Topic: All these people claiming 1 BTC = 1 million+ - page 3. (Read 7276 times)

1. The ~10 minute confirmation time
2. The reliance on set encryption protocols which could be broken in the future (EC and SHA256). For something to become as big as a world currency, it needs to be trusted that the technology would last hundreds of years.
3. The blockchain size.
4. The amount of resources that the client uses on a device.
5. Other scalability issues, such as the amount of transactions which can be handled per minute.
6. Irreversibility of transactions.
7. The extreme ease of the average person losing coins due one of many vectors of mistakes and hardware failures, or hackers.
8. The technical difficulty for the average user trying to even use it.
9. Bitcoin commerce and usage has mostly formed within centralized entities even though it is supposed to be decentralized.
10. There are still humans who ultimately control Bitcoin and who must be trusted by its users, even though the system is supposed to be decentralized.
11. Volatility - it is not an attractive store of value for someone who just wants to use it as a store of value or a currency and isn't into investing or speculating.
12. The present distribution of wealth.
13. The reliance on the internet in order to function.
14. Also, what happens if the internet is split apart due to government firewalls.
15. Governments, corporations, and hackers could ultimate control and restrict Bitcoin usage if they really wanted. And mass adoption will not be reached when users have to do it illegally, run tor, and run checks on every client they download to make sure it isn't a hacked client. Even tor traffic or bitcoin traffic over tor could be blocked too by smart routers.
16. Some of the worlds most powerful contries have already banned or restricted it.

** add more here ** - anyone else is welcome

Why is it so unbelievable? As long as bitcoin gains mainstream adoption, 1mil (of purchasing power) per bitcoin is inevitable.

quoted for truth and relevance.

let's disconnect the state from money, that'll solve some problems.

I always hear people say the USD can't crash bc there would be dire consequences if it does, I was hearing everyone telling me that Poutine would never annex Crimée

People think nothing bad can happen?

Persons that have security and confortable life don't want things to change too much and there are defending the powerful state, they can have the luxury to eat very healthy too when the poor want things to change, if only they knew the state is not protecting them against the big corporations bc the state protects the big corporations; without a powerful states most of the evil corporations would disappear

If you are rich you will buy 1BTC for 1million bc you need some BTC and it is safer than fiat

1million $ will seem like a good deal when there is hyperinflation

(almost) noone would buy 1 BTC for $1,000,000, but people will eventually buy 1mBTC for $1,000 or 1µBTC for $1

Rewind a year and people were saying the same thing about $1000.

I have to admit though that 1 bitcoin at 1M $ doesn't sound very plausible to me (or perhaps doable, but bubbly), at least compared to 2014 USDs (not taking into account loss of purchasing power of future dollars).  I am more of a 1 BTC =  +- $100k kind of guy    .

Who would buy 1 bitcoin at 1mill.

This is an extremely well-articulated and thought-provoking response. My hats off to you. You've given me much to contemplate and I envy anyone who has the chance to sit down with you and pick your brains further on this matter.