Quote from: suryc on September 02, 2014, 07:56:44 AM

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.

I completely agree. I don't know why people don't realize that bitcoin is not a store of value, but rather the value is in it as a tool for how the protocol works. You should expect bitcoin to appreciate in value a little bit as you hold it (because of time value of money), but to buy btc solely as an investment thinking you'll get rich quick is reckless.

I think it's also worth considering how much the price could go up if the user base grows significantly and that is why people like to speculate how high Bitcoin can go if you ask me. It's mostly because they think people will gravitate towards Bitcoin and the price could reach amazing highs but I tend to agree that talk of 1 million dollar Bitcoin is just fun to talk about I don't really expect that to happen until I see some astronomical acceptance of Bitcoin and even then who know what the future would holds.