Everyone will cash out at $1000

[RationalSpeculator]

A bunch of people were dreaming about how fantastic it would be if each BTC was worth $100.

But you know what takes over when you are near your price? Greeeeed.

If it goes to $1000, $2000 is only one doubling away...

i can attest to that. all the way up to $100/btc i was screaming overbought...then when we went over $200 "we're never gonna stop no one's selling anymore buy buy buy" hahahaha

lessons learned 

Hi vokain,

It's hard indeed. I also got overtaken by greed. Though I have succeeded in selling a lot, according to my plan I should have sold a lot more around $200-$250.

I admire your ability to be honest with yourself and I'm confident you've learned a valuable lesson thanks to that

Good luck in your future trading

[BitChick]

When I can top up  a pre-paid VISA/Mastercard with Bitcoin very quickly and easily Bitcoins will become more valuable.

The process would be go online and one time buy for $10 a pre-paid card, then go to account online to convert BTC into the card balance needed. This would mean no need to go exchanges and whenever I need real world money I can create it from my Bitcoins. (No service like this exists in Australia)

If such a service exists so people know they can spend Bitcoins day to day just by doing 1 online action (and also allow them to withdraw money from a ATM with the card) Bitcoin will easily be able to merit prices beyond $1,000. Note that this does not require any merchants to know or care about Bitcoin, just allowing us to move money into day to day spending at whenever we want will increase the value tremendously.

Imagine telling a friend about bitcoins and how they can be used all over the internet without ever having to worry about your details being stolen, and then tell them that you can top up your card whenever you want to buy a coffee or pay rent. Very valuable.

At this point the only reason to cash out would be to day trade the bubbles and such, but no longer any real reason to actually cash to fiat, this also increases Bitcoins value and stabilizes it because this rush to cash into fiat is removed.

Now the future a lot of you are talking about, Bitpay similar services acting as point of sale and even bitcoin payment systems using the blockchain in many stores, this future will happen perhaps, but it's further away and means most people know what Bitcoin is. Once we get to this point where Bitcoin is as common as the words paypal, bank and VISA/MasterCard we will be so far north of $10,000 that $1,000 will be remembered as the cheap old days.

What I am trying to say is even something like easily topped up VISA cards will allow Bitcoin to sustain $1,000+ prices very easily. Its also in VISA's best interest to do so, they can make a small fee on each top up and if they start buying Bitcoin as a investment now the payoff will cement them as a finance leader for decades to come. And in the process destroy MasterCard. (Or vice versa, whichever one does it first wins it all)

When 1/5 stores actually accepts some kind of Bitcoin payment, those days are the $10,000 days.

Its possible but not anytime soon

Yes,  I think It would be really smart for VISA to do that, especially if they allowed people to upload Bitcoin which they then converted immediately available fiat on the card.  If the card was lost or never used, VISA would keep that cash and never pay it out! Or VISA could charge a small service fee on the cash left on the card and slowly drain unused cards.  They could make millions.  I wonder why they have not pursued this yet?

[viboracecata]

Most of the largest holders will cash out it at price $200, then the price will fall.

For someone buy 20000 at latest.

[lonesoul]

Several people have been quoting prices and it would appear some have been doing a good job of validating their claims whilst others havent done such a great job, Personally i dont have a clue where the price will go, but this is probably the best article i have read which has a realistic prediction, in my opinion that is. (This article dates back to March 2013)

http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin-is-not-some-50-or-100-it-is-100000-to-1000000/


The article speaks sense but as always the time scales are a factor, so please dont shoot the messenger if you disagree with the article ;-) I only linked to it i didnt write it.

All the best

[Razick]

I think $1000 is the price a lot of people are anticipating. It's high enough that much of the 'old money' in this economy will start to rumble and awaken from their slumber. I'm not sure if the price could reach a sustainable $1000, as it is the sweet spot for a lot of people. Thoughts?

If it goes to $1000, it will hit $10,000 in a matter of hours. Maybe minutes

 

[notme]

I think $1000 is the price a lot of people are anticipating. It's high enough that much of the 'old money' in this economy will start to rumble and awaken from their slumber. I'm not sure if the price could reach a sustainable $1000, as it is the sweet spot for a lot of people. Thoughts?

