savetherainforest
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December 31, 2016, 10:38:05 PM

This thread is going downhill with people posting random dollar values or "bitcoin moon" slogans with no fundamental or technical reasoning behind them.  If you're going to say the price is going to be X, at least post a chart or reason why you think it's going to do so.  

For instance, I think it's possible Bitcoin could hit $10-20k each in current state, but anything higher than that and you'd probably be running into things like $20 - $100 transaction fees and start to severely limit it's use cases.  At that point I think you'd either need things like financial institutions themselves to adopt it as part of infrastructure, or you'd need something like Lightning Network or a larger block size to go further.

For the Lightning Network, there's a lot of unanswered questions with things like routing and garbage collection (closing out channels).  If a bunch of people close out channels simultaneously through either normal usage or an attack and overflow the 1.6 MB block size, it kind of throws a wrench in things there.  The price to close channels would probably be set artificially high to try and avoid situations like this and create an ever increasing bid war where everyone is bid off of the main chain quickly and forced onto LN to do anything for all intents and purposes, so it's kind of important what pros and cons it has over current Bitcoin if you're going to be forced to use it.  

Nobody really knows how all these variables will play out yet.

TLDR:  Bitcoin is probably good for another 10x in current state but might need more throughput to go further, or for financial institutions to adopt it and use it in place of something like the SWIFT network.  Otherwise it would probably hit $10-20k then new capital might all bleed off into something like Litecoin.


How much does it cost to send $100 dollars worth of bitcoin today vs. $100 worth of Bitcoin in July of 2013? Isn't the tx fee 0.0001 BTC/kB?

Also 0.0001 * $20,000 = $2 not.... $20


Edit:

Also

https://bitcointalk.org/index.php?topic=551513.msg6012178#msg6012178



R0ach can you go drink something for Christ sake?? Smiley .. its the New Years! ...

We all know what the price will be in the next month or so... So why bother? ... and the alt currencies will just become more volatile. So... just have a glass of 'shampagnie' and try to treat everything lesser! It will be good for you.. keeps your morale going well and healthy by thinking or pretending u'r more superior than others, isn't your fanclub just all about that??  Cheesy Cheesy