Quote from: Biodom on September 01, 2014, 09:10:31 PM

Quote from: leezay on August 25, 2014, 11:35:11 AM

Nice chart.

The assumption of bitcoin going to 1M is too optimistic. The fundamental and market usage for bitcoin might be strong, but I do not see how this correlated to price going upward. Remember, 100 usd per coin or 1000 usd per coin doesn't change how the protocol work.

it all depends how much commerce and SAVINGS will being done with it.
If people en masse will want to save more than 6bil in bitcoin ($1 per earth inhabitant), there will be no coins for transactions, hence the price will move up (scarcity).

This is correct. It is the willingness to hold.

Transactions mean nothing. Velocity is just another measure of total production.