Bitcoin Prices 2017

CoinGuyCoinGuy Administrator
edited December 2016 in General
Let's talk Bitcoin Price for 2017. You can see past traditons here:

https://coinforum.ca/discussion/3276/bitcoin-prices-2016/p1

I'll also start with my prediction for this year. Bitcoin Price is heading past $1500 this year. I think Trump and China issues will push the price.
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Comments

  • I know @CoinGuy knows my predictions from last year since I didn't want to post them publicly and told him relatively recently and, well, they were pretty damn accurate. I'll need a few days to plug the numbers so hopefully I'll get some results soon
  • If there was a way to predict how much wealth will be displaced into cryptocurrency, you could make a decent guess. Absent that, my dart says btc is ripe for a fall due to hacking or exchange failure. 1000 by years end.

    As for an individual coin? I would pick ethereum long term. BTC will not be able to keep up with the pace of technological change in this space. I predict ethereum will outstrip bitcoin market cap by 2018's end, no matter what the price.

    Source? Have you geeked out on ether yet? OMFG. It is the xml of coins. I believe it to be the final word because it was designed to be a programming language of sorts... It is a lot of things, cryptocurrency included. An entire digital economy platform. I can't believe I am this late to the party....

    TLDR, ethereum will displace bitcoin this year, and will skyrocket. I am gonna buy a few grand of ether if I stumble on it.
  • barehunterbarehunter Member Plus
    edited December 2016
    Ethereum is NOT a good investment. In fact, the price is gradually falling.

    Due to the high numbers of Eth and the unlimited supply it may only be worth pennies in months to come.

    You would have to have rocks in your head to trade your bitcoin for Eth or any other altcoin at this time.
  • The unlimited supply only helps my case. This is working against eth in the short term, but as it gains traction, the function of supply replacement will ensure it's dominance. Also, once the media and banking world catches on, that will be a non issue. It is there for a reason, to overcome a major flaw in bitcoin.

    Demand will in the future certainly outstrip supply. What happens if a major bitcoin wallet or exchange disappears? It is gone and bitcoin becomes that much more scarce. With eth, they will be replaced and the ecosystem will carry on and recover.

    The distant future of bitcoin is a dead end, where banks will fight it out over satoshi's, never mind bitcoins. We need to accept that bitcoin is obsolete tech when compared to the future of crypto coins. It's value as a first mover coin will diminish as more value will be realized in a flexible programming language like eth. I am going to grab a grand of eth or mine them on the cloud if that works out to be cheaper.

    While this is not going to happen in 2017, the writing is on the wall. Eth will become the mainstream coin, in large part because of it's replaceability on the blockchain. That we can't see that so obviously at this point in time is because it is early days. The ability to offer contracts on the blockchain and see the outcome for both parties will enable trust transactions in a way that is impossible with bitcoin.
  • BruceWayneBruceWayne Member Plus
    edited December 2016
    I'm waiting days for an order fill on ETH. Every purchase of Ethereum comes with a free frozen yogurt. Which I call frogurt! But the forgurt is also cursed

  • edited December 2016
    Bruce, it is because of the spike in mining power. It is cheaper to mine them than it is to buy them atm. I can buy a 4500USD mining contract on genesis mining and as long as ethereum stays above 4 bucks an ether, wil remain that way. (EDIT: so long as the difficulty doesn't spike past the price of ether... Was quickly written, sorry.)
  • CoinGuyCoinGuy Administrator
    So anyone else have a prediction about price of Bitcoin before the year gets really going. We kind of got derailed onto Ethereum :tongue:
  • BruceWayneBruceWayne Member Plus
    @jeraldjunkmail Any day now sweet-heart. Any day now. But more than 75% of Bitcoin which can be mined has been mined. We're not asking a question of what can be. We're asking a question of what can be done with what we have done thus far?
  • BruceWayneBruceWayne Member Plus
    Bitcoin prices. High of $1600 USD if nothing comes to pull the rug out from under us. We're at the bottom of the channel which has formed since $1.50 USD on Bitcoin since 2012. If something does come around I'd say low of $800 CAD. But assuming nothing bad happens (and a year is a long time) I cannot see us seeing prices theis low for months, if not years. Bitcoin is cheap at this price. But I hate advocating buying on an exchange which has the worst spreads and the worst fees but they will go higher.

    Just find someone who is smart enough to figure this out on your own good job. As to why you would pay 1% on a round-trip flight is asking why do we put up with what we do in Canada?
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