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-   -   When do you think BTC will hit 100,000 USD? (https://gfy.com/showthread.php?t=1283520)

thommy 11-04-2017 09:12 AM
Quote:
Originally Posted by klinton (Post 22062078)
now please explain how "real" money is created, how it is backed, and who basically controls it...and why its better than bitcoin :1orglaugh:1orglaugh:1orglaugh
well i studied that in university for many years and i have a master degree in enonomics science.
if it would be that easy to explain an amateur why he is completely wrong - i don´t know why it takes so many years to get the degree.

but you can believe what you want. it is everybody´s right to make his own mistakes.

i the music scene it is called: each one who can carry a guitar case goes on world tour.

klinton 11-04-2017 09:18 AM
Quote:
Originally Posted by thommy (Post 22062102)
well i studied that in university for many years and i have a master degree in enonomics science.
if it would be that easy to explain an amateur why he is completely wrong - i don´t know why it takes so many years to get the degree.

but you can believe what you want. it is everybody´s right to make his own mistakes.

i the music scene it is called: each one who can carry a guitar case goes on world tour.
you are witnessing the end of monetary system as we know, remember that. And I think that you are aware of that, if you only dont fool yourself. and its not because of the Bitcoin, cryptos, and math, but because of the crooks in banks and human nature. rise of the BTC and cryptos is exactly because of that.
Also to not confuse closed minds: on that ATM picture that I posted it says "BUY" and "SELL" bitcoin....so it just became another commodity, like gold, houses, "real" money, cars.... and it slowly begins to be parallel "real" money...just like "real" currencies...

also, do you realize that BTC producing and trading uses more energy per year than Ecuador uses ? :1orglaugh:1orglaugh:1orglaugh

Barry-xlovecam 11-04-2017 09:41 AM
that old song is 30 years old (1987)-- still waiting LMAO

klinton 11-04-2017 09:45 AM
Quote:
Originally Posted by Barry-xlovecam (Post 22062140)
that old song is 20 years old -- still waiting LMAO
if "end of the monetary system as we know" means "end of the world" for you, than good luck:winkwink::winkwink::winkwink:

Barry-xlovecam 11-04-2017 10:02 AM
No I live is a 1st word nation -- you don't.
I have money and I will do just fine. TY

klinton 11-04-2017 11:04 AM
Quote:
Originally Posted by Barry-xlovecam (Post 22062174)
No I live is a 1st word nation -- you don't.
:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh :1orglaugh

WHAAATTTT ???

buhahahah...

dude, what "who has bigger cock" does have in common with the Original Topic and bitcoin talk ?
also, not sure what you mean by "1st world nation" ??? like first in the world, or from top of the world ? Thats very subjective dude:1orglaugh:1orglaugh:1orglaugh

wherever you live, if you have money, you are fine. especially in USA lol...

cordoba 11-04-2017 11:11 AM
Quote:
Originally Posted by crucifissio (Post 22061596)
BTC @100k and let's say 15mil bitcoins mined by then, dictates a market cap of 1.5trillion $

Some will want to cash out...live the baller life...0.1% in that case is a billion $...just 0.1% at the same time...

You guys really think the exchangers have a billion? 0.1% is a very conservative figure considering the highly speculative nature of BTC...then there's the domino effect...

Just one wallet with 1000 BTC cashed out would bankrupt the whole system...
Yeah, there's things about Bitcoin I don't understand, although Economics is not my strong point.

I mean, one bitcoin is worth $7k now and people are talking about it going up to $100k. But it was worth 1 cent only a few years ago, when thousands of people were talking it up online, including here.

So there must be thousands and thousands of 'Bitcoin millionaires' now. If it goes up to $100k, then thousands and thousands of Bitcoin billionaires. But this is just money out of thin air. It's all nominal value built on trust, above all the trust that other Bitcoin owners wont cash in and sell all of theirs. All this Bitcoin wealth if it was converted to real wealth would cause the value of Bitcoin to plummet to zero. So all the value of Bitcoin is truly virtual. Or to put it another way, one huge bubble that requires only a pinprick to burst.

klinton 11-04-2017 11:14 AM
Quote:
Originally Posted by cordoba (Post 22062228)
But this is just money out of thin air. It's all nominal value built on trust, above all the trust that other Bitcoin owners wont cash in and sell all of theirs. All this Bitcoin wealth if it was converted to real wealth would cause the value of Bitcoin to plummet to zero. So all the value of Bitcoin is truly virtual. Or to put it another way, one huge bubble that requires only a pinprick to burst.
were you under rock after 1971 ? and even most important - from 2008 ?
now think Verbal Kint, think, where the "value" of the modern money comes from :1orglaugh:1orglaugh:1orglaugh:1orglaugh

tokmansta 11-04-2017 11:42 AM
Quote:
Originally Posted by cordoba (Post 22062228)
One huge bubble that requires only a pinprick to burst.
I suspect in a few years there will be another documentary like the Enron one about Bitcoin.

