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blacksails
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April 20, 2014, 11:00:09 PM |
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I don't think we will ever break 4 digits unless these things happen:
1. A go-to person if something happens. Right now, it seems bitcoins best tech support is reddit and google. People, especially the more non-technical people, if they have a problem they want to talk to a person. I know this defeats the purpose of decentralization but face it, it needs to happen.
2. Higher difficulty. At first you guys are thinking what? I know, let me explain. If there is a higher difficulty, there is less chance that a 51% attack can occur, and thus double spending, forks, etc. If we can get a higher difficulty, to make the chances of a 51% attack basically 0, more merchants can adopt zero confirm transactions, or at the very most 1. 6 will seem like set in stone basically.
3. Goverment/legal support. Bitcoins, if ever wants to become a valid payment method, needs to comply with governments. If it wants to be international, that's going to take some work. Considering how long it takes for an international effort to happen, I seriously doubt that Bitcoin will be a legal globally accepted way to pay. if we can get the majority, say the US, China (big one right here), and most of Europe we should be okay.
4. MORE ATMS - ATMS > Adoption Rate > Liquidty > Market Stabiliation > Etc....
That's all I got from the top of my head if your looking for a numerical estimate? I'd say like 7-15 years.
Don't worry mate, we're still in beta!  I think we'll get to see prices waaaaaay higher eventually!  |
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apsvinet
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April 21, 2014, 01:43:08 AM |
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I don't think we will ever break 4 digits unless these things happen:
1. A go-to person if something happens. Right now, it seems bitcoins best tech support is reddit and google. People, especially the more non-technical people, if they have a problem they want to talk to a person. I know this defeats the purpose of decentralization but face it, it needs to happen.
2. Higher difficulty. At first you guys are thinking what? I know, let me explain. If there is a higher difficulty, there is less chance that a 51% attack can occur, and thus double spending, forks, etc. If we can get a higher difficulty, to make the chances of a 51% attack basically 0, more merchants can adopt zero confirm transactions, or at the very most 1. 6 will seem like set in stone basically.
3. Goverment/legal support. Bitcoins, if ever wants to become a valid payment method, needs to comply with governments. If it wants to be international, that's going to take some work. Considering how long it takes for an international effort to happen, I seriously doubt that Bitcoin will be a legal globally accepted way to pay. if we can get the majority, say the US, China (big one right here), and most of Europe we should be okay.
4. MORE ATMS - ATMS > Adoption Rate > Liquidty > Market Stabiliation > Etc....
That's all I got from the top of my head if your looking for a numerical estimate? I'd say like 7-15 years.
Don't worry mate, we're still in beta! I think we'll get to see prices waaaaaay higher eventually! Hodlers will be da winners. |
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precrime3
Member
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Activity: 84
Merit: 10
PM for journalist,typing,and data entry services.
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April 21, 2014, 01:44:48 AM |
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I don't think we will ever break 4 digits unless these things happen:
1. A go-to person if something happens. Right now, it seems bitcoins best tech support is reddit and google. People, especially the more non-technical people, if they have a problem they want to talk to a person. I know this defeats the purpose of decentralization but face it, it needs to happen.
2. Higher difficulty. At first you guys are thinking what? I know, let me explain. If there is a higher difficulty, there is less chance that a 51% attack can occur, and thus double spending, forks, etc. If we can get a higher difficulty, to make the chances of a 51% attack basically 0, more merchants can adopt zero confirm transactions, or at the very most 1. 6 will seem like set in stone basically.
3. Goverment/legal support. Bitcoins, if ever wants to become a valid payment method, needs to comply with governments. If it wants to be international, that's going to take some work. Considering how long it takes for an international effort to happen, I seriously doubt that Bitcoin will be a legal globally accepted way to pay. if we can get the majority, say the US, China (big one right here), and most of Europe we should be okay.
4. MORE ATMS - ATMS > Adoption Rate > Liquidty > Market Stabiliation > Etc....
That's all I got from the top of my head if your looking for a numerical estimate? I'd say like 7-15 years.
Don't worry mate, we're still in beta! I think we'll get to see prices waaaaaay higher eventually! Hodlers will be da winners. Personally I think active advocates will be the winners. Sure holders will gain most profit, but advocates are out there establish connections, marketing bitcoin, etc. I would rather be that then just someone that sits on some bitcoins. |
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Chapman Abbott
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April 21, 2014, 04:00:41 AM |
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Probably at the end of 2016 |
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Bobsurplus
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Making money since I was in the womb! @emc2whale
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April 21, 2014, 04:58:03 AM |
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I wake up tomorrow monring!  But I truly believe mid 2015 we'll see 5 digit BTC's |
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brandon.gur
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April 21, 2014, 07:06:27 AM |
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for today is all the times moving from 450-500. Your are bull or bear
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billysweird
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April 21, 2014, 08:23:46 AM |
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If everyone has faith, maybe soon.  |
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Flashman
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April 21, 2014, 10:23:53 AM |
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for today is all the times moving from 450-500. Your are bull or bear
Heh, yah and I think if you were buying and selling each time it crossed 500 in the last few weeks you'd have made as much as if it went straight to 10k |
TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6
Bitcoin Custodian: Keeping BTC away from weak heads since Feb '13, adopter of homeless bitcoins. |
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pandacoin
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Activity: 1554
Merit: 1000
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April 21, 2014, 10:47:20 AM |
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Before 21 April 2015.
