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Question: Where do you think Bitcoin prices belong right now?
$0-$0.50 USD
$0.50-$1.00 USD
$1.00-$1.50 USD
$1.50-$2.00 USD
$2.00-$2.50 USD
$2.50-$3.00 USD
$3.00-$3.50 USD
$3.50-$4.00 USD
$4.00-$5.00 USD
$5.00-$10.00 USD
$10.00-$15.00 USD
$15.00-$30.00 USD
$30.00+

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Author Topic: Where do Bitcoin prices belong?  (Read 1569 times)
bittenbob
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November 21, 2011, 02:38:19 AM
 #1

Vote on where you think Bitcoin prices actually belong right now.

[Edit]

Also feel free to explain why you voted how you did.
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November 21, 2011, 02:40:49 AM
 #2

Since I'm an active user of Bitcoin and possess a few coins... I think I might be a little biased with my answer.

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bittenbob
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November 21, 2011, 02:42:46 AM
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That is why it is a poll where anyone can vote. Biased and unbiased opinions are all weclome. I know there are many on this forum who are bitter about what they have lost on bitcoins and will say less than $1 lol
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November 21, 2011, 02:45:26 AM
 #4

That is why it is a poll where anyone can vote. Biased and unbiased opinions are all weclome. I know there are many on this forum who are bitter about what they have lost on bitcoins and will say less than $1 lol
I believe in something unlikely to happen Sad
*gazes forlornly at the magical $30 price*

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November 21, 2011, 02:58:50 AM
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That is why it is a poll where anyone can vote. Biased and unbiased opinions are all weclome. I know there are many on this forum who are bitter about what they have lost on bitcoins and will say less than $1 lol
I believe in something unlikely to happen Sad
*gazes forlornly at the magical $30 price*
It happened once, It can happen again! (maybe)
Jonathan Ryan Owens
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November 21, 2011, 03:01:23 AM
 #6

That is why it is a poll where anyone can vote. Biased and unbiased opinions are all weclome. I know there are many on this forum who are bitter about what they have lost on bitcoins and will say less than $1 lol
I believe in something unlikely to happen Sad
*gazes forlornly at the magical $30 price*
It happened once, It can happen again! (maybe)


bittenbob
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November 21, 2011, 03:05:43 AM
 #7

Interesting that no one has yet pegged the current market value. Going by the current concesnsus which is sure to change I would say that in general people seem to believe it is worth significantly more than it is right now.
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November 21, 2011, 03:08:37 AM
 #8

Interesting that no one has yet pegged the current market value. Going by the current concesnsus which is sure to change I would say that in general people seem to believe it is desperately want it to be worth significantly more than it is right now.

FTFY


bittenbob
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November 21, 2011, 03:12:25 AM
 #9

Interesting that no one has yet pegged the current market value. Going by the current concesnsus which is sure to change I would say that in general people seem to believe it is desperately want it to be worth significantly more than it is right now.

FTFY



A little upset we arent heading to less than $1 BTC in all likelihood are we?
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November 21, 2011, 03:15:15 AM
 #10

Interesting that no one has yet pegged the current market value. Going by the current concesnsus which is sure to change I would say that in general people seem to believe it is desperately want it to be worth significantly more than it is right now.

FTFY



A little upset we arent heading to less than $1 BTC in all likelihood are we?

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November 21, 2011, 03:17:13 AM
 #11

Interesting that no one has yet pegged the current market value. Going by the current concesnsus which is sure to change I would say that in general people seem to believe it is desperately want it to be worth significantly more than it is right now.

FTFY



A little upset we arent heading to less than $1 BTC in all likelihood are we?

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November 21, 2011, 03:24:14 AM
 #12

'belong' is a funny term to use, but I voted anyway.  In fact, they 'belong' wherever they happen to be in any given situation sort of by definition.

I choose $30.00+ to indicate that that is where they need to be in order to have a semi-functional and semi-useful monetary system (given the various parameters of supply, user-base, etc.)

We may never get there, but I've been prepared for that all along.  I'd be bummed, but only partly because I have always had some suspicion that Bitcoin could turn out to be a terrible thing for society.  If we never find out it will be at least a mixed blessing.


bittenbob
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November 21, 2011, 03:28:17 AM
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'belong' is a funny term to use, but I voted anyway.  In fact, they 'belong' wherever they happen to be in any given situation sort of by definition.

I choose $30.00+ to indicate that that is where they need to be in order to have a semi-functional and semi-useful monetary system (given the various parameters of supply, user-base, etc.)

We may never get there, but I've been prepared for that all along.  I'd be bummed, but only partly because I have always had some suspicion that Bitcoin could turn out to be a terrible thing for society.  If we never find out it will be at least a mixed blessing.



Thanks for your input. I think somewhere around mining prices for the average joe is the correct value. I think $30 a couple of years from now is very appropriate since the reward per block will be halved and therefore its true vision as the opposite of a fiat currency will come to be true. I agree however that current or lower market values present too much volatility and too many people with large sums of coins or money can control the market in either direction.