Barry-xlovecam 11-04-2017 02:26 PM
My only problem with this all is what is outlined here;

Quote:
Ease of Use

Crypto currencies are hard to use, which inhibits their adoption today by the mainstream.

Much of the difficulty in using crypto currencies comes from the regulatory constraints around the on/off ramps from fiat to crypto. However, the more crypto grows, the more economic activity will take place without needing conversion to fiat, which will reduce this burden.

Another difficulty is in private key management, necessary to keep coins secure. This obstacle may eventually be overcome by a combination of improved technology and improved understanding of the underlying concepts.
What Drives the Value of Crypto Currencies? – MetaStable

Currency's real value is utility and the goods that can be readily acquired with it. Buying and selling something endlessly is speculation.

The argument of anonymity of the source of funding is a joke. Wallet to wallet transactions might be anonymous.

Quote:
... As such, the transaction itself is seemingly anonymous. However, in most countries today, one needs to undergo the process of KYC in order to open a new digital wallet. Hence, by virtue of owning an electronic wallet, even without necessarily using it, anonymity is compromised. ...
Any real anonymity is an illusion


Quote:
One possibility is the expansion of KYC as a worldwide prerequisite to issue global e-wallets by setting designated wallet standards, thereby prohibiting token transfer to a wallet which does not meet those same standards.
You are just kidding yourself with that red herring argument

Quote:
Furthermore, unlike counterfeit hard-currency, which governments spend significant sums trying to combat, crypto-currencies are almost impossible to forge as each carry their own unique characteristics, ...
This is why central banks are interested in blockchain ( just in case this is not already apparent to you ).

https://bravenewcoin.com/news/the-ke...ypto-currency/

The author contradicts or twists his own arguments to his own ends ... discounting the hype he is mostly correct.


However, for porn (adult explicit activities) digital currencies are ideal as they avoid all the VISA-Net bullshit and their member banks' bullshit.

An ICO with industry sponsorship and an API post and CGI postback make sense to me. You could probably achieve good market penetration in a few years with a low processing cost. Increased profit in a commoditized market along with anonymity from your bank, spouse, family ...

Micro payments would be possible and this would open new markets in lesser developed nations with less disposable income. Maybe 20% or 30% newly acquired revenue with micro payments.

mce 11-05-2017 05:30 PM
Imagine the price once more establishments accept BTC

thommy 11-11-2017 05:40 PM
Quote:
Originally Posted by klinton (Post 22062082)
hello mr xix century :1orglaugh:1orglaugh:1orglaugh

http://static2.businessinsider.com/i...itcoin-atm.jpg
did you see meanwhile where your failure in the sytem is ???

no matter how much a cybercurrency is limited - the number of currencies is NOT limited as you hopefully see now. and THIS leads to an even bigger problem as real money.

TheRock55 11-11-2017 05:41 PM
Bitcoin will eventuall go to 0

Frank21 11-11-2017 05:42 PM
it will never get to 100 000.
How many digits after the comma do you need if you want to make a 10 dollar payment using a bitcoing of 100 000$?
totally impractical.

rowan 11-11-2017 06:08 PM
Quote:
Originally Posted by Frank21 (Post 22071578)
it will never get to 100 000.
How many digits after the comma do you need if you want to make a 10 dollar payment using a bitcoing of 100 000$?
totally impractical.
Just like there's cents to dollars, there's mBTC to BTC. There's also (less formally) Satoshis.

If BTC was $100,000:

1 mBTC = $10
1 Satoshi = 1/10th of a cent

Paul Markham 11-12-2017 09:53 AM
If any of us knew we would be genius's

jscott 11-12-2017 11:40 PM
Quote:
Originally Posted by TheRock55 (Post 22071576)
Bitcoin will eventuall go to 0
^^

https://i.imgur.com/2Ivh6f7.jpg

Caldo 11-13-2017 02:16 AM
One day, one day ...

klinton 11-13-2017 04:22 AM
Quote:
Originally Posted by thommy (Post 22071574)
did you see meanwhile where your failure in the sytem is ???

no matter how much a cybercurrency is limited - the number of currencies is NOT limited as you hopefully see now. and THIS leads to an even bigger problem as real money.
agreed, most of the new cryptos are total shit. there should be no more than 10-15 cryptos IMO

AmeliaG 11-13-2017 06:34 AM
Quote:
Originally Posted by thommy (Post 22061906)
the problem on every cyber currency is that it can not be balanced with the number of goods you can buy.

bitcoin was originally limited to 21 million - if you multiply that by 100 k you end up on a value of 2,1 trillion - that´s not such a big issue if there would not be the other crypto currencies and the real existing money.

the error in this discussion is always the same that cyber guru´s argumenst are: even the printed money is just a believe. but that is completely wrong.
if you wipe out the value of real money HOW can you give a value to crypto currencies?
if the real money would not have value the crypto currencies are just data and nothing else.

