By the end of 2018, the price of Bitcoin will be:
Displaying poll results.10363 total votes.
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- What's the highest dollar price will Bitcoin reach in 2024? Posted on February 28th, 2024 | 8470 votes
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- What's the highest dollar price will Bitcoin reach in 2024? Posted on March 20th, 2024 | 68 comments
- Will ByteDance be forced to divest TikTok Posted on March 20th, 2024 | 20 comments
Hard to say (Score:3)
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If the US dollar drops 10% in that time, it's a big deal compared to recent inflation. But that's a relatively small correction compared to the prediction ranges. If you think Bitcoin will drop by 50% in real terms then a fall in the dollar would make it worth $3,300 rather than $3,000.
On other hand, the poll doesn't let you vote for values from $3,001 through $3,999...
Re: Hard to say (Score:1)
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The price tells you Bitcoin is NOT a success (Score:5, Interesting)
In economics, the prices of everything have stories to tell.
If Bitcoin were a successful currency, it would be a neutral medium of exchange. Its value against the USD, GBP, CHF, EUR and other national reserve currencies would start out as some small multiple of these (say 1.00 to 10.0) which would then not change much over time. Today's high and wildly fluctuating Bitcoin exchange rate tells you that it is being treated as an investment, not a medium of exchange.
Re: The price tells you Bitcoin is NOT a success (Score:1)
I've wondered how this works. Is bitcoin like a checking account? Perhaps the bitcoin holder then holds the bitcoin holder's money, and can do bank stuff with it, like loan it out for profit, etc.
Or is a bitcoin just some "hot potato" being passed around?
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Bitcoin is used in exactly the same way as any other digitized currency. All foreign (from the viewpoint of a given trader) currencies can be viewed as commodities that a trader may invest in to bet on small swings in value against one another, but for national currencies we're talking about fluctuations of a fraction of one unit. Valuations of 6000 units are ludicrous.
Re: The price tells you Bitcoin is NOT a success (Score:5, Informative)
For mid-to-large transactions, BTC is the cheapest way to send money. For large transactions, it's also the fastest.
It's a bit like a checking account, with a couple of critical differences. First, there's no bounced checks, no fraud protection, no rollbacks, etc. It's a bit more like if you send cash through the mail. There's really no recourse on getting your money back. Second, your deposits cannot be used to magically generate more money to lend out. The fractional reserve banking system for USD enables easy and cheap credit, because the money (USD) is magically created out of thin air as it is needed. BTC doesn't work like that, so it's much harder to insure and much trickier to loan out with low risk for large institutions. That said, with BTC, you can be a bank and loan out your money directly (Bitfinex is one of the larger exchanges that offer this), rather than indirectly as when USD is deposited in a savings account.
BTC is a "hot potato" in that it is not magically created out of thin air, and passing it to someone means you can't just hit a button and unilaterally reverse the potato passing, like you can in the banking industry with USD. And it is absolutely on fire right now.
Or is a bitcoin just some "hot potato" being passed around
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Actually they can lend out $90 if you assume a 10% fractional system.
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When I deposit $10 into my bank the bank can loan $9 of that out. Now the system has $19. They keep a dollar in case one of their depositors would like their money back.
When you deposit $10 into a savings account or CD, a US bank can actually lend all $10 out. They only have to keep a dollar for checking accounts. For the past few years they've actually kept $2 or so with the Fed voluntarily, however, as the Fed has been paying above-market rates to the banks.
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You are correct, when on an exchange your bitcoins is just a number in their database - of course depending on their implementation, but you only have their word that they actually have the bitcoins to send you. That's why you wouldn't want to *keep* your bitcoins on an exchange...except for the purpose of exchanging them, of course. When you have bought bitcoins, you transfer them to *your* wallet, and they are yours. Noone but you can spend them...or lose them!
