one question tickling my mind

[dothebeats]

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.
I am not saying that the price will be 10k$ or 30$, and i dont care much, as long as bitcoin gets to be an option i can choose when im buying for my daily needs.
You have a strange way of looking at things, first with that idea of bitcoins not being worth just because they are aged, and now with claim it can drop dead because of limited supply?!

cheers

Just thinking about the other possibility. What if with the limited supply comes the scarcity of demand? Wouldn't that affect the price and cause it to fall to what is already stated above?

[dothebeats]

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.

Limited supply only corresponds to high price if there is sufficient demand.
Future demand for bitcoin can't be reliably estimated - for example, a theoretical new crypto currency might prove vastly superior to bitcoin, and bitcoin holders would try to exchange their bitcoin assets into that new currency. In such a situation, demand would become pretty low while supply would be temporarily much higher than what is generated through mining. In such a situation, there may be additional factors: Miners might be shut off when bitcoin price becomes too low to make their operation economically feasible, and block times might temporarily become much longer (before difficulty adjustment correcty for the loss in mining power) making bitcoin even less attractive.
This is a completely theoretical scenario, but it's not impossible.

Onkel Paul

exactly my point. its not a stamp collection that will always get appreciated on the market.
agreed that many people started using bitcoins for daily deals now. but if like you say something else pops up, it will be drastically devalued.

also cypto has no 100% holding value. it might drop dead anytime or boom high.

well lets just sit back and watch. for the time being its dropping a bit

I second this. Crypto-holding has no assurance or whatsoever of appreciation in value. Anytime it will drop down and it can skyrocket. No one can predict exactly as to what will happen.

Oops. Drops.

[Tsquared]

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.
I am not saying that the price will be 10k$ or 30$, and i dont care much, as long as bitcoin gets to be an option i can choose when im buying for my daily needs.
You have a strange way of looking at things, first with that idea of bitcoins not being worth just because they are aged, and now with claim it can drop dead because of limited supply?!

cheers

Just thinking about the other possibility. What if with the limited supply comes the scarcity of demand? Wouldn't that affect the price and cause it to fall to what is already stated above?

There are millions of combinations of situations that could cause prices to rise or fall, and even when something happens that folks are sure will cause a move in one direction, bitcoin often does the opposite. This is why we call it speculation.

TT

[dothebeats]

"Hind sight is 20/20"

It's easy to look back and know what you would have done.

But what about today? In 5 years Bitcoin may be worth $10,000 each. Most of us will be saying "I should have bought hundreds of bitcoins when they were only $300 each. Some people will be saying "I did buy hundreds of bitcoins when they were $300 each, and now I'm rich!"

TT

or due to its limited quantity the price might just drop dead to 1-2$ each and people would say, damn should have sold

Why in the world would the price fall to 1-2 $ because its limited supply ? The point of limited supply is increase of value, not its loss, it works other way around.
I am not saying that the price will be 10k$ or 30$, and i dont care much, as long as bitcoin gets to be an option i can choose when im buying for my daily needs.
You have a strange way of looking at things, first with that idea of bitcoins not being worth just because they are aged, and now with claim it can drop dead because of limited supply?!

cheers

Just thinking about the other possibility. What if with the limited supply comes the scarcity of demand? Wouldn't that affect the price and cause it to fall to what is already stated above?

There are millions of combinations of situations that could cause prices to rise or fall, and even when something happens that folks are sure will cause a move in one direction, bitcoin often does the opposite. This is why we call it speculation.

TT

Hard to put all the eggs on such a speculative basket. That's why every investor should diversify in his investments and not focus on one and only one investment alone.

[Q7]

It doesn't matter how long it has been kept, the coins will still be there in the blockchain. Technically it's also not the Bitcoins that are stored, it's just that you know the private and it can be used to access the coins. Well that is provided that the guy still has the private keys to the coins and managed to retrieve it. I can't imagine the 50k that used to be worth almost close to nothing will be now worth millions.

[dothebeats]

It doesn't matter how long it has been kept, the coins will still be there in the blockchain. Technically it's also not the Bitcoins that are stored, it's just that you know the private and it can be used to access the coins. Well that is provided that the guy still has the private keys to the coins and managed to retrieve it. I can't imagine the 50k that used to be worth almost close to nothing will be now worth millions.

And don't forget the 10k btc pizza!

Well most of us didn't think that we will come to where we are right now. If only I took notice of bitcoins way back 2009, I would definitely become a millionaire.



But nah, there are still some opportunities out there.

