Everyone will cash out at $1000

[johnyj]

Because I can't use it on amazon or to pay to people who are selling their flat.

Be patient, it's not going to happen in one day, but here are some high-end offer: http://www.bitpremier.com/

[lucas.sev]

Because I can't use it on amazon or to pay to people who are selling their flat.

Be patient, it's not going to happen in one day, but here are some high-end offer: http://www.bitpremier.com/

But bitcoin can not be used as a currency because of very low transaction/sec limit

[Rygon]

Because I can't use it on amazon or to pay to people who are selling their flat.

Be patient, it's not going to happen in one day, but here are some high-end offer: http://www.bitpremier.com/

But bitcoin can not be used as a currency because of very low transaction/sec limit

Exactly. Until the network architecture can increase the number of transactions per second, it won't be economical to use Bitcoin for small purchases when the price goes past roughly $500/coin.

[myself]

999 here

998.99

995.1337 

994 then

[monkeybars]

If you never cash out, you will never realize a return. Your heirs may be thankful, though.

Not true. I plan to hold my BTC until the price tops out (over a million) and then simply spend them. Why would I need cash when everyone accepts bitcoin?

[monkeybars]

Exactly. Until the network architecture can increase the number of transactions per second, it won't be economical to use Bitcoin for small purchases when the price goes past roughly $500/coin.

The Foundation have stated they'll be adjusting the protocol to be more microtransaction-friendly as the value rises.

[monkeybars]

I think it's quite funny to see how people think $1000 is a high price for a bitcoin.

Think about the size of the world economy -- tens of trillions of USD, at least -- and the current size of the Bitcoin market -- just over 1 billion. Going to ten billion is a drop in the bucket. Hundred billion isn't a stretch either. Considering Bitcoin's lack of need for trust in human beings, a trillion wouldn't surprise me at all. That's $100,000 per bitcoin. China and Russia know that their currencies are weak, because they don't have the connections the Euro CB or Federal Reserve have. When they decide to dump all their nearly worthless, depreciated USD and invest in BTC for their reserve currencies, the market going to ten trillion is not unreasonable at all. And then you have $1,000,000 per Bitcoin.

Too much higher than that and you run up against the size of the entire world economy.

Also, it's likely that other cryptocurrencies will comprise a solid chunk of the economy, too. A million per coin sounds like a more likely ceiling than a thousand. I actually think it will slowly rise to a few million once it hits a million (in 2018 I predict).

[SgtSpike]

Fundamentally, Bitcoin markets still have a problem. And that problem is that a few hold so many coins.  It doesn't matter what small fish do, when whales start selling, everyone will follow because the small fish can not create enough buying pressure to stop it.  We've seen that with every crash.  Plus many small fish are weak hands and will follow whatever everyone else is doing anyway.

Bottom line, if whales sell at $1000, everyone else will try to sell too.  And many wont get out in time, just like the $260 crash.  If whales start big buying, so will everyone else.  All the talk about new people and media attention, blah, blah, blah...is pointless.  If they are not new whales entering the market, it won't do anything to change the trend created by the whales.  

Really we should be thankful any time that whales are selling out, because it means they are distributing their "hoard" of Bitcoins to many other people.

Whales buys their bitcoins back at lower prices, so no new bitcoins is distributed to many people

If they're lucky, they do.  But no one can call the market perfectly.  Even with attempted manipulation, those whales can very well lose a good chunk of their coin.

Although I'm a lurker here (and only been "into" BTC for about half a year).. has anyone else realized that the HIGHER a BTC is worth in USD.. the "cashing out" part becomes less easy?

For example, lets pretend John has 100 bitcoins, and his "magic number" to cash out is $1,000. That's $100,000 in USD.
BTC hit's $1,000, and John says "ok, time for me to dump my coins and be $100k richer."

Gox is just a mess right now in terms of USD widthdrawls. Coinbase etc IS an option, but there are limits there and cashing out more then $10,000 at a time might trigger your bank to wonder what you're doing. Not to mention, their "price" is valued much less then Mt. Gox (which a seller will prefer).

That leaves the method most people champion - LocalBitcoins. Now, what exactly will John do in this situation that will make life easy?
Put up an ad that says "Hi, selling $10,000 in BTC, contact me for an inperson transaction".?

Where/how does John conduct such a transaction that guarantees his safety/ease/protection? Meeting a stranger in a Starbucks to sell them $10,000 in bitcoin is.. just.. plain.. weird isn't it? And then what are the odds that 10 people (even spread out over days & weeks) will have $10,000 or more in cash lying around to meet up other strangers @ Starbucks to buy BTC?

Am I making any sense here?

That might be true today, but you can guarantee that the more BTC is worth, the more VC's and the like will be pouring money into Bitcoin-related ventures to solve exactly these types of problems.

[Frozenlock]

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...

