# Bitcoin

Interesting discussion on bitcoin, hosted by Peter Lavelle at RT.

#### vertigo

it's hit $14,000 now.... can it hit$20,000? i think if it hits $20,000 without a hitch then we will be looking at possibly$50,000 by the end of next year.

Maybe. I suspect it will be a bit of a roller-coaster ride. Meanwhile, Dmitry's take on it:

ClubOrlov: Cryptomania!

#### Andy Nguyen

When we discussed this in 2011, it was valued at $13 and a lot of people were skeptical (myself included). Now it's at 14,000 and growing. Bitcoin - a new kind of currency #### Daniel Duffy ##### C++ author, trainer it's hit$14,000 now.... can it hit $20,000? i think if it hits$20,000 without a hitch then we will be looking at possibly $50,000 by the end of next year. I'm gonna wait then until it hits 30K. #### pingu I have no plans to buy any. I'm poor #### Daniel Duffy ##### C++ author, trainer I was only kidding; I've seen a lot of bubbles. But is 'it different this time'? #### pingu I was only kidding; I've seen a lot of bubbles. But is 'it different this time'? I don't know. This is at a global level. As long as the demand is higher than the supply the price is going to go up and it seems it's going at a breakneck pace. #### IntoDarkness oh ho ho it is very different this time. #### Philip_Mitterrand It will easily top$100K....perhaps there will be series of crashes before we get there. 2 trillion fiat currencies are floating around and bitcoin is just 300b so enough room for expansion.

Fiat currencies are the biggest ponzi scheme going around...Negative interest rates, chronic printing, market manipulation to maintain asset inflation...unless you are a savvy investor holding fiat currency is a dead end...you are just priced out of everything.

If a useless metal like gold can be a store of value. Bitcoin is 10x better since it has the utility of wealth transfer much faster than gold.

Satoshi wrote the code but Bernanke deserves the prize for large scale adoption..

I don't know. This is at a global level. As long as the demand is higher than the supply the price is going to go up and it seems it's going at a breakneck pace.

#### Jakelaker

What do you think the intrinsic value of bitcoin is?

#### Daniel Duffy

##### C++ author, trainer
What do you think the intrinsic value of bitcoin is?
It's nice to know what we are buying?

Random thought
Is there a CDS-type market for bitcoin?

#### Yidi

What do you think the intrinsic value of bitcoin is?

Maybe the mining time...

#### pingu

It's nice to know what we are buying?

Random thought
Is there a CDS-type market for bitcoin?
not yet. I'm waiting for the exchanges to start clearing futures. It's going to be interesting when margin calls start to happen

#### Philip_Mitterrand

Same as diamond. Limited supply and a consensus how much it should be worth.

What do you think the intrinsic value of bitcoin is?

#### pingu

Same as diamond. Limited supply and a consensus how much it should be worth.
and marketing... diamonds value is mostly driven by marketing. Ask De Beers.

and marketing... diamonds value is mostly driven by marketing. Ask De Beers.

"A diamond is forever" was the De Beers 1947 advertising slogan. I doubt bitcoin is forever.

#### tfors

The most sensible argument about bitcoin I have read about is that governments are not going to allow their grip on money to be taken away from them that easily. Bitcoin will go up some more until everybody and their cousins are long, then the government will step in and ..

Jim Kunstler's take on bitcoin:

Enter the joker in the deck: Bitcoin. Though it pulled back a couple of thou overnight, this strange investment vehicle blasted through $18,000-per-Bitcoin in the past 24 hours, roughly tripling from$6000 in one month. It even endured the hacking of one of its exchanges, NiceHash, where \$70 million was looted without so much as a stutter in the upward thrust of the chart. Whatever else Bitcoin is — and I would suggest a “Ponzie,” a “mania,” a “con” — this thing is a message. The message is that financial circulatory system of the global economy is in some kind of distress. Another take-away is that the rush into Bitcoin represents a loss of faith in matrix of rackets that world banking has become, and a flight to perceived safety in a putative financial instrument beyond the clutches and the lying propaganda of nervous, self-interested governments.

For the moment, Bitcoin is doing the job that gold used to do: indexing the loss of value in paper currencies and the things that affect to represent them. Except that Bitcoin has no material reality. It is a figment of mathematics. The vaunted blockchain “technology” is just a formula for packaging information and assigning it to live in various places. It appears to have some worth as a ledger system, for keeping track of accumulated value in an allegedly transparent and honest mode. But the thing it is toting up and sending chits around the world for — Bitcoin — has no value in and of itself.

#### diegosanaz

##### BU MSMF
Cryptos have added value. Etherum as a crypto has more value that Bitcoin since you can do more with the code (automatically excecuted contracts). Though cryptos have a feel of a social network, the more people that are using it the more value it has.

I have been riding the bubble for a while for Bitcoin and Etherum. Even though it does have store value, it still HAS to crash soon. Most people buying Bitcoins are not buying it to use them, they are buying it because they hope to sell it at twice the price in a few months.

Most buyers are retail investors that wouldn't even know how to spend the bitcoin instead of selling it. Once euphoria is over, expect a 50%+ drawdown.

I still believe though that in 10 years a crypto will worth a lot. Here is the question, is Bitcoin "Facebook" or "MySpace"?

Replies
2
Views
566
Replies
0
Views
479
Replies
0
Views
727
Replies
1
Views
723
Replies
1
Views
209