so crypto CAN NOT exist without the value of this real money.

and now we are at the REAL point.

if you add the value of all existing real money (what is at the moment at around 126 trillion) and add to that the value of ALL cyber currencies and assume that bitcoin will possible not be limited on 21 million anymore you reach a number of money what is much higher as the value of all goods produced in the world.

so what happens when there is more money in the market as goods?

correct ! the money will lose it´s value because it is REPRESENTING the value of production and services.
this number of production and services MUST be balanced with the value of existing money. and THERE is the thinking error.

with other words: it IS indeed possible that bitcoin reaches this 100.000 or even more but it can happen that you can buy a hot dog with french fries for this 100 k.

I've purchased waffles with Bitcoin

jscott 11-13-2017 06:40 AM
Quote:
Originally Posted by thommy (Post 22061906)
the problem on every cyber currency is that it can not be balanced with the number of goods you can buy.

bitcoin was originally limited to 21 million - if you multiply that by 100 k you end up on a value of 2,1 trillion - that´s not such a big issue if there would not be the other crypto currencies and the real existing money.

the error in this discussion is always the same that cyber guru´s argumenst are: even the printed money is just a believe. but that is completely wrong.
if you wipe out the value of real money HOW can you give a value to crypto currencies?
if the real money would not have value the crypto currencies are just data and nothing else.

so crypto CAN NOT exist without the value of this real money.

and now we are at the REAL point.

if you add the value of all existing real money (what is at the moment at around 126 trillion) and add to that the value of ALL cyber currencies and assume that bitcoin will possible not be limited on 21 million anymore you reach a number of money what is much higher as the value of all goods produced in the world.

so what happens when there is more money in the market as goods?

correct ! the money will lose it´s value because it is REPRESENTING the value of production and services.
this number of production and services MUST be balanced with the value of existing money. and THERE is the thinking error.

with other words: it IS indeed possible that bitcoin reaches this 100.000 or even more but it can happen that you can buy a hot dog with french fries for this 100 k.
I pay my bills, order my delivery foods, buy domains and withdraw cash with Bitcoin

some people here are not very smart, or lack learning, researching, or basic common senses.

AmeliaG 11-13-2017 06:41 AM
Quote:
Originally Posted by thommy (Post 22071574)
did you see meanwhile where your failure in the sytem is ???

no matter how much a cybercurrency is limited - the number of currencies is NOT limited as you hopefully see now. and THIS leads to an even bigger problem as real money.

No difference. There is no set limit to new nation states having their own currency, but some currencies convert with better exchange rates than others, when being traded for another currency.

jscott 11-13-2017 06:50 AM
Btw grouping all cryptos together as same, as this:
"no matter how much a cybercurrency is limited - the number of currencies is NOT limited"

is terribly falsified and extremely flawed theory. Tell me one payment processor that accepts any crypto? It's bitcoin, the only superior crypto that is worth any while (for most part, maybe handful few more)

For example, Namesilo accepts Bitcoin, bitcoin only, the crypto bitcoin that is limited to currently 16mil, eventually 21mil finite.

pimpmaster9000 11-13-2017 08:03 AM
:1orglaugh:1orglaugh:1orglaugh

newegg permanently removed bitcoin as a form of payment because it was sooooo fucking convenient they could not stand it:

https://www.reddit.com/r/Bitcoin/com...in_as_payment/

https://media.giphy.com/media/oknVC23qeHEXe/giphy.gif

Paul&John 11-13-2017 08:06 AM
Quote:
Originally Posted by crucifissio (Post 22072848)
:1orglaugh:1orglaugh:1orglaugh

newegg permanently removed bitcoin as a form of payment because it was sooooo fucking convenient they could not stand it:

https://www.reddit.com/r/Bitcoin/com...in_as_payment/

https://media.giphy.com/media/oknVC23qeHEXe/giphy.gif
That's a 5 month old post about Newegg CA, as far as I know the US site still accepts it
https://promotions.newegg.com/nepro/16-6277/index.html

jscott 11-13-2017 08:10 AM
goes to show how stupid people can be

1min of research goes a long way cruciffiso, i just went to payment page for Newegg, and sure enough, still accepting bitcoin lol

https://i.imgur.com/vxxf8jD.jpg
edit, adding image..... :thumbsup

mce 11-13-2017 12:08 PM
Quote:
Originally Posted by jscott (Post 22072578)
HAHAHAHAHAAHAHAHAHAHAHAHAHHAHA :1orglaugh:1orglaugh:1orglaugh

For haters trashing BTC's recent slump:There's a BTC buying opportunity lately. Buy in NOW before the next breakout level of 15K. All aboaaaaaaaaaaaaaaaaaaaaaaaaard the BTC TRAIN to 100K USD : 1 BTC


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