[pacojones]

This is a sad but true issue with bitcoin - do people want to get into it because it's the goose that lays dollars or because they want to support a fantastic movement towards decentralized regulated economies.  I'm afraid a lot of people are in it for the dollars and they are hoarding until the value is so high that they can cash out...  I really hope that more people realize that this is and will continue to be an uphill battle and now matter where battles are fought, they require people and "money" to succeed.  Bitcoin, at this point, could be bought out by a single person...  sad but true, this is a very fragile economy!  I'm guessing if we ever want to see coins at $1000 we (as a community) need to realize the greater good - mine for the sake of keeping the network strong (helping to prevent the obvious 51% attack), contribute to forums, talk about it with people who don't know anything about it and get developers interested in creating sites, apps and hardware that support bitcoin...  I'm super excited about bitcoin and really hope that it continues to grow; I'd LOVE to see $1000 considering I've been mining for some time and bought quite a few coins at $5/per... but more than seeing significant growth in fiat, I'd rather see significant growth in the COMMUNITY!

[vokain]

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 

[johnyj]

Because I can't use it on amazon or to pay to people who are selling their flat.

Be patient, it's not going to happen in one day, but here are some high-end offer: http://www.bitpremier.com/

But bitcoin can not be used as a currency because of very low transaction/sec limit

You will have off-chain service for daily small transactions, and even better you can mortgage your coins and get fiat loan to spend. This day will not be too far away once bitcoin can be traded on large forex exchanges, then some investment bank will package bitcoins and make various financial products, just like they did with housing, no one can stop it from happening

[Cyberdyne]

I'm never cashing out. To me bitcoin is more than just making money off panic buys and sells, its about financing a revolution.

If you never cash out, you will never realize a return. Your heirs may be thankful, though.

You mean a 'return' of $? Maybe you don't want your $ returned. Good riddance.

[vokain]

A million per coin sounds like a more likely ceiling than a thousand. I actually think it will slowly rise to a few million once it hits a million (in 2018 I predict).

2028 is more likely IMO. And no! Other wannabe currencies will likely worth less than they are now.

crypto market fork 

[adamstgBit]

Because I can't use it on amazon or to pay to people who are selling their flat.

Be patient, it's not going to happen in one day, but here are some high-end offer: http://www.bitpremier.com/

ROFL, 40 year old  Lada for 500BTC, that pile of scrap has negative value. LOL, whomever buys a single thing there does deserve to part with his coins. They are looking not for rich there, they are looking for stupid.

what so stupid about a bolder bath


 

[zubelutte]

A million per coin sounds like a more likely ceiling than a thousand. I actually think it will slowly rise to a few million once it hits a million (in 2018 I predict).

2028 is more likely IMO. And no! Other wannabe currencies will likely worth less than they are now.

Only if hashrate grows about +10% per retarget next 15 years. How likely is that?
Otherwise it will be cheaper to mine it with today units

[Magazine]

Well, I can't say I wouldn't sell at 1,000 USD. I mean 100 Bitcoin don't sound like much now. maybe 10,000 USD right now. But 100,000 USD is a nice amount. I think people will panic sell in hopes of not missing out a nice pay day. But I think we have quite a way to go until we can see those types of numbers.

[Odalv]

Well, I can't say I wouldn't sell at 1,000 USD. I mean 100 Bitcoin don't sound like much now. maybe 10,000 USD right now. But 100,000 USD is a nice amount. I think people will panic sell in hopes of not missing out a nice pay day. But I think we have quite a way to go until we can see those types of numbers.

No more than 2 years.

[Magazine]

Well, I can't say I wouldn't sell at 1,000 USD. I mean 100 Bitcoin don't sound like much now. maybe 10,000 USD right now. But 100,000 USD is a nice amount. I think people will panic sell in hopes of not missing out a nice pay day. But I think we have quite a way to go until we can see those types of numbers.

No more than 2 years.

That would be awesome 1 Bitcoin will be able to buy you a nice average car, can't wait for those days.

[zubelutte]

A million per coin sounds like a more likely ceiling than a thousand. I actually think it will slowly rise to a few million once it hits a million (in 2018 I predict).

2028 is more likely IMO. And no! Other wannabe currencies will likely worth less than they are now.

Only if hashrate grows about +10% per retarget next 15 years. How likely is that?
Otherwise it will be cheaper to mine it with today units

1. I only said above that 1m$ in 2028 is more likely than in 2018. (even my optimism has some boundaries)
2. The hashrate is growing about 1.5% a day in 2013 and overall since 2009 the daily/bi-weekly hashrate growth is of similar order of magnitude. Tehrefore 10%+ per 14 days over prolonged periods of time does not sound completely unrealistic.
3. Given enough incentive free market will grow bitcoin mining capacity as long as there is any profit in it. Therefore, your argument is mostly invalid. It is not hashrate drives prices, it is mostly other way around (but it is complicated).

Thank you for explaining. I need to be more optimistic but my gut feeling telling me 1m$ can newer happen (unless the inflation will be so high it is normal monthly wage).