Bitcoin Wrong questions

[marjil]

So many posts recently with questions like "when will bitcoin go back to $20,000?".

It's as if people assume that, if bitcoin was a certain price in USD at some point in the past, that it must go back to that same level again.

But can't see anyone asking "when will bitcoin go back to $1,000?". It's the same logic as the question above. Bitcoin was $1,000 a year ago, so it's exactly the same reasoning.

The question should really be : "when will bitcoin be $x again?", where "x" is the price of bitcoin at some point in the past.

But, just because something has happened in the past does not mean it would, or should, happen again at some point in the future.

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[patt0]

To be honest I don't even think the questions should be related to price at all. People keep looking to bitcoin purely from a trading point of view, when they should be instead, focusing on how it's development is doing, what it's use cases will be, how long we need to wait to start seeing more services accepting bitcoin as a payment, and is the network actually ready for that. Bitcoin even has the potencial to support smart contracts now, so another question could be how will this impact BTC goals.

Questions related to BTC price, are just pure speculation, and all of those are the wrong questions.

[bitmover]

Bitcoin is a long term investment. If you are worried about the price, you are overinvested and you will make bad decisions.

Early adopters who made lots of money were those who bought and didn't expect short term gains.

Bitcoin fundamentals are the same now as they were when Bitcoin was 3k, 20k and now. Hodl and wait a few years

[binghope]

Those who have not understood bitcoin as well as have never invested in it, will have questions about the bitcoin question that is as simple as the right to their questions, it does not affect to the development of bitcoin

[TepungBeras]

It is true that many people ask about the future price by asking about the high price increase but few people will ask for a low price, and I also expect bitcoin to come back for under $ 1000.

[franky1]

So many posts recently with questions like "when will bitcoin go back to $20,000?".

It's as if people assume that, if bitcoin was a certain price in USD at some point in the past, that it must go back to that same level again.

But can't see anyone asking "when will bitcoin go back to $1,000?". It's the same logic as the question above. Bitcoin was $1,000 a year ago, so it's exactly the same reasoning.

The question should really be : "when will bitcoin be $x again?", where "x" is the price of bitcoin at some point in the past.

But, just because something has happened in the past does not mean it would, or should, happen again at some point in the future.

first of all, ignore the all time high.. thats pure unbacked speculation

anyway
just like most things in life. houses, gold, bitcoin.. there are things that create a bottom underlying value (intrinsic). catgorised as the cost of obtaining which has two parts: creating cost and buying cost

yes with all things houses gold and bitcoin there is speculation above underlying value. but lets just stick with finding underlying value.

though there are some users that obtained coins when it was dirt cheap and have held for a long time. they have come to the opinion they wont sell for less than X. or they would have already. so the 'buyers remorse' panic has probably already found its bottom level after being tested the last few months.

as for mining cost. the higher the hashrate, and the lower the reward changes per 4 years. along with the rig cost and electric. culminates to a calculation of a cost to mine btc that can be calculated. and these miners would not sell for less than it cost them to mine,

what you find is if you do some maths and work it all out you start to notice a range/area of where intrinsic value is which is where people refuse to sell for less than, as thats the support area of the cost of obtaining the coin.

s in my view i se intrinsic value, based on some maths at around the $6-10k area right now. meaning the chances of seeing $1k again would mean that the cost of mining a btc would need to drop by 6x for miners to even contemplate selling for $1k (dont see that happening unless bitcoin had major bug/flaw)

[hugeblack]

In the past, the reasons for using Bitcoin was to enhance privacy or move away from the central system, so most of the discussions talk about "Privacy, low fees, decentralized,...etc.", but after 2017 all entered the market for quick profit so panic about the price "price will rise to 100,000$, crashing,...etc.".
If you ask everyone now, Bitcoin is turned into a central institution run by the government, and the price will remain high,  he will agree

[boakyei]

Is not a wrong question as you see it. Traders are asking those questions base on speculations from other traders. A lot of investors make decisions base on the view of what a price of coins will be on a particular time.

[monkeydominicorobin]

So many posts recently with questions like "when will bitcoin go back to $20,000?".

It's as if people assume that, if bitcoin was a certain price in USD at some point in the past, that it must go back to that same level again.

But can't see anyone asking "when will bitcoin go back to $1,000?". It's the same logic as the question above. Bitcoin was $1,000 a year ago, so it's exactly the same reasoning.

The question should really be : "when will bitcoin be $x again?", where "x" is the price of bitcoin at some point in the past.

But, just because something has happened in the past does not mean it would, or should, happen again at some point in the future.

Breaching certain value does make sense when it comes to Bitcoins. The problem with your assumption is that it reached 20,000 dollars so why do people assume that it is going back to that level or beyond that level. They assume since they want to profit from their investments. Which is why they are hoping to reach certain level when it comes to bidding and pricing. It just shows your lack of understanding of the current situation.

[Singwala]

Because the expectations of bitcoins holders have increased the price of bitcoins. Actually, this is not the wrong question because it depends on what we want to happen. Of course if we want to drop the price of bitcoins we will ask when the bitcoin price will return to $ 1,000.

Yes, the price of bitcoins can go back to $ 1,000 but why is this what we want to happen? Because we can buy cheap bitcoins again?

