Bitcoin price PLUS $1000 - Would Bitcoin then see world wide acceptance?

[rhj12345]

Watching the price of Bitcoin stay at $500 is pretty sad especially when you run a Bitcoin farm. So here is a question I would ask.

If everybody in the Bitcoin community including merchants, speculators, investors, miners and forum members decided to add $1000 to the value of Bitcoin so a Bitcoin price today would be more like $1500 USD instead of $500. Would that really be a bad thing if everybody agreed it was the right thing to do?

Miners would then make money, the back bone of the system.

Adoption would be higher as a base price of $1000 is always guaranteed.

Mining manufactures could continue to create better ASIC machines.

The public would start to see Bitcoin as something of real value, and know each coin is worth at least a $1000.

Maybe this is just something added for the next 5 or 10 years. Just as a way to keep it going so Bitcoin can continue to show the world what a really great technology it really has become.

Bitcoin price PLUS $1000, would that work???  

[gerXhonza]

No, it is not in interest for buyers. But you are free to put sell orders at $1500 USD, no one force you to sell or spend at $500 USD...

[Omikifuse]

You can't coordenate such big group. Otherwise there would not be any bubble in any market.

And even if you could, then outside people would see it as big market manipulation, since if you can agree to stay at the 1500's, then you can agree to put it back to the 500's and then rise to the 1500's, making a huge profit in the meanwhile.

[Gervais]

You can't coordenate such big group. Otherwise there would not be any bubble in any market.

And even if you could, then outside people would see it as big market manipulation, since if you can agree to stay at the 1500's, then you can agree to put it back to the 500's and then rise to the 1500's, making a huge profit in the meanwhile.

Exactly. It's not as easy as what you are suggesting, plus this kind of artificial price hike wouldnt be good for bitcoin. We need natural growth which will hopefully come along gradually with adoption.

[Bitcoinpro]

[rhj12345]

Exactly. It's not as easy as what you are suggesting, plus this kind of artificial price hike wouldnt be good for bitcoin. We need natural growth which will hopefully come along gradually with adoption.

It's that natural growth that worries me. Coindesk just had an article about a survey showing a large percentage of people in America would NOT invest in Bitcoin. So are we entering into a time where people do not want to own Bitcoin because of the price volatility? If the mining difficulty just rises and the price stays low or worse goes down then what? If a mining farm is spending more on the cost to run it, then most will shut down. That's not good for the Bitcoin eco system.

Maybe a national Bitcoin lotto (not the scam ones out there now) run by the same companies who run the lotto and power ball lotto's would be better. I just think the Bitcoin community better come up with a way to get people to buy and hold Bitcoin or it's all going to crash.

[goose20]

Exactly. It's not as easy as what you are suggesting, plus this kind of artificial price hike wouldnt be good for bitcoin. We need natural growth which will hopefully come along gradually with adoption.

It's that natural growth that worries me. Coindesk just had an article about a survey showing a large percentage of people in America would NOT invest in Bitcoin. So are we entering into a time where people do not want to own Bitcoin because of the price volatility? If the mining difficulty just rises and the price stays low or worse goes down then what? If a mining farm is spending more on the cost to run it, then most will shut down. That's not good for the Bitcoin eco system.

Maybe a national Bitcoin lotto (not the scam ones out there now) run by the same companies who run the lotto and power ball lotto's would be better. I just think the Bitcoin community better come up with a way to get people to buy and hold Bitcoin or it's all going to crash.

What's the point of bitcoin exactly if everybody just held on to it?

[MightyBTC]

Watching the price of Bitcoin stay at $500 is pretty sad especially when you run a Bitcoin farm. So here is a question I would ask.

If everybody in the Bitcoin community including merchants, speculators, investors, miners and forum members decided to add $1000 to the value of Bitcoin so a Bitcoin price today would be more like $1500 USD instead of $500. Would that really be a bad thing if everybody agreed it was the right thing to do?

Miners would then make money, the back bone of the system.

Adoption would be higher as a base price of $1000 is always guaranteed.

Mining manufactures could continue to create better ASIC machines.

The public would start to see Bitcoin as something of real value, and know each coin is worth at least a $1000.

Maybe this is just something added for the next 5 or 10 years. Just as a way to keep it going so Bitcoin can continue to show the world what a really great technology it really has become.

Bitcoin price PLUS $1000, would that work???  

You assumptions are just like imagining money grows on trees?Is that it? Or like government print as much money they would like to and they get rich?There is always a specific control system to handle the flow of everything,bitcoin is decentralized doesn't mean the price of it are too.

[Aemon]

I think if you did that it would make Bitcoins crash completely.

That is sort of why in the world we live in today the Government just doesn't start "Producing more money" so that everyone can have more, because then the value goes down.

[bryant.coleman]

The exchange rate is by no way related to world wide acceptance. A higher exchange rate only means higher hoarding by long-term investors. That said, acceptance will increase if the exchange rate remains stable (i.e not more than 1-2% change in the 24 hour period). But no difference will be there even if Bitcoin trades at $10 or $10,000.

[BitCoinNutJob]

Would could launch a global promotion of dont sell or spend any bitcoin week but yeah i dont see it working since the network is so big now.

[Beliathon]

Bitcoin is not a get rich quick scheme. Sorry you bought at 750, but sit and hold like the rest of us. Be patient, it will go up.

[QuestionAuthority]

Even if price had something to do with user base and you could change it, you don't want a bunch of normal people using Bitcoin right now. The experience would be too frustrating. Those users would be turned off and never return to Bitcoin in the future. You would also have the added benefit of having them recite their lousy user experience to all their friends and family. Bitcoin needs to be so simple that an American idiot can use it first.

[g29wheel]

Price is decided by supply and demand, you can't set a price for bitcoins and hope it will be fixed forever.

[Buo]

When bitcoin will have a complete worldwide adoption the price won't be 1500$ but 150000$ or more.

[cameltoe]

We do have worldwide participation just not mainstream.

[Beliathon]

When bitcoin will have a complete worldwide adoption the price won't be 1500$ but 150000$ or more.

[Moneyunmaker]

Come back in 10 years if you want mass gains.

[jabo38]

I bought a lot lower than $1000 so I sure would accept and start spending it!

[rhj12345]

What's the point of bitcoin exactly if everybody just held on to it?

I would not expect for everybody to hold onto Bitcoin. Mining farms cant do it because there is a cost to mining.

All the merchants are dumping into fiat so I am sure we need more people to buy and hold to bring up the price, but a base price is just a base. No reason why Bitcoin with a base price could not also climb to $2000 or $3000 on its own.

What we need are some great ways to get Bitcoin to be adopted by the masses!