Topic: $500,000 per Bitcoin, baby. The math behind it. - page 12. (Read 23668 times)
amen to OP
The government actually does care about how many wealthy people their are. Also as of right now it isn't exactly easy to tax bitcoins..So they don't want everyone getting free money with them getting nothing
I believe bitcoin has bright future (I must admit,I always loved science fiction movies)..You watched Star trek?...We all know about Einstain relativity...But in Star trek one believer invented warp drive (ability ship to fly faster than light speed)....I think being optimistic is very important in life,and bitcoin is our warp drive!...It will be hard the price of BTC to go "faster than light speed",but not immposible!...
It is silly to assume that by such a date we would not have much more efficient ways of powering this technology with the vast amount of money which IS being and WILL be poured into the infrastructure of maintaining this epic ecosystem.
2/10 for effort
2/10 for effort
I hope those who did the math included this:
"Combined with Moore's law, performance per watt would grow at roughly the same rate as transistor density, doubling every 1–2 years." -- http://en.wikipedia.org/wiki/Moore%27s_law#Other_formulations_and_similar_laws
Neither one of you saw or understood that mining efficiency does not matter when calculating the total power consumption of the Bitcoin Network."Combined with Moore's law, performance per watt would grow at roughly the same rate as transistor density, doubling every 1–2 years." -- http://en.wikipedia.org/wiki/Moore%27s_law#Other_formulations_and_similar_laws
Efficiency only affects total hash rate and difficulty, not power consumption.
It is a given that mining hardware will become more efficient for the reasons you stated. However, more efficient mining hardware means that for a given amount of power the network will just produce a larger hash rate. When more efficient mining hardware hits the market miners will just buy more of it until they consume the same amount of power as before the more efficent mining hardware was on the market.
The total power consumed by the network is only bounded by the amount of money available in each block to spend on power.
I hope those who did the math included this:
"Combined with Moore's law, performance per watt would grow at roughly the same rate as transistor density, doubling every 1–2 years." -- http://en.wikipedia.org/wiki/Moore%27s_law#Other_formulations_and_similar_laws
"Combined with Moore's law, performance per watt would grow at roughly the same rate as transistor density, doubling every 1–2 years." -- http://en.wikipedia.org/wiki/Moore%27s_law#Other_formulations_and_similar_laws
If it were to get to 500k per coin, we would be selling micro amounts of coin.
i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!
How so? You do realize there's millions of millionaires already right? The government cares about taxes. They don't give 2 rat shits if you've got money or not.
no, governments care about control, they can print money out of thin air, for now.
yes but they can't print gold, silver or bitcoin. If they print too much it will become an valueless currency - and that has happened before in history.
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$500,000 per Bitcoin is a ridiculous prediction. Wont get anywhere near unless bitcoin goes fully mainstream.
Arguments here ?Anyways, i'll continue. i've read tons of topics from 2013 that predicted a 5000 bitcoin for summer 2014.
It's quite sad, but i think the only way to achieve this, would be a second Cyprus bank run / government heist.
Pretty sure if the euro or dollar collapses, maybe a 2008 like crisis, we could hit a 100k bitcoin in no time.
Mainstream adoption will only come from an absence of choice, NOT enlighted decision ( thats us
) in our case that absence of choice would be caused by a total collapse of trust in our financial system.You can waste your breath and educate people to bitcoin for as long as you wish, they won't use it globally unless they HAVE to, mark my words.
$500,000 per Bitcoin is a ridiculous prediction. Wont get anywhere near unless bitcoin goes fully mainstream.
You are stating the obvious, and there is some kind of logical fallacy with your rational... (but I do NOT know the name for the logical fallacy.. NOT off the top of my head).
Even $50K per bitcoin is going to make BTC pretty mainstream, and $500K per bitcoin is even more mainstream (10x more). You may be correct that $500K per bitcoin is a bit ridiculous to achieve - however, NOT for the reason that you stated b/c even at a much lower than $500k price, the assumption is that BTC becomes increasingly mainstream which causes it to increase in value (what people are willing to pay for it).
$500,000 per Bitcoin is a ridiculous prediction. Wont get anywhere near unless bitcoin goes fully mainstream.
i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!
