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[–]bitcointwitter 335 points336 points  (161 children)

I dont keep my private keys on any exchange or pc as of 2014

I mined bitcoin in 2010 got a a decent amount I stopped a little mining sold when 200-300 Kept a ton to shove around exchanges

Got into multipool when it opened mined a few hundred more btc <-> ltc

Dumped a 1/10 of my BTC -> ETH Stopped mining in 2015 Quit my job in 2016 Looking at my BTC / ETH Enjoying retirement in 2017

Life is GOOD.

[–]02-20-2020redditor for 3 months 63 points64 points  (4 children)

Might not want to state that you’ve got your entire retirement money in Bitcoin right now. Grabs unwanted attention from feds/people with malicious intents

[–]FistHitlersAnalCunt 8 points9 points  (2 children)

So long as you're paying taxes as you convert the feds shouldn't care.

[–]bitcointwitter 0 points1 point  (1 child)

I handled my tax issues in 2015-2016 with the change in my choices I taken.

[–]_cheefy 0 points1 point  (0 children)

Are you willing to share how you went about this?

[–]gbitg 0 points1 point  (0 children)

I guess only his reddit account is getting attention, not himself

[–]justaminerthingredditor for 7 weeks 69 points70 points  (135 children)

Congrats man! I'm extremely jealous of your situation. I'd like to pay off my debts and then be comfortable like you but I think I'm a little late to that boat but hey, who knows. If only I caught on earlier this year or years ago when I ignored it originally.

It's better to get involved now than to kick myself again a few months or years from now, right?

[–]saintmax 56 points57 points  (128 children)

Keep mining, Invest in alts and get very lucky a few times, stay smart and you’ll be fine retiring with the rest of us in 2020

[–]HereForBasketball 9 points10 points  (124 children)

What are the odds an altcoin could surpass bitcoin?

[–][deleted]  (88 children)

[removed]

    [–]TanayUK 56 points57 points  (32 children)

    $1 million per coin would give a market cap of ~ $20T, which is around the total global money supply.

    Nah bro

    [–]Max_Thunder 9 points10 points  (1 child)

    How much money do you think it took to get Bitcoin to 162B?

    Hint: a huge amount less than 162B but nobody has the answer.

    The world's stock markets are worth well over 69T and that's just a portion of the world's wealth. Think of all the money in real estate, in bonds, in saving accounts, etc.

    [–]Decimus_of_the_VIII 20 points21 points  (9 children)

    No? It would be 16 some trillion market cap, and global money supply is north of 20 trillion. US alone is 13 some trillion... so yeah it can get there. Edit: world is at 68.7 trlllion

    [–]TanayUK 19 points20 points  (0 children)

    Sorry, got my M2 money supply wrong. You're right, thanks for correcting.

    It would be more than 16 trillion market cap as more BTC will be mined by then.

    [–]Reigningchamp4eva 2 points3 points  (6 children)

    Yeah if all currencies in use were replaced by bitcoin...so no room for other currencies like eth/altcoins in this scenario, as those are other currencies.

    [–]Idiocracyis4real 1 point2 points  (5 children)

    And those other coins are centralized so they would be inflating

    [–]Reigningchamp4eva 1 point2 points  (4 children)

    Er, so? If a coin inflates 1% a year doesn't mean much tbh. Point is you'd need to replace all currencies to achieve the total money supply of the world. You can't have multiple cryptos with value if bitcoin is already 100% of the value.

    [–]B_A_Bananas 0 points1 point  (0 children)

    Asset class valuations are much greater than money supplies anyways.

    [–]stackdatcheese3redditor for 3 months 5 points6 points  (9 children)

    Not very good at math are we? 16 million btc at 1m per is 16t cap. Global pension fund is at 36t so 1/3 of that is not unrealistic.

    [–]audigex 0 points1 point  (4 children)

    But there won’t be 16 million BTC by the time the price got anywhere close to $1m.

    [–]stackdatcheese3redditor for 3 months 0 points1 point  (3 children)

    Probably even less thus even higher fiat value.

    [–]audigex 0 points1 point  (2 children)

    Umm, that’s not how it works

    Unless you’re including “lost” Bitcoin - but with current values it’s very unlikely we’re going to see millions more BTC lost

    [–]Sirius-ABredditor for 7 weeks 4 points5 points  (0 children)

    $20T is not "around the total global money supply". It's around the Debt of the United States. The global money supply is much more.

    [–]Frogolocalypse 1 point2 points  (0 children)

    Bitcoin isn't a replacement for just m1. It's a replacement for fixed-asset debt.

    [–]McLurkleton 1 point2 points  (0 children)

    I need an Austin Powers "Million dollars" meme stat!

