$500,000 per Bitcoin, baby. The math behind it.

[efreeti]

I have felt a little envy of those who have invested a lot in Bitcoin early. And if one bitcoin would be worth $500,000 then many people may feel bad because they didn't or couldn't invest early. I have changed my mind about that and would be interested in having Bitcoin become huge even if I myself hadn't invested in Bitcoin. I'm curious to find out if Bitcoin is the new mammal that will survive while the dinosaur fiat currencies die out.

Many holders are throwing out a big number because they only own 1-3 coins.

It is unlikely that bitcoin can reach that high.

[teodor87]

Bitcoin is the 3rd revolution I'm living through

1st revolution was Personal Computer's which are now tablets and smartphones to many (1980's-2000's)
2nd revolution was The Net the age of instant free info (1990's-2000's)
3rd revolution was Digital Cryptocurrency (2010's-)

I honestly believe most here will be telling our grand kids about a thing we used to have called money that evil governments printed at will to fuel stupid wars.

They will ask, "Gramps, how did you become so rich?"

You will say, "Because I SAW THE REVOLUTION COMING and put lots of worthless government notes into tech notes you call BITCOIN."

After you've been front lines in a couple of revolutions you start to see them coming.

BITCOIN is like the Internet and the personal computer. It is the NEXT revolution.

Bitcoin had four ten-fold growth bubbles:

• $0.05 per bitcoin. The start.
• $0.50 per bitcoin. First tenfold bubble
• $5.00 per bitcoin. Next tenfold bubble
• $50.00 per bitcoin. Next tenfold bubble
• $500.00 per bitcoin. Our current bubble

Next bubbles:

• $5,000 per bitcoin.
• $50,000 per bitcoin.
• $500,000 per bitcoin.

For $5,000 to happen you need ONLY 0.1% acceptance of world population for Bitcoin. We are at 0.01% now.

$50,000 is just 1% of Gross World Product by Bitcoin. This produces the $50,000 bubble.

$500,000 per Bitcoin is just 10% Gross World Product by Bitcoin.

Can Bitcoin hit 10% growth of population?

Credit cards did and they reject 90% of the world.

Bitcoin rejects no one.

So Bitcoin will go in trade where Visa/Mastercard refuse to go.

So way over 10% of Gross World Product can eventually be Bitcoin.

10% of Gross World Product is $8.5 trillion.

Divide 12M coins into $8.5 trillion

$500,000 Bitcoin baby.



- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The original poster of this was not me. Full credit goes to this guy "domainbrokers". I liked his post so much that I wanted to share it.

And all this is based on what? Your wishes? Get real. If bitcoin does not become centralized it has only theoretical value, because there is no real currency backing it up.

[bananaControl]

$500,000 per bitcoin?

That's nowhere near enough man - this is much better:

http://www.bitcoindigest.com/reviews/maximum-bitcoin-price-how-high-can-bitcoin-go/

$3 Million! Now we're talking!

[Yakamoto]

Bitcoin is the 3rd revolution I'm living through

1st revolution was Personal Computer's which are now tablets and smartphones to many (1980's-2000's)
2nd revolution was The Net the age of instant free info (1990's-2000's)
3rd revolution was Digital Cryptocurrency (2010's-)

I honestly believe most here will be telling our grand kids about a thing we used to have called money that evil governments printed at will to fuel stupid wars.

They will ask, "Gramps, how did you become so rich?"

You will say, "Because I SAW THE REVOLUTION COMING and put lots of worthless government notes into tech notes you call BITCOIN."

After you've been front lines in a couple of revolutions you start to see them coming.

BITCOIN is like the Internet and the personal computer. It is the NEXT revolution.

Bitcoin had four ten-fold growth bubbles:

• $0.05 per bitcoin. The start.
• $0.50 per bitcoin. First tenfold bubble
• $5.00 per bitcoin. Next tenfold bubble
• $50.00 per bitcoin. Next tenfold bubble
• $500.00 per bitcoin. Our current bubble

Next bubbles:

• $5,000 per bitcoin.
• $50,000 per bitcoin.
• $500,000 per bitcoin.

For $5,000 to happen you need ONLY 0.1% acceptance of world population for Bitcoin. We are at 0.01% now.

$50,000 is just 1% of Gross World Product by Bitcoin. This produces the $50,000 bubble.

$500,000 per Bitcoin is just 10% Gross World Product by Bitcoin.

Can Bitcoin hit 10% growth of population?

Credit cards did and they reject 90% of the world.

Bitcoin rejects no one.

So Bitcoin will go in trade where Visa/Mastercard refuse to go.

So way over 10% of Gross World Product can eventually be Bitcoin.

10% of Gross World Product is $8.5 trillion.

Divide 12M coins into $8.5 trillion

$500,000 Bitcoin baby.



- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The original poster of this was not me. Full credit goes to this guy "domainbrokers". I liked his post so much that I wanted to share it.

And all this is based on what? Your wishes? Get real. If bitcoin does not become centralized it has only theoretical value, because there is no real currency backing it up.

If it's centralized, everything is lost, and Bitcoin becomes worthless.

It has plenty of value, being backed means nothing. Fiat isn't backed, and it still has value.

What, should we peg the rate at $5,000,000,000 to one Bitcoin? Would that be enough of a backing for you?

You are going to have a really hard time centralizing Bitcoin, and it will not be pegged to something until that happens.

And the book the guy at the top of the page is talking about; he's a puppet, along with about 7 others. He's on drugs, and jerking his own ego to making Bitcoin "untrustable". Ignore him.

[teodor87]

Bitcoin is the 3rd revolution I'm living through

1st revolution was Personal Computer's which are now tablets and smartphones to many (1980's-2000's)
2nd revolution was The Net the age of instant free info (1990's-2000's)
3rd revolution was Digital Cryptocurrency (2010's-)

I honestly believe most here will be telling our grand kids about a thing we used to have called money that evil governments printed at will to fuel stupid wars.

They will ask, "Gramps, how did you become so rich?"

You will say, "Because I SAW THE REVOLUTION COMING and put lots of worthless government notes into tech notes you call BITCOIN."

After you've been front lines in a couple of revolutions you start to see them coming.

BITCOIN is like the Internet and the personal computer. It is the NEXT revolution.

Bitcoin had four ten-fold growth bubbles:

• $0.05 per bitcoin. The start.
• $0.50 per bitcoin. First tenfold bubble
• $5.00 per bitcoin. Next tenfold bubble
• $50.00 per bitcoin. Next tenfold bubble
• $500.00 per bitcoin. Our current bubble

Next bubbles:

• $5,000 per bitcoin.
• $50,000 per bitcoin.
• $500,000 per bitcoin.

For $5,000 to happen you need ONLY 0.1% acceptance of world population for Bitcoin. We are at 0.01% now.

$50,000 is just 1% of Gross World Product by Bitcoin. This produces the $50,000 bubble.

$500,000 per Bitcoin is just 10% Gross World Product by Bitcoin.

Can Bitcoin hit 10% growth of population?

Credit cards did and they reject 90% of the world.

Bitcoin rejects no one.

So Bitcoin will go in trade where Visa/Mastercard refuse to go.

So way over 10% of Gross World Product can eventually be Bitcoin.

10% of Gross World Product is $8.5 trillion.

Divide 12M coins into $8.5 trillion

$500,000 Bitcoin baby.



- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The original poster of this was not me. Full credit goes to this guy "domainbrokers". I liked his post so much that I wanted to share it.

And all this is based on what? Your wishes? Get real. If bitcoin does not become centralized it has only theoretical value, because there is no real currency backing it up.

If it's centralized, everything is lost, and Bitcoin becomes worthless.

It has plenty of value, being backed means nothing. Fiat isn't backed, and it still has value.

What, should we peg the rate at $5,000,000,000 to one Bitcoin? Would that be enough of a backing for you?

You are going to have a really hard time centralizing Bitcoin, and it will not be pegged to something until that happens.

And the book the guy at the top of the page is talking about; he's a puppet, along with about 7 others. He's on drugs, and jerking his own ego to making Bitcoin "untrustable". Ignore him.

First of all "market capitalization" and "market" are different things.

Market capitalization is a fictional term. It's the value of all coins if sold at the same time and rate.

The daily bitcoin MARKET (coins that are actually traded) is rarely above 40,000 which is 1/500 of the coins. And yet it's enough to drive prices to 1200$/btc. Real market of cryptos is 0,2 - 2% of the market capitalization, so even if BITCOIN was 500000$ the current daily market would be 20 billion.

Same as on FOREX. The daily MARKET is 4 trillion, although world's economy is valued at 90. And yet ~5% of all the currency is enough to drive prices.

Difference - fiat currency has lots of backup. Obligations, gold options, gold stock, gold bars, gold coins, silver, silver stock, silver options, government issued bonds etc.

What backup does bitcoin have? None. If tomorrow people start selling price will go down to 0. Why? No backup. And electricity prices are not a real backup, because the electric companies couldn't care less if you mine bitcoins or not. They will not refund you if your BTCs lose value. That's for sure.

At least bank deposits are insured upto 100,000EUR in the EU.

Are bitcoins insured? No. They cannot be. No insurance company will ever insure bitcoins. For the aforementioned resons.

[jonald_fyookball]

The math was ripped off from Dr Sol Adoni's bitcoin book
 

GTFOH please.

The math was created by Burt.

Sol Adoni, please find another forum to troll/solicit/scam.

