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Bitcoin 2014 – Top predictions

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Re: Bitcoin 2014 – Top predictions

#11

Post by nwh »

fab13n wrote: post #7

Mining: if we're to believe in free markets, fees will adjust to the amount of available CPU resources. I hope that it won't be profitable enough for people to dedicate farms to mining, but that companies with a lot of CPU power will rentabilise their spare CPU cycles by doing a bit of mining with it. This would be reassuring, as it would keep mining decentralized, which is important to maintain trust in bitcoins.

Mining with a CPU is long since irrelevant, even GPUs are completely useless as far as mining is concerned. The network uses ASIC hardware now, basically chips designed only to mine Bitcoin quickly and efficiently. Attempting to mine on a CPU is completely futile and does absolutely nothing for the network.

Re: Bitcoin 2014 – Top predictions

#12

Post by ctrl »

marc0 wrote: post #4

I'd say most of the predictions are sound. No 10 goes a bit too far though. Anyway, what I can't understand is why this rumor of bitcoin being anonymous (No 4) is so persistent (maybe wishful thinking?). What's necessary here is not a further technical development but rather some PR work (outside and unfortunately also inside the community of bitcoin users).

if all those predictions come true, including 3/4k worth and some technology implementation to bring it to the masses.

You can bet your bottom bitcoin he will.

Re: Bitcoin 2014 – Top predictions

#14

Post by emirozer »

"Did i ever tell you the definition of insanity? Insanity is doing the same thing over and over again and expecting different results."

Invest big in bitcoin --> pay writers to pump up hype articles --> write hype related blog post --> shoot out huge valuation --> state that its future's currency --> repeat

Meanwhile in China:

Government warns people, bitcoin loses 400 dollars in value.. Yeah..right..something this volatile/fragile just cannot become a currency..Stop the insanity, wake up.

Re: Bitcoin 2014 – Top predictions

#15

Post by seabee »

reitzensteinm wrote: post #13

Here's one that I'm sure I'm going to regret saying publicly later. But, here goes: Dogecoin will outperform Bitcoin in terms of percentage market cap growth in 2014. Even if both are negative.

You have to be really bearish on Bitcoin to think that a practically-identical joke currency will do better than something attracting venture capital. Nobody would trust a lolcat with their money much less a shibe.

Of course, if I'm wrong then I will definitely say 'wow'; also, 'so fail' and 'much humble pie'.

Re: Bitcoin 2014 – Top predictions

#16

Post by paromi »

reitzensteinm wrote: post #13

Here's one that I'm sure I'm going to regret saying publicly later. But, here goes: Dogecoin will outperform Bitcoin in terms of percentage market cap growth in 2014. Even if both are negative.

I think this is true. Dogecoin is still at the begin and it has much room to grow, bitcoin already had its share of growth.

Re: Bitcoin 2014 – Top predictions

#18

Post by DanBC »

fab13n wrote: post #7

Mining: if we're to believe in free markets, fees will adjust to the amount of available CPU resources. I hope that it won't be profitable enough for people to dedicate farms to mining, but that companies with a lot of CPU power will rentabilise their spare CPU cycles by doing a bit of mining with it. This would be reassuring, as it would keep mining decentralized, which is important to maintain trust in bitcoins.

There are companies that buy ASICs and create farms with specialised cooling systems, in parts of the world with cheap electricity, just to mine Bitcoin.

Here's one example.

http://mobile.theverge.com/2013/12/2/5165428/bitcoin-mine-in...

This requires serious investment and is out of the reach of most people.

Re: Bitcoin 2014 – Top predictions

#19

Post by DanBC »

reitzensteinm wrote: post #13

Here's one that I'm sure I'm going to regret saying publicly later. But, here goes: Dogecoin will outperform Bitcoin in terms of percentage market cap growth in 2014. Even if both are negative.

What does "percentage market cap growth" mean? (Is there a glossary of financial for beginners that anyone can recommend?)

If dogecoin takes off on Reddit and 4Chan as a way of showing appreciation I can see it having many users.

Re: Bitcoin 2014 – Top predictions

#20

Post by reitzensteinm »

seabee wrote: post #15
reitzensteinm wrote: post #13

Here's one that I'm sure I'm going to regret saying publicly later. But, here goes: Dogecoin will outperform Bitcoin in terms of percentage market cap growth in 2014. Even if both are negative.

You have to be really bearish on Bitcoin to think that a practically-identical joke currency will do better than something attracting venture capital. Nobody would trust a lolcat with their money much less a shibe. Of course, if I'm wrong then I will definitely say 'wow'; also, 'so fail' and 'much humble pie'.

>Nobody would trust a lolcat with their money much less a shibe.

Don't get me wrong; I'm not saying Dogecoin will pivot into a serious currency. I'm talking strictly relative growth here, and BTC is currently over 1000x bigger.

I think it'll become a defacto tipping currency of the net, and there's plenty of room for the market cap to grow to support just that niche, if it goes relatively mainstream.

As far as VC money goes, the infrastructure that's being built will likely not remain Bitcoin exclusive, so I see it more as a rising tide lifting all boats.

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