Today BTC = $800, $9200 to go and why 10 BTC will never make you rich

[wobber]

So, we currently are at $800. We need 9200 more dollars to reach $10,000 pe coin.

Given the current stagnation, last year's boom and overall bitcoin's performance, how much longer do you think it will take to reach 10,000? I am skeptical it will ever go to that amount. I would be very happy if we get again to 1000 and stay there for quarter.

There are some cases of people that preach 100k USD for one BTC, and even 300k. I think it's just delusional. Just think of this: Too many coins are in the hands of just a few people. A price of let's say, even 10,000 will make the 1k BTC holder worth 100 million USD.

But, a current BTC holder of 10 BTC will have what? 1 MIL USD? That's nothing. Good money of course, but much more are being made with hardworking companies. I know a small cheap jewelry store chain, (average price 20 USD, 5 stores) that's worth about that.

So, we can conclude that even if the price will be 10,000 all those 1 BTC holders will have only some money for a nice trip, 10 BTC holders can pay their debt, and those 100 (which are even rarer) can buy a home, a car, and do some diversification.

Mathematically, a price of 300,000 would pay off quite good even for the 1 BTC holder, but the market cap would be immense, almost unreachable. And those current rich guys will be even richer.

[Hyena]

I don't see this situation any different than what we have currently with fiat money. A small number of families control and own everything. Think of it just as redistribution of wealth, the pyramid still remains.

[malevolent]

You are assuming all those "hodlers" will never cash out any BTC somewhere along the way like many did in the past.

Although I am skeptical about the price reaching $10-100k in the near future (<12 months), in late 2012 I would never have believed that the price would attain even $100 within the next few months.

I wouldn't concentrate on the market cap too much, there are companies with a market cap 10-20-50x that of BTC, and BTC is not just "a company" but a concept to be used by many.

Also yeah, if you live in an expensive area or are used to high standards, you may need to spend 100 BTC @ $10k to buy a house and a car but you could easily spend several times less than that.

[Bitobsessed]

Seems like I have read this before.  Oh I know, just replace 10k with $1 and 1000 with $0.10.

[Dalmar]

The smell of cult is strong in this one.



''Only true believers shall profit, hodl!!''

Some of you hodlers make bitcoin look like a ponzi scheme. Tone it down.

[wobber]

Seems like I have read this before.  Oh I know, just replace 10k with $1 and 1000 with $0.10.

And replace 1M with 1000. And so on?

[teukon]

Your post suggests you are considering Bitcoin against the assumed stable and constant background of the USD economy.  Most scenarios people suggest in which a bitcoin achieves a price north of 100`000 USD drop this assumption.

Some argue that a hyper-inflationary event will bring the purchasing power of 100`000 USD down to a level where a bitcoin having that value is more believable.

Some are more bold and suggest that Bitcoin could largely replace the USD in a number of areas, reducing the size of the USD economy significantly (here, a bitcoin could attain the same purchasing power of 100`000 USD today but this would not be wealth created by a more efficient payment system as much as wealth transferred from holders of USD).

[knightcoin]

and don't forget too put on your math/calculus that many coins a lost forever every day ...

make the cult even more strong ...

http://www.youtube.com/watch?v=-6z9o2-b-wk

[bit.alex]

That's only a question of Bitcoin going mainstream. And Bitcoin going mainstream is a question of easier ways to acquire it, use it and somewhat understand it for everyone. And don't say it's easy to understand.. People are not that smart in general

[piramida]

And those current rich guys will be even richer.

When you learn how the world works, you'll figure out that this is the only thing that has been constant throughout the history of mankind.

PS Oh, and your math is off by a zero here and there, but I'm lazy to point it out, you don't have any sensible argument anyway.

[Dragonkiller]

That's only a question of Bitcoin going mainstream. And Bitcoin going mainstream is a question of easier ways to acquire it, use it and somewhat understand it for everyone. And don't say it's easy to understand.. People are not that smart in general

do people understand how fiat currency works? do people understand how the internet works? do people understand how iphones work? no. they just use it.

and it is becoming easier to acquire coins every single day.

[dave00]

just think about bitcoin atms and wait until they become popular: *cough* february, bitcoin atms in uk and czech republic, already existing in finland, canada,coming soon in lugano and zurigo *cough* 

[Ibian]

I'll just leave this here.

http://bitbet.us/bet/635/1btc-10-000-usd/

[thms]

There are some cases of people that preach 100k USD for one BTC, and even 300k. I think it's just delusional.

This is just psychological. Think of it this way. 1 BTC was arbitrarily set to equal 100,000,000 satoshis which currently is about US$ 800. What if tomorrow, a change is done to the core and the decimal point shifts 3 places so that the "new bitcoin" is 0.001 of the "old bitcoin" or US$ 0.800? So the new bitcoin would just need to reach US$ 300 per coin, instead of US$ 300,000 per coin of the old Bitcoin. Would that 1BTC = US$ 300 sound delusional to you now?

[wobber]

There are some cases of people that preach 100k USD for one BTC, and even 300k.

This is just psychological. Think of it this way. 1 BTC was arbitrarily set to equal 100,000,000 satoshis which currently is about US$ 800. What if tomorrow, a change is done to the core and the decimal point shifts 3 places so that the "new bitcoin" is 0.001 of the "old bitcoin" or US$ 0.800? So the new bitcoin would just need to reach US$ 300 per coin, instead of US$ 300,000 per coin of the old Bitcoin. Would that 1BTC = US$ 300 sound delusional to you now?

Holders of old BTC will still have a huge amount of fiat in that old BTC.

[Dalmar]

This is just psychological. Think of it this way. 1 BTC was arbitrarily set to equal 100,000,000 satoshis which currently is about US$ 800. What if tomorrow, a change is done to the core and the decimal point shifts 3 places so that the "new bitcoin" is 0.001 of the "old bitcoin" or US$ 0.800? So the new bitcoin would just need to reach US$ 300 per coin, instead of US$ 300,000 per coin of the old Bitcoin. Would that 1BTC = US$ 300 sound delusional to you now?

If decimals get shifted it loses its ''oh there's only 21 million'' buzz.

[thms]

This is just psychological. Think of it this way. 1 BTC was arbitrarily set to equal 100,000,000 satoshis which currently is about US$ 800. What if tomorrow, a change is done to the core and the decimal point shifts 3 places so that the "new bitcoin" is 0.001 of the "old bitcoin" or US$ 0.800? So the new bitcoin would just need to reach US$ 300 per coin, instead of US$ 300,000 per coin of the old Bitcoin. Would that 1BTC = US$ 300 sound delusional to you now?

If decimals get shifted it loses its ''oh there's only 21 million'' buzz.

That's hardly a buzz, and even if it was, "oh there's only 21 billion" would also be a buzz

[podyx]

bitcooin itself is already valued at $100k

its just the network and infastructure that isnt there to support it

also, probably 99% of people who heard about bitcoin doesnt realize this fact

[Dalmar]

That's hardly a buzz, and even if it was, "oh there's only 21 billion" would also be a buzz

millions sounds rare and exclusive hence why it incentives people to hoard so much.. billions or trillions on the other hand start to sound more Zimbabwean.

[ElectricMucus]

That's hardly a buzz, and even if it was, "oh there's only 21 billion" would also be a buzz

millions sounds rare and exclusive hence why it incentives people to hoard so much.. billions or trillions on the other hand start to sound more Zimbabwean.

lol dogecoin