    [–]azzazaz 0 points1 point  (0 children)

    What youare forgetting is that at that point tuere will be an even larger shift from fiat to crypto so those fiat currencies will inflate horribly.

    [–]wiggy222 0 points1 point  (0 children)

    The derivatives bubble alone is 500+ trillion.

    [–]Opeel99 0 points1 point  (0 children)

    Lol... Yeah bro... The millions and millions of people without a bank account will need money or Btc unsure if 20t will be enough. ...

    [–]daffy_duck233 -1 points0 points  (3 children)

    Impossible. 1 million usd per btc is just utterly ridiculous. Unthinkable. I support btc but i don't think it will ever be that big.

    [–]Creativeusername833 1 point2 points  (1 child)

    !remind me 10 years

    [–]Angels_of_Enoch 0 points1 point  (0 children)

    You are really dedicated to this creative username of yours.

    [–]EnchantedWater420 0 points1 point  (0 children)

    does 1 thousand usd per dozen eggs sound utterly ridiculous? welcome to history boy!

    [–]timmy12688 9 points10 points  (24 children)

    That's a weird way to spell Litecoin

    [–]Decimus_of_the_VIII 1 point2 points  (18 children)

    Same goes for Litecoin, it’s just younger. I suspect it will be as bitcoin- gold. Ethereum= silver, litecoin/Satoshi = Bronze

    [–]glibbertarian 16 points17 points  (0 children)

    Litecoin is not younger than eth, my bitbro.

    [–]Raster_Eyes 9 points10 points  (7 children)

    Litecoin has been around much longer than ethereum

    [–]Decimus_of_the_VIII 0 points1 point  (6 children)

    Well I’m dumb then. I still feel the same about how they will function.

    [–]bacon80dog 6 points7 points  (5 children)

    Stop talking out of your ass. Too many people talking out of their ass on this forum. If you don't know what you're talking about, or are unsure - don't talk about it.

    [–]TJ11240 10 points11 points  (1 child)

    If Bitcoin is gold, Ethereum is oil

    [–]Decimus_of_the_VIII 1 point2 points  (0 children)

    Apt comparison friend

    [–]timmy12688 5 points6 points  (3 children)

    Ehhh. Likely not since ETH has already shown it can bail out people. Litecoin is silver ETH is silicon.

    [–]Max_Thunder 0 points1 point  (0 children)

    Ethereum is something else entirely, silver would be more something like Monero.

    Ethereum is a platform to launch companies and much more, I don't think its price can ever stabilize like Bitcoin's price can.

    [–]HereForBasketball 2 points3 points  (15 children)

    $1million per coin?? Now that'd be something! So you think Etherum is a good investment as well?

    [–]Idiocracyis4real 7 points8 points  (4 children)

    It is centralized and inflating why is that a good investment?

    [–][deleted]  (3 children)

    [deleted]

      [–]Decimus_of_the_VIII 1 point2 points  (9 children)

      Yes most certainly. Because of the type of algorithm used, it is possible for regular people to mine. (Without much investment I mean) and it’s being used by the UN on a trial basis. If it starts being used more in transactions it’s gonna blow up.

      [–]TJ11240 1 point2 points  (5 children)

      It is already used in more transactions than every other cryptocurrency combined. It has a majority.

      [–]Frogolocalypse 0 points1 point  (1 child)

      Sounds to me like people aren't very efficient at using their blockspace then.

      [–]TJ11240 0 points1 point  (0 children)

      That's why we need full segwit adoption for BTC for starters

      [–]morningreis 2 points3 points  (5 children)

      Until bitcoin reaches 1 million (definitely not doubting it will- I think it will reach this in 5 years or less)

      If it reaches this mark, it will be the de-facto world currency. That's not happening in 5 years, certainly not in it's current form. Bitcoin right now has some major long term & big picture problems to address before it can do that. Also governments haven't even begun to push back. Some won't, but there is zero chance every government is going to happily sit idly by while Bitcoin usurps their control. For bitcoin to hit $1m in 5 years, its rate of growth has to be an order of magnitude faster than what we've seen even in this meteoric year.

      [–]Decimus_of_the_VIII 1 point2 points  (0 children)

      I meant to say reach 100k in 5 years

      [–]Ironchar 0 points1 point  (3 children)

      well shit look at whats happening in Venezuela right now...

      [–]morningreis 0 points1 point  (2 children)

      What does Venezuela have to do with this?

      [–]Ironchar 0 points1 point  (1 child)

      an example of an oppressive government attacking bitcoin miners because its their way out of poverty.

