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Author Topic: What will the price of BTC be when 22M people want 1 BTC each?  (Read 4280 times)
foggyb
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October 27, 2013, 12:27:35 AM
 #41

How many users do we currently have?


i really really wish we knew.

no way to be sure.

best guess is to look at downloaded and active clients. unless anyone has better ideas?



Maybe we already have 22M users.

No way, not even close. If we're at a million i'd be shocked.

Wikipedia reports 39% of the world's people use the internet. That's 2.7B people that have a chance to learn about bitcoin. A million of those is 1 in 2700.



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October 27, 2013, 06:26:24 AM
 #42

Ripple is an example of model, where money supply is fixed, but distribution is according to the whims of a soviet.

Bitcoin is an example of model, where money supply is fixed, and distribution happens over more than 100 years according to a predetermined model where everyone can participate in a free market fashion.

Ripple team has stated that they do not want energy to be wasted in generating the money supply. In other words, they want to get something from nothing. In the real world things don't go this way. If you have paid a lot for something, you value it more, and with Bitcoin you are guaranteed to pay the going price (if you buy outright) or even more (if you start mining).

No free bitcoins have ever been. In 2009 when you could have mined thousands, the "exchange rate" was so low that you would have done better working at McDonalds (unless you saw the vision of the whole thing and just needed the amount of coins, like Satoshi, or the guy in the Reddit post). Later on and when MtGox opened, it has been more profitable to buy from an exchange, which means that the actual value is paid in return.

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October 27, 2013, 10:42:15 AM
 #43

Hard to predict, but how can we be sure this is not already the case?

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October 27, 2013, 11:09:47 AM
 #44

What will the price of BTC be when 22 million people want 1 BTC each?

No idea. But at that point, having 100,000,000 satoshis will be considered a status symbol.

"Wow! You have a WHOLE bitcoin?"

"Yeah, but I'm not gonna spend any of it because I like seeing 1.00000000 in my wallet."

I guess there could be some strange persons like that, maybe they should buy 1.2 just incase they want to spend some.

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rpietila
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October 27, 2013, 11:13:05 AM
 #45

What will the price of BTC be when 22 million people want 1 BTC each?

No idea. But at that point, having 100,000,000 satoshis will be considered a status symbol.

"Wow! You have a WHOLE bitcoin?"

"Yeah, but I'm not gonna spend any of it because I like seeing 1.00000000 in my wallet."

I guess there could be some strange persons like that, maybe they should buy 1.2 just incase they want to spend some.

Hahaa... for some time I have encouraged to buy a little bit more over the "cold storage" amount. Like BTC1,200 Smiley

HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
BitchicksHusband
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October 27, 2013, 10:52:43 PM
 #46

What will the price of BTC be when 22 million people want 1 BTC each?

No idea. But at that point, having 100,000,000 satoshis will be considered a status symbol.

"Wow! You have a WHOLE bitcoin?"

"Yeah, but I'm not gonna spend any of it because I like seeing 1.00000000 in my wallet."

I guess there could be some strange persons like that, maybe they should buy 1.2 just incase they want to spend some.

Hahaa... for some time I have encouraged to buy a little bit more over the "cold storage" amount. Like BTC1,200 Smiley

That would be a little bit difficult these days...

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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