BTC hits 5,000 in 2014

[chuckscap]

A lot of speculation (particularly by old financiers) on the news about the bitcoin bubble.  The fact that they are forced to talk about bitcoin at all clearly irks them lol.   My prediction is bitcoin hits $5000 in 2014 for several reasons.  

1. Bitcoin is really the only established cryptocurrency out there right now.

2. Demand will rise exponentially in 2014, but since the supply has a hard limit it will increase in value five fold

3. Mining difficulty will increase, but unlike in the past year,  ASIC technology will not keep up with the demand for new bitcoins.   The new THs miners when they finally appear in late spring will be lucky to generate .5 BTC/day after a few months.   I think the mining technology curve is flattening out which will only slow the increase of supply which will in turn drive bitcoin prices up.

[djbooth007]

3. Mining difficulty will increase, but unlike in the past year,  ASIC technology will not keep up with the demand for new bitcoins.   The new THs miners when they finally appear in late spring will be lucky to generate .5 BTC/day after a few months.   I think the mining technology curve is flattening out which will only slow the increase of supply which will in turn drive bitcoin prices up.

Slow the increase of supply? I think you need to do a bit more research into how bitcoin works before i can take your predictive capabilities seriously, even though i agree with $5k and beyond.

[empoweoqwj]

Do we really need another thread about whether bitcoin will reach $5000 in 2014?

[jl2012]

3. Mining difficulty will increase, but unlike in the past year,  ASIC technology will not keep up with the demand for new bitcoins.   The new THs miners when they finally appear in late spring will be lucky to generate .5 BTC/day after a few months.   I think the mining technology curve is flattening out which will only slow the increase of supply which will in turn drive bitcoin prices up.

Slow the increase of supply? I think you need to do a bit more research into how bitcoin works before i can take your predictive capabilities seriously, even though i agree with $5k and beyond.

No, the OP is correct, think carefully.  (yes, I DO know how Bitcoin works)

[undeadbitcoiner]

3. Mining difficulty will increase, but unlike in the past year,  ASIC technology will not keep up with the demand for new bitcoins.   The new THs miners when they finally appear in late spring will be lucky to generate .5 BTC/day after a few months.   I think the mining technology curve is flattening out which will only slow the increase of supply which will in turn drive bitcoin prices up.

Slow the increase of supply? I think you need to do a bit more research into how bitcoin works before i can take your predictive capabilities seriously, even though i agree with $5k and beyond.

No, the OP is correct, think carefully.  (yes, I DO know how Bitcoin works)

OP is Correct but his Points are little uncapable,
Bitcoin Supply will be decrease not because of THs Miners which are comming next few months but after the block reward will break dowm to 50%, Increase of Demand and Dicrease of supply. But untill block reward is same supply will be the same.
Note: I agree with OP's 5K price, I am going to live my life untill Bitcoin hits 50K+

[porcupine87]

3. Mining difficulty will increase, but unlike in the past year,  ASIC technology will not keep up with the demand for new bitcoins.   The new THs miners when they finally appear in late spring will be lucky to generate .5 BTC/day after a few months.   I think the mining technology curve is flattening out which will only slow the increase of supply which will in turn drive bitcoin prices up.

Slow the increase of supply? I think you need to do a bit more research into how bitcoin works before i can take your predictive capabilities seriously, even though i agree with $5k and beyond.

No, the OP is correct, think carefully.  (yes, I DO know how Bitcoin works)

OP is Correct but his Points are little uncapable,
Bitcoin Supply will be decrease not because of THs Miners which are comming next few months but after the block reward will break dowm to 50%, Increase of Demand and Dicrease of supply. But untill block reward is same supply will be the same.
Note: I agree with OP's 5K price, I am going to live my life untill Bitcoin hits 50K+

I can't follow this point. The creation of new bitcoin will be the same until 2016. The only thing is, that the percentual growth of supply will decrease. But what has this to do with the new ASICs?

[jl2012]

3. Mining difficulty will increase, but unlike in the past year,  ASIC technology will not keep up with the demand for new bitcoins.   The new THs miners when they finally appear in late spring will be lucky to generate .5 BTC/day after a few months.   I think the mining technology curve is flattening out which will only slow the increase of supply which will in turn drive bitcoin prices up.

Slow the increase of supply? I think you need to do a bit more research into how bitcoin works before i can take your predictive capabilities seriously, even though i agree with $5k and beyond.

No, the OP is correct, think carefully.  (yes, I DO know how Bitcoin works)

OP is Correct but his Points are little uncapable,
Bitcoin Supply will be decrease not because of THs Miners which are comming next few months but after the block reward will break dowm to 50%, Increase of Demand and Dicrease of supply. But untill block reward is same supply will be the same.
Note: I agree with OP's 5K price, I am going to live my life untill Bitcoin hits 50K+

No, the OP is correct even before reward halves. There are currently more than 2016 blocks in 2 weeks, which means the inflation rate is actually higher than the design. If the mining power stabilises, the inflation rate will be back to normal, which means going down

[ElectricMucus]

1. Bitcoin is really the only established cryptocurrency out there right now.

Do you believe in the concept of cryptocurrencies? Then you should realize that eventually somebody will out-innovate Bitcoin and as such overcome Bitcoin's network effect.