      [–]morningreis 0 points1 point  (0 children)

      Oh ok I didn't know that, Venezuela is a trainwreck in every regard. I meant though even more developed, and stable nations if they are not progressive enough will start to push back.

      [–]beepbloopbloop 4 points5 points  (4 children)

      1 million? Bruh you dreaming

      [–]Decimus_of_the_VIII 5 points6 points  (3 children)

      Watch. It will in 5 years

      [–]Prickly___Pete 0 points1 point  (1 child)

      You posted above "I meant to say reach 100k in 5 years".

      So which is it?

      [–]Decimus_of_the_VIII 0 points1 point  (0 children)

      I think it will reach 1 mill eventually, and I meant to add in the parentheses 100k within 5 years. Probably closer to 3 hopefully

      [–][deleted]  (2 children)

      [deleted]

        [–]-PapaLegba 11 points12 points  (27 children)

        1/10000 because other coins are valued in bitcoin so psychologically traders value their altcoin positions in btc and sell off when the times right.

        Fib retracements will show you how far alts are in relation to bitcoin despite making new ATHs.

        Technically an Alt valued once at $200 (0.2 BTC) was more valuable than its new ATH at $400 (0.15 BTC).

        What's worse their fiat value crashes faster and recover slower than bitcoin when capital moves in and out of crypto.

        [–]HereForBasketball 1 point2 points  (26 children)

        But couldn't it make sense for one day an altcoin to be created that is basically tweeked as a better version of Bitcoin and then slowly bitcoin begins to decline and this new altcoin rises until one day it's treated as the new main cryptocurrency

        [–]MissTress23 11 points12 points  (3 children)

        No for 2 reasons. Best developers work mostly on bitcoin. Usually it works like bitcoin developers create stuff that is copied by other crypto Also if another alt coin has a good feature bitcoin can implement it as well For example smart contracts that were made popular on ethereum are now on bitcoin as well using Rostock side chain

        [–]Frogolocalypse 6 points7 points  (2 children)

        Rostock

        Rootstock.

        http://www.rsk.co/

        And a damn-sight safer too.

        [–]Allways_Wrong 0 points1 point  (1 child)

        I’m so curious to see how this will affect Ethereum, and all the other alts too.

        Am I right in thinking late next year?

        Then there’s lightning, futures market in just two weeks...

        2018 might be bigger than 2017.

        [–]Frogolocalypse 1 point2 points  (0 children)

        There's so much money awash in the system, there are bound to be many more pump dumps. But bitcoin is the one sucking in the holders. All of my predictions have gone right out the window. I thought the take-up would be much slower, and even my targets were extremely optimistic.

        [–]Frogolocalypse 8 points9 points  (10 children)

        tweeked as a better version of Bitcoin

        Not without 150,000+ bitcoin nodes (and counting) discontinuing the use of their nodes and using something else.

        It's a sad reality that most people have no idea what makes bitcoin valuable, and it isn't because of potential coffee purchases.

        [–]rolledoff 0 points1 point  (9 children)

        What in your opinion makes bitcoin valuable?

        [–]Frogolocalypse 2 points3 points  (7 children)

        It is sound money. I could get at the technical way that it achieves this, because that alone is a once-in-a-thousand-year invention, but in the end, it is that very simple, and yet fiendishly difficult to realize, thing.

        [–]rolledoff -1 points0 points  (6 children)

        What do you mean by "It is sound money?" Please elaborate.

        [–]Blorgsteam 0 points1 point  (0 children)

        Decentralized...

        [–]-PapaLegba 5 points6 points  (0 children)

        If you kill bitcoin, you kill crypto. Most altcoin traders exhibit extreme emotion of either gaining or losing more bitcoin.

        If ETH ever went to +1 BTC what would the market do? You know why it hasn't gone there? Becuase of those imaginary infinte sell walls at 0.99, 0.98, 0.76, 0.3....

        So why do every other altcoin pump from time to time. The same reason we have infinite imaginary buy walls at 0.0000001, 0.0000003 and so on.

        From a market perspective, altcoins are another illusion of bitcoin itself. Look at it as a crypto fractional reserve system of 21 million bitcoins.

        Party A & B swap BTC & ALTS with a common goal to get more bitcoin/fiat. This is good for bitcoin (at the cost either A or B) because it prevent capital from sitting in fiat. At the same time a bullish bitcoin should keep the alts fiat value high provided there isn't a sell off which increases its supply pressure.

        For me, trading time and price of highly liquidable coins while using bitcoin (not fiat) as a unit of account has served me well.

        These views are purely from a market & speculative perspective and don't disrespect the contributions of any developers of different projects.

