Here at NewsBTC, every day we get asked what will happen to the price of bitcoin. Will its value versus the US dollar gain or decline over the next few days? While these may be valid questions for intraday speculation, the real question – as far as we’re concerned – is what is bitcoin price ten years from now. What can it be used for in the future, and what will be its future value?
Wences Casares recently said this:
In Spanish, we have a saying that when a genius points at the moon, a fool looks at the finger. I find that happens a lot with bitcoin.
In our opinion, this sums up the situation perfectly. Bitcoin, and the blockchain technology, is the internet of the future. 30 years ago nobody was sure why or what purpose the Internet would serve. Then came email. As soon as the Internet fulfilled a popular “consumer driven” purpose, it became mainstream. The rest is history. Bitcoin is no different. Yes – it could well serve as the currency of the future. Yes, bitcoin could replace PayPal and Western Union. Yes, digital currency could be the answer for developing world remittance payments. But this does not matter. Let’s look at the moon.
The framework that those in the digital currency space are laying down as we speak will be looked upon as the foundations of the technology that will dominate commerce and personal activity for the next 40 years. Here at NewsBTC, we are proud to be involved in what we see as the early days of the biggest and most disruptive technology of the past 20 years, and we would love to hear your opinions on where you think the digital currency space is heading.
Is it naive for people outside (and inside) the space to look at bitcoin as a means of exchange? Should we be looking at the technology that underlies bitcoin and trying to imagine how that technology might be applied to other scenarios? As disrupters, it is our responsibility to look at the bigger picture – so, let’s do just that.
Forget bitcoin price, think bigger. Let us know what you think.
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Price vs Value. You pay 1000 dollars for a designer jacket that is priced 20X of its value yet you have the nerve and audacity to belittle bitcoin as some sort of “ponzi scheme” . This is the god damn future,if only I could afford to invest all my money in this currency I would.
Bitcoin is not a ponzi like SPAM is not a mystery meat.
I have the nerve and audacity to tell you (and only you) that you can not afford to NOT invest all your money into bitcon. Good luck with that. Because when the price goes up, the same people who don’t want it at these discounted prices will continue not wanting to pay you for them.
“…you can not afford to NOT invest all your money into bitcon.”
That’s the same as saying “…you should invest all your money into bitcoin.” but probably not what you meant.
How dare you insult bitcoin? What do you mean you “can’t afford” to invest all your money? If you want to be a REAL bitcoin supporter, you should be borrowing money to invest in bitcoin! Go to loan sharks if you can’t get a loan from the bank.
I agree. Think bigger. Think of the future. Bitcoin is a blockchain proof of concept. The Bitcoin economy has proved that it is possible to maintain a decentralized ledger. Blockchain 1.0 may be a ledger of nothing, but blockchain 2.0 and beyond can be much more.
I think what it has become is obviously a cult. It’s just not trustworthy.
A “cult” lol that’s a new one.
You were offended by being called a cult and not offended by being called untrustworthy?
Wow.
Because central banks are so trustworthy. Even GLD is manipulated. Bitcoin is free market in action. It is a technology which creates value from trust, privacy, convenience, and community. There is no central planning body that can manipulate and devalue this currency. As a means of exchange, a store of value, transparently deflationary and fair: What more do you want from your money? Do you even know what fiat means?
After all, Bitcoin is a “Trustless” system. Untrustworthy vs. Trustless ??? Trust me on this one.
I feel that once governments realize bitcoin and many other cybercurrencies actually ADD value to fiat currencies; the value will reach the moon if not beyond.. Feel free to reply postie or negative comment, this is my personal “feel”.
A friend once told me I was a prophet. Recently someone told me I have the Midas touch and everything I touch turns to gold:) i hope they spoke honestly because I’m touching Bitcoin with everything I have:)
My students are really enjoying having a bitcoin wallet. I reward them for completing objectives, solving problems, getting “good” grades, contest, and many other things. My hope is that they will be able to pay for the continuity of their education.
Then why is not the United States Federal Reserve printing fiat money to buy out all the bitcons?
You’d like that, wouldn’t you? Because USD is what you always wanted more than anything else in this world this whole time.
