchases on eBay probably already knows this.