        [–]glibbertarian 3 points4 points  (9 children)

        It's possible there are 100 "better" ones right now, but overcoming the Network Effect is a bitch.

        [–]UnlubricatedLadderredditor for 7 weeks 4 points5 points  (0 children)

        high

        [–]Frogolocalypse 5 points6 points  (3 children)

        Very little. No cryptos are even in the same ballpark with regard to node decentralization. There are lots of pretenders that like to point at things that no-one is actually willing to use, but in the end, the only one that people are actually using as a store of value is bitcoin.

        [–]replicant__3 6 points7 points  (2 children)

        And nothing gets a regular consumer wet like node decentralization.

        [–]Allways_Wrong 1 point2 points  (1 child)

        As a consumer analogy the Soviet system was complete and total centralisation. Do you want a centralised currency or a decentralised one?

        [–]Max_Thunder 2 points3 points  (1 child)

        A lot of altcoins had better returns over the last 12 months than Bitcoin. Nothing may surpass Bitcoin but if you're in it for the money, then the odds of altcoins surpassing bitcoin are great given how little money it would take to make e.g. Monero go high compared to Bitcoin.

        [–]Allways_Wrong 2 points3 points  (0 children)

        And vice versa. Alts are a fast way to lose btc.

        [–]justaminerthingredditor for 7 weeks 1 point2 points  (0 children)

        This would be amazing. We'll see!

        [–]modlifesurvivalist 0 points1 point  (0 children)

        I notice you say keep mining. That is my thought, especially with bitcoin at this price. I am in now for 20+ TH/s, yet I still feel inclined to buy BTC. Is it always better to mine? Seems so to me, but at the same time, the price of the mining doesn't seem to be going up, so BTC I've purchased would be worth more mining power. That keeps jacking me up, and I get confused all over again.

        [–]Piekenier 0 points1 point  (0 children)

        Mining isn't that efficient anymore right? Or do you mean cloud mining?

        [–][deleted] 9 points10 points  (2 children)

        You're so early that your comment will be laughable in a year.

        [–][deleted]  (1 child)

        [deleted]

          [–][deleted] 8 points9 points  (0 children)

          Well then you have what 99% don't have: experience

          [–]DBREEZE223 8 points9 points  (1 child)

          That's what I did. Said I was gonna buy for months and never did. Now I bought at 8200 and should buy more before it goes up more.

          [–]justaminerthingredditor for 7 weeks 9 points10 points  (0 children)

          One lesson I learned is to not have "FOMO" (fear of missing out). Watch the price trends and also spread out how much you want to spend over a certain amount of time.

          Keep in mind it's a volatile market but it's definitely fresh and will only go up from here so I'm looking forward to 2018. You only lose money if you sell! But that's also how you make money so....

          [–]puppiadogredditor for 3 months 0 points1 point  (0 children)

          You don't have to own a full bitcoin. Just buy fractions.

          [–]Papermoneyrummagerredditor for 3 months 18 points19 points  (11 children)

          Let me ask a serious question. How will it help the economy if we eventually have tens of thousands of people like bitcointwitter who don't produce anything and who do not contribute to society anymore and don't have to work because they own digital assets that they can't hold in their hands? I am guessing it won't be a problem, but if everybody gets rich then what is the incentive to continue working? Just invest and crypto and live the easy life? This is what scares me about crypto once it hits mainstream (we are still far off from that point). People are going to pour in after reading posts like this and then the house of cards will come crashing down at the slightest downturn. I am probably just jealous I didn't buy the bitcoins in 2013 when I had the chance.

          [–]Max_Thunder 19 points20 points  (0 children)

          There are lots of people being financially independent thanks to the stock market, it's not vastly different.

          And there's ton of old retired people.

          There will never be enough money in crypto for everyone to retire, at some point returns will slow down, if it doesn't crash.

          [–]magicalelf 13 points14 points  (0 children)

          They are still spending money and contributing to the economy and therefore creating jobs.

          [–]settdigger 3 points4 points  (0 children)

          When the robots do all our laundry, we can concentrate on the garage band <3

          [–]Digital-Tokyo 4 points5 points  (5 children)

          Do you not think that with automation the future is already headed towards some kind of universal basic income? There are people who will never be qualified to do anything past manual labor, and those type of jobs keep vanishing. There are already countries testing pilot programs based on a Universal Basic Income. Maybe it won't be the case in the USA, but there are already people planning for such things. And all these things are happening without us having scratched the surface of AI... we are just talking about robot arms and amazon factory floor robots at this point.

          Putting the politics of it aside for a moment (if you can), we are already heading toward the uptopia/dystopia of some kind of another of never having to work, with or without cryptocurrencies.