You may be correct with your instinct that there are status quo forces that do NOT want regular people getting rich and they do NOT want redistribution of wealth. I would NOT place those suspicions on the government - b/c the government is merely a vehicle that can be used by the people or by the rich... a problem, is frequently the government gets co-opted by status quo wealthy forces... but suggesting "the government wants" is a way of misunderstanding the forces at play... b/c the government is NOT inheritantly bad.
Back to the substance of your comment:
There remain wealthy and status quo forces that do NOT appreciate some of the redistribution of wealth that has already taken place through bitcoin. They do NOT have a choice , and they do NOT like it, but some redistribution of wealth has already taken place. Some of the newly wealthy through BTC are going to be able to hang onto their wealth, but others are NOT so smart or sophisticated to realize how to hang onto their newly acquired wealth or are NOT sufficiently omnipotent to know how to manage their newly acquired wealth. NONETHELESS there remains considerable potential for further redistribution of wealth for those who enjoy sufficient foresight to recognize the potential of bitcoin and to continue to invest in bitcoin while there remains considerable potential upside.
In this regard, bitcoin is democratic and open to all to invest at whatever portion of their income is possible and accordingly, there will be little choice of the status quo and additional wealth is going to be redistributed to people who are able to HODL BTC in the coming years. Surely, there will be come wealthy that get on board and are able to manipulate the wealth distribution of BTC in their favor.. but still quite a few regular (and techy) people should be able to receive some of this BTC wealth redistribution... b/c I am thinking that it is still early days, and even if BTC does NOT go to $500K, it has a pretty decent chance to go to $10K and beyond in the fairly near future.... and the status quo financial institutions are likely NOT going to be able to stop it.. even though they will probably make some lame efforts to try to stop it.
Yes, it will take a while to reach $50,000. Many years.
But it will hit $5000 within the next 6 months.
But it will hit $5000 within the next 6 months.
$5,000 in the next 6 months!? LOL. What planet are you living on?
i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
Even projections of $10k in 5 or 10 years is extremely optimistic and a very good investment. Normal index fund stocks are usually projected to double in value in 10 to 12 years. So, if BTC is able to achieve another more than 10x appreciation in 5 to 10 years, those are very good value projections.
So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so.
$500k in 2033? I'll take that. I can be patient. 
if this is the case then it is better than IRA plan lol
Yes, it will take a while to reach $50,000. Many years.
But it will hit $5000 within the next 6 months.
But it will hit $5000 within the next 6 months.
i curious to see this happend . its mean in begin of 2015 will something special
i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!
yea agree and the richer more rich and when stopped mining . all bitcoin will death from free transaction.
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i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!
How so? You do realize there's millions of millionaires already right? The government cares about taxes. They don't give 2 rat shits if you've got money or not.
i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
As much as I hope I am wrong, I don't believe it will ever go that high...That would put too many people at an extremely wealthy level, and I don't think the government wants that to happen!
Yes, it will take a while to reach $50,000. Many years.
But it will hit $5000 within the next 6 months.
But it will hit $5000 within the next 6 months.
$5,000 in the next 6 months!? LOL. What planet are you living on?
i believe it will touch 10.000 but not to 500.000 k
and maybe need more year like 5 or 10 years again to touch it . because we know when diff gain price will gain. may
I'd love to see this happening but I really doubt it. $5,000 is do-able but $500,000 is likely to ever happen.
I have been thinking that $5K or $50K are possible in the next few years; however, $500K is some other level shit, and surely it is possible, but maybe like Burt W suggested, such a price may NOT be too sustainable for a lot of reasons or even feasible until something like 20 years from now.... and by then, who knows what the state of the crypto world is going to be... we may be in for some real surprises.. if we are so lucky to be living 20 years from now.
What happened to the colorful cities with hovercars and white-picket fences, and all your favorite shows and games at your fingertips? Did "The Walking Dead" skewer your view of a better tomorrow?
I really don't understand what happened.
Cold War era; colorful cities, fancy technology, etc.
Today; dystopia up the wazoo.
Is when we have war we think of a futuristic tomorrow, and when we have relative peace, we imagine the world going to sh!t?
I may sounds naive, but these are my literal observations.
They lived thinking about impending nuclear strikes, at any time, but they had a bright outlook. Now that we have that threat relatively gone, it's turned into... the apocalypse. Everyone wants to be the next king-pin, living on top a mountain of gold while hookers swirl around them, and cities burn on the horizon, with thugs constantly bringing in more and more loot...
Wtf humanity.
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