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Question: Will one bitcoin be worth twenty dollars this year?
Yes - 176 (68.2%)
No - 49 (19%)
Maybe - 33 (12.8%)
Total Voters: 256

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Author Topic: 1 BTC = 20 USD  (Read 29033 times)
goatpig
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April 25, 2011, 01:57:02 AM
 #21

I agree more exchanges would be good, but Mt Gox is offshore.

So is the whitehouse and the pentagon.


It is operated from Japan.  ACH deposits go to a Chase bank account, and the web server is in kentucky (IIRC).

Aren't the USD deposit at Gox dealt in liberty reserve dollars? If anything that what I'd pick so if the gov cracks down on Gox my $$ will be fine

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Alex Beckenham
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April 25, 2011, 02:10:08 AM
 #22

It is operated from Japan.  ACH deposits go to a Chase bank account, and the web server is in kentucky (IIRC).

My point is, all those places are offshore. Just ask vladimir or dishwara.

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April 25, 2011, 02:25:02 AM
 #23

You guys are nuts! BTC hasn't even quite reached $2. I predict a drop to $1 or less.

Anyone want to bet me that it won't go above $20?

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April 25, 2011, 02:28:12 AM
 #24

Wait for the money launderers and black market types to start using bitcoin. It'll be $20 before the end of the summer.
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April 25, 2011, 02:30:00 AM
 #25

The Chase bank account is not offshore.  No entity using ACH transfers is offshore.  That's one reason why the poker sites and their banks were busted, not just proxying credit card charges as golf balls and flower bouquets, but also for processing eChecks (which are ACH debits).

Ditto for SEPA transfers.  That's the Euro version of ACH.

Wire/SWIFT transfers are the only way to electronically deposit directly to an offshore bank.


Also, the i2P exchange posted recently could be a great idea.  There is good reason to trust "i2P bitcoin-exchange USD" more than MtGox USD or LR USD, as the i2P version is more difficult to seize.




 

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April 25, 2011, 02:34:17 AM
 #26

Theymos, I'll bet you the price hits $20 within a year or $15 by the end of this year. Want to bet 50BTC?

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dust
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April 25, 2011, 03:33:47 AM
 #27

Theymos, I'll bet you the price hits $20 within a year or $15 by the end of this year. Want to bet 50BTC?

I will bet against $15 by the end of the year, 50 BTC.

Betting in BTC essentially gives the people betting on high BTC value very good odds, as the btc will be worth more if they win.

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Alex Beckenham
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April 25, 2011, 03:36:31 AM
 #28

The Chase bank account is not offshore.  No entity using ACH transfers is offshore.  That's one reason why the poker sites and their banks were busted, not just proxying credit card charges as golf balls and flower bouquets, but also for processing eChecks (which are ACH debits).

You're still not getting it. The Chase bank is offshore, otherwise I'd be able to jump in my car right now and drive to it, which I can't because I'd sink.

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April 25, 2011, 04:24:53 AM
 #29

The US has military bases in over 150 countries....

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April 25, 2011, 11:10:10 AM
 #30

To the bears.

less than %1 of people on this planet even know bitcoins exist! I expect that many more will discover it soon and want some. Bitcoin is on an exponential trip to the moon!

Unless bitcoin gets destroyed somehow (government) or something better comes along, I fully expect bitcoins to replace every currency on the planet. Why wouldn't they?
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April 25, 2011, 11:12:48 AM
 #31

To the bears.

Keep it coming! I can't wait to buy back in at 1.3 or so.

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April 25, 2011, 11:24:07 AM
 #32

Fundamentally, there will likely be new fund inflows to buy bitcoins in the next days - given the massive news coverage.

People who sell now between 1.6 and 2.0 might be surprised if prices break above 2 $ with big momentum.

The bitcoin market is so small that a small investor can drive the value up to 3, 5, 10 $ with ease.

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dust
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April 25, 2011, 03:33:30 PM
 #33

I am with the super bitbulls.