          [–]basheron 6 points7 points  (1 child)

          I highly doubt universal basic income will ever be a thing. Automation frees humans to do more, not less. If you asked someone in 1980 that someday we'd have premium coffee shops on every corner and doggie day spas they would think you are crazy.

          [–]Digital-Tokyo 2 points3 points  (0 children)

          I totally agree with the idea that automation frees up humans to do more (Luddites and all that). The march of progress is important. I do however think there is a limit to that thinking though. But you can't honestly feel that 100% of the population is going to be able to go from what is around now to a job that requires an above average level of thinking? At some point the human population will be higher then the amount of jobs available.

          Put UBI aside for a minute.... Do you at least concede to the idea that there will not always be a job for people with average to below average skills?

          [–]Papermoneyrummagerredditor for 3 months 1 point2 points  (2 children)

          Yes, we are going in this direction of course. I just read how a company in Germany will have robots at kiosks within the year. This will leave people in a world of hurt. I don't see universal income in all countries and this will lead to wars and chaos. Not every country can afford this (actually only a few countries in Northern Europe and they are being flooded with migrants...part of plan to provide companies with cheap labour, that these countries will never need! because the Industrial Revolution 4.0 is around the corner and will wipe out the need for human labor in ways we can't even begin to imagine). The whole system is in danger of collapsing because the only people making money will be the people who own robots, or who service the robots or program the robots. Not the only but the vast majority. With an ever-increasing populace and overpopulation we are headed for doom. Add in limited resources and pollution and we are headed towards the abyss.

          [–]settdigger 0 points1 point  (0 children)

          The resources are artificially limited. When Bitcoin expands and Wall Street becomes our bitch, you're going to need an education <3

          [–]camraid 0 points1 point  (0 children)

          Migrants crisis is not to provide cheap labor, it's too create an easy point of division in the population, that of course is race. It's to divide the population so they can more easily be manipulated and cheated, and also in long term create a genetically more 'international looking' people, who will become the people of the new world. The Masters of these people will use their racially mixed heritage as argument for their final push for world government.

          I think that's how it goes...?

          [–]eqleriq 3 points4 points  (0 children)

          How will it help the economy if we eventually have tens of thousands of people like bitcointwitter who don't produce anything and who do not contribute to society anymore and don't have to work because they own digital assets that they can't hold in their hands?

          Congratulations, you're understanding how rich people are basically a huge weight on society.

          Via implying that we already don't have people exactly like that.

          [–]Lilpickledickredditor for 3 months 0 points1 point  (0 children)

          It’s a zero sum game boi, bitcoin twitter wins some else loses

          [–]BrothaBeejus 2 points3 points  (0 children)

          That’s so awesome. I just got in when in when it was at 5.9k but am enjoying the ride as of right now

          [–]JM-Rieredditor for 3 months 4 points5 points  (1 child)

          Im callin bs. Except for the “life is good” part

          Edit: awesome if true

          [–]eqleriq 1 point2 points  (0 children)

          what's so unbelievable about that?

          [–]btcblockheadredditor for 3 months 1 point2 points  (0 children)

          Nice! Mind sharing your total, so the rest of us can drool?

          [–]eqleriq 1 point2 points  (0 children)

          how do you convert to fiat to afford to live? serious question

          also "not keeping private keys on a pc" is pointless... just encrypt it. or just keep it offline.

          [–]no_face 0 points1 point  (0 children)

          So just trying to understand ... you have 10M USD+ in crypto?

          [–]bell2366 67 points68 points  (4 children)

          What was true yesterday shall be true tomorrow...

          [–]mustbemoney 30 points31 points  (3 children)

          Yesterday was November 25. Let's see if it shall be true tomorrow.

          [–]itsnotlupus 9 points10 points  (2 children)

          Dang it, not another ground hog day scenario.

          [–]bell2366 4 points5 points  (1 child)

          In the words of Homer Simpson "It's like Déjà vu all over again"

          [–]no_face 1 point2 points  (0 children)

          That was Yogi Berra

          [–]Cryptoprospective 14 points15 points  (3 children)

          Say scoff one more time.

          [–]CONTROLurKEYS 2 points3 points  (1 child)

          Pfffft....

          [–]kayleepop 4 points5 points  (0 children)

          That was a terrible scoff.

          [–]DakotaChiliBeans 9 points10 points  (1 child)

          I'll need a few months above 10K to become comfortable with visions of a 100K. So, 2019!!!!! 100K bitcoin!

          [–]Syflan 2 points3 points  (0 children)

          It'll be fucking 2018 at this rate.

          [–]ZenNate 8 points9 points  (0 children)

          It's not a good idea to be in the scoffing business when it come to bitcoin.

