Again, i like the idea of bitcoins a lot and own some myself, but sentences like these are simply based on nothing but overconfidence. There is simply a pile of dust in your head + overconfidence (likely for an unrelated reason), and the end result is you making a completely arbitrary price point. There is no one in the world that can valuate it better than the current data available from analysts, certainly not you.

Bitcoin remains extremely intimidating to use, overwhelmingly owned by speculators, and with an enormous amount of hype already priced in. I think it has potential for growth but lets be realistic, sheesh... the above is like someone saying "i plan to be up 2k at the 21 500 max table and then move to baccarat where I optimistically will run it up to 10k"

Lol. Read the first post of the thread and the 'predictions' by others.
I know nothing about BTC. I assume most others posting in here also don't. Hell, I imagine even experienced business analysts don't even know how to properly valuate it.

I guess the point of thread is to give predictions...its not a huge deal obviously its the internet where morons reign supreme but its pretty unbelievable how many people in this thread think they "know" something. You claimed a 10k valuation for literally no reason at all and it's my job as a fruity internet activist to say something about it. It really is such a niche hacker market right now... the recent news is meaningless, lol @ 1MM in amazon sales justifying the +10 billion dollar market cap.

There really is just nothing to know, only then will you have a realistic picture of the risk involved owning BTC. It's substantial and theres a pretty high chance it becomes worthless like so many asset bubbles before it... Of course growth of crypto$ is inevitable, but it can take a long long time. Also other competitors can take the lead easily, the network effect is only so strong, remember what happened to PALM when the Iphone came around (or myspace... or yahoo... or party poker)

BTC has tons of problems.. PR/technical issues, I actually find the whole system very clunky and uncomfortable. Private keys are really too complicated right now, and need to be changed to something more understandable for older people or just those with average IQ. Insured coins for online wallets (like BOA's online hack guarantee etc) need to be industry standard, theres just so much that those involved in BTC can slip on still and allow others to take the lead.

I personally think the best reason to buy BTC is simply to get familiar with cryptocurrency.... It's fascinating for so many reasons and likely the way of the future regardless of if the prices rocket or not.

It's been mentioned before in this thread, but there's a huge difference between an "asset bubble" and the network effect of a protocol.

yes, i definitely said i thought it would be 10k based on my strong fundamental analysis.

The first domino has tipped over for regulated I-gaming acceptance of bitcoin for deposits in Malta:

http://www.coindesk.com/verajohn-bec...ccept-bitcoin/

The Director for Alderney is appearing on the panel I am moderating for ICE Totally Gaming this Tuesday in London., to discuss issues which arise if/when regulators allow online gaming operators to accept bitcoins while upholding KYC and AML issues AND securing player funds. Other regulators are attending ICE and I expect have an interest in reviewing this topic.

Two ready-willing-and-able bitcoin payment processors are also speaking at the London Bitcoin sessions, including Coinapult which is handling the Malta-licensed casino processing and GoCoin, which is based in Asia.

it's entirely irrelevant how much USD existed in 1786 because bitcoins are infinitely divisible. if we ever live to the point were they represent the economy of the world, it will be possible to do in 2015 and it will also be possible 200 years later. it does not matter how many of them there are.

only divisible to 8 decimal points. perhaps this can be modified in the future, not sure.

but as it stands if btc reaches $1M, then the lowest possible division is $1

It can be easily modified.

$0.01

All that means is the current rich would only get richer. Being divisible is a good thing but only if there are enough coins to go around to begin with, which there are not, as too many coins have already been created and are in too few hands.

I think that's a valid criticism.

What are your thoughts on the early adopters deserve a reward for making this whole bitcoin thing happen at great risk to their personal finances?

so what if they get rich? why is it bad if they took on huge risks by putting money into bitcoin when the idea was in its infancy?

i would also like to hear your reasoning as to why it's not going to replace fiat.

