Bitcoin will NOT Hit the $10,000 mark this year :(

[Dr.Zaius]

What is difficult to understand here.

3600 bitcoins are created out of thin air every single day.

The amount of fiat bids is not growing fast enough to absorb new supply at current prices.

Miners have huge incentive to realize gains at these levels from high profit margins. The bitcoin network is currently immensely underutilized relative to running cost, which is close to $1 billion USD a year.

You can't fight bad economic incentives programmed into protocol.

Satoshi envisioned every user or at least the majority of users also mining. This has not occurred, so you have the consequences which is a small minority controlling huge coin supply.
Everytime miners decide to sell, they deplete the liquidity pools of fiat. This increases bid/ask spreads and volatility. Satoshi believed new bitcoin distribution would be across a very wide audience. It isn't.

[windjc]

What is difficult to understand here.

3600 bitcoins are created out of thin air every single day.

The amount of fiat bids is not growing fast enough to absorb new supply at current prices.

Miners have huge incentive to realize gains at these levels from high profit margins. The bitcoin network is currently immensely underutilized relative to running cost, which is close to $1 billion USD a year.

You can't fight bad economic incentives programmed into protocol.

Satoshi envisioned every user or at least the majority of users also mining. This has not occurred, so you have the consequences which is a small minority controlling huge coin supply.
Everytime miners decide to sell, they deplete the liquidity pools of fiat. This increases bid/ask spreads and volatility. Satoshi believed new bitcoin distribution would be across a very wide audience. It isn't.

You are just flat out ignoring the possibility that demand will increase dramatically at some point in the future. Also, halving 2016.

[Ibian]

3600 bitcoins are created out of thin air every single day.

False. Electricity is being converted to bitcoins via physical hardware.

[Dr.Zaius]

You are just flat out ignoring the possibility that demand will increase dramatically at some point in the future. Also, halving 2016.

Let's try to gauge transactional demand as best we can.

Even if we do 640,000 transactions per day which is the limit for the 1mb block, at a price of $1200 miners would be getting paid $7 per transfer for security.

Is that really cheap to you?

Also why would demand increase substantially in the future. Obtaining a bitcoin is very expensive once you factor in commissions and slippage. It can cost even up to 10%. As an example the bitcoin ATM's charge 5-7% on top of slippage.

Bitcoin's biggest transactional demand comes from areas where fiat transfers are prohibited or too difficult. That electronic store for example that takes BTC only said a huge portion of their sales are coming from high risk credit card countries like Pakistan etc. Like it or not, cybercrime and unlicensed gambling account for the vast majority of transactional demand. There simply is no incentive for an average user to give up consumer protection, palm prints, ID's to buy bitcoins at huge markups and spend them at Overstock. All these so called bitcoin adopting merchants are just exit conduits for miners and large holders, and guess what? They all settle in fiat.

[jamesc760]

There's no sense in arguing with a noob, I just wonder what he's doing here, he needs to GTFO right now and never come back. Obviously he's happy with his fiat and credit cards. He's never going to convert people like me, and we are never going to change his mind. He's here to just argue and pick a fight, a classic troll.

[LittleD]

There's no sense in arguing with a noob, I just wonder what he's doing here, he needs to GTFO right now and never come back. Obviously he's happy with his fiat and credit cards. He's never going to convert people like me, and we are never going to change his mind. He's here to just argue and pick a fight, a classic troll.

He is probably around 65yrs of age and can't look to the future... Theirs two things HUMANS HATE... 1. Change 2.Getting OLD, theses' two things are our enemies... unfortunately both go hand in hand.

Dr.Zaius, tomorrow your going to want the latest IPhone or the 2015 auto... Its Time for you to change with the time or get "left behind"...BUT don't worry your kids or ur grand kids will enjoy A BTC worth $10,000 one day


But WE need to STOP ALL this sharks (Hackers) stilling peoples BTC

[Suzuki]

I wish BTC at least wil reach $1,000 ! Can't believe it will reach more than $2,000 by the end of the year! too short period of time!

[zimmah]

To be honest, I'd be okay if 1 BTC's price would stable at $1k. Forever.

I wouldn't, because this would mean bitcoin would be just as inflationary as dollars.

[wobber]

I don't think bitcoin will reach 10,000. EVER.

[Ibian]

I don't think bitcoin will reach 10,000. EVER.

Are you an old fiat bagholder?

[wobber]

I don't think bitcoin will reach 10,000. EVER.

Are you an old fiat bagholder?

Nope. I'm a young bitcoin holder. I trust bitcoin, I like bitcoin. But I can't see it there.

[Cyberlight]

I don't think bitcoin will reach 10,000. EVER.

Why not.

[wobber]

I don't think bitcoin will reach 10,000. EVER.

Why not.

Too many people will be too rich after speculating.

[Ibian]

I don't think bitcoin will reach 10,000. EVER.

Why not.

Too many people will be too rich after speculating.

Too many compared to what? And too rich compared to what? Run some numbers for us.

[Cyberlight]

I don't think bitcoin will reach 10,000. EVER.

Why not.

Too many people will be too rich after speculating.

Haha you made me laugh, that makes no sense at all.

[lemfuture]

justice to hackers
i wish theres a way

[BidcoinBernd]

It will be below 100$ at the end of the year. Mark my words.

[wobber]

I don't think bitcoin will reach 10,000. EVER.

Why not.

Too many people will be too rich after speculating.

Too many compared to what? And too rich compared to what? Run some numbers for us.

I understand your need to get numbers. I can only give this example: guy sitting on 10,000 BTC gets 100 MIL USD THAT HE CAN COPY ON A USB STICK. With BTC you can move shitload of money without banks, LEAs etc to know about. That's huge power in hands of one man. You can't get this much power if you have 100 MIL USD in assets or even 100 mil USD CASH.

You'd need a truck to move 100 USD cash.

[jeppe]

this is possible but i dont think we will hit this price any time soon.

[Ibian]

I don't think bitcoin will reach 10,000. EVER.

Why not.

Too many people will be too rich after speculating.

Too many compared to what? And too rich compared to what? Run some numbers for us.

I understand your need to get numbers. I can only give this example: guy sitting on 10,000 BTC gets 100 MIL USD THAT HE CAN COPY ON A USB STICK. With BTC you can move shitload of money without banks, LEAs etc to know about. That's huge power in hands of one man. You can't get this much power if you have 100 MIL USD in assets or even 100 mil USD CASH.

You'd need a truck to move 100 USD cash.

Or a bank account.

There can only be so many bitcoin thousenaires. Limited supply remember? Also any number of millions is not Rich. Billions maybe, or trillions. A relative handful of new millionaires would not majorly shift the world economy.