I hope bitcoin will turn out to be a great thing but it could very well turn out to be a terrible thing as we have seen with SR. I really hope we do not see less than $1 BTC because in my opinion it would signal the end of bitcoins.
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November 21, 2011, 04:10:07 AM
 #14

So far we have 60% above current prices and 40% below. Very interesting results indeed.
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November 21, 2011, 04:13:23 AM
 #15

So far we have 60% above current prices and 40% below. Very interesting results indeed.

Interesting divergence..

So people believe that bitcoin will be a better method of exchange at a higher price..


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November 21, 2011, 04:30:28 AM
 #16

I hope bitcoin will turn out to be a great thing but it could very well turn out to be a terrible thing as we have seen with SR.

I don't see how Silk Road has been a terrible thing.
What could turn out to be a terrible thing would be if radical groups who otherwise couldn't get together enough resources, manage to use bitcoin to source enough financial backing to be dangerous.

I suspect governments will employ sophisticated software to track the blockchain, and rather than attempt to ban bitcoin as a whole - will do something like declare that all bitcoin transfers must be traceable to a 'clean' source.  ie - all the way back to an exchange which keeps records in accordance with AML laws.
or at the very least require that businesses subscribe to government blacklist of known 'dirty' bitcoin address-chains.  
Businesses/individuals which accept 'dirty' transactions will risk penalty, or at least the inability to spend those coins with other regulated businesses etc.
Once certain coins become hard to spend at popular merchants - the government 'coin-checking' software would spread and become an appealing add-on to ordinary users because they don't want 'dodgy' coins.

While it would be a lot of data to track, I think it's well within the range of what software can do.  
Eventually Bitcoin may turn out to provide a lot less privacy from governments than people imagine.

That raises the interesting spectre of loss of fungibility.  Some bitcoins will be worth more than others - and we'll end up with 'blackmarket' bitcoin exchanges as well as 'whitemarket' exchanges.   Am I way out of line with this reasoning?

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bittenbob
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November 21, 2011, 04:35:16 AM
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I hope bitcoin will turn out to be a great thing but it could very well turn out to be a terrible thing as we have seen with SR.

I don't see how Silk Road has been a terrible thing.
What could turn out to be a terrible thing would be if radical groups who otherwise couldn't get together enough resources, manage to use bitcoin to source enough financial backing to be dangerous.

I suspect governments will employ sophisticated software to track the blockchain, and rather than attempt to ban bitcoin as a whole - will do something like declare that all bitcoin transfers must be traceable to a 'clean' source.  ie - all the way back to an exchange which keeps records in accordance with AML laws.
or at the very least require that businesses subscribe to government blacklist of known 'dirty' bitcoin address-chains.  
Businesses/individuals which accept 'dirty' transactions will risk penalty, or at least the inability to spend those coins with other regulated businesses etc.
Once certain coins become hard to spend at popular merchants - the government 'coin-checking' software would spread and become an appealing add-on to ordinary users because they don't want 'dodgy' coins.

While it would be a lot of data to track, I think it's well within the range of what software can do.  
Eventually Bitcoin may turn out to provide a lot less privacy from governments than people imagine.

That raises the interesting spectre of loss of fungibility.  Some bitcoins will be worth more than others - and we'll end up with 'blackmarket' bitcoin exchanges as well as 'whitemarket' exchanges.   Am I way out of line with this reasoning?

All bitcoins can be spent the same and therfore have the same merit. Just like the dollar in that sense. Silkroad has been a bad thing because it has associated bitcoin with the drug economy. What we need is bitcoins being used for more legitimate purposes such as buying and selling computer parts, computer power, etc. There is not a whole lot of work involved with tracking every transaction as it stands now as the blockchains are all published online with blockexplorer. Those that think bitcoin is anonymous are naive at best.
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November 21, 2011, 04:48:39 AM
 #18

All bitcoins can be spent the same and therfore have the same merit.

This just isn't necessarily true.
As I explained - governments could easily make certain bitcoins less spendable.

Already, mtgox is known to have been tracking certain stolen coins.   I believe recently someone's mtgox account was temporarily locked because of this.
In that case - it ultimately didn't stop the coins being spent as the depositor was considered an innocent party - but there's no reason a larger such system couldn't enforce the issue more strongly.

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bittenbob
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November 21, 2011, 05:12:10 AM
 #19

All bitcoins can be spent the same and therfore have the same merit.

This just isn't necessarily true.
As I explained - governments could easily make certain bitcoins less spendable.

Already, mtgox is known to have been tracking certain stolen coins.   I believe recently someone's mtgox account was temporarily locked because of this.
In that case - it ultimately didn't stop the coins being spent as the depositor was considered an innocent party - but there's no reason a larger such system couldn't enforce the issue more strongly.


Bitcoins are borderless and could be trasnferred and hidden in countries that are enemys of the countrys being dealt with without much effort. Still it is all very traceable but its not likke the government could step in and confiscate someones bitcoins or force them to be taken out of circulation. Such a larger system would have to be borderless and could only be enforced by the open source community as I am sure they would not bow to the will of any one country. The very art of outlawing bitcoins however, I speculate would raise prices as they become more sought after by the illegal community. I howver would rather see them become more popular among legitimate merchants and consumers.
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November 21, 2011, 07:09:14 AM
 #20

So far we have 60% above current prices and 40% below. Very interesting results indeed.

Interesting divergence..

So people believe that bitcoin will be a better method of exchange at a higher price..



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