2013-11-08 Business Insider: Bitcoin Could Go To $1 Million

[Kikkerdril]

http://www.businessinsider.com/bitcoin-price-2013-11

[vokain]

questionable...unless central banks try to acquire bitcoins en masse by inflating the hell out of their monetary base

[Birdy]

Got as far as "And anyone who thinks it can't collapse all the way to zero is delusional." and gave up because he's talking out of his arse. A single cent for the whole 21 million is still above zero and if he can't get something as simple as that right then his opinion's worth sweet fa.

It could go to zero. A bug that let's anyone spend any coins and isn't fixed for a long time could do that.
It's very unlikely and would probably be fixed with a reset to the time before this bug though.

(The article is still rubbish)

[LiteCoinGuy]

bitcoin doesnt care if its worth 100 USD, 10.000 USD or 100.000.000 USD. at every price bitcoin has (nearly) the same benefits.

[justusranvier]

bitcoin doesnt care if its worth 100 USD, 10.000 USD or 100.000.000 USD. at every price bitcoin has (nearly) the same benefits.

Not really. Bitcoin needs large valuations in order to be able to handle larger transactions.

Imagine international shipping companies wanted to use Bitcoin a replacement for letters of credit. How would you pay for a $100 million shipment if the exchange rate was $1 and there are only 21 million bitcoins?

[rogue13]

Garbage article, He is cherry picking facts and flat out speculating to make his point. I feel like it is someone taking out their frustration that they didn't pick up/mine some bitcoin back when they first heard about it.

Hell, I about lost it when I booted up one of my old computers found a version of bitcoin-qt on it old enough that Satoshi was still involved in its development. If I had actually done some homework and learned what mining was or found some faucets....sigh. I thought I would get money from being a node and handling transactions and quickly got discouraged when my balance remained at 0.00.

[Rygon]

bitcoin doesnt care if its worth 100 USD, 10.000 USD or 100.000.000 USD. at every price bitcoin has (nearly) the same benefits.

Not really. Bitcoin needs large valuations in order to be able to handle larger transactions.

Imagine international shipping companies wanted to use Bitcoin a replacement for letters of credit. How would you pay for a $100 million shipment if the exchange rate was $1 and there are only 21 million bitcoins?

Because of how the network is set up, the fee to send transactions is relatively constant. It doesn't matter when it's a few cents in USD, but once we get to $500 or definitely by $1000 usd/btc, the fee becomes too high to justify using the bitcoin network for small transactions. People are going to think twice about buying coffee with bitcoin when the fee starts creeping upwards of $1.

Of course, at those levels, Bitcoin can more easily handle larger transactions where the fee is still negligent.

[Alty]

He says - It could got to one million

Then

He says - I don't own 1 Bitcoin

WTF? 

[justusranvier]

He says - It could got to one million

Then

He says - I don't own 1 Bitcoin

WTF? 

He doesn't like Bitcoin, but doesn't want to end up on the Honor Roll: https://bitcointalk.org/index.php?topic=326656

[Gabi]

Lol, these naysayers don't like backlash
http://www.businessinsider.com.au/heres-what-happens-if-you-criticize-bitcoin-2013-11

Wow, i tought that site was ridicolous after that fail article, but now the failometer is OVER 9000

[solex]

This is the ultimate article. All you need to read is the headline!

[grondilu]

Lol, these naysayers don't like backlash
http://www.businessinsider.com.au/heres-what-happens-if-you-criticize-bitcoin-2013-11

He's got a point.  It's totally not cool to respond to him like this.  I mean, if he really got such feedback from bitcoin users, it's absolutly not acceptable.


Can't we just respond to his article with actual arguments?  It's not that hard.

For instance, he wrote:  "Unlike gold or dollars or other things that have widely accepted utility, Bitcoin's price is determined entirely by what someone else is willing to pay for it. "

The price of gold and dollars  also is determined by what someone is willing to pay for it.   The difference is that with bitcoin, we are sure nobody is capable of forging some in secret (as compared to dollars) and we can transfer them other internet (as compared to gold).

[ellet]

Still waiting for 1 Bitcoin = $1 Million .

[solex]

Still waiting for 1 Bitcoin = $1 Million .

Just take the dog for a walk.

[prophetx]

Still waiting for 1 Bitcoin = $1 Million .

If it happens it will take a few more bubbles and 1 generational change.

Meaning that once the first sets of 6 year olds start using bitcoin, when they finish university, then bitcoin or some successor will become worth that much.