If it goes to $1000, it will hit $10,000 in a matter of hours. Maybe minutes

 

That will only happen if "everyone" sells out at $1000.  The institutional traders who take the coins off their hands will be strong hands.

[desired_username]

They don't need to cash out, but instead use coins to purchase whatever. At $1000 means shit tons of merchants.

1000$ is only 10 times more than now.
And there is nowhere in my city where you can spend bitcoins.
So let's assume that at 1000$ there will be 10 businesses that accept bitcoins in my city...

I'd not call that "shit tons".

I have to agree here, as much as I like Bitcoin. I would still prefer to have my Bitcoin changed into cash. It's easier for day to day use.

Have you actually bought something with bitcoins?

For me bitcoin wins in the usability aspect by a large margin.

I hate to use online banking, and I hate use my cards.
Online banking is an obsolete technology causing headaches every single time (Running a business I use 6 different banks).
As for the cards, 2 of my cards have been copied at some merchants in Germany and in the netherlands causing me 1500eur temporary loss and a lot of frustration.

As for paypal, they held my money without reason and willingness to resolve the issue. After 6 months, they have released it. Thinking of how much money they can use for 6 months for free is mind boggling.

Bitcoin is the perfect payment system for purchasing anything, for both the seller and customer in my opinion.

[notme]

They don't need to cash out, but instead use coins to purchase whatever. At $1000 means shit tons of merchants.

1000$ is only 10 times more than now.
And there is nowhere in my city where you can spend bitcoins.
So let's assume that at 1000$ there will be 10 businesses that accept bitcoins in my city...

I'd not call that "shit tons".

I have to agree here, as much as I like Bitcoin. I would still prefer to have my Bitcoin changed into cash. It's easier for day to day use.

Have you actually bought something with bitcoins?

For me bitcoin wins in the usability aspect by a large margin.

I hate to use online banking, and I hate use my cards.
Online banking is an obsolete technology causing headaches every single time (Running a business I use 6 different banks).
As for the cards, 2 of my cards have been copied at some merchants in Germany and in the netherlands causing me 1500eur temporary loss and a lot of frustration.

As for paypal, they held my money without reason and willingness to resolve the issue. After 6 months, they have released it. Thinking of how much money they can use for 6 months for free is mind boggling.

Bitcoin is the perfect payment system for purchasing anything, for both the seller and customer in my opinion.

+1

Let's see here.... use a credit card where you have to give the merchant enough information to charge you up to your credit limit and/or steal your identity..... Or use bitcoin, where you authorize exactly the amount you want to send and the merchant can not do anything to cause you harm (unless you also voluntarily give up your address, but bitcoin gives you that choice).

[MAbtc]

They don't need to cash out, but instead use coins to purchase whatever. At $1000 means shit tons of merchants.

1000$ is only 10 times more than now.
And there is nowhere in my city where you can spend bitcoins.
So let's assume that at 1000$ there will be 10 businesses that accept bitcoins in my city...

I'd not call that "shit tons".

I have to agree here, as much as I like Bitcoin. I would still prefer to have my Bitcoin changed into cash. It's easier for day to day use.

Have you actually bought something with bitcoins?

For me bitcoin wins in the usability aspect by a large margin.

I hate to use online banking, and I hate use my cards.
Online banking is an obsolete technology causing headaches every single time (Running a business I use 6 different banks).
As for the cards, 2 of my cards have been copied at some merchants in Germany and in the netherlands causing me 1500eur temporary loss and a lot of frustration.

As for paypal, they held my money without reason and willingness to resolve the issue. After 6 months, they have released it. Thinking of how much money they can use for 6 months for free is mind boggling.

Bitcoin is the perfect payment system for purchasing anything, for both the seller and customer in my opinion.

+1

Let's see here.... use a credit card where you have to give the merchant enough information to charge you up to your credit limit and/or steal your identity..... Or use bitcoin, where you authorize exactly the amount you want to send and the merchant can not do anything to cause you harm (unless you also voluntarily give up your address, but bitcoin gives you that choice).

Using a credit card doesn't give someone enough information to steal your identity. I agree with the sentiment, but that is ridiculous. And there are fairly strong incentives for merchants not to openly fuck customers.

