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At $1,000,000/btc this would mean all the Bitcoins would be worth twice the value of all the gold ever mined. Seems too optimistic.

ankitoberoi 13y ago
True, very unlikely but still, not impossible. Considering if bitcoin goes mainstream the demand it will generate can easily take it above $100,000 at least. To give you an example, not a single non-techie friend of mine owns a bitcoin, even today.
- cstejerean 13y ago
  If bitcoin goes really mainstream why wouldn't litecoin and others go mainstream too? There is a finite supply of bitcoins but a potentially infinite supply of alternative crypto currencies to meet whatever demand is created by the cryptocurrency idea going mainstream. There is no need for a single currency like bitcoin to dominate and grow unbounded.
  - ankitoberoi 13y ago
    If bitcoin goes mainstream, it would definitely affect other crypto currencies too, but very little. Others may not necessarily go mainstream. The reason why I say this is since: 1) Bitcoin alone has enough liquidity to handle $100,000/coin or even more and this would not affect its usability as people can still use the smallest denomination, a satoshi. So the finite supply is not a concern at even $1m/coin. 2) Global acceptance will have an important part in making it go mainstream. Right now, online/office vendors have started accepting bitcoins but thats too little, just like how paypal was in its initial days and compared to this, very very less business are accepting other crypto currencies. I know a lot of business who plan to start accepting crypto currencies soon and all of them mean bitcoin. So, why would other crypto currencies go mainstream when you can't actually use them around the Internet? 3) No one would mind buying bitcoins at a higher price, eliminating the need for other crypto currencies. This is so because all vendors peg the bitcoin with USD or some other currency. So if bitcoin prices soar, it really doesn't affect the new buyer much.
  - thisiswrong 13y ago
    You're correct. Litecoin will go mainstream - just like bitcoin. Believe it or not but bitcoin only represents 75 percent of the cryptocurrency market [1] But people should'nt forget that bitcoin has thousands of GigaHashes per second pointed at the network and litecoin (nor any other altcoin) doesn't. Therefore, in the short term future (next 3-5 yrs) I would says that 25 percent of of the market cap will be altcoins and 75 percent will be bitcoin. [1] http://coinmarketcap.com/ http://coinmarketcap.com/
neals 13y ago
I once dared to dream of $100 bitcoin. Everybody laughed, nobody wanted to hear about my internet monies on parties. I think that everything is possible now.
- coldtea 13y ago
  That's the very mindset on the onset of every bubble.
NateDad 13y ago
AFAIK, there isn't a single store in the United States that will let you buy anything with gold. There's several places that'll let you buy stuff with bitcoin. Double the value of all the gold ever mined actually seems like a pretty reasonable estimate. Not trying to say btc will hit $1m... but it doesn't seem out of the realm of possibility, especially if it really takes off, which seems more and more likely.
- coldtea 13y ago
  >AFAIK, there isn't a single store in the United States that will let you buy anything with gold. There's several places that'll let you buy stuff with bitcoin. Yes, until they are regulated. Besides, there are far more places and people that will deal with you in gold directly, than with bitcoin.
jasonlingx 13y ago
> At $1,000,000/btc this would mean all the Bitcoins would be worth twice the value of all the gold ever mined. Seems too optimistic. hell, $1/btc seemed too optimistic ;)

ankitoberoi 13y ago

True, very unlikely but still, not impossible. Considering if bitcoin goes mainstream the demand it will generate can easily take it above $100,000 at least. To give you an example, not a single non-techie friend of mine owns a bitcoin, even today.

cstejerean 13y ago
If bitcoin goes really mainstream why wouldn't litecoin and others go mainstream too? There is a finite supply of bitcoins but a potentially infinite supply of alternative crypto currencies to meet whatever demand is created by the cryptocurrency idea going mainstream. There is no need for a single currency like bitcoin to dominate and grow unbounded.
- ankitoberoi 13y ago
  If bitcoin goes mainstream, it would definitely affect other crypto currencies too, but very little. Others may not necessarily go mainstream. The reason why I say this is since: 1) Bitcoin alone has enough liquidity to handle $100,000/coin or even more and this would not affect its usability as people can still use the smallest denomination, a satoshi. So the finite supply is not a concern at even $1m/coin. 2) Global acceptance will have an important part in making it go mainstream. Right now, online/office vendors have started accepting bitcoins but thats too little, just like how paypal was in its initial days and compared to this, very very less business are accepting other crypto currencies. I know a lot of business who plan to start accepting crypto currencies soon and all of them mean bitcoin. So, why would other crypto currencies go mainstream when you can't actually use them around the Internet? 3) No one would mind buying bitcoins at a higher price, eliminating the need for other crypto currencies. This is so because all vendors peg the bitcoin with USD or some other currency. So if bitcoin prices soar, it really doesn't affect the new buyer much.
- thisiswrong 13y ago
  You're correct. Litecoin will go mainstream - just like bitcoin. Believe it or not but bitcoin only represents 75 percent of the cryptocurrency market [1] But people should'nt forget that bitcoin has thousands of GigaHashes per second pointed at the network and litecoin (nor any other altcoin) doesn't. Therefore, in the short term future (next 3-5 yrs) I would says that 25 percent of of the market cap will be altcoins and 75 percent will be bitcoin. [1] http://coinmarketcap.com/ http://coinmarketcap.com/

neals 13y ago

I once dared to dream of $100 bitcoin. Everybody laughed, nobody wanted to hear about my internet monies on parties. I think that everything is possible now.

coldtea 13y ago
That's the very mindset on the onset of every bubble.

NateDad 13y ago

AFAIK, there isn't a single store in the United States that will let you buy anything with gold. There's several places that'll let you buy stuff with bitcoin. Double the value of all the gold ever mined actually seems like a pretty reasonable estimate. Not trying to say btc will hit $1m... but it doesn't seem out of the realm of possibility, especially if it really takes off, which seems more and more likely.

coldtea 13y ago
>AFAIK, there isn't a single store in the United States that will let you buy anything with gold. There's several places that'll let you buy stuff with bitcoin. Yes, until they are regulated. Besides, there are far more places and people that will deal with you in gold directly, than with bitcoin.

jasonlingx 13y ago

> At $1,000,000/btc this would mean all the Bitcoins would be worth twice the value of all the gold ever mined. Seems too optimistic. hell, $1/btc seemed too optimistic ;)