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Author Topic: All these people claiming 1 BTC = 1 million+  (Read 7121 times)
giveBTCpls
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March 20, 2014, 07:36:04 PM
 #1

What were they thinking? These people have a reputation, no one is going to take them for real making these claims. What's going to happen when nothing happens?


https://www.youtube.com/watch?v=w3X03KyUYuo
https://www.youtube.com/watch?v=Pz_j2su9Ehc
https://www.youtube.com/watch?v=vdPWnYnpEOw

Think about it. The marketcap for BTC to reach 1mm/BTC would mean massive mainstream adoption. Also, it would mean tons of random NEETs that happen to store a couple BTC suddendly join the 1% clique.
And, let's say hypothetically that 1 BTC reaches these ridiculous prices. What will be the purchasing power of 1 BTC? Wouldn't basically mean that the USD dollar devalued itself 1mmth times? Even if it went to 1mm/BTC, so what? you could only buy a cheese burge with it.

I just find the whole thing ridiculous. I hope im wrong and we all become rich, but the story about holding 1 BTC and waiting to be a millonaire sounds so ridiculous to me. And they could play the "the end of the world is near" card, and keep people waiting forever.

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Dalmar
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March 20, 2014, 07:46:08 PM
 #2

They were just pumping their own 'stock'. You see similar behavior quite often in the traditional financial world with stock promoters spewing nonsense.


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March 20, 2014, 07:48:16 PM
 #3

1BTC will be a billion $$$ .... but wait is that Bitcoin going up or the Dollar going down Huh!?  Undecided

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March 20, 2014, 07:51:54 PM
 #4

Think about it. The marketcap for BTC to reach 1mm/BTC would mean massive mainstream adoption. Also, it would mean tons of random NEETs that happen to store a couple BTC suddendly join the 1% clique.
And, let's say hypothetically that 1 BTC reaches these ridiculous prices. What will be the purchasing power of 1 BTC? Wouldn't basically mean that the USD dollar devalued itself 1mmth times? Even if it went to 1mm/BTC, so what? you could only buy a cheese burge with it.

If BTC would reach the price of 1mil USD and if you would then only be able to buy a cheeseburger with it, there would have been no mainstream adoption.

Besides this I believe in 1mil USD per bitcoin, as I believe in unicorns.

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March 20, 2014, 08:04:28 PM
 #5

1BTC will be a billion $$$ .... but wait is that Bitcoin going up or the Dollar going down Huh!?  Undecided

both?


stranger things have happened


4mherewego
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March 20, 2014, 08:13:54 PM
 #6

Probably the same people who claimed $1 Bitcoin when Bitcoin was at $0.001...
caratheodory
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March 20, 2014, 08:18:05 PM
 #7

What were they thinking? These people have a reputation, no one is going to take them for real making these claims. What's going to happen when nothing happens?


https://www.youtube.com/watch?v=w3X03KyUYuo
https://www.youtube.com/watch?v=Pz_j2su9Ehc
https://www.youtube.com/watch?v=vdPWnYnpEOw

Think about it. The marketcap for BTC to reach 1mm/BTC would mean massive mainstream adoption. Also, it would mean tons of random NEETs that happen to store a couple BTC suddendly join the 1% clique.
And, let's say hypothetically that 1 BTC reaches these ridiculous prices. What will be the purchasing power of 1 BTC? Wouldn't basically mean that the USD dollar devalued itself 1mmth times? Even if it went to 1mm/BTC, so what? you could only buy a cheese burge with it.

I just find the whole thing ridiculous. I hope im wrong and we all become rich, but the story about holding 1 BTC and waiting to be a millonaire sounds so ridiculous to me. And they could play the "the end of the world is near" card, and keep people waiting forever.

Flawed logic across the board.

First, yes, 1million per BTC assuming the dollars keeps its purchasing power implies massive mainstream adoption. No one is saying otherwise.
It however does not mean that tons of random people join the 1% clique, that is stupid. Most people need and do realize their paper profit into actual profit, this distributes BTC and allows the price to go up. With BTC one million a piece, you still need thousands to be amongst billionaires, not many have that many BTC to begin with, and not many will be left as they progressively cash out and diversity their wealth.

