[2014-01-15] How high can the Bitcoin price Go?

[BitcoinBoard]

How high can the Bitcoin price go, and how much Bitcoins should you own?

http://bitcoinboard.net/high-can-bitcoin-price-go/

[kjlimo]

As high as it wants...

and as many as you can afford to lose.

Our tip: Do you want to be a potential Millionaire in 2025? Buy 1.75 Bitcoin and don’t miss this opportunity!

My lawyers are drafting my lawsuit for $1M when I don't get it by 2025...

[freedomno1]

I'm sure its just a matter of time before we can say ITS Over 9000 !!!!  

[Mowcore]

I can do a prediction for March if anyone wants me to! My last 2 actually came true...well kinda lol..

It was actually fud for bitbin.it but the fact it came true is pretty funny!

Why didn't I listen to myself??? lol

2nd Nov 2013 - Scientist predicts major Bitcoins - http://bitbin.it/uDetSbnn
9th Nov 2013 - Scientists Predict $700 Bitcoin Surge! - http://bitbin.it/dmaEU85J
13th Nov 2013 - Oxford Scientists Set To Debate $750/$1000 Bitcoin Rise - http://bitbin.it/x89Iy33A

Josh C.R Ribena, Head of BitCoin Discussions say's 15,000 Scientists from across
 
Oxford will be attending in there masses , with a headline act from Bon Jovi to get things rolling. " We think the really old Doctors will like that". Yes, we are sure they will.

lol Oxford scientists..

[manfred]

This is very simple.
The more energy is used in the creation the higher the price. It is a store of wealth because u can not cheat at the creation and know x amount of energy has been used. It will never be a currency unlike XRP's but XRP's are like sand in your hand and will never be a store of wealth, the are just handy to be used daily.

[GnB]

As high as it wants...

and as many as you can afford to lose.

Our tip: Do you want to be a potential Millionaire in 2025? Buy 1.75 Bitcoin and don’t miss this opportunity!

My lawyers are drafting my lawsuit for $1M when I don't get it by 2025...

Funny thing is people will actually be doing this.

[FCTaiChi]

I think there is a LOT more to it Manfred, market forces, numbers like 1000 that are easy to get stuck on.

[AnhBen]

It's simple math of supply and demand!

[asdf]

This is very simple.
The more energy is used in the creation the higher the price. It is a store of wealth because u can not cheat at the creation and know x amount of energy has been used. It will never be a currency unlike XRP's but XRP's are like sand in your hand and will never be a store of wealth, the are just handy to be used daily.

Labor theory of value?

The amount of energy used is determined by the price and block reward.

[FCTaiChi]

This is very simple.
The more energy is used in the creation the higher the price. It is a store of wealth because u can not cheat at the creation and know x amount of energy has been used. It will never be a currency unlike XRP's but XRP's are like sand in your hand and will never be a store of wealth, the are just handy to be used daily.

Labor theory of value?

The amount of energy used is determined by the price and block reward.

Yeah but it cant be so simple or the price would fluctuate according to this.  If you look at the different epochs of mining it doesn't pan out.  It could have more impact in the future.  Right now it has more to do with people discovering bitcoin at a steady rate to push the price up then justify it. 

[Cryddit]

Bitcoins are forgery resistant because they are managed by a network that rejects forgeries.  As such, they make a good money. 

But so are every altcoin in the world, and it seems to me that there is no really compelling reason to pick one over another for use as money.   

So bitcoins as a medium of exchange are just one part of a nearly infinite supply of possible coins, and inflation is going to eventually make the 'buying power' of each coin get smaller. 

It's like Bob has a special printing press that can make 'BobNotes' nobody else can forge.  Okay, you could use the notes as money.  But then everybody gets a printing press and starts making notes, and people who actually need a medium of exchange have free choice.  Every time somebody uses AliceNotes or CarolNotes, they aren't using BobNotes, and BobNotes price is not supported by their activities as they do not seek out and buy BobNotes, and their use of BobNotes doesn't occupy the time of BobNotes making them rarer for others to seek out and buy. 

So here's my pessimistic view (and I say this even though I'm long on Bitcoin).  As a medium of exchange, Bitcoin (and BobNotes) will have its price driven steadily closer to zero as a steadily-increasing supply of cryptocoins inflates the market.  To people using a medium of exchange, the brand name on the bills doesn't matter much, so the money supply is "all cryptocurrencies", not just "Bitcoin". This will also kill its value as a store of value, and surveillence on the blockchain threatens its fungibility. 

