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Author Topic: Forbes 2014 btc prediction  (Read 2663 times)
BTC King
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May 12, 2014, 03:10:26 PM
 #1

What you guys think of this article ? http://www.forbes.com/sites/samanthasharf/2014/01/15/10-one-perspective-on-what-bitcoin-will-be-worth-in-2014/
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bitebits
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May 12, 2014, 09:29:04 PM
 #2

What do you think?

- You can figure out what will happen, not when /Warren Buffett
- Pay any Bitcoin address privately with a little help of Monero:
 on.your.mark, get set, go!
phillipsjk
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May 12, 2014, 09:36:47 PM
 #3

I am thinking of setting a price alert at $320 so I can buy up coins around $300.

I predicted in early November we would never see $300 again (but did not actually make a leveraged bet). I would hate to be wrong Wink

Edit: this clued me in that the article is 3 months old:
Quote from: The Bitcoin Rat
I’m already ‘in print’ with a large wager challenge to Mr Williams that Bitcoin will be trading on MtGox closer to $1000 than $10 by 1st May 2014 – so far he hasnt had the “balls” to take up the challenge.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
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May 12, 2014, 10:16:57 PM
 #4

I think it is a fair review. "Majority if all coins are held by a small group of people" is very true indeed, and early adopters are become speculators  Cheesy

What is worth noting is that the writer seems to believe bitcoin has a low chance of mass adoption and another crypto will replace bitcoin with all the flaws corrected.
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May 13, 2014, 12:10:35 AM
 #5

The article is worthless. It is based on a fallacy:

Quote
Just 47 people own 29% of all outstanding Bitcoins; 930 own 50%. Another 10,000 folks bring the total owned by the largest coin holders to roughly 75%, leaving a sliver to be split among about 1 million small-change Bitcoiners.

Addresses =/= people.

Buy stuff on Amazon at a discount with bitcoins or convert Amazon points to bitcoins: Purse.io
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aminorex
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May 13, 2014, 04:20:47 AM
 #6

I think it is a fair review. "Majority if all coins are held by a small group of people" is very true indeed, and early adopters are become speculators  Cheesy

What is worth noting is that the writer seems to believe bitcoin has a low chance of mass adoption and another crypto will replace bitcoin with all the flaws corrected.

And if you want to buy that new watershed crypto while it is still cheap, you will be using....BTC.  Best to stock up on BTC while it is still cheap.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
BittersNVermouth
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May 13, 2014, 04:48:02 AM
 #7

Here Here! get them while they are cheap! Grin
sana8410
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May 13, 2014, 12:06:25 PM
 #8

This author knows nothing about Bitcoin. Bitcoin is a deflationary currency and can never be inflated. It’s amazing how people can get paid to write about a subject they know nothing about. Bitcoin is unique in that it is free from borders and government interference, and is already backed by immense distributed computing power that offers you a guarantee on the integrity of transactions.

RENT MY SIG FOR A DAY
devphp
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May 13, 2014, 12:38:15 PM
 #9

This author knows nothing about Bitcoin. Bitcoin is a deflationary currency and can never be inflated.

It seems you have your definitions mixed up a bit.

Purely deflationary currency means its supply is frozen. Technically Bitcoin is inflationary, because new supply is constantly added to the market. If demand exceeds this supply, there can be periods of deflation, when prices drop, but this is deflation of goods priced in that currency. However monetary inflation of Bitcoin is still there, although it may not be visible. Here is a link for you: http://en.wikipedia.org/wiki/Monetary_inflation

Only Proof-of-Stake currencies can be considered deflationary in the strict meaning of this word, because their supply is fixed and not growing after genesis block.

Bitcoin will become deflationary when the last bitcoin has been mined into existance, but it's still a few years away.
Lauda
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May 13, 2014, 08:08:42 PM
 #10

This author knows nothing about Bitcoin. Bitcoin is a deflationary currency and can never be inflated.

It seems you have your definitions mixed up a bit.

Purely deflationary currency means its supply is frozen. Technically Bitcoin is inflationary, because new supply is constantly added to the market. If demand exceeds this supply, there can be periods of deflation, when prices drop, but this is deflation of goods priced in that currency. However monetary inflation of Bitcoin is still there, although it may not be visible. Here is a link for you: http://en.wikipedia.org/wiki/Monetary_inflation

Only Proof-of-Stake currencies can be considered deflationary in the strict meaning of this word, because their supply is fixed and not growing after genesis block.

Bitcoin will become deflationary when the last bitcoin has been mined into existance, but it's still a few years away.
POS coins are deflationary?  Cheesy You have no clue what you're talking about.
Here you go, read about a POS coin: http://en.wikipedia.org/wiki/Peercoin

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RodeoX
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May 13, 2014, 08:16:16 PM
 #11

Their 2011 prediction was that bitcoin can't work because it's not backed by anything. Why should I care about their guess now?

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
Robin_Good
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May 14, 2014, 03:07:04 AM
 #12

I don't trust to predictions of Forbes!
Bitcoin is a complex system, whose development depends on many factors. IMO, Bitcoin is perspective

devphp
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May 14, 2014, 05:10:30 AM
 #13

POS coins are deflationary?  Cheesy You have no clue what you're talking about.
Here you go, read about a POS coin: http://en.wikipedia.org/wiki/Peercoin

Siegfried
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May 14, 2014, 05:44:30 AM
 #14

POS coins are deflationary?  Cheesy You have no clue what you're talking about.
Here you go, read about a POS coin: http://en.wikipedia.org/wiki/Peercoin



Is that a real human?
DhaniBoy
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May 14, 2014, 06:57:32 AM
 #15

lol forbes
i see many interesting comment in that site
he knows nothing about BTC, and make statement like that
nobody believe that

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bitcoinboy163
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May 15, 2014, 04:12:52 AM
 #16

i think btc will reach the price at 5000 usd
spring.yu
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Cryptocurrencies is future


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May 15, 2014, 05:47:51 AM
 #17

Bitcoin is a complex system, whose development depends on many factors. IMO, Bitcoin is perspective
Midwestbitcoiner
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May 15, 2014, 06:02:36 AM
 #18

i think btc will reach the price at 5000 usd

I think it is a long ride to 5k.  No doubt it gets there, but honestly, I do not see it in the next 2 years
RCHumphrey
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May 17, 2014, 01:13:28 PM
 #19

i think btc will reach the price at 5000 usd

I think it is a long ride to 5k.  No doubt it gets there, but honestly, I do not see it in the next 2 years

I think by the end of July if there is no recovery you'd be correct but if it starts picking up and breaks the $1k barrier again who knows...

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May 19, 2014, 02:06:45 PM
 #20

There's nothing much to think, forbes is generally correct
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