

Ask HN: Bitcoin Price Speculation - dexxter

Bitcoin is currently trading below $300. Where do you guys think it will be 6 months from now?<p>P.S. Can someone with enough karma set this up as a poll? I would love to get an HN consensus on this.
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undefined0
Bitcoin's price is mostly backed by speculation, if there is bad news or a
lack of 'faith' it will go down, if there is good news and faith is restored
the price will go up. The organic bitcoin economy hasn't dramatically improved
from my impressions, I would love to use bitcoin, personally, but there lacks
ad networks (for generic audiences) or payment processors (for credit cards)
which pay in it which means I can't keep every aspect of the webmaster payment
cycle within bitcoins so I continue to use fiat. However, finding server
providers and domain registrars who accept bitcoin is very easy.

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Ologn
> Bitcoin's price is mostly backed by speculation

Bitcoin's price is 100% backed by speculation.

Bitcoins are worthless. They are worth $0. They are useless hashes. Their
value is $0, and their price is destined to be closer to that than its current
$265.

This scam has been over for over a year. The hucksters who created this fraud
bailed out for the most part once they hyped the price up to over $1000 in
November 2013.

People are still suckered into the Nigerian scam, and are also still suckered
into _this_ scam, for reasons unknown to me. The creator, "Satoshi Nakamoto"
turns out not to be a real person. Mt. Gox is busted for fraud. The main ASIC
makers, Butterfly Labs, are busted for fraud. The coins have no value. What
signals do people need to realize to not spend their hard-earned cash on these
worthless hashes?

Of course, some high faluting types in Silicon Valley have put their
imprimatur on Bitcoins. But they did the same thing to Pets.com, Flooz and
other worthless dot-bombs 15 years ago. Just like major banks and Wall Street
peddled worthless subprime real estate and mortgages 8 years ago. Caveat
empor, before you trade your cash for a Bitcoin hash, ask yourself, cui bono?

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jamez1
How did it get value to begin with? Can you explain that mechanism? Someone
had to be the first to put their money into it.

All fiat currencies are driven by the speculation that someone may want to
trade with you in the future. They are useless 'pieces of paper'

You seem to think promotion has stopped because it hit $1000? Such an
arbitrary figure. It could be much higher if it was adopted further.

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yen223
There are two kinds of people who buy bitcoin - those who genuinely find
bitcoin useful in conducting transactions, and those who are trying to make
money off the first group.

It turns out bitcoin's rapid price growth was driven by people from group 2,
not group 1.

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bbcbasic
I would guess it would be worth anything from $0 to $3000+, with an expected
value E(x) of $277 (the current price).

Does that help?

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romanixromanix
According to this video on youtube it's mainly due to bitcoin inflation i.e.
mining rewards.

[https://www.youtube.com/watch?v=_-TLA3j-ic4](https://www.youtube.com/watch?v=_-TLA3j-ic4)