If all merchants didn't go through Bitpay, I'd feel a lot better. But Bitpay is incompetent and their system is shite / dealing with them is a nightmare. I am unwilling to deal with them for any significant sum of money. Now if only I could get someone to take bitcoin for something I need...

[notme]

They don't need to cash out, but instead use coins to purchase whatever. At $1000 means shit tons of merchants.

1000$ is only 10 times more than now.
And there is nowhere in my city where you can spend bitcoins.
So let's assume that at 1000$ there will be 10 businesses that accept bitcoins in my city...

I'd not call that "shit tons".

I have to agree here, as much as I like Bitcoin. I would still prefer to have my Bitcoin changed into cash. It's easier for day to day use.

Have you actually bought something with bitcoins?

For me bitcoin wins in the usability aspect by a large margin.

I hate to use online banking, and I hate use my cards.
Online banking is an obsolete technology causing headaches every single time (Running a business I use 6 different banks).
As for the cards, 2 of my cards have been copied at some merchants in Germany and in the netherlands causing me 1500eur temporary loss and a lot of frustration.

As for paypal, they held my money without reason and willingness to resolve the issue. After 6 months, they have released it. Thinking of how much money they can use for 6 months for free is mind boggling.

Bitcoin is the perfect payment system for purchasing anything, for both the seller and customer in my opinion.

+1

Let's see here.... use a credit card where you have to give the merchant enough information to charge you up to your credit limit and/or steal your identity..... Or use bitcoin, where you authorize exactly the amount you want to send and the merchant can not do anything to cause you harm (unless you also voluntarily give up your address, but bitcoin gives you that choice).

Using a credit card doesn't give someone enough information to steal your identity. I agree with the sentiment, but that is ridiculous. And there are fairly strong incentives for merchants not to openly fuck customers.

If all merchants didn't go through Bitpay, I'd feel a lot better. But Bitpay is incompetent and their system is shite / dealing with them is a nightmare. I am unwilling to deal with them for any significant sum of money. Now if only I could get someone to take bitcoin for something I need...

Name and billing address give them a good start.  With that and a little bit of social engineering you can get a lot out of customer support people.

Yes, merchants have incentives to not fuck customers, but frequently their employees do not.  Your information is usually fairly accessible to low level employees.

Not all merchants go through bitpay.  There is also a lot of decentralized trading (for example on these forums) that would just not be possible with credit cards.

What are you looking to buy?  I've had a lot of success buying things I need with bitcoin.

[marcovaldo]

I think $1000 is the price a lot of people are anticipating. It's high enough that much of the 'old money' in this economy will start to rumble and awaken from their slumber. I'm not sure if the price could reach a sustainable $1000, as it is the sweet spot for a lot of people. Thoughts?

If it goes to $1000, it will hit $10,000 in a matter of hours. Maybe minutes

Maybe in less than 5 seconds.
I think that I will sell all my btc before 1000usd, like 800 or 900. So, a lot of people might do the same and the price of 1000 will not be a huge resistance.

[Peter Lambert]

I think $1000 is the price a lot of people are anticipating. It's high enough that much of the 'old money' in this economy will start to rumble and awaken from their slumber. I'm not sure if the price could reach a sustainable $1000, as it is the sweet spot for a lot of people. Thoughts?

If it goes to $1000, it will hit $10,000 in a matter of hours. Maybe minutes

Yup.  You never really know.  If BTC price is exploding up at the time it reaches 1,000 it could blow right by as easily as it did 50 or 60.

You could have said the same thing about 10 or 100.

"If it goes to $10, it will hit $100 in a matter of hours, maybe minutes." Price hit 10, then soon thereafter shot up to 32 and slowly crashed back down to 2.

"If it goes to $100, it will hit $1000 in a matter of hours, maybe minutes." Price hit 100, then rose to 260 before losing steam and crashing back to 50.

[crazy_rabbit]

I think $1000 is the price a lot of people are anticipating. It's high enough that much of the 'old money' in this economy will start to rumble and awaken from their slumber. I'm not sure if the price could reach a sustainable $1000, as it is the sweet spot for a lot of people. Thoughts?