[pooya87]

The question should really be : "when will bitcoin be $x again?", where "x" is the price of bitcoin at some point in the past.

i am with @patt0 on this. why should the question be about the price like this anyways? why not ask the real questions like "when will Amazon start accepting bitcoin?" or other merchants small or big. why aren't people focusing on contributing to the network, how many questions here you see asking about "how do i run a full node". or nowadays why aren't people testing lightning network and bug reporting to help move things forward faster?

even if you want to talk about price it shouldn't be random questions and random guesses about it. "go to $20000, go to $1000" questions are pure bullshit. we rarely see some valid analysis and reasoning in the speculation board anymore which i believe is why the price is so volatile because market is filled with gambling newbies.

[marjil]

My point was that just because bitcoin's price was at a certain point at a certain time in the past is not necessarily a reason for it to achive the same price at some point in the future.

I was referring to the statements that many make on the forum by suggesting otherwise. Many posts regularly say things like "bitcoin was $20k a few months ago so it should be worth the same again soon", and I dismissed this argument as invalid as it does not take account of any other factors that affect bitcoin's value other than a number that bares no resemblance to reality.

[franky1]

My point was that just because bitcoin's price was at a certain point at a certain time in the past is not necessarily a reason for it to achive the same price at some point in the future.

I was referring to the statements that many make on the forum by suggesting otherwise. Many posts regularly say things like "bitcoin was $20k a few months ago so it should be worth the same again soon", and I dismissed this argument as invalid as it does not take account of any other factors that affect bitcoin's value other than a number that bares no resemblance to reality.

kind of like what my mindset is and other peoples mindset should be
not stand at the peak of a 5 minute ATH event as if standing and staying at the ATH is the norm. looking down
 but to stand at ground level of real intrinsic bottom line cost of obtaining and looking up.
EG
2016 never went below $300
2017 never went below $900
2018 never went below $6000

[jvdp]

So many posts recently with questions like "when will bitcoin go back to $20,000?".

It's as if people assume that, if bitcoin was a certain price in USD at some point in the past, that it must go back to that same level again.

But can't see anyone asking "when will bitcoin go back to $1,000?". It's the same logic as the question above. Bitcoin was $1,000 a year ago, so it's exactly the same reasoning.

The question should really be : "when will bitcoin be $x again?", where "x" is the price of bitcoin at some point in the past.

But, just because something has happened in the past does not mean it would, or should, happen again at some point in the future.

Whether is future or present value it is based upon the demand and supply theory over the market place conditions bro. Then you can define and speculate with the news spreading, hacking, regulation and trading manipulation. These all this things are the reasons for the dump and bump mate.

People speculating the 20k USD with the overall market trend of every year and complete history. So whatever negative information has been spreaded finally 4th quarter of the every year you will find the bull run from its market alone at least.

[bohr]

To be honest I don't even think the questions should be related to price at all. People keep looking to bitcoin purely from a trading point of view, when they should be instead, focusing on how it's development is doing, what it's use cases will be, how long we need to wait to start seeing more services accepting bitcoin as a payment, and is the network actually ready for that. Bitcoin even has the potencial to support smart contracts now, so another question could be how will this impact BTC goals.

Questions related to BTC price, are just pure speculation, and all of those are the wrong questions.

While you are right, at the same time those kind of questions are inevitable, if the price of bitcoin was more stable people will not wonder such things since they will know the price of today will still be the price of tomorrow, but when the price of bitcoin can crash and move down so fast it is natural for people to wonder when we will see a particular price once again.

[dothebeats]

There will always be questions regarding the speculative side of bitcoin since people are invested and money is on the line. There are no wrong questions when it comes to speculation, only dumb, thoughtless and stupid ones. People always want to know whether their investments are safe or not, and to get some form of 'assurance' they ask the community on what's their take regarding the most plausible route their investments might take. Having said that, those who ask such questions are typically the inexperienced and are scared to lose money overnight. It's good that these questions pop up, though, since you can see that there are a fair number of newbies (and not just signature spammers) asking questions about something they're fairly inexperienced at.

[requiredto]

It really takes a lot of time for the market to accept bitcoin, but the current question that people put out is wrong.

[Pursuer]

this shows that last year's big rise didn't just bring in bitcoin enthusiasts but also it attracted a lot of gamblers who thought they could become rich with bitcoin and do that in a short period of time like 1 week to a month tops!
for the past ~6 months up until July that price was going down they obviously didn't understand why their "gamble" is not paying off and why they are losing money so they started asking these types of silly questions.
of course you can also blame the media for the hype that they started last year and kept on talking about how price will reach $100k, and $1 million and then did 180 degree turn and started talking about how bitcoin is dead in 2018!!!

[da7a1oad3r]

I bet most of people asking that questions doesn't have any BTC and they're just attracting the attention. A real Bitcoin owners know the market rules and they can predict what is gonna happened in the nearest future

[Babyfaceless]

Many asking bitcoin is a scam? i manage to tell them that truth of bitcoin because many people do not know what is the bitcoin they know that bitcoin is a scam they have no evidence of that the bitcoin is scam. i do not know how to say and im smiling them because bitcoin is helpful of my life i can manage to buy what i want and i do not need help for anybody to lend me there money i have a bitcoin.