so there is a limited number of bitcoin but unlimited number of smaller and smaller increments? satoshi, 1/2 satoshi, 1/4 satoshi, ... Won't this reach a limit?
150k bitcoin predicted by lee,,..1 billion by others!!
- Thread starter S2007S
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I thought you owned bitcoin? no, satoshi is the smallest bitcoin unit
0.00000001 btc is a satoshi
Please, let's revisit in a year
You act like you've never seen a bitcoin bull market before
Bitcoin price is barely above the last previous cycle's high... and bitcoin price is about to double before end of the month
Wait, let me guess. Parody?
The future
yes, fits my criteria of monopolies and bubbles. always on the look out. Have banks started creating products around these yet "ala big short" other than ETFs?
It amusing to watch all these bat guano insane Bitcoin price projections that just draw lines on a chart an completely ignore things like the size of the global monetary supply.
Say totally global wealth is about $500 trillion. With 21 million Bitcoins that's about 24 million per Bitcoin.
So if everyone decides that owning stocks, real estate, cash and bonds is stupid and wants Bitcoin, that's how much you have to play with. Sure, the whole world economy would cease to operate as people just trade coins instead of drilling oil wells and building hospitals, but there's your ceiling.
More practically even 1 million is extreme because people would have to start selling of productive assets at a discount to buy something non-productive, that can only go up if someone else does the same.
Say totally global wealth is about $500 trillion. With 21 million Bitcoins that's about 24 million per Bitcoin.
So if everyone decides that owning stocks, real estate, cash and bonds is stupid and wants Bitcoin, that's how much you have to play with. Sure, the whole world economy would cease to operate as people just trade coins instead of drilling oil wells and building hospitals, but there's your ceiling.
More practically even 1 million is extreme because people would have to start selling of productive assets at a discount to buy something non-productive, that can only go up if someone else does the same.
How would you even come up with that estimate? Where are your facts coming from? What will a dollar be worth at the time it makes it to 1 million a coin?
See you're arrogance is no different than the arrogance of the people projecting the outragous prices. And you think you know, but you really have no idea.
It takes someone who is humble to actually make a decent profit in the market or any other market for that matter.
You need to be a little more strategic with this. At some point, the huge increases will diminish. At some point, starting a business will have more potential than waiting for bitcoin to go up. But bitcoin first needs to get to its fair value. Us hardcore bitcoiners believe that fair value is when bitcoin is used as the primary method of account. (and this also means it will be a good store of value, and also method of exchange... they are all interlinked)
Think about it like this. Most people don't feel rich if they have $1 million dollars. Who wants to go to sleep for 10 years and wake up with the same amount of money when you know its gonna lose value? So anyone with dollars converts them to something else. Now imagine we get to a point where you no longer worry about keeping your net worth in an asset that you aren't scared to hold for 10 years? Of course you will use this asset to buy things you need, or splurge on things you want if you're doing well.
Owning stock will still be smart because a company should be able to produce income from their operations. Owning a house will also be smart because when you're retired, you don't want to keep paying rent. But that house will not have any other premium outside of shelter. RE has a premium right now because people think its smarter to hold RE over dollars. But once people realize holding BTC over RE is the better play, RE can go back to what its designed to do, which is provide shelter, and not be a bank account. Everyone should have a house, but not because its gonna go up in value. Think about it like this. We all have a fridge of food (hopefully most of us), but we don't have 10 full, hoping to flip the groceries for a higher price. A house will be like food... necessary, but not having any financial premium that other will use for exploitation.
After bitcoin reprices everything in the world, bitcoin will become stable, and the business cycle can continue in an non-manituplated way.