[Netpyder]

It doesn't matter how long it has been kept, the coins will still be there in the blockchain. Technically it's also not the Bitcoins that are stored, it's just that you know the private and it can be used to access the coins. Well that is provided that the guy still has the private keys to the coins and managed to retrieve it. I can't imagine the 50k that used to be worth almost close to nothing will be now worth millions.

And don't forget the 10k btc pizza!

Well most of us didn't think that we will come to where we are right now. If only I took notice of bitcoins way back 2009, I would definitely become a millionaire.



But nah, there are still some opportunities out there.

mate you mean BILLIONAIRE.

remember they were worth 1300$ at one time? lol

1,000,000 bitcoins would be 1.3 BILLION$
damn.. bring my time machine here

[countryfree]

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

No, my friend. It doesn't make any difference. There could be 21 or 11 or 31 million BTC, and nothing would change. What matters is that the supply is limited, and that we know what the limit is. Besides that, total amount of BTC in circulation is irrelevant.

[arvindr]

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

No, my friend. It doesn't make any difference. There could be 21 or 11 or 31 million BTC, and nothing would change. What matters is that the supply is limited, and that we know what the limit is. Besides that, total amount of BTC in circulation is irrelevant.

Is there a possible way to know whats the total amount that is in circulation, and waht amount hasn't moved much in the last 2-3 years ?

[Possum577]

Oh man, no, they wouldn't be...in fact I can take whatever coins you have from 2011 off your hands...please see my address in my profile!

Hahaha, what a great question, please tell me you have 50,000 bitcoins from 2011!

[maku]

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

No, my friend. It doesn't make any difference. There could be 21 or 11 or 31 million BTC, and nothing would change. What matters is that the supply is limited, and that we know what the limit is. Besides that, total amount of BTC in circulation is irrelevant.

It is relevant from psychological point of view. As people are highly illogical creatures. Amount of bitcoin flowing through system can influence its price greatly as people will perceive in the future that every bitcoin was mined and its supply indeed limited. I would assume a huge price rise near the end of mining bitcoin.

[okthen]

I hope OP is asking this hypothetical question about himself.
And if that's the case, buy us some beer!

[Netpyder]

Ah i wish i had my old wallet :/

collected 200k i think. dnt even know where its lost.. like many people

[specgamer]

Yes of course, even it has been 4 years, bitcoins always stay valid to the coin holder. If he had kept that much until now, he would've been a millionaire.

[Tsquared]

I wonder how many bitcoins have just been lost because of hard drive crashes or lost keys or passwords.

[polynesia]

but the owners need to be contacted by any means possible. not to ask them but to inject them again in the bitcoin economy..
one day when no bitcoins will be mined anymore we will need every single bitcoins to get everything back to a cycle economy..

No, my friend. It doesn't make any difference. There could be 21 or 11 or 31 million BTC, and nothing would change. What matters is that the supply is limited, and that we know what the limit is. Besides that, total amount of BTC in circulation is irrelevant.

If anything, the increase in bitcoins in circulation would bring the price down. 

[nambich]

Bitcoins don't lose validity as long as you keep the private keys safe.
But it is quite possible that some of the huge bitcoin stashes from early mining are inaccessible due to lost wallets - people did not be particularly careful with their wallets when bitcoins were worth basically nothing.

[genny2kuk]

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

All bitcoin remains valid as long as owner retains keys to access them.

[Jemzx00]

Ah i wish i had my old wallet :/

collected 200k i think. dnt even know where its lost.. like many people

Wow I never thought bitcoin was so easy to get from those times. But as far as I've read, not only you lost your old wallet. A lot of people lost theirs.

I wonder how many bitcoins have just been lost because of hard drive crashes or lost keys or passwords.

The answer is a lot, men. Just imagine each persons who have been using bitcoin before has 100 each. If only bitcoins has been popular before then maybe the price would easily go up.

Bitcoins don't lose validity as long as you keep the private keys safe.
But it is quite possible that some of the huge bitcoin stashes from early mining are inaccessible due to lost wallets - people did not be particularly careful with their wallets when bitcoins were worth basically nothing.

Agreed, but most lost wallets/ private keys are due to computer crashing and corrupted files. Most people didn't take care of their bitcoins before because they didn't even know that bitcoin would become a hit.

[pearlmen]

i have one question..

in 2011 bitcoins per 50,000 to 500,000 we spent for nothing, just pranking and stuff...

if one person kept 50,000 bitcoins in his account from 2011 up till now,

would the bitcoins still be valid for transactions?

I have a very good reason to believe that those people who are really ruling the world of bitcoin and are able too decide the trend in which bitcoin will go as a result of prices, would have held that quantity or volume of btc as at those time you are referring to and that is why they remain a beacon today. So, bitcoin is forever valid.