Quote from: Torque on January 23, 2017, 03:18:40 AM

Quote from: JayJuanGee on January 23, 2017, 02:04:09 AM

Quote from: 600watt on January 22, 2017, 09:20:24 PM

Quote from: becoin on January 22, 2017, 09:14:42 PM

Quote from: Clement Kaliyar on January 22, 2017, 08:46:42 PM

i do expect that the price of bitcoin will trade betweem $850 and $950 for some time,

I don't think so. Too many people want to have at least one bitcoin.

true, and not even every millionaire (denominated in $) could have one. there are more millionaires existing than bitcoin.

I understand your point, but What a silly one, no? At today's prices, as I type, a million dollars could get you about 1,093 bitcoins, but if you have a million to invest, you might need to diversify a little bit, no?

Frequently, I mention to people who might be skeptical about bitcoins, that 1% to 10% of your quasi-liquid investment funds could be reasonable to invest in bitcoin, but if you happen to be fairly skeptical and skittish about today's prices, then maybe you would feel comfortable with only 1% in bitcoin, and all those variations seem reasonable. So, at today's prices, a person who has $1million to invest but is fairly sceptical about bitcoins could still get 10.93 bitcoins... in other words, what seems to be your point, 600watt, those millionaires should act now, while the price is seemingly reasonable in a globally distributed mindset and while supplies last (before everyone else finds out the value of bitcoin).

Sure, but the very rich never want anything until it is seen as valuable to *other* rich people and unattainable to the masses. Hence the reason why they'll wait to buy until a bitcoin is worth $500K.

Two examples:

1) No one wealthy gave a shit about owning one of the original Apple computer boards until they go at auction for $1M

2) No one wealthy gave a shit about owning an original Superman #1 comic until they go at auction for $3.2M

For the super rich, it's all about rarity, subjective (perceived) value, and bragging rights.

For the rest of us, it's just about a meager store of value and perhaps some future investment.

I agree that the wealthy buy things for rarity, bragging rights etc but not sure its going to happen with bitcoin.
First there are potentially 21 million other people that have 1 bitcoin - even in reality if it is say 100,000 it is too many to be seen as rare. Also you cannot really "show off' a string of numbers like you can a physical thing eg first edtion comic book. Finally as the $ value climbs in years to come we may start talking more in terms of 1/1000th of a bitcoin as well as many other levels. Give it a 'sexier' working name than bitcoin eg like "MilleniumCoin" and voila you have a new rarity

pleaseexplainagain

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