In other news, the majority shareholder in <insert company here> says their share price will sky rocket by 300% in the next six months... you should buy shares immediately.<p>Since the twins are so heavily invested, there is no way they would ever support any evidence contrary to the title of this post...
To put things in perspective: taking the (presumably) wildly optimistic forecast of the Wilklevii, the total future bitcoin appreciation will be approximately equal to the year-to-date performance.<p>So in an optimistic scenario, the bulk of any appreciation is behind us, and the fortunes made to-date won't be made by the current batch of speculators.
I am pretty confident that stuff like this does more harm to the bitcoin community than good.
It further encourages anyone remotely involved to sit on their coins and not use them.<p>The only way something like bitcoin can flourish is if the majority of users are spending them (trading them)... if 90% of people buy bitcoin in the hope they will go to $40K then they are supporting all the things that the naysayers are claiming (ponzi scheme and what not).
Bank of America's analysis of price made a lot of sense to me, and to the best extent possible, they justified their valuation ($1300 max). This is just mindless speculation like CNBC saying BUY BUY.
Isn't the price (softly) bounded above by the mining cost? I guess there's a demand/supply time-lag.<p>No, wait, I think I get it:<p>1. Lots of demand. Price spikes.<p>2. Supply increases,<p>3. Mining difficulty ratchets up.<p>Because mining difficulty is a function of mined bitcoins (and not a function of time) this price estimate isn't a refutation of Moore's law. It basically means that the demand for bitcoin, quantified I-don't-know-how, is going to double quite a bit faster than dollar-normalised processing power.<p>(Can anyone tell me whether increases in mining difficulty happen smoothly or sharply? I wonder whether the current market is smart enough to price a cliff in the rate.)
Hmmm, this reminds me of Carl Ichan, but I can't quite put my finger on why that is?<p>Could someone possibly clue me in. I'm at a total loss.
In other news, pumpers in a pump and dump scheme continue to pump. I can't believe this is even on the front page. What's next? A note from Tim Cook bullish on Apple?