Quote from: arepo on April 12, 2013, 03:39:48 PM

is it too soon for i told you so? Roll Eyes

Based on your argument, an "I told you so" would be fitting when we hit the utility value based on Bitcoins equivalent M1 to GDP - I estimate it would be somewhere between $2 and $20.

"I told you so" before that point might appear as if you are giving credit to the current price being the bottom based on your argument.

I'm still bullish as it looks to me anything above $17 would suggest evidence that Bitcoin is being used as a store of wealth, and if that is the case it is all about confidence in the world in Fiat and the benefits Bitcoin has in being a finite P2P cryptocurrency and its first movers advantage.

The bottomed line is the Bitcoin economy won't grow at a viable pace if people are saving (Unfortunately this is a design oversight), and people will save while there is deflation, I'm no Keynesian but as discussed a lot in previous posts Bitcoin as a medium of exchange will suffer from the paradox of thrift. Bitcoin has properties that make it the new Digital gold, or a store of wealth, and it is here I think Bitcoin has great growth potential.