If it goes to $1000, it will hit $10,000 in a matter of hours. Maybe minutes

Yup.  You never really know.  If BTC price is exploding up at the time it reaches 1,000 it could blow right by as easily as it did 50 or 60.

You could have said the same thing about 10 or 100.

"If it goes to $10, it will hit $100 in a matter of hours, maybe minutes." Price hit 10, then soon thereafter shot up to 32 and slowly crashed back down to 2.

"If it goes to $100, it will hit $1000 in a matter of hours, maybe minutes." Price hit 100, then rose to 260 before losing steam and crashing back to 50.

Since we are all just speculating nonesense, why not speculate happy-we-all-get-rich nonsense?

[xxjs]

I think $1000 is the price a lot of people are anticipating. It's high enough that much of the 'old money' in this economy will start to rumble and awaken from their slumber. I'm not sure if the price could reach a sustainable $1000, as it is the sweet spot for a lot of people. Thoughts?

If it goes to $1000, it will hit $10,000 in a matter of hours. Maybe minutes

Maybe in less than 5 seconds.
I think that I will sell all my btc before 1000usd, like 800 or 900. So, a lot of people might do the same and the price of 1000 will not be a huge resistance.

Which I also thinks, and I guess many thinks, and therefore everyone will buy in at 990 so they are not left behind, which is also not difficult to guess, which is why everyone will buy in at 980...

[Cyberdyne]

For me bitcoin wins in the usability aspect by a large margin.

For me too. Someone once said it's as easy as copy+paste. An oversimplification, sure, but not too far off!

[marcus_of_augustus]

If it goes to $1000 it most surely will not stop there.

Soon after we broke dollar parity people were talking about $10 as being inconceivable ... and then it went to $32 peak.

... then talk of $100 seemed inconceivable ... and it went to $266 peak.

On that logarithmic pattern any talk of $1000 will be conservatively wrong by about a factor of 2-3 ... i.e. $2500-$3500 is likely the range of the next peak (if we ever get another one).

[umaOuma]

If it goes to $1000 it most surely will not stop there.

Soon after we broke dollar parity people were talking about $10 as being inconceivable ... and then it went to $32 peak.

... then talk of $100 seemed inconceivable ... and it went to $266 peak.

On that logarithmic pattern any talk of $1000 will be conservatively wrong by about a factor of 2-3 ... i.e. $2500-$3500 is likely the range of the next peak (if we ever get another one).

Yes, but only if the number of people using Bitcoin will increase during the peak which should not be hard

[johnyj]

I think such a cash out strategy is more likely to happen in real life:

I spend $10000 and bought 100 coin at $100

If the exchange rate reaches $1000, I would sell 10 coins to ensure my ROI, and sell another 20 coins for some spending, and still hold 70 coins. Since I have already ROI, I don't have any risk, even the rest of the coins' value drop to zero

Same, if the exchange rate reaches $10,000, I would only need to sell 1 coin to ensure my ROI, and sell another 2 coins for some spending, I would hold 97 coins without any risk

So, the higher the exchange rate is, the lower the sell presure will be

[Carlton Banks]

I don't know, all of this counting in 10's and 100's as a measure of magnitude. Anyone would think it was all just a throwback to counting on your fingers... wait, are we saying that base 10 numbering is an arbitrary consequence of evolution's designation of the number of grasping tarsals attached to our paws? Never!

[hacknoid]

The thing is, in order for bitcoin to reach values of $1000 (*), it will have to continue to grow beyond just a speculative investment.  At that point, when it grows past the magic number then it will start to become useful enough in its own right that the pressure to "cash out" will be diminished.  (If you can envision a future when you can buy all the stuff you need in bitcoins, then there is no need to "cash out" to fiat.)

The whole "everyone will cash out at $x" assumes that it has not achieved enough mainstream usefulness at that point.


(*) Maybe $1000 isn't the pivot point; maybe its higher.  There is no magic formula.  The point is that as it gains adoption, visibility and further usefulness, it will gain in value, the infrastructure becomes that much stronger, and the pressure to cash out diminishes.   If I wanted to cash out and buy something with the cash, it would be far easier to just spend the bitcoin directly (where possible).