[eid]

The math was ripped off from Dr Sol Adoni's bitcoin book

No need to complain since the OP was quoting (and gave credit to) your sock-puppet "domainbrokers".

[BurtW]

The math was ripped off from Dr Sol Adoni's bitcoin book

No need to complain since the OP was quoting (and gave credit to) your sock-puppet "domainbrokers".

I think the "math" ripped off was the "math" supporting $500,000/BTC - not the actual math I used to derive the estimated power consumption of the Bitcoin Network.

And, as you said, the "math" supporting $500,000/BTC wasn't even ripped off anyway as full sock puppet credit was given in the OP.

[BurtW]

I won't pay $50.00 for his book but I would pay $0.50 if we can find 100 others willing to split the cost with me.

[Prez]

I won't pay $50.00 for his book but I would pay $0.50 if we can find 100 others willing to split the cost with me.

.50 is still to much, lets get it for free!

[BurtW]

I won't pay $50.00 for his book but I would pay $0.50 if we can find 100 others willing to split the cost with me.

.50 is still to much, lets get it for free!

Send me a copy if you get it.  Thanks.

Or, better yet, let's just post it somewhere and post the link here so everyone can read it.

[JayJuanGee]

The power consumption over the next 50 years is harder to predict than the price.  There are many factors simplified above that could change.

You are correct for acknowledging the many known unknowns and potential unknown unknowns, thus I reject this one comment:

So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so.

There definitely are physical restrictions with todays technology on the market cap of bitcoin but all of that can change overnight....
Printable solar cells with ASIC's? ASIC space heaters?

That's exactly what i was thinking! Let bitcoin be the engine behind solar cell technology! those Obama hand-outs didn't do shit! Thanks obama!

Yeah... must have been Obama... fuck!!!!!



NOT



Blaming Obama seems to be way too simple of an explanation for anything government related, and blaming him regarding a solar cell company... What?.  (now blaming him for a bad joke or putting his pants on backwards may be another story..  ).    Regarding governmental issues, there are institutions and there are a variety of forces out there... causing and effecting... besides some simple blame-Obama scenario.  

[TheNewAnon135246]

I'd love to see this happening but I really doubt it. $5,000 is do-able but $500,000 is likely to ever happen.

[JayJuanGee]

I'd love to see this happening but I really doubt it. $5,000 is do-able but $500,000 is likely to ever happen.

I have been thinking that $5K or $50K are possible in the next few years; however, $500K is some other level shit, and surely it is possible, but maybe like Burt W suggested, such a price may NOT be too sustainable for a lot of reasons or even feasible until something like 20 years from now.... and by then, who knows what the state of the crypto world is going to be... we may be in for some real surprises.. if we are so lucky to be living 20 years from now.

[Yakamoto]

I'd love to see this happening but I really doubt it. $5,000 is do-able but $500,000 is likely to ever happen.

I have been thinking that $5K or $50K are possible in the next few years; however, $500K is some other level shit, and surely it is possible, but maybe like Burt W suggested, such a price may NOT be too sustainable for a lot of reasons or even feasible until something like 20 years from now.... and by then, who knows what the state of the crypto world is going to be... we may be in for some real surprises.. if we are so lucky to be living 20 years from now.

Everyone has such a pessimistic view of the future nowadays.

What happened to the colorful cities with hovercars and white-picket fences, and all your favorite shows and games at your fingertips? Did "The Walking Dead" skewer your view of a better tomorrow?

I really don't understand what happened.

Cold War era; colorful cities, fancy technology, etc.

Today; dystopia up the wazoo.

Is when we have war we think of a futuristic tomorrow, and when we have relative peace, we imagine the world going to sh!t?

I may sounds naive, but these are my literal observations.

They lived thinking about impending nuclear strikes, at any time, but they had a bright outlook. Now that we have that threat relatively gone, it's turned into... the apocalypse. Everyone wants to be the next king-pin, living on top a mountain of gold while hookers swirl around them, and cities burn on the horizon, with thugs constantly bringing in more and more loot...

Wtf humanity.

[Fair and Peace]

Yes, it will take a while to reach $50,000. Many years.

But it will hit $5000 within the next 6 months.

$5,000 in the next 6 months!? LOL. What planet are you living on?

i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may

[leex1528]

i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may

As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!

[jonald_fyookball]

i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may

As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!

How so?  You do realize there's millions of millionaires already right?  The government cares about taxes.  They don't give 2 rat shits if you've got money or not.

[Fair and Peace]

i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may

As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!

yea agree and the richer more rich and when stopped mining . all bitcoin will death from free transaction.

[Fair and Peace]

Yes, it will take a while to reach $50,000. Many years.

But it will hit $5000 within the next 6 months.

i curious to see this happend . its mean in begin of 2015 will something special