As a speculative vehicle, Bitcoin will last until these things become evident, and then the investment bubble will burst.

The next generation of cryptocurrencies will face the same demands that followed the invention of paper money; in order to distinguish themselves from the ever-growing supply of unbacked cryptocurrency heading towards worthlessness, they will have to promise to redeem them on demand for some fixed measure of a tangible good. 

And then things get interesting. 

As to how high it might go before all this sets in?  I dunno.  I'm thinking maybe five to ten-thousandish, but there's no theory to back me up because it isn't much like what has happened before.

[FCTaiChi]

Why bother having a thousand currencies when one will do?  Many people that use bitcoin already have multiple wallets, who wants to keep track of more, and what service would it serve.  Even if it were all automated in a single wallet app?
It takes quite a bit to become accepted by merchants.

[exstasie]

Why bother having a thousand currencies when one will do?  Many people that use bitcoin already have multiple wallets, who wants to keep track of more, and what service would it serve.  Even if it were all automated in a single wallet app?
It takes quite a bit to become accepted by merchants.

It's true.  The adoption for BTC is huge right now compared to other currencies. Even though it may not be the best, it is the early adopter and wins on the acceptance front. Until there's an easy way of converting BTC into other crypto currencies, or being able to buy in different currencies similar to fiat currency, then it'll be difficult for other currencies to survive.

[freedomno1]

Its a matter of development in the end leading currencies Bitcoin have more dev power to update and improve before the alt-coins would, also as a first mover it has the largest market on which to build itself upon, that said still early enough in the stages that it is possible significant alternatives will arise to overtake market or the scenario where something is built on bitcoin occurs as well.

[kain35m]

On a less scientific, more opinionated point:

I think BTC will, in about March, finally break the $1,000-1,200 barrier. It will make a few big fluctuations, and by the end of the year it will be holding steady somewhere between 1,500-2000.

Unless, of course, China decides to lay of on their rules and declare BTC at least a private currency. In which China will probably start to drive the price higher, and investors will start buying like crazy to try and get in "before the boom" then the price could see 5 figures before year end...IMO

[LiteCoinGuy]

On a less scientific, more opinionated point:

I think BTC will, in about March, finally break the $1,000-1,200 barrier. It will make a few big fluctuations, and by the end of the year it will be holding steady somewhere between 1,500-2000.

Unless, of course, China decides to lay of on their rules and declare BTC at least a private currency. In which China will probably start to drive the price higher, and investors will start buying like crazy to try and get in "before the boom" then the price could see 5 figures before year end...IMO

"end of the year it will be holding steady somewhere between 1,500-2000."

quite pessimistic when you look in the past 

[jinni]

On a less scientific, more opinionated point:

I think BTC will, in about March, finally break the $1,000-1,200 barrier. It will make a few big fluctuations, and by the end of the year it will be holding steady somewhere between 1,500-2000.

Unless, of course, China decides to lay of on their rules and declare BTC at least a private currency. In which China will probably start to drive the price higher, and investors will start buying like crazy to try and get in "before the boom" then the price could see 5 figures before year end...IMO

China doesn't need to change their rules as they can just use offshore jurisdictions like Singapore and Hong Kong to get their Bitcoin. If they need it locally localbitcoins will do. Of course, the offshore jurisdictions are more accessible to HNWI than to masses of young geeks and hobby speculators - but they are savvy enough to do the whole voucher-btcchina trick.

The Chinese are smart enough to realize that mass Bitcoin adoption is a fait accompli, and so is people all over the world. There is nothing that can stop it, and the faster people realize that the faster it will grow. I'm getting more cheap coins so that I can join the next 100x growth in 1-2 years.

Of course when that happens the question is what to do with that wealth.

[FCTaiChi]

Why bother having a thousand currencies when one will do?  Many people that use bitcoin already have multiple wallets, who wants to keep track of more, and what service would it serve.  Even if it were all automated in a single wallet app?
It takes quite a bit to become accepted by merchants.

It's true.  The adoption for BTC is huge right now compared to other currencies. Even though it may not be the best, it is the early adopter and wins on the acceptance front. Until there's an easy way of converting BTC into other crypto currencies, or being able to buy in different currencies similar to fiat currency, then it'll be difficult for other currencies to survive.

Right, and if other currencies bring something that is found to be essential to the future of crypto, bitcoin can update and use it.