I'd say USD/BTC exchange rate will be a 2 digit number i.e. 10$ - 99$ sometime in 2011, 3 digit number number sometime in 2012, 4 digit number in 2013, 5 digit number in 2014 and will "stabilise" as a 6 digit number for the rest of the decade.


I will bet 500USD + 500BTC against each of these.

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tomcollins
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April 25, 2011, 04:24:38 PM
 #34

I am with the super bitbulls.

I'd say USD/BTC exchange rate will be a 2 digit number i.e. 10$ - 99$ sometime in 2011, 3 digit number number sometime in 2012, 4 digit number in 2013, 5 digit number in 2014 and will "stabilise" as a 6 digit number for the rest of the decade.



Is this based on increase use of BTC or collapse of USD?

I'd be more interested in BTC/gold.
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April 25, 2011, 04:57:19 PM
 #35

The market for BTC is so insanely small right now. It really won't take much to increase the BTC/USD to above $20. What would be considered a tiny investor in conventional financial markets could singlehandedly double BTC in a day. Even though we have already seen large % increases, the total demand for BTC is still extremely low when compared to almost any other product.
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April 25, 2011, 06:41:57 PM
 #36

Can someone tell me how BTC is going to the moon when it is still relatively difficult to acquire in the first place? I imagine there are a lot of people who think Bitcoin is really cool but don't get involved much past playing around with the small amount of BTC from the Bitcoin Faucet. Given the difficulty of acquiring BTC, I think the fact that BTC made it to almost $2 is amazing in the first place.
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April 25, 2011, 06:46:09 PM
 #37

Can someone tell me how BTC is going to the moon when it is still relatively difficult to acquire in the first place? I imagine there are a lot of people who think Bitcoin is really cool but don't get involved much past playing around with the small amount of BTC from the Bitcoin Faucet. Given the difficulty of acquiring BTC, I think the fact that BTC made it to almost $2 is amazing in the first place.
Bitcoin is hard money and therefore it’s only natural that it is a bit difficult to acquire. In comparison with precious metals it is pretty easy to buy and secure Bitcoins, though.

What would help at this stage is reputable (non-Bitcoin) exchanges adding Bitcoin to their supply in my opinion.

With regard to the thread I think that 20 USD/BTC is probable this year.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
MoonShadow
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April 25, 2011, 07:12:27 PM
 #38

Can someone tell me how BTC is going to the moon when it is still relatively difficult to acquire in the first place? I imagine there are a lot of people who think Bitcoin is really cool but don't get involved much past playing around with the small amount of BTC from the Bitcoin Faucet. Given the difficulty of acquiring BTC, I think the fact that BTC made it to almost $2 is amazing in the first place.

How easy is it to acquire gold?

How easy is it to acquire a Credit Default Obligation?

How easy is it to acquire yellowcake uranium?

For that matter, how easy is it to aquire US FRNs?  Sure, they are common enough, but you still have to have a job and work hours for the few that you get, do you not?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
mewantsbitcoins
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April 25, 2011, 07:14:50 PM
 #39

I have to agree with dissipate. For non-technical people there is only one way to convert their currency into bitcoins, and that is coinpal. If there were more points of exchange like this, people would not only be trading at mt-gox/bitcoin-otc/etc, but shops would start accepting it and it would get more widely adopted in general.

It's not the matter of acquiring - it's about the ability to exchange the currency you have to BTC
tomcollins
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April 25, 2011, 07:48:53 PM
 #40

Can someone tell me how BTC is going to the moon when it is still relatively difficult to acquire in the first place? I imagine there are a lot of people who think Bitcoin is really cool but don't get involved much past playing around with the small amount of BTC from the Bitcoin Faucet. Given the difficulty of acquiring BTC, I think the fact that BTC made it to almost $2 is amazing in the first place.

Just because it is hard to obtain now doesn't mean it always will be.  It's a bit of a chicken and the egg problem, but once anything big has a big advantage in using BTC, then the other pieces will fall into place because they will have to fall into place and there will be profit to be made.
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