[Mats8500]

Bitcoin will hit 10000 by the end of 2014. I expect it to get another huge inflation starting soon once everyone is back up on their feet after the holidays. It already started and came back around 1k, it will rise gradually in january then february, and will have another explosion in Q1.

That's my call.

[BitcoinBarrel]

Definitely seems like 2014 is going to be a big year for BTC

[empoweoqwj]

1. Bitcoin is really the only established cryptocurrency out there right now.

Do you believe in the concept of cryptocurrencies? Then you should realize that eventually somebody will out-innovate Bitcoin and as such overcome Bitcoin's network effect.

Please explain further, when do you expect this to happen? Any candidates to date?

[tysat]

1. Bitcoin is really the only established cryptocurrency out there right now.

Do you believe in the concept of cryptocurrencies? Then you should realize that eventually somebody will out-innovate Bitcoin and as such overcome Bitcoin's network effect.

Please explain further, when do you expect this to happen? Any candidates to date?

I don't think it will be for a while, but Bitcoin will not be forever.

[empoweoqwj]

1. Bitcoin is really the only established cryptocurrency out there right now.

Do you believe in the concept of cryptocurrencies? Then you should realize that eventually somebody will out-innovate Bitcoin and as such overcome Bitcoin's network effect.

Please explain further, when do you expect this to happen? Any candidates to date?

I don't think it will be for a while, but Bitcoin will not be forever.

Good. As long as bitcoin hits $5K to $10K first I'll be a happy bunny.

[Waramp22]

I think that it will hit $5000. Mainly due to the volatility I see and the fact it can bounce half way back from china banning it in a month.

I also think that regardless of who ships what and how profitable it is, it will always correct itself. A price drop will make mining less profitable which will swing hashrate to alt coins which will drop difficulty which will make mining profitable. You get the idea.

There will never again be a time where mining is ultra profitable because as soon as it becomes profitable everyone hammers the network with a new line of asics and drives the difficulty up. There is also never going to be a time where buying coins and speculating their increase is a sure fire way to get rich. If that was the case, everyone would be buying coins driving the prices up making it a more of a gamble. Get in now and start mining, or buy some coins and stare at mtgox all summer while crossing your fingers. Were all in it for the long haul if you want to make money.

[ElectricMucus]

1. Bitcoin is really the only established cryptocurrency out there right now.

Do you believe in the concept of cryptocurrencies? Then you should realize that eventually somebody will out-innovate Bitcoin and as such overcome Bitcoin's network effect.

Please explain further, when do you expect this to happen? Any candidates to date?

I don't know a timeframe. It probably takes one economics and one computer science college student to create a candidate. That said watch out in academic circles.
I wouldn't call ripple a candidate, but it is perceived as such. (People see it as a threat instead of an opportunity)

[empoweoqwj]

1. Bitcoin is really the only established cryptocurrency out there right now.

Do you believe in the concept of cryptocurrencies? Then you should realize that eventually somebody will out-innovate Bitcoin and as such overcome Bitcoin's network effect.

Please explain further, when do you expect this to happen? Any candidates to date?

I don't know a timeframe. It probably takes one economics and one computer science college student to create a candidate. That said watch out in academic circles.
I wouldn't call ripple a candidate, but it is perceived as such. (People see it as a threat instead of an opportunity)

Yeah, not ripple. That's a failure in my book.

But what are the issues with bitcoin that you see as causing it to need a replacement? Just curious ....

[ElectricMucus]

I don't have time to list them all.
The biggest technical issue I see is the computing requirements

The biggest economical issue that it isn't backed by anything, be it force, inherent value or inherent utility.
The closest thing to backing Bitcoin has are it's software developers, which aren't that rare.

[empoweoqwj]

I don't have time to list them all.
The biggest technical issue I see is the computing requirements

The biggest economical issue that it isn't backed by anything, be it force, inherent value or inherent utility.
The closest thing to backing Bitcoin has are it's software developers, which aren't that rare.

Not backed by anything? Ah ok ..... we'll have to agree to disagree then. I won't even start  a discussion with you on that one. And besides, its been discussed a zillion times on this forum and everywhere else. Can't see how you say it doesn't have inherent utility but I promised not to start

[ElectricMucus]

Inherent utility basically means it can be destroyed to derive something economically useful which gets more useful the more of it is destroyed. It's the analogy to inherent value in the information realm.

An example are online game currencies.

[windjc]

I don't have time to list them all.
The biggest technical issue I see is the computing requirements

The biggest economical issue that it isn't backed by anything, be it force, inherent value or inherent utility.
The closest thing to backing Bitcoin has are it's software developers, which aren't that rare.

Just curious before I finally ignore you once and for all --->

at what point would you, theoretically, admit that bitcoin is here to stay and will have an important part to play in the world? What would it take for you to admit this, most importantly, to yourself?

If you can't answer this question then you really haven't thought deeply on the topic and are just the forums longest surviving troll.