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At this point, I think that only catastrophic technological failure can drive it below $100. It's hard for me to think through the socio-economic dynamic that
by jMyles 13y ago
At this point, I think that only catastrophic technological failure can drive it below $100. It's hard for me to think through the socio-economic dynamic that leads there otherwise.
I can certainly imagine it going to $300-$500, but there are just so many people that want to buy at that range, I think the walls are too steep to go further.
- pionar 13y agoNever say never :) A bubble bursting could certainly drive it way down, sub-$100. Don't forget that less than two months ago, it was hovering around $200. 2 months does not a trend make.
- wereHamster 13y agoIn case you haven't noticed, the price is already now at $900.
- asperous 13y agoI think he means crashing back down to that amount
- GigabyteCoin 13y agoI personally know 5 people who are telling me they will buy the second it hits $300-$500ish.
- deleted 13y ago[deleted]
- darkmighty 13y agoI think the big question is when and where the "natural dynamics" of the coin will stabilize. It's been widely discussed that bitcoin will cause massive hoarding and appreciation for a long time, causing massive deflation and ultimately limiting practical utility, which at some point will cause massive inflation, and so it goes -- what's the equilibrium of this? I'd say we're still far from saturation, probably 1/5 of market cap for medium term (long term depends on more widespread adoption). And the practical utility which would determine it's target market is debatable -- will bitcoin settle for being a kinda-useful method of transferring money among nations using exchanges/locals as intermediaries (which already has a lot of competition), laundering money and buying illegal things or will it become a widely adopted worldwide currency?