Quote from: TryAngle on April 15, 2017, 07:29:35 PM

Quote from: Doofus on April 12, 2017, 08:55:57 AM

how much does a bitcoin worth?
Some say:Worthless. Its just a Ponzi scheme.
Some hail:Priceless! Its the future of money.
A Chinese economist Ou Chengxiao, often nicknamedOu Guru said yesterday "The price of bitcoin is 1000 times overvalued". He believed that the value of currency is decided by its scale of circulation, or adoption. But now the lack of businesses that accept the digital currency as payment has been holding bitcoin back from wider adoption. not so many people are buying things with btc.
i am a little confused why he is so sure bitcoin price is 1000 times overvalued. why not 100? 10? why exactly 1000? Do you agree with him?

It's possible that the price of bitcoins is based on a demand only. What I mean is that people may want bitcoins for the potential and are demanding it as an investment which makes the price go up. But if people want it for that price, then isn't that what it is worth?

I happen to think bitcoin is way "overvalued " but not 1000 times in that i think at least 80% of its current price is speculators but in a way it does not really matter.

Take me as an example. I own about $8,000 worth of bitcoin. I have $5,000 worth to use eg send to family, friends overseas in an emergency (as a sort of western union). I see $5000 would get a plane ticket out or an operation etc if no travel insurance etc.

The other $3000 is to have just in case the price goes up big time.

Now say the price "crashes" to $200 which is where I think it "should" be. To have the $5,000 worth set aside I then need 25 bitcoins and I have only 8. So i will buy at least 17 more to get back to where I need to be.

I think there would be alot of people out there like me ie have good reasons to buy more bitcoins as the price drops by a decent amount ie at least say 40%.

So aside from speculators creating "demand' actual bitcoin users will also create demand so it is not overvalued by 1000 times