Silicon Valley VC says 1 bitcoin will be worth $100,000

[Runningbear]

Because the difficulty changes, giving you less and less bitcoin until the difficulty is so high that your mining computer is obsolete. People used to mine 100s of bitcoins per day with a GPU that only mined at 100-200 kilohash per second. Today that $12k mining rig (that hasnt even shipped yet) mines at 3 terahash per second and mines less that 1 bitcoin per day. By the time it does ship, it will likely only mine .1 bitcoins per day if the difficulty keeps increasing like it has been.

Yeah I get the whole 'harder to mine' thing but really that's more like inflation. I can say that my house will be worth 10 million in the future because the price of everything rises with time. Any they don't make any more real estate.

The last ever bitcoin may cost $100K to mine but that doesn't make all bitcoins worth $100K. You have to average the total cost of production over the total number in circulation. Also, while their is a limit on the number of bitcoins in circulation, there is no limit on similar and possibly better cyrptocurrencies becoming available and providing unlimited supply.

Plus if electricity prices fall dramatically, bitcoins will be cheaper to make than they are today.

 

[Hoi]

Facebook is a company that was taken public. Bitcoin is a currency driven by pure speculation. Please, just stop.

To understand the difference between a company-IPO and a currency-IPO, as well as to understand what an S-curve investment is you should watch this video:
http://www.youtube.com/watch?v=qHUPPYzzZrI

(ignorance is your greatest enemy).

 

[badnewsbear]

To understand the difference between a company-IPO and a currency-IPO, as well as to understand what an S-curve investment is you should watch this video:
http://www.youtube.com/watch?v=qHUPPYzzZrI

(ignorance is your greatest enemy).

Bro, you're wasting your breath trying to convince me that bitcoin is a worthy investment. It's a super bubble and if you can't see that, then you should re-evaluate your whole life because it's based on a lie.

 

[newguy05]

super bubble!

 

[Hoi]

Bro, you're wasting your breath trying to convince me that bitcoin is a worthy investment. It's a super bubble and if you can't see that, then you should re-evaluate your whole life because it's based on a lie.

I'm very happy with my life based on a lie !
Especially as I'm in the same league as: Overstock, Google, ZipZap, Well Fargo, Bank of America, and more will follow this year. I wonder whose life is a lie....

 

[peilthetraveler]

Bro, you're wasting your breath trying to convince me that bitcoin is a worthy investment. It's a super bubble and if you can't see that, then you should re-evaluate your whole life because it's based on a lie.

You remind me of the guy in newsweek back in 1995 that said "This internet thing will never catch on" "Its just a fad".

But lets explore your bubble theory. In 2005 at the peak, I could ask random people about housing and what they thought of it. Most people would tell me Housing is great! Real estate NEVER goes down.

What happens when I ask random people about bitcoin? They say to me...Whats bitcoin? Thats a sign its not a bubble.

 

[Money Trust]

This is typical of the big operators that are attempting to liquidate. They're hyping it up in the media to push price a little higher and to start selling to those that buy the mania. A lot of people are about to be disappointed.

 

[peilthetraveler]

Lets say you are right...they are hyping it and have been for years just so they can cash in when the price hits $100k. what happens after? Do you think bitcoin just goes away because the people with the biggest wallets cashed in? That just because they cashed in, suddenly millions of people stop believing in bitcoin even though by then its integrated into our everyday life?

 

[badnewsbear]

Lets say you are right...they are hyping it and have been for years just so they can cash in when the price hits $100k. what happens after? Do you think bitcoin just goes away because the people with the biggest wallets cashed in? That just because they cashed in, suddenly millions of people stop believing in bitcoin even though by then its integrated into our everyday life?

Bitcoin crashes. Another crypto currency succeeds.

 

[peilthetraveler]

Bitcoin crashes. Another crypto currency succeeds.

Keep in mind, bitcoin is not a stock that has expenses and can go bankrupt and disappear. If it crashes, people will just push it back up because they think they are getting a deal. If bitcoin crashed to $1, or less, I would be in there buying like mad. I'm probably not the only one either.