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A comment on Long Island Iced Tea Soars 500% After Changing Its Name to Long Blockchain. Parent comment

Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by ghostbrainalpha on Thursday December 21, 2017 @10:22AM (#15979346)
The Crypto Kitty bubble already popped. I lost a paycheck, which sucks right before Christmas.

Ultimately I am probably lucky that I learned my lesson with "Captain Furball Cheezburger" instead of losing my mortgage when Bitcoin pops.

According to the CIA there is 80 Trillion dollars in the world in soft money. With 21 million Bitcoins, if 1% of all the worlds money was transferred to Bitcoin, each Bitcoin would be worth $38,000.

We are basically half way there. I wouldn't be surprised if it gets that high, but we I don't understand how people think it could keep going past that even theoretically. If someone understands the reasoning behind the $500,000 predictions, I would love to have that explained.

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by beefield on Saturday December 23, 2017 @03:27AM (#15993421)
Theoretically: Let's just agree with all bitcoin holders for a few moment to not to sell bitcoins to anyone but me. Then, I buy one satoshi (0.00000001 BTC) for one dollar. Just like that, the bitcoin market price is now 100 million dollars. With exactly one dollar "transferred" to bitcoin.
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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by s17n on Thursday December 21, 2017 @10:30AM (#15979420)
$500,000: BTC market cap approximately equal to value of all mined gold.
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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by ghostbrainalpha on Thursday December 21, 2017 @03:06PM (#15982336)
I see that number all the time as well, but i'm confused.

There is less than 2 Trillion in Gold in the entire world. If you divide 2 Trillion / 21 Million (total number of possible bitcoins), you would get BTC of $100,000 equals the market cap of Gold. Not $500,000.

By my math BTC of $500,000 would be 5x the market cap of gold. Would someone explain how my math is wrong?

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by bpicolo on Thursday December 21, 2017 @10:34AM (#15979455)
There's really no actual reason it should have value equal to the value of all mined gold though.
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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by ryanwaggoner on Thursday December 21, 2017 @11:10AM (#15979879)
There’s no actual reason that gold should have the value it does, either, other than the global shared delusion of it as a store of value.
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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by down on Thursday December 21, 2017 @10:48AM (#15979586)
yes, bitcoin is better then gold, will probably get higher
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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by acchow on Thursday December 21, 2017 @02:20PM (#15981914)
Except, the millions of gold holders (including in jewelry, etc) around the world can transact among each other at any time.

Bitcoin can handle 3-7 transactions per second.

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by mynewtb on Thursday December 21, 2017 @11:57AM (#15980479)
> With 21 million Bitcoins, if 1% of all the worlds money was transferred to Bitcoin, each Bitcoin would be worth $38,000.

Thanks for reassuring me that a bitcoin wont ever be worth anything within an order of magnitude to $38,000.

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by ryanwaggoner on Thursday December 21, 2017 @12:13PM (#15980640)
It’s currently worth $16k, so no idea where your skepticism that it’ll reach $3800 is coming from :)
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