Coinbase CEO: Bitcoin to surpass the dollar as reserve currency within 15 years

jbreher

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lose: unfind ... loose: untight

Quote from: TheMage on July 25, 2015, 01:03:05 PM

Ohh and mix in the fact that it takes a literal act of congress in order to declare something to be used to legally pay debts. Wink

I can't help but feel that you are conflating 'reserve currency' with 'legal tender'. Note that there is no requirement that these be one and the same. Indeed, most definitions of reserve currency make it clear that a currency becomes a reserve currency due to its utility in international trade, not due to legislative proclamation.

Further, anything agreed to by both parties of a transaction can be used to settle debts. In the U.S., the courts resort to the concept of legal tender only in order to have a common token in case of dispute.

gambit1

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Absolutely no way

g1974ak

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I don't think so. To be true this first needed that bitcoin be accepted as a official currency by all the countries in the world. Then be regulated like the other currencies and be used largely by the people in every days things. And then must have physique form to be considered as a real money.

futureofbitcoin

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Quote from: randy8777 on July 26, 2015, 05:36:24 AM

you would expect such a person to not say stupid things. this is just funny, if any one thinks bitcoin will surpass the us dollar in any way, these people are surely living in a fantasy world.

I would've said exactly what you did in 2010 about bitcoin reaching billions in market cap.

Ingatqhvq

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that be good if it is really, but i am afraid he is too optimistic, 15 years is really short.

randy8777

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you would expect such a person to not say stupid things. this is just funny, if any one thinks bitcoin will surpass the us dollar in any way, these people are surely living in a fantasy world.

futureofbitcoin

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I don't think this is possible, although he does say he has a plan. Who knows, maybe we'll view him as one of the next generation of geniuses after Larry Page/sergey brin, Elon Musk, etc. in 15 years.

Hopalong

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Quote from: mezmerizer9 on July 26, 2015, 01:45:35 AM

Quote from: Beliathon on July 25, 2015, 08:03:31 PM

I would agree, but as I see it bitcoin is a "small wave" revolution, and coming in right on its heels will be the far larger and more powerful wave of anti-capitalism revolution.

In the a twenty-first century ethics civilization, currency may turn out to be nowhere near as important as it is today. Consider the possibility that decent food, shelter, healthcare, and education may be provided to all human beings as a birthright. In such a world, money will not be anywhere near as central to our lives as it is today.

Yours in compassion and solidarity,

World Citizen Beliathon

Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade, even now for the modern international trading, domestic business. Original trades were through barter, then currency came out, like wampum and cowries, then silver and gold replaced them. Until nowadays notes are becoming popular. In 2009 the revolutional currency called bitcoin was coming out for us. Bitcoin will be our future's money.

http://www.historyworld.net/wrldhis/PlainTextHistories.asp?historyid=ab14

The star trek movies are describing a world like this. The idea is that everybody would be doing their jobs and all wars and conflicts will disapear. Makes me all warm and fuzzy to think about...

bornil267645

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AltoCenter.com

I don't see why Bitcoin needs to surpass the dollar. I mean it should be used in those situations where normal fiat currency fails us. For that to happen, it only needs simple existence, not overall kingdom.

mezmerizer9

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Quote from: Beliathon on July 25, 2015, 08:03:31 PM

I would agree, but as I see it bitcoin is a "small wave" revolution, and coming in right on its heels will be the far larger and more powerful wave of anti-capitalism revolution.

In the a twenty-first century ethics civilization, currency may turn out to be nowhere near as important as it is today. Consider the possibility that decent food, shelter, healthcare, and education may be provided to all human beings as a birthright. In such a world, money will not be anywhere near as central to our lives as it is today.

