Well, you might as well toss some more wikipedia stats in there and come up with how many bitcoins the distribution of wealth will leave people with;
1% of the world population own 40% of the global assets.
The richest 2% of the world population own more than 51% of the global assets
The richest 10% own 85% of the global assets.
50% of the world population own less than 1% of the global assets.
The whole global assets volume is about 125 trillion US$.
1.125 Dollar-Billionaires own 4,4 trillion US$. They own 4 times more than the 50% poor people of the world.
Over 80% of the world population lives on less than 10 US$/day.;
Over 50% of the world population lives on less than 2 US$/day;
Over 20% of the world population lives on less than 1.25 US-Dollar/day
Topic: Bitcoins: designed to fail - page 3. (Read 6320 times)
Does this make the bitcoin ultimately usable as a worldwide currency, replacing current currencies?
I think not, and it's built-in.
lol, question talker...nobody likes them.I think not, and it's built-in.
also...get your facts straight.... read: http://bitcoin.org/bitcoin.pdf
secret hint: each bitcoin can be devided by 10^8 ....now please do some more fancy calculations
Just teasing
... No, actually I was just worried to death that a bigtime failure was built in.But let's get back to the facts indeed: then 1 micro bitcoin / USD makes BTC 1 / 10^8 = 1 dollar cent.
That means... yehey!, you're right.
Doom and destruction aren't neigh!
Ok, so the dollar cent is hiding inside the smallest possible denomination of the BTC.
Now, either this is an ingenious hint of premonition regarding the utmost stability of the BTC's value, or still 1 or 2 orders of magnitude short.
In my opinion it is the latter.
Bitcoins will fail because no government on earth will let it be legal with something that they cannot control or get taxes from.
I think they will create something similar except that it will let all transactions be recorded.
But I still think bitcoins will be used as a black market for trading illegal things and for avoiding taxes.
Druglords and mafia can use bitcoins and only the italian mafia is extremly big, than you got the triads, the yakuza the mexicans etc.
So it will probably have some value.
I think they will create something similar except that it will let all transactions be recorded.
But I still think bitcoins will be used as a black market for trading illegal things and for avoiding taxes.
Druglords and mafia can use bitcoins and only the italian mafia is extremly big, than you got the triads, the yakuza the mexicans etc.
So it will probably have some value.
The maximum number of bitcoins is 21 million (2.1 * 10^+7) [3]
[...]
This means there is 21*10^7/7*10^9 = 0.03 BTC for every world citizen.
You do realize that what we call 1 BTC is pretty subjective. There will technically be more than 21 million BITS(pieces) of coins, the number of discrete units will be ~2.1*1015 I believe. [...]
This means there is 21*10^7/7*10^9 = 0.03 BTC for every world citizen.
So the actual number of potential base units pr world citizen is (2.1 * (10^15)) / (7 * (10^9)) = 300 000 (correct me if I'm wrong here)
Of course I see where you're heading, but when the world gets to a point where every citizen uses bitcoins, there will probably something new, maybe something backed by bitcoins, since bitcoins are too valuable to be practical for daily use.
secret hint: each bitcoin can be devided by 10^8 ....now please do some more fancy calculations
And it can be changed to divide further.
http://forum.bitcoin.org/index.php?topic=2150.0
Does this make the bitcoin ultimately usable as a worldwide currency, replacing current currencies?
I think not, and it's built-in.
lol, question talker...nobody likes them.I think not, and it's built-in.
also...get your facts straight.... read: http://bitcoin.org/bitcoin.pdf
secret hint: each bitcoin can be devided by 10^8 ....now please do some more fancy calculations
Damn guys, shut 'er down! We've finally found the Achilles heel we didn't think of..
Oh wait.. no
Oh wait.. no
You realise you can spend tiny fractions of a Bitcoin right?
It's not like a dollar, you can't only break it 100 ways.
It's not like a dollar, you can't only break it 100 ways.
Oh, thank god.
You realise you can spend tiny fractions of a Bitcoin right?
It's not like a dollar, you can't only break it 100 ways.
It's not like a dollar, you can't only break it 100 ways.
Damnit.
The world's wealth in 2007 was more or less 150 trillion $ (USD 1.5 * 10^+12) [1]
The number of people living on earth is more or less 7 billion (7 * 10^+9) [2]
The maximum number of bitcoins is 21 million (2.1 * 10^+7) [3]
This means there is 21*10^7/7*10^9 = 0.03 BTC for every world citizen.