          [–]alhardy 7 points8 points  (8 children)

          Getting to 100k is now going to be the easy part.

          [–][deleted]  (5 children)

          [removed]

            [–]TJ11240 10 points11 points  (1 child)

            Am I missing something? Litecoin needs +14.6% to reach $100. Bitcoin needs about 1000% to reach $100k.

            [–]Max_Thunder 3 points4 points  (0 children)

            Meant $1000, i.e. closer to 1000%.

            [–]alhardy 2 points3 points  (2 children)

            do you mean 1000? 100 is probably going to happen in a few months.

            [–][deleted] 5 points6 points  (0 children)

            You mean a few days by the looks of it.

            [–]Max_Thunder 2 points3 points  (0 children)

            Sorry yes, meant 1000!

            [–]ebaley 1 point2 points  (1 child)

            Perhaps. I think we'll be seeing $1000 rises on some days in the future. And drops.

            [–]vU5Zh3fJNzHrn52YYha 4 points5 points  (0 children)

            It's not particularly rare for there to be a 10% gain or decrease on any given day.

            We've already seen $1k rises and falls on some days. 3 weeks ago it went from $7k to $5k to $8k over the span of about 48 hours. (Off of memory here, those numbers may be a bit off.)

            [–]Kinolva 8 points9 points  (0 children)

            RemindMe! 2 years.

            [–]victor_knight 13 points14 points  (0 children)

            The IRS is going to be so on this now. It's no longer kid money.

            [–]lawlruschang 26 points27 points  (3 children)

            20 billion to 200 billion is not the same as 200 billion to 2 trillion. It amazes me how many people on this sub and bitcoin supporters in general do not understand this basic economic reality and instead manage their MONEY based off a logical fallacy. Bitcoin is becoming the Tea Party of crypto

            [–]morningreis 9 points10 points  (1 child)

            Tea Party of crypto

            Accurate.

            A lot of people here are drunk on money and have lost any sense they once had.

            [–]Yoghertz 3 points4 points  (0 children)

            Of course people know it requires far more capital per percentage growth, but people also realise that the number of people actually interested in, or even aware of, bitcoin is still very low but will hopefully increase exponentially.

            [–]TheSecretMe 47 points48 points  (25 children)

            They're not scoffing at the idea of X dollar bitcoin. They're scoffing at the idea that past results hold any guarantee for the future.

            Bitcoin doesn't work that way and to think it does is delusional.

            [–]timmy12688 19 points20 points  (9 children)

            Since there is no bottom for the dollar there is no top for Bitcoin.

            [–]Allways_Wrong 1 point2 points  (0 children)

            Hyperdeflation!

            [–]morningreis 5 points6 points  (1 child)

            Bitcoin doesn't work that way and to think it does is delusional.

            If you're looking for delusion, you've come to the right sub

            [–][deleted] 0 points1 point  (0 children)

            Delusion is fun!

            [–]CONTROLurKEYS 8 points9 points  (0 children)

            Whatever makes you feel better about your scoffing

            [–]mr-oblivious 11 points12 points  (0 children)

            This guy speaks for all scoffers apparently.

            [–]magpietongue 5 points6 points  (7 children)

            What they actually tend to be scoffing at is the idea that Bitcoin represents a new paradigm, and deserves to have a high value. If Bitcoin is a new paradigm, it's like moving from cooking on a wood fire to cooking on an electric stove. Outwardly facing it's a rather mundane technological leap into modernity, but the benefits will last an age.

            [–]ebaley 1 point2 points  (2 children)

            They're scoffing at a 96 million % rise in 7-8 years, then.

            [–]TheSecretMe 1 point2 points  (1 child)

            Nice job missing the point entirely.

            [–]ebaley 0 points1 point  (0 children)

            Enlighten me.

            These are past results like no other asset.

            [–]Kain_niaK 20 points21 points  (4 children)

            I scoff at the fact that all you guys think the most important think about Bitcoin is how much dollars you can get for it.

            [–]basheron 15 points16 points  (2 children)

            Its just a relative measurement. Soon we will be measuring in lambos

            [–]lIlIlIlIlIlII 5 points6 points  (0 children)

            Tesla roadster 2.0 you mean

            [–]Allways_Wrong 1 point2 points  (0 children)

            Bitcoin is good for Lamborghini.

            [–][deleted] 1 point2 points  (0 children)

            I would like Bitcoin to stabilise around 10k so it’s easy for people to do conversions and use Bitcoin in their daily lives. But I’d be okay with 100k as well.

