$600 Bitcoin
- Thread starter r3p1v
- Start date
I am trying to relate this to the California Gold Rush. Read the profits section - those four paragraphs are very insightful. Read every line.
Merchants => shockergd, resellers of ASIC equipment, manufacturers of ASIC, etc
Forty-niners (gold-seekers) => half of those who posted in the "$1000 bitcoin" thread (and lukep?).
Saloons/Gaming houses => Silk road
Samuel Brannan => Coinbase
This cycle is getting hilarious.
BitCoin spikes -> Bitcoin loses some value, but not as much as it gained in the spike -> "Told ya so" people come out of the woodwork ->BitCoin spikes again.
I'm willing to wager the same people acting like BitCoin is a joke at $600+ were the same people acting like it was dead when it dropped from $200 the first time.
"Oh no, the people who bought at the worst point in the last spike/drop only got 3x return on their money(after this drop)! How will they survive?"
BitCoin spikes -> Bitcoin loses some value, but not as much as it gained in the spike -> "Told ya so" people come out of the woodwork ->BitCoin spikes again.
I'm willing to wager the same people acting like BitCoin is a joke at $600+ were the same people acting like it was dead when it dropped from $200 the first time.
"Oh no, the people who bought at the worst point in the last spike/drop only got 3x return on their money(after this drop)! How will they survive?"
I actually think you're right. I finally just bought some during this dip because the pattern is pretty obvious and it's hard to see it not climb again. I don't see it ever being useful as a currency but I think it'll be fun to to speculate on. Problem is, I'm almost always wrong so now that I bought in this probably spells the end of Bitcoin. Sorry guys.
I bought after almost a year of sitting on sidelines ($970 ish). And it immediately crashed. I have said this before. Small regular purchases FTW. And when everyone panics and sells, do the opposite and buy. I bought the whole way down and all but erased my loss from that initial buy. Now that i am becoming active again, the exchanges will prob get shut down.
"Over 300,000 would-be gold seekers came from all across the world and more than 90 percent of the City’s residents were men...
With few women in the city and even fewer in the mining camps, men undoubtedly turned to each other for comfort of all kinds."
Gay History of San Francisco | Suite101
gay miners => gay webmasters
Please don't post crap like this in public bro; You'll scare off those on the fence.
Technically it's pretty impossible for it to hit a billion USD's worth of wealth anway; that would require more money than exists in the world today. (21M coins x 1 Billion = About all the money on earth, inside and outside of banks. Plus all gold and all stocks.)
I'll be just fine if BTC "Only" hits $1M each. I don't expect this to happen while $1 can buy a stick of bubble gum though.
I'm in the first group too bro! (Working on that last group as we speak.)
The problem with this metaphor however is that the goldrush was too limited in scope to be compared to bitcoin; it was all about pulling one atomic element out of the ground in one location.
In contrast the entire planet is pulling coins out of the chain, and there is more value there than just the coins... And merchants around the entire planet are trying to get rich at their existing stores by accepting that new coin.
If instead of gold, the rush was for a new element that we found to be very valuable but could be dug up anywhere and everywhere that dirt exists, then maybe it would make more sense.
That's how it always starts... Now that you're invested you have an incentive to dig deeper into it and you'll soon see the elegance and immortality of the system that many of us die-hard coiners see.
Pretty soon you'll be on Guerilla's ignore list bro.
Congrats for admitting you bought some! :music06:
Be brave my brethren, untold wealth lies ahead.. hold em' ... hold em' all
[ame=http://www.youtube.com/watch?v=NG1qooBzE2w]Zhou Tonged - Holding (Billy Joel - The Longest Time) - YouTube[/ame]
[ame=http://www.youtube.com/watch?v=NG1qooBzE2w]Zhou Tonged - Holding (Billy Joel - The Longest Time) - YouTube[/ame]
@luke 1 billion was just a joke lol. Seriously though, what's your "real" prediction for a relatively sustainable exchange rate?
It's almost retarded to try to predict the future price of bitcoin nowadays... Too much is changing from day to day, and we still don't know everything that bitcoin is capable of yet.
Back when I thought only Western Union and Paypal were in trouble, I'd have said "Take those two companies transaction volume and add it to bitcoin's market cap with a little extra from displacing gold."
For those interested, this amount would affect bitcoin's price something close to this: (Derived by dividing by current market caps by 21 Million eventual coins for simplicity)
100% of Current price of a bitcoin: $800
100% of Paypal & other web transfer systems: + $7,100
100% of Western Union and other Remittance systems: +$20,900
5% of the planet's Gold market: $17,500
--------------------------------------------------------------
Future price of a bitcoin: $46,300
...So I would have said each bitcoin would be worth just shy of $50 grand when those industries & 5% of the gold market are replaced.
But that's just not taking into account the MAJORITY of industries that are actually going to be displaced... Now that I understand bitcoin better, it's clear that there is no line in the sand at the edge of those industries and the start of others that won't get crossed.
As crazy as this sounds, western currencies are headed downhill quickly already thanks to fiat bubble mania, and bitcoin is prime to receive these people's wealth in mass... Cyprus did show us already that it could do so.
Who's to say it's impossible that bitcoin will hold over half the world's wealth one day? We just don't know. If it does it'll go to a several trillion dollar market cap meaning several million dollars' worth per coin. (As the dollar declines greatly of course.)
But right now looking at just the industries that are very likely to get displaced by bitcoin (a ground-up view rather than a top-down view) I'd say it could easily go to $200,000 per bitcoin in a decade... Depending of course on the fight that governments give it.
So, somewhere between $200k and $2 Million would be my guesstimate for a successful bitcoin 10 years out.
Of course $0 is possible too, if bitcoin is attacked successfully, but I strongly doubt that the price of bitcoin will stay somewhere inbetween the two numbers after a decade.
There's $180-$360 billion in capital waiting for the right vehicle, said vehicle is in production but won't be ready for a few months.
Did you have something specific in mind to share with us here?
Absolutely; 5% or more of of all stock & bond markets, and all precious metals & gems too in fact.
Anything where investors are sticking their money into in order to either get a better return or simply make more safe... Bitcoin won't always be full of speculative rollercoasters.
FF to ~ 44:30
[ame=http://www.youtube.com/watch?v=XSj4tpu0kYU]Peter Schiff - Market Crash 2014 | London Real - YouTube[/ame]
[ame=http://www.youtube.com/watch?v=XSj4tpu0kYU]Peter Schiff - Market Crash 2014 | London Real - YouTube[/ame]
UG has been on my ignore list for some time. I should probably take him off because I don't give a fuck anymore.Pretty soon you'll be on Guerilla's ignore list bro.
Done.