And the current wealth, expressed in the total available number of bitcoins in USD/BTC is 1.5*10^12/2.1*1+7 = 0.5*10^12/0.7*10^7 = 0.7 *10^5 = USD 70,000 / BTC.
With inflation going like it's going now, USD 1 might be (I'm speculating here) worth only 1 UBC (micro Bitcoin) by the time all 21 million Bitcoins are created.
Does this make the bitcoin ultimately usable as a worldwide currency, replacing current currencies?
I think not, and it's built-in.
References:
[1] http://www.stockmarketfunding.com/getfile/343e5d94-2871-48a5-9aa6-550c3da0bbd2/World-Wealth-vs-World-Derivatives-1998-2007.aspx , http://upload.wikimedia.org/wikipedia/commons/thumb/2/24/US_derivatives_and_US_wealth_vs_total_world_wealth_1995-2007.gif/800px-US_derivatives_and_US_wealth_vs_total_world_wealth_1995-2007.gif
[2] http://en.wikipedia.org/wiki/World_population ,
http://www.google.com/chart?cht=lxy&chd=s:ABCDEGHIJLMNOQRSTVWXYabcdfghiklmnpqrsuvwxz01245679,XXXYYZZaabccddeffgghhijjkklmmnoopqqrrsttuuvwwxxyzz&chds=0.0,1.0&chs=160x101&chco=287bf5ff&chls=2.0,1.0,0.0&chxt=x,r,x,r&chxs=0,333333,0,0,tl,333333|1,333333,0,-1,tl,333333|2,000000,11.5,-1,tl,333333|3,000000,11.5,-1,tl,333333&chxtc=0,2|1,2|2,0|3,0&chm=h,cccccc,0,1,1,1|h,cccccc,0,0.5,1,-1&chxp=2,0,82|3,5,50,95&chxl=0:|1960|2009|1:|0|4B|8B|2:|1960|2009|3:|0|4B|8B
[3] Mentioned many times here in this forum
The number of people living on earth is more or less 7 billion (7 * 10^+9) [2]
The maximum number of bitcoins is 21 million (2.1 * 10^+7) [3]
This means there is 21*10^7/7*10^9 = 0.03 BTC for every world citizen.
And the current wealth, expressed in the total available number of bitcoins in USD/BTC is 1.5*10^12/2.1*1+7 = 0.5*10^12/0.7*10^7 = 0.7 *10^5 = USD 70,000 / BTC.
With inflation going like it's going now, USD 1 might be (I'm speculating here) worth only 1 UBC (micro Bitcoin) by the time all 21 million Bitcoins are created.
Does this make the bitcoin ultimately usable as a worldwide currency, replacing current currencies?
I think not, and it's built-in.
References:
[1] http://www.stockmarketfunding.com/getfile/343e5d94-2871-48a5-9aa6-550c3da0bbd2/World-Wealth-vs-World-Derivatives-1998-2007.aspx , http://upload.wikimedia.org/wikipedia/commons/thumb/2/24/US_derivatives_and_US_wealth_vs_total_world_wealth_1995-2007.gif/800px-US_derivatives_and_US_wealth_vs_total_world_wealth_1995-2007.gif
[2] http://en.wikipedia.org/wiki/World_population ,
http://www.google.com/chart?cht=lxy&chd=s:ABCDEGHIJLMNOQRSTVWXYabcdfghiklmnpqrsuvwxz01245679,XXXYYZZaabccddeffgghhijjkklmmnoopqqrrsttuuvwwxxyzz&chds=0.0,1.0&chs=160x101&chco=287bf5ff&chls=2.0,1.0,0.0&chxt=x,r,x,r&chxs=0,333333,0,0,tl,333333|1,333333,0,-1,tl,333333|2,000000,11.5,-1,tl,333333|3,000000,11.5,-1,tl,333333&chxtc=0,2|1,2|2,0|3,0&chm=h,cccccc,0,1,1,1|h,cccccc,0,0.5,1,-1&chxp=2,0,82|3,5,50,95&chxl=0:|1960|2009|1:|0|4B|8B|2:|1960|2009|3:|0|4B|8B
[3] Mentioned many times here in this forum
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