            Probably not the most popular opinion here though ;)

            [–]Kvladaredditor for 3 months 4 points5 points  (4 children)

            If I buy $5000 worth of Bitcoin today, and in the next year Bittrex or GDAX is hacked and we have MtGox 2.0, keeping Bitcoin under $1500 for the next 3 years, then I will scoff.

            Oh yes, I will scoff like there's no tomorrow!

            [–]Max_Thunder 1 point2 points  (1 child)

            Don't invest money you can't afford to lose and you'll be fine.

            $1500 for 3 years is nothing if you think it will keep going up after then.

            [–]morningreis 4 points5 points  (0 children)

            Don't invest money you can't afford to lose and you'll be fine.

            That's fine for a speculative investor, but it's terrible for mass adoption of bitcoin as a currency. Bitcoin's lack of protection against just these sorts of things is what's going to hinder it from making real change in the world.

            [–]WalterRyan 1 point2 points  (0 children)

            Last year bitfinex (way higher volume than gdax) got hacked and lost ~120000 bitcoin and I didn't see a 3 year long bear market

            [–]Slizzard_73 0 points1 point  (0 children)

            Why would anyone keep their coins there? Why not put them in a hard wallet?

            [–]fort_went_he 2 points3 points  (0 children)

            We damn near could hit $10k before November is out.

            [–]Uhhh_Nope_redditor for 5 days 2 points3 points  (2 children)

            Where could one learn more on bitcoins, I know nothing about them at the moment?

            [–][deleted] 0 points1 point  (0 children)

            To buy as a newbie I recommend Coinbase

            [–]ett1varg 0 points1 point  (0 children)

            Bitcoin.org is a great place to start. It was over my head at first but after some time spent researching it's making more sense now.

            Here is Satoshi Nakamoto's famous "White Paper" : https://bitcoin.org/bitcoin.pdf

            [–]Ironchar 2 points3 points  (1 child)

            10,000? sure, 100,000?

            years down the road maybe. fiat has to be total shit- its getting there but not qiute

            [–]redditpentester 0 points1 point  (0 children)

            Just wondering, since it's climbing at 1000% per year, why do you think 100,000 will take 'years'?

            We can't predict the future of course but those who attempt to seem to completely ignore the evidence we do have. I don't understand why. If you're going to make a guess, shouldn't we use the information we currently have about the trends?

            And again, trends aren't everything but they're better than a shot in the dark, especially when there is 6 years of consistency, no?

            [–]wadester007 2 points3 points  (0 children)

            Shits the next Amazon as far as stocks go.

            [–]Mamafritas 2 points3 points  (3 children)

            I've been sitting on a single bitcoin for a long time now. I've had it explained to me a few times, but I just don't really see why the value should keep going up and up and up.

            It makes sense to me as a payment method along the lines of Paypal, but why should the actual currency be valued so high? How much bitcoin is actually being spent to purchase goods/services vs how much is just being held by people looking for an early retirement? I've been aware of it since it was valued at a few bucks per coin. It didn't surprise me when it hit $10/50/100/500/1000/9000. It won't surprise me when it gets to $10k or even if it gets to $100k, but I still won't really understand why. Seems like you have 99% of the currency just being held while a very small few actually use it for its intended purpose. I'm not predicting a crash or whatever, but that just doesn't sound like a healthy market.

            [–]StableTearredditor for 2 months 1 point2 points  (2 children)

            The potential utility of Bitcoin increases the more users there are and the more institutional investors get interested the higher the demand with a limited supply. This video explains it nicely.

            [–]Mamafritas 2 points3 points  (1 child)

            I understand that there's a limited total amount of whole bitcoins that can/will be mined, but with how easy it is to make a new crypto currency, is the supply truly limited?

            And, not that I've researched other cryptos a ton, but from my limited reading, some consider alternatives to be superior, so why should bitcoin remain on top for the long term?

            I dunno, I watched the video and it didn't really tell me anything I hadn't heard before.

            [–]StableTearredditor for 2 months 0 points1 point  (0 children)

            It's relatively easy to create a new cryptocurrency (wikipedia says it's 1324 and counting). Each new cryptocurrency either starts at 0 (with no usage, no mining and no immediate utility) or it's a fork (branch) of an existing cryptocurrency (in which case you need to convince everyone to switch over to keep the network effect going). Bitcoin may not remain on top for the long term, but the two things it has going for it are technology and momentum. The alternatives may have superior technology, but rolling in proven, tested, more advanced technology into Bitcoin is easier than trying to get the momentum that Bitcoin has into an alternative crypto. As cryptocurrencies are relatively new to the finance world, while anyone can create one, without the network effect, it can just as easily disappear. The fact that Bitcoin has survived as long as it has legitimises it to some degree. With increasing demand and limited supply, the price will go up until there is a balance. Nothing goes up forever though, so there will probably be some harsh corrections on the way. With the increased momentum, the real question is if Bitcoin can maintain its momentum even if there is a crash. Historically, it seems yes, but as the network grows bigger, this becomes more difficult.

