Topic: Bitcoin market cap is now almost... [Apollo moon landing project+Ft. Knox !] - page 2. (Read 8364 times)

Makes you realize how much more room there is for Bitcoin to grow.

(rounded to nearest dollar) $108 US needed to meet next target.

nope  - back up  -

Market Cap
based on latest prices
1,001,691,445 USD

1 billion has been hit. If it will stay there is still questionable. As of writing, it has gone back down to just barely below 1 billion USD.

Paintings are a bubble! Not bitcoin!


Doesn't that actually mean BTC is winning, at least in terms of buying power?

Puts things into perspective, right?

Ben currently prints $118,000,000/hr. So that's, what, all of bitcoin every 6.5 hours?

The potential future of money is worth 1 small canvas with paint on it?  Dear god, give this thing some traction please  .

It's a race with the FED. And BTC is losing:
http://en.wikipedia.org/wiki/Zeno%27s_paradoxes#Achilles_and_the_tortoise

3600 BTC printed daily? need to have a $500,000 per BTC to reach the printing frenzy of the FED.

But by the time we have $500,000 per BTC. The FED will have accelerated to ten-fold.

1. There are 81,000 people in the world with over $50M in assets: http://www.economist.com/node/17929057 . You can do a bunch of estimates from there.

2. Yes.

Assessed value of the Mona Lisa reached.

That's a hard question. That's like guessing what the current exchange rate will be in five years. It really depends on how it unfolds, how people use it, etc. One thing I can be quite sure is that there won't be a point when the rich will just go "oh fuck it, let them have their way". They will take every last measure before giving up the old way which got them their wealth.


Easy. You don't have to transfer your current wealth stored in fiat in order to get bitcoin. Simply start working for BTC. The same way you got your fiat. When government makes it illegal to trade fiat for BTC, that's when either fiat or BTC start losing their worth (my guess is that by the time the governments realize this, fiat will already be on a steep downward slope).

They did it with drugs....mere possession....that sorta worked...not, but drugs are much harder to send around

the problem with BTC is how do you exchange large wads of cash or into bank accounts if it is illegal.....you  may have to set up some sort of offshore/swiss operation?


also how would the prove say you had BTC if you buy anon....this is what I dont like about GOX

The war will be futile and in the end dinosaurs will die.

I am curious though. What exact means do you think governments will adopt? Do you truly believe the mere possession of Bitcoin will be a criminal offense in western (North America + Europe) countries? If so, a lot of people will be in jeopardy since proving that someone at some point owned Bitcoins is quite easy if any bank has ever been involved in the acquiring process.

How about this for some perspective. The current bitcoin economy is somewhere between Micronesia's and Tonga's total GDP (http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)). We're not even talking about a tiny part of the global economy, we're talking about a tiny part of a tiny country's economy.

I'm gonna rant a little, kind of share what my imagination has been conjuring lately...

I tend to believe that the network effect of bitcoin is it's strongest and most vulnerable point. The more people use it, the more people use it - and the less people use it, the less people use it. On the one hand, if it doesn't stick well with people, it will have a very very hard time gaining traction. On the other hand, if it does start catching on significantly, it won't stop. That's why I think it will follow a classical exponential adoption rate.

I'm not going to say that I expect bitcoin to take over the world economy, but since there is a [variable] hard limit to the size of the bitcoin economy at full saturation (theoretically the global economy), we will see a very clear "log phase" in a market cap graph as seen with, e.g. bacterial growth (http://en.wikipedia.org/wiki/Bacterial_growth). When the bitcoin economy reaches full saturation, everything from 2009 until today will look like a straight line, because the market cap will be many, many orders of magnitude larger than today.

Edit: I will add that having more than one medium of trade is not fun. If everyone is buying and selling in bitcoin, you are more likely to sell and buy in bitcoin respectively.

I believe bitcoin's most interesting phase is most definitely not this one. I believe bitcoin will catch on in exponential fashion. That is to say, the jump from the Marshal Islands to Micronesia (roughly four weeks) will take around the same time as the jump from the UK to China. I kind of imagine adoption rate to be somewhat similar to Facebook's, except bitcoin might have a sharper exponential rate.
http://bylimedesign.com/facebook_histodical_users.png

The downside is that the transition will be harsh. And I mean dire. Governments will not take this lightly. Taxation is a bitch with bitcoin. Central banks won't either. Bitcoin is not fiat. And since both are tied to each other for survival the way things are currently run around the world, and considering both will probably use whatever means necessary to avoid competing with bitcoin directly, I believe violent means will not be passed over... Bitcoin will be fought in similar tactics as p2p file sharing was/is fought by the record label industry. Idiotically. However, as dinosaur as fiat may be in the face of bitcoin, this war will be orders of magnitude larger than that of the record label industry. And the means will be orders of magnitude more fierce.

That "log phase" will be the defining moment. That's when the public will decide if bitcoin is here to stay. If you think today the bitcoin is volatile, imagine the events that will influence bitcoin when Vietnam/Afghanistan/Iraq-scale war will be waged to keep business as usual in western civilization? On the other hand, how do you take down a Facebook with out any central servers or operators?

What if he buys all the bitcoins and send them big amounts to his fans??

He got 99 problems but a Bitcoin ain't one.

as we all know this is a true shame - and also what caused the recent recession.

They also tend to have very strict rules about diversification, and allowed % in certain types of funds.  For example, a given pension isn't going to be able to invest in anything that isn't AAA rated by Moody's or S&P, that means no chance of investing in bitcoins.

lol! +1