A blast from the past!
Seems like ancient history in Bitcoin time.
Seems like ancient history in Bitcoin time.
"Those who ignore History are doomed to repeat it"!
SOME things have changed, but people have not.
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As of right now I am satisfied that Bitcoin appears as a curiosity, much as email once was... Bitcoin, and this community, seem to be moving forward quite swimmingly IMO.
In general I agree, but don't forget the 100K+ "curiosities" that are now totally forgotten!
At one time AOL "was" the Internet - AOL is still around but who cares?
'I' shall personally seek to make sense of BTC market fundamentals and work to maintain the stability of the system. This includes making sure my own systems are secure and stable. Long term planning for my own operations is an important part of this. As I learn things that I find helpful I shall attempt to share them.
I agree "secure systems" that really do lock out the thieves are fundamental. Problem is that this is neither simple nor straightforward.
"mediums for exchange" (fancy word for "money") ALL depend on a huge mass of "people who count" (those who have HUGE amounts of money) BELIEVING that the system really works.
MAKE NO MISTAKE; THIS IS "THE TIME OF TESTING" (KGV Xian Bible) for Bitcoin. If Bitcoin fails these attacks then it is dead, if it survives then it gets to try the "next level"!
"Many are called, few are chosen"
Let it never be said that the Bitcoin community lacks the ability to dream big.
Here I am speaking specifically to the relation of BTC to the U.S. Dollar. But we have seen similar effects with other commodities... Oil, gold, etc... As production slows, while demand also grows, the value skyrockets.
Well that is very basic simplistic economics. Market value is inversely related to production and directly related to demand.
However, we know that production is going to lower. The assumption, which we all hope is going to be correct, but is still an assumption, is that demand will grow.
There are a lot of forces at work which will help to ensure that demand grows. Recently, take a look at how banking customers' lives have been complicated by banks trying to weasel out of having to comply with Dodd Frank... Look at recommendations that are coming out of Davos and G20 meetings which promise to raise the bar for entry to international commerce... There is a lot of pressure which will favor adoption of easier ways to transfer 'money', and protect the value of cash holdings... Taa daa!
I never stated otherwise. I also think that the market demand for bitcoin stands a good chance of growing from where it is now... which is why I still have the vast majority of the coins that I originally bought... and consider buying more.
That said, until it happens, its still an assumption. Any number of things could cause a temporary or permanent dip. If that wasn't true, then this would be a completely risk free investment.
Let it never be said that the Bitcoin community lacks the ability to dream big.
Here I am speaking specifically to the relation of BTC to the U.S. Dollar. But we have seen similar effects with other commodities... Oil, gold, etc... As production slows, while demand also grows, the value skyrockets.
Well that is very basic simplistic economics. Market value is inversely related to production and directly related to demand.
However, we know that production is going to lower. The assumption, which we all hope is going to be correct, but is still an assumption, is that demand will grow.
Let it never be said that the Bitcoin community lacks the ability to dream big.
You know, we on these forums have been accused of irrational exuberance a few times before. I've heard people project that bitcoins will be worth at least $4 apiece by the end of the year. Yet I have no idea what such predictions are based on, aside from an assumption that the quadrupling of the value of the bitcoin over the last year will continue into the next year as well. Last year we got Slashdotted, right? So that rise makes sense. But when we keep predicting an upward trend for bitcoins, on what is our optimism founded? What's to keep us from being the next BetaMax? What is our plan?
Just wondering. I'd love to be able to do all my transactions in bitcoins. I'd love for all the transactions my transactions are founded on to have been done in bitcoins as well. But what are we doing to make that happen? Could I get a summary of current efforts? A "state of the union," so to speak?
If one Bitcoin was worth the same as one share Berkshire Hathaway....
The faucet would be dry right now.
The faucet would be dry right now.
Not true, if that were the case, I would gladly ask my personal servant to open his laptop and send in a donation, right after he brings another drink to me in my beach chair on my private island.
You think by then the default client will allow sub-cent transactions?
I guess we need a poll on when we reach parity with BRK.A. I'd say by 2025.
Not in my lifetime.
If one BTC was equal to $128,000 the smallest unit of trade would be .128 cents.
Given the number of BTC existing today the BTC economy would be worth over $724 Billion. But with 21 Million BTC in circulation that would be equivalent to a cash economy of $2.668 Trillion.
Given the number of BTC existing today the BTC economy would be worth over $724 Billion. But with 21 Million BTC in circulation that would be equivalent to a cash economy of $2.668 Trillion.
I think you just blew my mind. If we can get the whole world using bitcoins, one BTC will be worth WELL more than a share of BRK.A.
Do want. Do want very much.
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