Re: The price tells you Bitcoin is NOT a succe (Score:1)
While the total in deposits has increased to 19 the bank has a liability to you of 10 and an asset of 9 (the loan) and a liability of 9 (the deposit) to some other guy, . So the bank has assets of 9 and liabilities of 19. So no money is not created as you suggest. Deposits increase and are created but you must not ignore the othe side of the transaction.
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If it's not a currency then it's a tulip.
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If it's not a currency then it's a tulip.
Let's get serious then. Money itself isn't real. It's only as real/valuable as people think it is. This is why Native Americans were willing to trade firearms for seashells. It's "perceived" value.
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If it's not a currency then it's a tulip.
I'm not sold on that being an accurate analogy.
Bitcoin is both a currency and an investment opportunity. On one hand, it's growth in value can't continue so rapidly without bursting like your tulip bulb. On the other hand, even if the bubble pops, bitcoin maintains some value. It is still used as a vehicle of exchange online in places on the website where a credit or debit card would be too risky to use for large currency exchanges.
Bitcoin may burst. It may collapse, but it has a baseline use/value that
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https://www.youtube.com/watch?... [youtube.com]
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You may not like that governments steal money through inflation, but economies based on deflationary currencies always collapse. I'd rather lose some money to inflation than all money to economic collapse.
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I can't imagine why that would happen, sounds like gov fear mongering to me.
Like how christians always say we really need faith (=stupidity) to keep a moral society.
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Because Inflationary Spirals don't happen.
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I don't think anyone has argued that Inflation is a good thing, only that Stability is a desirable trait in a currency.
Re:The price tells you Bitcoin is NOT a success (Score:5, Informative)
Exactly. And there's a clear reason for this: bitcoin's mining system makes it deflatory by design. As the total number of bitcoin is capped, and the mining gets increasingly more difficult (and hence, more resource intensive and costly) it's bound to keep increasing in value over time as long as it has real-world applications. This makes it a very lucrative investment, but also a very poor actual currency,
There are also several potential issues which may lead to the collapse of BC's market value, the biggest being exchange regulation. Exchanges are the weak spot of all digital currencies. BC is only worth anything for so long as it is exchangeable to real-world fiat currencies. While the technology itself is decentralized, the exchanges are not. Now that China has banned BC exchanges within its borders (to curtail money laundering and crime), it remains to be seen how this impacts the value over the long term. The Chinese currently hold the majority of all BC, and are also responsible for most of the organized mining, so the hardline stance that Beijing has taken on BC may well end up bringing the value down in the future, though it will not be a sudden crash as the Chinese are smart enough to avoid mass dumping that'd cause them to lose a lot of money. The second is potential competitors that are easier to use. Right now the main utlity of BC is its ability to function as a quasi-anonymous* cash-equivalent online, which makes it highly useful for dark/grey-market purposes (illegal trading, money laundering, gambling). If a better/easier to use or a more anonymous alternative is created at some point and the criminals transition into using that, BC's value will start going own.
*BC is only anonymous for as long as one never trades it for an actual currency. The moment that BC is exchanged and real word money is deposited into an account with a name associated to it the anonymity ceases. Obviously there are numerous ways that people try to go around this, such as buying BC with cash only and obfuscating the true destination of the money by circulating it via numerous entities, but none of it make it as anonymous as cash, because once your identity is discovered/associated with your BC wallet, it's relatively trivial to track all past transactions of BC that have come your way or left from your wallet, which is not the case with actual cash.
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Credit the algorithmically limited Bitcoin money supply with getting around the primary problem private currencies have had in the past, which was controlling how much of it gets printed. After eight years, we are now reasonably certain that no one is going to crack the mining algorithm and be able to make BTC worthless by suddenly being able to create an uncontrolled amount of it.
But now that excess demand is causing BTC to be hoarded as a speculative investment ("I'm buying Bitcoin not because I want to c
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The Bubble correction is going to be fun to watch. It will happen, its just a matter of how much and when.
