Topic: A Strategy to take Bitcoin to the next Level -- and also $1000+ (Read 5229 times)

Love reading old posts. Kudos OP!

Note: bitcoin has gone up 1000% since I posted this in August 2012

We just need to do the same thing again...

KUTGW!

This is why I want OUYA to get first-party bitcoin support.

Your comments on building confidence make sense.  I would like to think we are on the right track when the market still stays above $10 when pirate announces his defaulting.  It shows an improvement in stability.

Cautious / sane people are not going to convert a large % (or even a small one) of their wealth without confidence.

Most people will never understand how bitcoin works, nor have to.

But building the confidence will take time.  It's not going to happen in 6 months, or even 6 years.  But 6 years is enough to build a reasonable base of confidence.

To see the kind of usage some people think of as inevitable is at least going to take 15 years or more.  But that's fine and the way it should be.

http://www.bitcoindance.com/

"If you need to get a hold of me, I at least vaguely recommend connecting to irc.saurik.com and joining #iphone or #saurik. I tend to check it most of the time, but if not at least once a day (so stay connected and be patient if I'm not there right then). If you only have a webbrowser, you can use my web IRC client."

From his blog.

I can appreciate the optimistic naturue and faith of the op.  Its good to know there are many other trying to push forward and help bitcoin to grow.  Not that anything shocking is here, but some consistent devotion which bitcoin greatly needs.

I've been hoping people with the right connections would start reaching out more then they have. There are lot of places I would like to see accept bitcoins. If someone could get Cydia (apple jailbreak store) to start accepting bitcoins that would be a great start.

http://www.saurik.com

Fund managers do all kinds of shit, like outright steal. I'm pretty sure they will find ways to get BTC exposure when they want it.

The mistake of spending a coin would be dwarfed by the mistake of not converting everything you can into them. As long as you are worrying about spending one you haven't taken your exposure to where it should be which is the point at which you are equally concerned with one bitcoins worth of dollars as you are with one bitcoins worth of bitcoins. My dollars are relatively precious only because I hold so freaking few compared to bitcoins.

Also that .5BTC ad impression ought make you .51BTC back or you really should hesitate

Apologies, I could have expanded a lot more but I think the community already has the magic formula.

"Just keep swimming..."
"Just keep swimming..."
"Just keep swimming..."





If there's one thing that stands out it's generate trust.

Bitcoin has to become the most trusted currency it can be, or even, in the world.  

In most currencies it is the job of centralized authorities to reduce fraud.  But all too often, fraud becomes institutionalized.  As legacy currencies start to lose trust, new ones will gain trust.  I call this "The Law of Conservation of Trust".  The total amount of trust in a monetary system remains roughly a constant.  Bitcoin is well placed to gain brand value as other poorly managed currencies falter.

Here is the gap a decentralized currency can fill.  Decentralization leads to a fault tolerant and self healing network, where it's very hard for one body to disrupt everything.

Every transaction in good faith strengthens the trust, and therefore, the network

- Increase the volume of good transactions
- Increase the success stories
- Increase the outlets
- Scale out the OTC web of trust
- Increase users
- Inspire people, by generating a culture of good ethics

Every time one of these things happens, bitcoin becomes one step closer to being the next great world currency.  Network economics dictates that each new increment in the system takes bitcoin to a new level and makes it almost exponentially harder for any competition to challenge it.  

Hoarding, speculation and fraud are part of any currency.  But we should aim for a culture that encourages good behaviour, discourages bad behaviour and perhaps provides metrics.  (These are the classic 3 properties of an effective trust network).

Quality, integrity and trust are key.  Try not to split energies too much until it's felt a critical mass has been achieved.  

Just as in the rise of google or any other great share.  Price increase should be a side effect of continuing (as a community) to do things well, rather than, the result of any one action.  

Dont focus on the valuation.  Participate in strategies to generate trust, and everyone wins.

I'm talking about wroking proof-of-stake alternatives.

That happens when you pay your friend back lunchmoney with Bitcoins.

^^this

Bitcoin's value is dependent on its usefulness.  Therefore, to increase its value, people have to start either offering their own goods and services in exchange for Bitcoin and/or encouraging others to accept Bitcoin.  Right now, the value of Bitcoin is supported primarily by drugs and gambling.  That's great and all, but for Bitcoin to really explode it needs to go mainstream.

M * V = P * Q

Q is what's ultimately important.

Comparing Bitcoin's value to a company like Google is probably not going to be very useful or informative. However, the price of Bitcoins can very easily surpass $1,000. All it takes for that to happen is for Bitcoin to become widely used in any major niche for which it is useful. If it becomes commonplace for gambling sites to accept BTC, or porn sites, or money remittance markets, or forex sites, etc. Any of these segments, if they utilize Bitcoin in a widespread manner, would justify coins in the $200-$2000 range.

Silk Road itself, if it continues to grow, could justify a Bitcoin price around $100 quite easily.

I think long term there is no way Bitcoin can exist under a price of $500. It might all crash and burn and go to zero (and everyone who hold bitcoins needs to acknowledge this possibility and risk), but if it doesn't, then it'll grow to fill some segment on commerce and will require a price over $500.

I suspect the reference is to the latest bitcoin-killing solid coin...

-MarkM-

Are you talking about ASIC mining, which basically increases security by an order of magnitude for any given level of energy consumed?