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ecrick3
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Activity: 23
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April 21, 2014, 10:52:33 AM |
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$10,000 in 2022.
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boomertoo
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Activity: 392
Merit: 10
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April 21, 2014, 10:57:07 AM |
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for today is all the times moving from 450-500. Your are bull or bear
Heh, yah and I think if you were buying and selling each time it crossed 500 in the last few weeks you'd have made as much as if it went straight to 10k FlashMan you are sooooooooo spot on with that observation, I wish I did  |
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apsvinet
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April 21, 2014, 11:45:31 AM |
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$10,000 in 2022. I think it's more likely that we're not using Bitcoins in 2022 to be honest, haha. |
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pinksheep (OP)
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April 21, 2014, 11:54:09 AM |
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apsvinet, what do you think will happen before that? how high will btc go before we stop using it?
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apsvinet
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April 21, 2014, 11:57:29 AM |
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apsvinet, what do you think will happen before that? how high will btc go before we stop using it?
I actually don't have anything to base my previous statement on, but however if we see google rising with their own system it might shake us around a bit for sure. What I'm trying to state is that predictions made so far in the future aren't really viable at this point in time, because for all we know there might be so many things that happen in-between this date and 2022. Maybe we'll use bitcoins for our entire lifetime, and maybe we'll not. Value predictions aren't really my thing, but if everything goes smoothly during the rest of the year, we get some major news and the price explodes upwards I'm hoping it can stabilize at around 2k by next year. |
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Maharaja
Member
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Activity: 91
Merit: 10
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April 21, 2014, 12:56:09 PM |
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apsvinet, what do you think will happen before that? how high will btc go before we stop using it?
I actually don't have anything to base my previous statement on, but however if we see google rising with their own system it might shake us around a bit for sure. What I'm trying to state is that predictions made so far in the future aren't really viable at this point in time, because for all we know there might be so many things that happen in-between this date and 2022. Maybe we'll use bitcoins for our entire lifetime, and maybe we'll not. Value predictions aren't really my thing, but if everything goes smoothly during the rest of the year, we get some major news and the price explodes upwards I'm hoping it can stabilize at around 2k by next year. 2k would be nice. I would like to see the faces of all those weighing down on BTC. |
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eXch
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April 21, 2014, 01:07:36 PM |
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Why do you think we will stop using Bitcoin in 2022? As soon as more people become Bitcoin users, bank-based financial systems will have no use and i hope the revolution will be there at least in 2022...
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"[...] Note: even though it originally came from an acronym, Tor is not spelled "TOR". Only the first letter is capitalized. In fact, we can usually spot people who haven't read any of our website (and have instead learned everything they know about Tor from news articles) by the fact that they spell it wrong." -- https://support.torproject.org/about/why-is-it-called-tor |
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bryant.coleman
Legendary
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Activity: 3654
Merit: 1217
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April 21, 2014, 01:51:42 PM |
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Why do you think we will stop using Bitcoin in 2022? As soon as more people become Bitcoin users, bank-based financial systems will have no use and i hope the revolution will be there at least in 2022...
If some new bug is discovered in Bitcoin, which allows something like a double spend, then Bitcoin will become useless and the people who have invested money in it will lose everything. Also, there is a slight possibility of a 51% attack (theoretically possible, but very difficult to do it practically). So many possibilities... let's hope that BTC will cross $100,000 before that. |
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Garryashas
Member
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Activity: 72
Merit: 10
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April 21, 2014, 02:18:41 PM |
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Why do you think we will stop using Bitcoin in 2022? As soon as more people become Bitcoin users, bank-based financial systems will have no use and i hope the revolution will be there at least in 2022...
If some new bug is discovered in Bitcoin, which allows something like a double spend, then Bitcoin will become useless and the people who have invested money in it will lose everything. Also, there is a slight possibility of a 51% attack (theoretically possible, but very difficult to do it practically). So many possibilities... let's hope that BTC will cross $100,000 before that. We can hope but you know it won't. There are so much troubles on the way - people with a LOT of money will block it, government will block it as soon as they feel threatened. No chance. |
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apsvinet
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April 21, 2014, 02:25:29 PM |
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Why do you think we will stop using Bitcoin in 2022? As soon as more people become Bitcoin users, bank-based financial systems will have no use and i hope the revolution will be there at least in 2022...
If some new bug is discovered in Bitcoin, which allows something like a double spend, then Bitcoin will become useless and the people who have invested money in it will lose everything. Also, there is a slight possibility of a 51% attack (theoretically possible, but very difficult to do it practically). So many possibilities... let's hope that BTC will cross $100,000 before that. We can hope but you know it won't. There are so much troubles on the way - people with a LOT of money will block it, government will block it as soon as they feel threatened. No chance. How would the government successfully block Bitcoins? |
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