Potential Price of Bitcoin

[Grudgie]

An interesting series of pie graphs that help show the big picture:



Note that the 57.000 US Dollar is read as $57,000 to us Americans. The calculations are extremely rough but it does give a ball park estimate of Bitcoin's potential price.

[Nemo]

Bitcoin does not exist without computers.  Just seems something bad about that money if it exists only in data streams and disgruntled electrons.

Nemo

[Grudgie]

Most of our money already exists in data streams and disgruntled electrons anyway.

If anybody wants to double their money this year, I advise buying bitcoin. Coming summer 2016 is the halving which means the creation of new Bitcoin will be cut in half. A halving occurs every 4 years and there has been much anticipation for this one. There will be volatile moves in price leading up to and around the summer. If the thought of owning bitcoin long-term scares you, you can wait until the price doubles and cash out or go to a website that sells precious metals for bitcoin. One such website is Amagi Metals. (psst, no capital gains tax this way).

On the other hand, the price may collapse in a few months if the Bitcoin community cannot decide what to do about the block size limit. Currently, Bitcoin is close to the maximum daily transactions that it can process before backlogs start building up. Nobody can agree on how to resolve the problem and there have already been rage-quits of prominent people in the Bitcoin community.

[APX808]

Bitcoin is never going to replace money, that is non sense, specially considering the millions of bitcoins that were created in the beginning and never used, supposedly by its creator, the anonymous Satoshi...

Anyway, what could happen is that using technology related/originated by Bitcoin, like blockchains, some internationally recognized organization creates their own crypto currency.

Check these articles:
http://www.ft.com/cms/s/2/eb1f8256-7b4b-11e5-a1fe-567b37f80b64.html#axzz3zfm7Fmgt
http://www.wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

What could be happening is that a lot of guys who bought bitcoin when it was worth $1000 are trying to pump it up to sell, considering now is $377

[JohnyMac]

Well written APX.

Welcome back 

[Grudgie]

Bitcoin is never going to replace money, that is non sense

I agree, there will never be only one type of money to use as a medium of exchange. Fiat, gold, bitcoin, litecoin, etc. But that doesn't mean Bitcoin won't have a massive market cap in the future. All I'm saying is that Bitcoin has huge upward potential even if a slight ammount of value flows into it. If everything else remained the same but 1% of gold's market cap flowed into bitcoin, the price would be around $5000/coin.

[Kbop]

for what its worth, i agree with Grudgie.

two analogies; 
1) we all use the interwebs - it will go down for most people if the grid goes down.  I still find it somewhat useful.
2) credit cards are reliant on the interwebs too and i use mine, perhaps more than i should

two useful tools that will have a very short shelf life if the balloon goes up.  understand the pros and cons and make the best decision you can that also fits your goals.
-
i have to admit, cryptocurrency does make me a bit uneasy, but do i trust Nakamotosan any more or less than the central banking system? 

You can't eat gold and wheat rots if not stored properly. 
I guess that leaves skills, family, friends and luck. - may we have enough of each. 

[Nemo]

Or you may not.  Work on getting more.

Nemo

[Grudgie]

I believe Bitcoin is currently breaking out of a symetrical triangle. I predict a potential price move up to $700 over the next few weeks/months. Grudgie is putting his money where his mouth is this time.

You can read about the symetrical triangle in technical analysis here: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation

[Grudgie]

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[Grudgie]

I hope some people took Grudgie's advice because my prediction played out exactly as I thought. I made the prediction on April 15 when the price of one bitcoin was $427, that it would break out of a symmetrical triangle pattern and reach $700 over the next few months. Today, on June 13 the price of one Bitcoin has broken above $700 and is currently $717 per coin. Chart below for reference to compare with the one I posted previously.

Over the coming weeks, I don't know where it will go. Based on the momentum and the general feeling of the market, I believe we could see $1000 per coin very soon followed by a crash.

[Grudgie]

I hope someone listened to Grudgie. Bitcoin was the best performing currency of 2016.

[thedigininja]

I screwed up something awful on this one.

About 18 months ago myself and some friends put some cash into BC individually. It was just to play with, see how the trading works, try fish out some legitimate mining and investment portals, that sort of thing. Made the wrong choice on every single one and lost the lot. I wanted to buy more early 2016 but took a bit of a financial knock and didn't do it.

One friend did the same thing as me but got lucky. Tripled his initial input in a few months, got nervous early 2016 when I started to dip severely and cashed out at a serious loss.

Another friend just left his there, didn't even think about it. At current he's sitting with almost a 500% increase on his initial investment and laughing at the rest of us.

Should hand stuck with my gut on this one, been a bit lean for a few months and persevere. Would have been able to buy myself a few nice new toys today.

Dumbass!

[Grudgie]

Damn Thedigininja! But at least you can use it to take a capital loss on your taxes. The halving happened mid 2016 so definitely a wrong time to sell!

If you are interested, there is a new coin launching called Iconomi. What they are planning to do is create various funds containing baskets of crypto currency, just like a stock exchange traded fund that is pegged to the Dow or similar. The Iconomi index fund will focus on stable growth and contain crypto currencies that have solid development. The Iconomi performance fund will focus on riskier crypto. And then they will allow anyone to create their own fund. Basically an Uber service for fund management. All funds will have fees and all fees will be distributed to Iconomi holders as dividends.

So if you don't feel safe trading on your own you could give one of Iconomi's funds a go.

[thedigininja]

Cheers, Grudgie. I'll look into that.

[pkveazey]

If you're into bitcoins, you should check the latest news. I heard part of a news broadcast yesterday that reported some kind of huge problem and people can't access their money.