I'm all for people getting paid for risks they take, don't get me wrong. I don't see the early adapters in bitcoin really taking that much risk that deserves this amount of reward though. If I'm wrong, I deserve to be. It's a difference of opinion right now.

When I invested in bitcoin it was $10 and everyone that I was an idiot. There was no press and almost no interest. I think the risk that I took was fairly substantial. Now you have a global currency with a microscopic market cap running on a software that is, no joke, still in beta. Fairly high risk. I call my investment speculation in public to avoid getting flamed.

I don't want to pry into your finances, but I'm wondering if you are saying these things with a substantial position in bitcoin or if you are calling it low risk with a low percentage of your net worth tied up in it, if you have any bitcoin investments at all. If you are not fully invested in bitcoin, why not, if the risk is low and the upside is so great?

Thanks.

I guess by risk, I'm mean more putting in actual hard work like most people at start-ups put in. Did you just invest $10/coin and let your money sit there and are reaping the rewards now (don't get me wrong you deserve to get rewarded for this too when correct), or did you spend endless nights in your basement or garage developing the bitcoin protocol like the founders of google did?

I think most people lucked into wealth when it came to bitcoin, and I also think most will be lucky to keep it.

I have spent countless hours thinking about what will make bitcoin succeed or fail. This has easily been a full time job.

I have also helped it succeed by giving bitcoin away, "spreading the good word", and creating businesses in the bitcoin ecosystem.

The Google example does not really apply as Google could succeed with only the engineers creating the product, bitcoin is not the same. If it was just Satoshi and a couple crypto dorks trading it, there would be no bitcoin. The early investors of bitcoin are the VC firms and private equity investors of Google.

The luck comment reminds me of a recent Reddit post:

"First, I was an idiot, now I'm lucky."

With a bit of luck, in five years, we'll be able to tag on something that is less irritating to this.

Bitcoin boom, soon you will learn who is worth talking to in these threads and who isn't.

My prediction: rampant chaos as people begin that hierarchal structures benefit few at the cost of many. Followed by peace, happiness, blow jobs, and puppy dogs. One can hope right?

Welcome back to reality.

Florida Targets High-Dollar Bitcoin Exchangers

... charged with felony violations of Florida’s law against unlicensed money transmitters – which prohibits “currency or payment instruments exceeding $300 but less than $20,000 in any 12-month period — and Florida’s anti-money laundering statutes, which prohibit the trade or business in currency of more than $10,000.

“I’d expect many more state cases like this one because it will act to strangle the lifeblood of the online dark markets,” such as Silk Road, Weaver said.

These morons who somehow think Bitcoins are magical shields against the law are going to keep getting crushed.

But anyone who has a high trade volumes on LocalBitcoins are criminals it seems. I would never support any illegal activity with bitcoins. If I had 6 coins and wanted to sell them all to one person at once without using an exchange I would be breaking the law?

I get it that those two idiots knew that the buyer intended to use their coin for illegal purposes, that's money laundering. But why am I a criminal for selling my coins to someone over a certain volume? I could just as easily be selling candy bars, would I need a money transmitter license for that?

Depends on the state and their requirements for money exchanging and all that.

The law is certainly ******ed, but that's why you don't take on activities like this for minimal profit.

Candy is not money, that's why you don't need that.

The man wants his money.

Will be 4 or 5k+ by the end of the year of 2014 or start of 2015

The difficulty of making bitcoins will be harder over the next years for miners with less capital. For every miners there will be competition to buy better rigs if they can afford and keep updaten vs the other miners. And when the times comes when rigs are over 50k or 100k to make bitcoins there will also be an uprise in the value of a bitcoin in the future.
So i think the big companies eventually will take over to mine bitcoins with better rigs and the small guys are left out.

For now you have to know the guys that have the update rigs making around 1btc per week if they are lucky and they running 24/7.

So yeah the value gettin higher time to time when the difficulty gettin higher

not looking very likely now