Just wondering what everybody thinks? It seems to be edging slowly but surely higher. Max Keiser seems to think $100k per Btc is a real possibility, sounds crazy but if only such a small percentage of money out there went to Bitcoin much higher prices seem inevitable, especially since Btc will soon top out at 21 million (I think) Unless of course people abandon the Btc protocol or governments interfere. Anyway I have 4 of them! Haha so $100k will suit me fine. We can always dream What does everybody think?
BTC will hit 21 million coins in the year 2140, so not really 'soon' $100k is just some speculative bullshit to be honest. $1000 is semi realistic. The value is currently slowly increasing due to the last difficulty increases I think. Slow and steady is how this needs to be to be seen as a true currency.
Ok wow! I had no idea it would take so long to hit 21 million! I was thinking in a couple of years or so haha thanks for clearing that up.
Yeah, but then the msm reports this... http://blogs.marketwatch.com/thetel...ney-laundering-what-does-it-mean-for-bitcoin/
It's built in to the Bitcoin code. By the difficulty increases and block rewards, it'll make sure the last BTC is mined in 2140.
2140? faark, I could be dead by then. On a side note, just imagine the technological advances in the next 130 years that could make all this BTC minting obsolete. Not to mention the men in suits.
Obsolete in what regard? Even if someone brought out a quantum computer capable of hashing blocks out 10x quicker than the entire Bitcoin network is capable of, right now. The difficulty algorithm built into it would adjust the difficulty so high that it'd still minting stuff in 2140.
I think the price is unlikely to go above the threshold at which is it useful and unlikely to go below the cost of mining. for bitcoin to be globally useful the price for the smallest fraction of a bitcoin 0.00000001 would have to be like maybe 1/10 -> 1/1000 of an australian cent.
Bitcoin will surge with further currency problems about the globe. Sorry folks, but Bitcoin cares not for America, nor anyone else.
I don't necessarily agree. Consider that Bitcoin is used either to purchase items or to hoard - there is no other purpose for the currency. In such a scenario, and considering bitcoin is designed to be divisible to a Satoshi (0.0000001 BTC), is there any logical reason to say that a single Satoshi must be worth less that one cent/penny in other currencies? I would argue that there is no reason for this to be the case, in both a hoarding or purchasing scenario, it would be difficult to conceive a situation where a fraction of a cent/penny would be needed as a denomination (particularly as this doesn't occur with any currency currently), and thus, I would argue that it would be perfectly reasonable for a Satoshi to eventually reach the value of one cent/penny. Whether is does so or not will be something for the market to decide, based on desirability, scarcity & usability.
Given the relative strength of our currency at the moment I was thinking an Australian cent could be too large a sum for some items / services.. ALSO one of the major benefits of bitcoin is that you can transfer fractional money, a lot of online business has been basically failing because they can't get money, part of the problem is that processing fees make it not worth their while to accept less than a certain amount. Imagine if you had an account with a news paper, e.g. the age or what ever and you paid them half a cent per an article you viewed instead of paying a monthly subscription. they could get some money from you and maybe they wouldn't have to show ads to you anymore... With bitcoin it would be possible.
Because something new will come along that computer buffs will think is better and replace BTC. Or we'll be capable of transmitting "happy thoughts" by ESP and won't need any form of currency anymore to get everything we need.
