Topic: $500,000 per Bitcoin, baby. The math behind it. - page 7. (Read 23674 times)
3% of power production ($50,000 per BTC) is within the realm of possibility but I do not think $500,000 per BTC (30%) is.
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest .
Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
$50,000 in this era would cause the mining to attempt to consume about 3% of all the electricity produced on the planet. So, I think not. Maybe in the next era or the one after that.Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
You can see my calculations a few pages back, here:
https://bitcointalksearch.org/topic/m.8135635
3% of all electricity being used for Bitcoin is not really impossible or even necessarily undesirable. According to the article below, IT uses 10%. Is a very successful Bitcoin important and valuable enough to use 30% of IT's electricity (or alternately to increase IT incrementally from 10% to 13%)? I don't think the answer is obviously no.
http://www.theregister.co.uk/2013/08/16/it_electricity_use_worse_than_you_thought/
Wow that is really insane.. When reading about this I am so happy I do not live in the USA with their patriot act shit..
For those that might be country shopping, what country do you live in? Does your government condone civil asset forfeitures? Does it allow US homeland security and FBI to raid citizens in your country - like New Zealand did/does?
All are my estimates:
$500,000 in this era -> 30% of all electricity produced.
$50,000 in this era -> 3% of all electricity produced.
Also true.
$500,000 in this era -> 30% of all electricity produced.
$50,000 in this era -> 3% of all electricity produced.
Quote
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 $500,000 before era 6, which is about 2033 or so.
Also true.
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest .
Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
$50,000 in this era would cause the mining to attempt to consume about 3% of all the electricity produced on the planet. So, I think not. Maybe in the next era or the one after that.Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
You can see my calculations a few pages back, here:
https://bitcointalksearch.org/topic/m.8135635
First of all , welcome back I saw the topic that theymos made about you months ago so ... You said this (not sure if you meant 50k or actually 500k) :
Quote
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 $500,000 before era 6, which is about 2033 or so.
In my opinion , that's more then perfect , I have now 18 years old so I guess I have time and I have no problem on waiting another 18 years if I will become rich but as I said maybe after 18 years that amount in USD won't have the same value as now at all .
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest .
Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
$50,000 in this era would cause the mining to attempt to consume about 3% of all the electricity produced on the planet. So, I think not. Maybe in the next era or the one after that.Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
You can see my calculations a few pages back, here:
https://bitcointalksearch.org/topic/m.8135635
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest .
Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Where did they take your coins from? An exchange that they took offline? How long did it take to get it back?
More information here:
www.jmwagner.com
www.burtw.com
https://bitcointalksearch.org/topic/m.12026075
Or, an entire thread on the subject here:
https://bitcointalksearch.org/topic/burtw-arrested-update-charges-dropped-934268
Wow that is really insane.. When reading about this I am so happy I do not live in the USA with their patriot act shit..
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Glad to hear you got your coins back BurtW. I hope we can see thousand dollar coins in one year.
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Where did they take your coins from? An exchange that they took offline? How long did it take to get it back?
More information here:
www.jmwagner.com
www.burtw.com
https://bitcointalksearch.org/topic/m.12026075
Or, an entire thread on the subject here:
https://bitcointalksearch.org/topic/burtw-arrested-update-charges-dropped-934268
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Where did they take your coins from? An exchange that they took offline? How long did it take to get it back?
Your theory is very exciting, and I really wish that happens soon. I think there are certain social factors and economical factors in a few countries withing a few people which limit the accessibility of bitcoin. once that problem is overcome, there can be more concentration as to increasing use of bitcoin around us and educating about bitcoin to substantially multiply its use which will in the end benefit bitcoin users.
It's bound to happen sooner or later. All the indicators are aiming for a total fiat collapse and the scam will be finally unveiled. If we can get through the blocksize crisis thing and start planning things for the next 20 years to scale up the system we'll get there. Bitcoin is the only thing that can save us from failing into the same traps from the past, this is bigger than most here realize.
Your theory is very exciting, and I really wish that happens soon. I think there are certain social factors and economical factors in a few countries withing a few people which limit the accessibility of bitcoin. once that problem is overcome, there can be more concentration as to increasing use of bitcoin around us and educating about bitcoin to substantially multiply its use which will in the end benefit bitcoin users.
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
I won't be satisfied until 51% of the world's power is used to secure the Bitcoin network.
How much of world power is used to secure fiat by all the countries? We should also include the cost of police, army etc and convert that into electricity power.
We could do that by counting the amount of donuts they eat, convert this into calories, which can then be calculated into Joules. This can then be compared to the electricity. Easy calculation right?
Good point
I won't be satisfied until 51% of the world's power is used to secure the Bitcoin network.
How much of world power is used to secure fiat by all the countries? We should also include the cost of police, army etc and convert that into electricity power.
We could do that by counting the amount of donuts they eat, convert this into calories, which can then be calculated into Joules. This can then be compared to the electricity. Easy calculation right?
I won't be satisfied until 51% of the world's power is used to secure the Bitcoin network.
How much of world power is used to secure fiat by all the countries? We should also include the cost of police, army etc and convert that into electricity power.
It's perfectly possible, respectable individuals like the Xapo founder believe it so as well:
"In a video interview with the Wall Street Journal, Mr. Casares says he’s not worried about bitcoin’s own volatility hampering its adoption – though he expects significant volatility over the next few years. He predicts that in a decade, one bitcoin will be worth somewhere between half a million dollars to one million dollars."
http://blogs.wsj.com/digits/2014/04/02/bitcoin-price-to-1-million/
Of course, the dumb ass average Joes that cannot think outside the box and consider any prediction like that as insane, will never make it. They will always find excuses "Oh he's heavily invested, oh this Bitcoin thing will crash". It's what they want to believe so they don't have the risk of buying and holding, and the ones that already have coins will not be able to resist the urge to sell when we are back to 1K or so. The people that is going to make it big within the next decade are only the 1%, which is what makes such a big price possible, because there will be a massive redistribution of Bitcoins in each bubble-burst cycle.
Give it time, the main thing is to get more adoption, businesses, and people using it."In a video interview with the Wall Street Journal, Mr. Casares says he’s not worried about bitcoin’s own volatility hampering its adoption – though he expects significant volatility over the next few years. He predicts that in a decade, one bitcoin will be worth somewhere between half a million dollars to one million dollars."
http://blogs.wsj.com/digits/2014/04/02/bitcoin-price-to-1-million/
Of course, the dumb ass average Joes that cannot think outside the box and consider any prediction like that as insane, will never make it. They will always find excuses "Oh he's heavily invested, oh this Bitcoin thing will crash". It's what they want to believe so they don't have the risk of buying and holding, and the ones that already have coins will not be able to resist the urge to sell when we are back to 1K or so. The people that is going to make it big within the next decade are only the 1%, which is what makes such a big price possible, because there will be a massive redistribution of Bitcoins in each bubble-burst cycle.
The price will take care of itself once Bitcoin is seen as viable to the masses.
It will likely be $500,000 next week.
And I am willing to loan anyone 1 bitcoin now for only $100,000 as a down payment.
Rock bottom interest of only 1% APR!!!!
And I am willing to loan anyone 1 bitcoin now for only $100,000 as a down payment.
Rock bottom interest of only 1% APR!!!!
Yeah bro, loan me 4 btc at 400,000 i have an island for collateral, LoL
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