Next, BTC being 1 million doesn't mean the USD (D actually stands for dollar by the way) devaluated itself (valuation is not an absolute). It devaluates with respect to BTC, but it can keep its value with respect to gold, food, houses, oil, etc. If 1 BTC is 1 million USD, and 1 USD still buys 1 cheese burgers, then you can buy yourself 1 million cheese burgers (in a perfectly liquid market). Regardless of that, remember that the USD loses 1-10% of its purchasing power yearly, if this continues 1 BTC will inevitably be 1 million USD at some point, and in that case, even if 1 BTC buys me 1 cheese burger, I'd rather have had the BTC than any amount of dollars.

You find this ridiculous because you don't quite understand the whole picture and how the pieces fit together.
eiskalt
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March 20, 2014, 08:23:26 PM
 #8

Probably the same people who claimed $1 Bitcoin when Bitcoin was at $0.001...

0.001$ per BTC? Only saw this during alleged Mtgox-hack in 2011.

BTW a few months later we hit 1mil per BTC at Mtgox. So in that sense we were already there.
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March 20, 2014, 08:33:01 PM
 #9

thx for these videos. needed that.

hasta la victoria siempre !
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March 20, 2014, 08:45:48 PM
 #10

If 1BTC = 1 000 000$ in 10years it doesn't mean it will be at 1m$ in today's $

The USD will probably plunge against everything within a few years and people are going to want to get into more honest assets that cannot be created at will so I think people will flee the USD to get into shares, precious metals, BTC, CHF, land ect. and we may see massive inflation even measured by the government : 10% +

The Bitcoin community is getting bigger and bigger and BTC is useful and needed but the number of Bitcoin will go up slowly in % terms so its value will probably go up and its price in a fiat currency that is doomed will probably go to the moon

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March 20, 2014, 09:24:13 PM
 #11

I think 1 million is pretty possible,

maybe even up to about 10 million, but after that it's unlikely (not impossible though)

For 2014 though, it will be between $5000 and $15000 by december.
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March 20, 2014, 09:35:39 PM
 #12

Satoshi would be worth $1,000,000,000,000 (one trillion dollars).  It won't happen.
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March 20, 2014, 09:52:01 PM
 #13

Satoshi would be worth $1,000,000,000,000 (one trillion dollars).  It won't happen.

Bitcoin more than 1500 is too insane to think of. Maybe, just maybe, for a brief period of time there could be gigantic bubble to 2000-3000. A very big maybe.

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March 20, 2014, 10:11:28 PM
 #14

Satoshi would be worth $1,000,000,000,000 (one trillion dollars).  It won't happen.

Bitcoin more than 1500 is too insane to think of. Maybe, just maybe, for a brief period of time there could be gigantic bubble to 2000-3000. A very big maybe.

Based on what exactly ?
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March 20, 2014, 10:12:33 PM
 #15

Because he says so.
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March 20, 2014, 10:15:29 PM
 #16

Well if it gets a small share of the worlds trade in total could happen Tongue
Maybe not 1 million till inflation cough grows even more
RIP dear Penny then Nickel sooner or later we will need to reset the currency base value lol

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March 20, 2014, 11:45:00 PM
 #17

I just find the whole thing ridiculous. I hope im wrong and we all become rich, but the story about holding 1 BTC and waiting to be a millonaire sounds so ridiculous to me. And they could play the "the end of the world is near" card, and keep people waiting forever.


The thing is, tons of people (myself included probably) would sell before Bitcoin reaches a million. It truly takes balls of steel to hold. What if Bitcoin went to 20k, then dropped to 10k? You better believe tons of people would be selling off and locking profits (and don't say you won't, because the truth is you never know what you'd do until you're put into that situation).

BTC going to $1million wouldn't make us all millionaires. I would be willing to bet that only a small portion of us, say 5%, would become millionaires.

Also, as the above posts mentioned, there is always the chance of the US dollar inflating so that BTC does reach a million... but it wouldn't be in today's dollars Wink

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March 20, 2014, 11:50:02 PM
 #18

The people saying this are dreaming that bitcoin becomes a world reserve fiat currency as big as the USD (or bigger), but BTC has too many flaws to do anything like that.
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March 21, 2014, 01:49:42 AM
 #19

The people saying this are dreaming that bitcoin becomes a world reserve fiat currency as big as the USD (or bigger), but BTC has too many flaws to do anything like that.
Like?
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March 21, 2014, 03:09:02 AM
 #20

Why is it so unbelievable? As long as bitcoin gains mainstream adoption, 1mil (of purchasing power) per bitcoin is inevitable.

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