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Question: Given the state of the EURO and rising USD and JPY what will bit coin be worth in 6 months  (Voting closed: May 22, 2012, 10:58:37 AM)
same around $5 USD - 11 (20.4%)
it will go 20% higher - 28 (51.9%)
More than doubble - 8 (14.8%)
decline slightly - 4 (7.4%)
near zero - 3 (5.6%)
Total Voters: 54

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Author Topic: Where do you see bit coin in the next 2 - 6 months  (Read 1672 times)
nordichowl
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May 21, 2012, 08:21:38 AM
 #21

I think it will go down before it goes up. When it goes down people are more likely to buy it and with the increase of users it will go back up.
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Fuzzy
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May 21, 2012, 08:29:04 AM
 #22

I'm not too concerned about the price as much as I am about increasing bitcoin's use as a currency for goods and services–––less exchanging for fiat and more buying and selling of actual stuff.

This.

Right now there's an emphasis on converting BTC into fiat. This gives BTC value, but ultimately serves as a tool to have fiat at the end of the day. That is after all the only way to pay the bills.

Some day though, if all goes according to plan, people will want to hold or buy BTC for its flexibility and use as a "better" currency.

Instead of "I want to make BTC to convert to fiat" we will hear "I need fiat to get some BTC"
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May 21, 2012, 11:42:49 AM
 #23

I think it would be interesting to see what happens when the block reward gets halved. I think the $ you get for BTC with rise, but only by a small percentage and th difficulty might get slightly lower (due to people quiting the mining business), but it would no where compensate for the 50% coins received.
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May 21, 2012, 08:32:39 PM
 #24

I think it would be interesting to see what happens when the block reward gets halved. I think the $ you get for BTC with rise, but only by a small percentage and th difficulty might get slightly lower (due to people quiting the mining business), but it would no where compensate for the 50% coins received.

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

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May 21, 2012, 08:57:40 PM
 #25

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

You might be right, and it will be interesting to see, but common sense suggests that if demand remains stable, and supply halves, then the price will double. I doubt that will happen, simply because FPGAs make mining bitcoin cheaper than with GPUs, but that's the first argument that pops into my head.
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May 21, 2012, 11:39:22 PM
 #26

this is not about going up or going down, it's better that btc stay at some level between 4 to 6 max that means we have a stable currency and this is good

now if major companies will want to integrate btc as a money factor that will increase the interest for btc and the price will go up. 

Its all about how btc will slip around currencies just like gold.

the joint
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May 21, 2012, 11:50:40 PM
 #27

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

You might be right, and it will be interesting to see, but common sense suggests that if demand remains stable, and supply halves, then the price will double. I doubt that will happen, simply because FPGAs make mining bitcoin cheaper than with GPUs, but that's the first argument that pops into my head.

The supply will not halve when the block reward halves.  All that will happen is that the rate of supply will halve.  It does not mean we will suddenly only have 4-5 million BTC.

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May 22, 2012, 12:17:01 AM
 #28

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

You might be right, and it will be interesting to see, but common sense suggests that if demand remains stable, and supply halves, then the price will double. I doubt that will happen, simply because FPGAs make mining bitcoin cheaper than with GPUs, but that's the first argument that pops into my head.

The supply will not halve when the block reward halves.  All that will happen is that the rate of supply will halve. It does not mean we will suddenly only have 4-5 million BTC.

Yeah, that's what I meant, when the block reward halves, ALL the bitcoins get cut down to half and everyone will only have 50% of what they have now, brilliant!

 Roll Eyes

F&%king troll
the joint
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May 22, 2012, 12:36:41 AM
 #29

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

You might be right, and it will be interesting to see, but common sense suggests that if demand remains stable, and supply halves, then the price will double. I doubt that will happen, simply because FPGAs make mining bitcoin cheaper than with GPUs, but that's the first argument that pops into my head.

The supply will not halve when the block reward halves.  All that will happen is that the rate of supply will halve. It does not mean we will suddenly only have 4-5 million BTC.

Yeah, that's what I meant, when the block reward halves, ALL the bitcoins get cut down to half and everyone will only have 50% of what they have now, brilliant!

 Roll Eyes

F&%king troll

Don't get pissed at me because you made a serious linguistic error.

Fuzzy
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May 22, 2012, 12:53:44 AM
 #30

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

You might be right, and it will be interesting to see, but common sense suggests that if demand remains stable, and supply halves, then the price will double. I doubt that will happen, simply because FPGAs make mining bitcoin cheaper than with GPUs, but that's the first argument that pops into my head.

The supply will not halve when the block reward halves.  All that will happen is that the rate of supply will halve. It does not mean we will suddenly only have 4-5 million BTC.

Yeah, that's what I meant, when the block reward halves, ALL the bitcoins get cut down to half and everyone will only have 50% of what they have now, brilliant!

 Roll Eyes

F&%king troll

Don't get pissed at me because you made a serious linguistic error.