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Actually not so trivial with a few precautions. As soon as you start involving exchanges or passing it through a privacy-centered currency like monero it become practically impossible.
The guys they catch and we hear about are the reckless ones.
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> though it will not be a sudden crash
BTC value is solely based on its reputation. It could lose all of its value in an hour.
BTC may solve the inflation "problem" with currency, but it still has many problems. Look at its historical volatility. Only a moron, a speculator or a criminal would put their money in it now.
missing option: I don't care (Score:1)
Unless someone wants to give me 1000 free bitcoins, I don't give two shits about the value of Bitcoin.
I'll never have any Bitcoins, and I'll probably never personally know anyone that has ever used Bitcoin.
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https://www.youtube.com/watch?... [youtube.com]
Or do you use gold?
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Dollars are fine for conducting transactions, and short-term savings. More stable than BTC or gold. Long term the only reasonable place to keep your money is in the ownership of the means of production.
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Your government has been stealing your money, committing horrible war crimes and total destruction of privacy.
According to their own numbers 90% of people they murder in the ME with drones are not the intended target.
How sick and murderous is that?
But you trust them over entrepreneurs in China, just because they're located in China.
Even though they can't steal your Bitcoin.
Even if they would manage to take control of more than half the computing power, that would hurt them more in the lo
expect more (Score:1)
Missing Option (Score:5, Insightful)
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In the long term (assuming BTC is the winner and not some
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I mine BTC
I was considering mining Etherium until I realized the cost of mining far exceeds the actual value of the currency. I suppose you're betting the currency will go up enough that you will make a profit? Meanwhile, you're spending harder currency betting on virtual currency. If your bet doesn't pay off, you lose big on two fronts.
In the long term (assuming BTC is the winner and not some other currency) it may very well be worth 100-1000x what it is now.
Gambler's fallacy [wikipedia.org]
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I don't mine BTC directly. I mine sh!t coins and trade them to BTC. Mining BTC directly is unprofitable even with a Bitmain S9.
Re the future value of BTC - I think cryptocurrency is going to hit the financial market like email hit the Post Office. There is a roll for UPS and FedEx and the USPS but there is a
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2. People have legitimate fears about the value of their fiat - from 2008 meltdown to Greece to Venezuela to China to India.
I think we agree for the most part but I hope you think digital currency is a solution to fluctuating values of fiat currency. Digital currency is the same thing. You really don't own anything by holding the currency. Its only value is what material goods you can acquire with it. Those material goods come in two forms: 1) things that are useful to you and 2) things that you think might be valuable to someone else and buy them as an investment.
In my opinion, real personal property has value. If I own a
I'm going to break it (Score:4, Funny)
I've figured out how to factor very large numbers efficiently, and I'm going to break Bitcoin next year by redistributing all wallets with more than 1 bitcoin in them, randomly.
You've been warned.
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Factor? I 'ardly know 'er!
Random informative statement (Score:1)
For cracking ECDSA you would need to find hidden subgroups. See https://en.wikipedia.org/wiki/Hidden_subgroup_problem for more information about that. The two problems are similiar though, there exist a polynomial reduction from integer factorization (cracking RSA) to finding hidden subgroups (cracking ECDSA).
But it is not that easy to reformulate the problem into the other problem, I think. (There exist variants of Shors algorithm for elliptical curves already, however.)
Each year one order of magnitue (Score:3)
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“What we have here is a steady exponential growth baseline with periodic peaks. These peaks are are inline with price bubbles where more users start checking the price of their precious coins. Taking readings from the baseline results in an order of magnitude growth every 3.375 years. Or expressed in terms of time to double the user base it’s approximately 12 months,” wrote Woo, in an analytical blog post entitled “Bitcoin users double
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1/8th of a bytecoin
Meh! I only deal in megabyte coin.
Bitcoin is a Poor Investment (Score:5, Interesting)
These days, most Bitcoin are being purchased solely as an investment vehicle.