Calling yourself a prophet? Not good. Adds to the suicide cult aura of bitcon. Hal Finney was also heralded as a prophet. He used the real money he took from people who bought his bitcons to pay for his lifeless corpse to be frozen for the next four or five hundred years. He wants to come back to life in the future. In terms of being a prophet, you are not even close. Bitcoiners pay real money to keep the Ice Bucket Challenge in carbonite like Han Solo while homeless veterans have dying wishes for somebody to help them to not freeze to death this winter. Also, keep in mind that the False Prophet from the Book of Revelations is a dead man who comes back to life after a brain injury. You need to get over thinking about how cool you must be. Because you are not.
Good grief you are a total friggin psycho loon.
If the United States Federal Reserve started buying the bitcions wouldn’t that increase the demand/price?
Never called myself a prophet.
Positive vibes to you:)
“My students are really enjoying having a bitcoin wallet. I reward them for completing objectives, solving problems, getting “good” grades, contest, and many other things.” Congratulations! I hope your students understand that they have an awesome futurist teacher then!
Jennifer Aniston will never speak to me. But that doesn’t matter. And if she presses charges and if she files a restraining order to get me to leave her alone, then that is the proof I need to justify my claims that I am a credible threat to her boyfriend.
The article has been written why the price of bitcon does not matter. It comes out every week but each time it is written by another self proclaimed “genius” who strikes out at bat. Nobody believes that the price of bitcoin doesn’t matter.
I guess it doesn’t matter that the suicide cult makes everybody all around them to pretend that vending machines are called ATM machines? Let’s pretend that it was, in fact, an ATM.
If the price doesn’t matter, then how would you ever keep a Bitcoin ATM filled with cash? Not only does the vendor have to pay for the machine,but he has to place it in a difficult to find location on his retail space. The owner needs to monitor all activity to chase away people who want to sell their own bitcoins at a slightly less markup than the ATM charges.
So bitcoin crashes and the ATM customers clean out all the real money in it. Who is the cash in transit service that will fill the ATM with cash again? The ATM owner only has bitcoins that are less than the price he paid for them. Where does he find more money to fill the ATM again like it was before the crash?
And what about CoinJar? They hold your cash in a cash account and call it a “hedged bitcoin account.” Bank accounts have been hedged against the bitcoin price for centuries and since before bitcoin was ever born! You guys are just sociopath liars and that is how you reach the conclusion that price does not matter. You believe your own lies! How sad.
If the price of bitcoin does not matter, it is because you guys are liars and you expect everybody else to address you only on acceptance of your false premises. You hide behind the playground rules of political correctness as if we need to be nice and pretend with you. But everybody is kicking your butts, anyway. You guys can’t even make real ATM machines. Where is the bitcon equivalent of Black-Scholles equation that proves that volatility in price does not matter? Give us the equation to prove what you said and you would win the Nobel Prize. Otherwise, you are no genius and bitcoin will never go beyond the reach of your finger.
In the case of Bitcon, the fools look at the moon and the genius liars are pointing to it.
I agree the primary opportunity is the application of blockchain to solve other problems. Currency is just one of them. But for Bitcoin specifically, price does matter — the recent rapid decline of price pushed a bunch of miners out of the market, resulting in a delay in the processing of transactions.
In the past few days were periods of 166 blocks/day, about 8 minute average between blocks. So even in times of lower price, transaction processing does rise at times. The time between blocks ranges between -3 minutes up to 30 min.
What are your thoughts about miners that add blocks of only one transaction?
Why would a genius point at the moon? It’s not like he’s showing us something we’ve never seen before. More often than not, it’s the fool who points at the moon while the genius is the one examining the fool out of concern for his personal well being.
Email wasn’t what gave the internet it’s purpose, it was pornography.
Cryptography has been an intimate part of the internet since long before it was ever publicly accessible. Bitcoin is not a new technology, it’s a clever combination of existing technologies molded into the shape of a time-bomb. The money is secured by the blockchain, the blockchain is secured by the miners, and the block reward is what keeps the miners honest. But the block reward drops in half after every few blocks and once it drops to the point where it’s no longer profitable for the miners to mine it, they’re going to use their massively superior computer power to attack it. They will turn against the hand that’s fed them and the blockchain will be completely compromised.