You're the one taking the piss, supply vs rate of supply. Serious linguistic error? Get off.
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May 22, 2012, 01:05:38 AM
 #31

I'm not too concerned about the price as much as I am about increasing bitcoin's use as a currency for goods and services–––less exchanging for fiat and more buying and selling of actual stuff.

This.

Right now there's an emphasis on converting BTC into fiat. This gives BTC value, but ultimately serves as a tool to have fiat at the end of the day. That is after all the only way to pay the bills.

Some day though, if all goes according to plan, people will want to hold or buy BTC for its flexibility and use as a "better" currency.

Instead of "I want to make BTC to convert to fiat" we will hear "I need fiat to get some BTC"

I expect to hear, "Fiat? I earn and spend coins"

I don't know if "I work for fiat to get coins" is particularly different than "I provide services for btc to pay my USD bills" I mean they are different, but both help in their ways.

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the joint
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May 22, 2012, 01:17:18 AM
 #32

the block halving will have near zero impact on bitcoin prices, because this is already anticipated and priced in (it`s public knowledge)

You might be right, and it will be interesting to see, but common sense suggests that if demand remains stable, and supply halves, then the price will double. I doubt that will happen, simply because FPGAs make mining bitcoin cheaper than with GPUs, but that's the first argument that pops into my head.

The supply will not halve when the block reward halves.  All that will happen is that the rate of supply will halve. It does not mean we will suddenly only have 4-5 million BTC.

Yeah, that's what I meant, when the block reward halves, ALL the bitcoins get cut down to half and everyone will only have 50% of what they have now, brilliant!

 Roll Eyes

F&%king troll

Don't get pissed at me because you made a serious linguistic error.

You're the one taking the piss, supply vs rate of supply. Serious linguistic error? Get off.

I was trying to help you.  It was clear that you made an error in any case because the rationale that followed (i.e. FPGA mining being cheaper than GPU mining) would not have anything to do with prohibiting the price from doubling after the halving of the supply rate. It would, however, be relevant to a scenario in which the entire supply of BTC is halved.

Check...your...language.  If you don't make sense out loud (or in type), then chances are that you are equally confused in your head.

btccomm
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May 22, 2012, 02:00:28 AM
 #33

Sorry if this seems rather stupid..
But after reading some of the new topics on BTC and the way it works, There are (from what I read) only 21 million bitcoins available which are slowly diminishing over time, what happens after all 21 millions coins are revealed, is that the end of bitcoin & cyber currency? As I also read, the number of bitcoins will never increase above 21 mil.

Just curious.

Bitcoin has a fixed monetary base of 21 million BTC, which will never increase or decrease. These coins are initially distributed (as mining rewards) at a limited and constantly decreasing rate, and once they have all been distributed, no new coins will ever exist. However, this will not be the end of Bitcoin, because the initial distribution of new bitcoins is not the only reward for mining: miners also collect transaction fees. Although transaction fees currently only make up a small fraction of the total mining reward, this will change as Bitcoin becomes more popular, since more transactions means more total fees (assuming the fee per transaction stays the same).

The number of coins in circulation (as opposed to the total number in existence) will slowly decre
ase over time as people accidentally lose them, however it is virtually impossible for all the bitcoins to disappear (since that would require that everyone loses everything), and because Bitcoins are divisible the economy can continue to function normally even if only a single bitcoin, or a fraction of one, remains.
   Isn't it more like. 21 million times 10**8 ?  The smallest denomimation is 0.00000001BTC
Fuzzy
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May 22, 2012, 02:07:08 AM
 #34


I was trying to help you.  It was clear that you made an error in any case because the rationale that followed (i.e. FPGA mining being cheaper than GPU mining) would not have anything to do with prohibiting the price from doubling after the halving of the supply rate. It would, however, be relevant to a scenario in which the entire supply of BTC is halved.

Check...your...language.  If you don't make sense out loud (or in type), then chances are that you are equally confused in your head.

You're the one touched in the head mate, if the FPGAs are more power efficient than GPUs, then it costs less for the miners to mine bitcoins, is that confusing for you?
the joint
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May 22, 2012, 03:14:45 AM
 #35


I was trying to help you.  It was clear that you made an error in any case because the rationale that followed (i.e. FPGA mining being cheaper than GPU mining) would not have anything to do with prohibiting the price from doubling after the halving of the supply rate. It would, however, be relevant to a scenario in which the entire supply of BTC is halved.

Check...your...language.  If you don't make sense out loud (or in type), then chances are that you are equally confused in your head.

You're the one touched in the head mate, if the FPGAs are more power efficient than GPUs, then it costs less for the miners to mine bitcoins, is that confusing for you?

No, that doesn't confuse me at all.  What does confuse me is how you reasoned that the efficiency of FPGA mining compared with GPU mining would prohibit BTC price doubling after the rate of supply is halved.

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May 23, 2012, 05:12:40 PM
 #36

It will be here, and it will cost more.

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