Like all investments, it has two values. One value based on the intrinsic value of the items underlying the investment, and the second is based on investor sentiment towards their investment. The underlying value of a bitcoin is very close to zero. The second value fluctuates according the value placed on the investment by the holders and is subject to the herd mentality of investors.
You can argue the same for gold. It does have its uses, but the vast majority is held as the ultimate hedge against a currency going bust, rampant inflation or for trade between governments. It's a physical object and can placed somewhere it can't be lost - a bank box, a hole in the ground, Fort Knox, etc.
But bitcoins have no physical presence and the price is wholly dependent on investor sentiment. There is nothing at all backing the currency. No government, no central bank, nothing. No investment keeps going up forever, and bitcoin will not either. At some point some large investors will cash out and when that happens the bitcoin price will go down, and if it goes down significantly there will be a selling spree before it becomes close it worthless.
You also consider it to be a Ponzi scheme. Early investors get a huge profit. Later investors will be in trouble eventually.
But there will always be gamblers (Score:2)
I think it was a good comment and probably should have been moderated insightful. Of course the moderation has probably become the most broken aspect of Slashdot... Is it even worth looking for funny comments these years?
I think you should have been more clear that there is little intrinsic value in knowing that a particular number satisfies a certain equation. The mathematicians are eager to prove that there are no uninteresting numbers. Now I'm wondering if they can analogously prove that there is no most
Talking to myself again, but it's relevant: (Score:2)
Real value is NOT opinion. Gamblers' opinions create NO real value in the stock market (or in bitcoins).
But #PresidentTweety will create a crash.
More verbosely, Capitalism is dead. Communism, too. What we have now is corporate cancerism of the kleptocrats, by the kleptocrats, for the kleptocrats.
In the land of thieves, #PresidentTweety thinks he is the king, but I think the biggest and "best" thief in today's world is Putin. Gawd help us all.
Oh, wait. There is no gawd but profit, and Donald Trump is NO prop
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I'd hate to speculate (Score:1)
After all, it can cause mania [wikipedia.org].
Sorry gang, but I just can't see it going up more (Score:2)
Considering that the majority of actual Bitcoin purchases aren't for things that aren't legal (drugs, kiddie porn, money laundering, cryptolocker ransoms, etc), I expect government crackdowns on Bitcoin to start ramping up. That has to have a negative impact on the price at some point.
It also doesn't help that the price is wildly inflated due to currency speculators as well. Once the bubble bursts and those people start losing "real" money, I think that the value will quickly plunge back to 2013 levels.
Of c
Presumption of guilt (Score:2)
the majority of actual Bitcoin purchases aren't for things that aren't legal.
We are used to the idea of "guilty unless proven innocent". However, the crime of living off immoral earnings[1] reverses that. The accused has to demonstrate that the money they have was earned "morally" - not from pimping.
It is a comparatively small step for the tax authorities to start looking at bank deposits coming from people cashing in their BTC and asking the same, or similar, questions. "Where did you get that from?" Have you paid tax on it? Was it earned income? Is it the proceeds of a crime (wh
The most obvious choices are the least popular... (Score:2)
BTC is $6000 now, $4000-$8000 is the safest choice looking at the charts.
BTC is volatile but not that volatile. It doesn't exclude a major event but there are just 2 months until the end of 2018.
I voted $4000-$6000 because BTC is going up rather fast lately and I expect some rebound but $6000-$8000 would be a close second.
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Certain not the Yuan. The Chinese are pulling their money out as fast they can.
The Euro? Ha
The rubble. Nah
So where will you park your money? (Again relative to other fiat currencies.)
$2 but (Score:1)
It will be $2, but you won't be able to use it anywhere other than North Korea and Russia.
New units (Score:3)
By the end of 2018, the price of Bitcoin will be... measured in decimal iPhones. About 1.21 iP if I had to guess.
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