            [–]stackdatcheese3redditor for 3 months 8 points9 points  (1 child)

            I think bitcoin will even out at 1-7.5 million per. That’s the size of a third of worlds pension funds. I am not even including gold.

            100k while seems astronomical will pale in comparison to the future actual value of bitcoin.

            [–]Keesdekarper 0 points1 point  (0 children)

            incredibly unlikely. Its actually funny how people in this subreddit mass upvote blind optimism like this because they want to believe it

            [–]Yanlii 6 points7 points  (1 child)

            Nothing goes on forever, mate.

            [–]_pillan_redditor for 3 months 2 points3 points  (0 children)

            next big crash will be when gobs around the world try to kill bitcoin, because they will try, and of course bitcoin will survive.

            [–][deleted]  (5 children)

            [deleted]

              [–]k-wagon 0 points1 point  (4 children)

              Or you can just spend bitcoins as...bitcoins.

              [–]ourcelium 5 points6 points  (9 children)

              There is a very real chance this is the last time Bitcoins will ever trade for <$10,000. I'm thinking like 50/50 objectively. Is it more susceptible to a crash than the USD? I think not.

              [–]BondsWithXenon 23 points24 points  (6 children)

              Were you around for 2013?

              [–]glurp_glurp_glurp 17 points18 points  (1 child)

              Nothing in the marketplace is as big as Mt. Gox was and China ban fud is pretty played out. You'd need something crazy like the U.S. banning Bitcoin to cause a 2013 size crash.

              [–]Auwardamn 12 points13 points  (0 children)

              I was. No one thought this crazy idea could work and many people were overnight millionaires with no real future in sight after Mt Gox. People sold off because they didn't see a future. It's been 8 years now. It's not going to 0.

              Things are much different. Talks of $100k per coin are now commonplace not just crazy talk. And that's a tiny market cap for a financial asset class.

              [–]ourcelium 0 points1 point  (0 children)

              I'm a libertarian sysadmin with gray hair. Hell yes I was around for Bitcoin in 2013. Right now Reddit is being rendered by a Radeon GPU I never would have bought at any other time in history and justified by mining on it. Is that enough street cred for you?

              The common big mistake of 2013 was investing in mining hardware instead of buying the currency. At the time of the big crash, Bitcoin was new, a 90% drop was new, everything was new, without precedent. Now nothing is new. Bitcoin is an easy sell to your significant other (hey that's different and it matters!) Would you dump yours if it dropped back to $5k? The precedent suggests that the price will rise over time, and outperform the stock market by orders of magnitude. Human beings move the Ouija board that is the price, but they don't do so in a vacuum. People remember this shit and trade accordingly.

              When I initially appraised the value of a Bitcoin, I came up with $1.5 million USD. That was in 2013. I have yet to see anything that affects that appraisal (It was fairly comprehensive). $9700 is a great buy price for an open source global deflationary currency.

              [–]CONTROLurKEYS 0 points1 point  (0 children)

              Nothing remotely compares to 2013

              [–]polk_high_4_tdredditor for 3 months 3 points4 points  (0 children)

              The thing is, it's at 10k and that price has been hit by primarily the early adopters. 2018 will be the year of mainstream investment adoption. I don't know about 100k, but I think 20k is realistic at least. This should be a big year.

              [–]turbo86 0 points1 point  (0 children)

              RemindMe! 2 years.

              [–]Pepper_Jack_Jesusredditor for 3 months 0 points1 point  (0 children)

              $2.1 Trillion money supply in USD. Not unpossible if it becomes widely accepted as a global store of value and heavily traded globsally.

              [–]dontthrowbtc 0 points1 point  (0 children)

              and the scoffing will increase. people are angry they missed out or sold too early. so strap yourself in, the attacks are gonna be intensifying.

              [–]2jgilpulg2redditor for 3 months 0 points1 point  (0 children)

              Scoffers will eventually get tired because Bitcoin will continue its ascending trajectory for a long while. Bitcoin's adoption rate is still very low. So, there is lots of room for Bitcoin to grow.

              [–]Ironfist 0 points1 point  (0 children)

              As long as you're pricing BTC in USD you're just gambling. At some point people are going to start cashing out.

              [–]Decimus_of_the_VIII -4 points-3 points  (0 children)

              Seriously if anybody wants eth and litecoin to take off stop just hoarding it, and spend some. This is what will grow their value.