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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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I want to make this clear to all the new people, 1 ADA will NEVER equal the price of 1 bitcoin- sorry to spoil the lambo party
seeing alot of people talking about lambos and shit from buying 1k ada's. its damn near impossible for that to happen, the moon situation for cardano is 1 ada = 4+ dollars and that would be absolutely incredible please do not be deluded into thinking your 1k ada you bought will be worth 10,000,000 dollars some day (10k per coin) now as long as you understand that, things will be much better for you on this wonderful cardano journey
Do you think the price of 1 Bitcoin limits its success?
There is a reason stocks generally split when they reach a certain price point. Primarily, it makes the stock appear more affordable to retail investors. It occurs to me that if there were 100 or 1000 times more bitcoins in the market, it would have encouraged more widespread adoption. It would also encourage more investment and make the value of bitcoin seem less ambitious in its growth period. The average consumer sees the price of a bitcoin, not the market cap, and thinks $1200 is a lot, even while the total value of bitcoins remains modest. It's silly and illogical maybe, but that's psychology for you :) I can pay for a soda with 1 dollar / euro / pound but with BTC one has to think in tiny fractions of the currency or Satoshis. There are 100 cents in a dollar, 100m satoshis in a bitcoin, making the maths frankly harder and less intuitive to the average person. If/when BTC hits say $1m, satoshis would replace btc as the dominant unit of measurement and would be valued at 1 cent, which would then give it a more intuitive value. But this widespread adoption would IMHO happen sooner if the total supply of bitcoins was much greater to begin with. Am I crazy?
What do you think will be the price of 1 bitcoin in January 1st, 2015?
This question is based on the The Wisdom of the Crowds theory. Please write your answer in USD and avoid lengthy comments. Thank you. We will publish the results after we get at least 100 responds. EDIT: So far the wisdom of the crowds predict 1 bitcoin will be valued in $1802 by January 1st, 2015 (which is in 4 month)
This is the best tl;dr I could make, original reduced by 70%. (I'm a bot)
Bitcoin achieved a historic milestone today, surpassing the $10,000 mark for the first time in its short history. Investors and analysts alike will spend the day discussing whether the bitcoin price is a "Speculative bubble" or finally approaching its fair value, but one fact is undeniable: Bitcoin is becoming mainstream. Bitcoin has long dazzled users with the promise of future development, but this year it has proven that it can function as a "Swiss bank in your pocket," the first turnkey use case to resonate with the broader mainstream public. While speculation is inextricably linked to the current bitcoin price surge, critics who deride the market as a bubble ignore that the value of the network itself gains value and utility as more users are onboarded into the ecosystem - even if those users entered the network as mere speculators. As with the internet or any network, Bitcoin is only useful if other people are connected to the network, so the network must overcome the classic "Chicken and egg" problem to achieve critical mass. Critics who fixate on the bitcoin price's dramatic upswell miss what is occurring behind the scenes: the wheels of bitcoin mainstreamization have begun to turn, and the network effect has begun to quicken its pace.
The eventual (long term outlook) price of 1 bitcoin
There's been a lot of speculation on 'how big the bitcoin bubble' will be. I still contend that if there is a bubble it'll be a cryptocurrency bubble not a bitcoin bubble but no matter. I'm trying to construct a logical price for 1 bitcoin. Right now governments, institutions and banks are getting more interested in cryptocurrency in general and, of course, in bitcoin specifically. It's an interesting thought experiment, "What gives bitcoin its value," or, "Why is it priced as it is," but it gets a bit more interesting and circular when you start to consider why governments are most interested specifically in bitcoin rather than, say, ethereum. The reason, I contend, is simple: Bitcoin is the first and most popular and most highly priced crypto available. The most secure (probably) and the best adopted (provably). So it's basically the opposite of the valuation mode of fiat currencies. A fiat currency is based on a governmental assertion and agreement between governing bodies and then becomes more or less desirable by the masses whereas bitcoin's value is agreed upon by the regular people and then that valuation is seen as a reason for governments to be interested. So, as governments begin to utilize bitcoin for international sales it'll have to be big enough that those sales can be denominated in bitcoin. You can't sell a $30,000,000 weapon system in bitcoin if each bitcoin is only worth $1,000,000, can you? There's only every going to BE 21 million of them and the majority of those will probably always be with individuals and private funds. However... if, for example, the USA agreed to sell a $1.5 million weapon system to Sri Lanka for 1 bitcoin then at least that bitcoin would be worth $1.5 million. If this marked a trend by governments to buy bitcoins at that price then a new valuation would occur and the price of bitcoins would necessarily rise until such time as there was a high enough valuation, and enough btc in governmental hands, to satisfy their purchasing and trade needs. So given this logic and the state of the international economy one has to ask - will bitcoin simply get huge or will another crypto have to be born to take its place?
[uncensored-r/Bitcoin] The eventual (long term outlook) price of 1 bitcoin
The following post by DeucesCracked is being replicated because the post has been silently greylisted. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7b3vhk The original post's content was as follows:
07-06 00:22 - 'Satoshi-dollar parity? I've been thinking about where the ceiling for the bitcoin price would be, and it's much lower than you think. / The price of 1 bitcoin and the cost of electricity determine how much electricity miners a...' by /u/zxaslw removed from /r/Bitcoin within 244-254min
''' Satoshi-dollar parity? I've been thinking about where the ceiling for the bitcoin price would be, and it's much lower than you think. The price of 1 bitcoin and the cost of electricity determine how much electricity miners are willing to spend to mine 1 bitcoin. If we assume miners can get a low electricity cost of 0.05 $/kwh, we can work out that bitcoin mining might already be using gigawatts of power. That's starting to become a significant fraction of global power consumption. This estimate of power consumption scales with price, so if the price were to increase a couple order of magnitudes then it would push up electricity demand (and therefore electricity cost) so severely that governments would be forced to outlaw bitcoin completely. All exchanges, mining operations and mining equipment manufacturers that they could find would be shut down. That in turn would depress the price a lot. ''' Context Link Go1dfish undelete link unreddit undelete link Author: zxaslw
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