Yours in compassion and solidarity,

World Citizen Beliathon

Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade, even now for the modern international trading, domestic business. Original trades were through barter, then currency came out, like wampum and cowries, then silver and gold replaced them. Until nowadays notes are becoming popular. In 2009 the revolutional currency called bitcoin was coming out for us. Bitcoin will be our future's money.

http://www.historyworld.net/wrldhis/PlainTextHistories.asp?historyid=ab14

QuestionAuthority

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You lead and I'll watch you walk away.

Hum, I knew he was a bit young to be a CEO controlling over $100 million in VC money but I didn't think he was clueless (until now).

Outlander

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Quote from: edric on July 25, 2015, 07:47:03 PM

I saw that. No way this could happen unless it is adopted by major central banks and dramatically restructured. I think ultimately central banks will exert pressure on people to use their cryptocurrencies.

The bank will create their own coins takeing the advantage of blockchain technology. The coins are centralized one and will attatched to fiat money.If ppl still fascinate fiat, they have to use the coins. But the coins cannot compete with bitcoin.

Quote from: edric on July 25, 2015, 07:47:03 PM

The bitcoin network is too vulnerable to attack.

Why do you think bitcoin network is vulnerable? The hashpower is so large. No one could break it. IMO the sentence should be the bitcoin's network is too strong to be attacked.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: Amph on July 25, 2015, 12:41:00 PM

uhm those ceo are not very original aren't they , everyone is just repeating what satoshi has predicted in the past, remember the famous quote, 6 years are passed so 14 remained, and guess what 14 is between 10 and 15....

Satoshi said no such thing! (about BTC overtaking the U.S. dollar)

He said the volume would be huge (or zero) but huge could mean
anything. Today's volume is already huge compared to anything
expected in 2009-2010.

@Beliathon: please come up with an alternative to how trade will take place and values will be exchanged, then talk to us about how this 'anti capitalism' idea can be implemented. otherwise it is just meaningless rhetoric and idealism imho.

Beliathon

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https://youtu.be/PZm8TTLR2NU

I would agree, but as I see it bitcoin is a "small wave" revolution, and coming in right on its heels will be the far larger and more powerful wave of anti-capitalism revolution.

In the a twenty-first century ethics civilization, currency may turn out to be nowhere near as important as it is today. Consider the possibility that decent food, shelter, healthcare, and education may be provided to all human beings as a birthright. In such a world, money will not be anywhere near as central to our lives as it is today.

Yours in compassion and solidarity,

World Citizen Beliathon

edric

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I saw that. No way this could happen unless it is adopted by major central banks and dramatically restructured. The bitcoin network is too vulnerable to attack. I think ultimately central banks will exert pressure on people to use their cryptocurrencies.

pedrog

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I just wanna sell/spend my bitcoins at 10,000 a coin, world reserve currency!? WOW that's way too optimistic, that puts each coin at a value of millions...

Buy one bitcoin now, be a multimillionaire in 15 years...

expert-lister

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Imagine a world without hate and oppression

Bitcoin is Bitcoin, Dollar is Dollar, as the Gold is gold. Everything in its right place.

markj113

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Its not like the guy is biased and its in his interest to state that lol.

I think we'll see the yuan as reserve currency before BTC

Dire

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Crypto-Games.net: DICE and SLOT

Another currency is due to replace the USD as the global reserve currency. China has been angling for it with the Yuan for some time now. Politically, it just depends on who greases the right palms of the right people.

Doubt it will be Bitcoin though. Wish it would be, but I just doubt it. I think Bitcoin will become the true money of the people though, then let the governments play their games with their monopoly money themselves.

https://www.youtube.com/watch?v=3xZmlUV8muY

TheMage

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Litecoin Association Director

Quote from: achow101 on July 25, 2015, 01:07:51 PM

Quote from: ?? on ??

There is only one coin out there where none of its users are making such claims.. Whats up with that?

What is that coin?

Quote from: TheMage on July 25, 2015, 01:02:00 PM

I have nothing against Coinbase, but I find this statement from Brian interesting.

IF this were to happen (replace the dollar), they could be put out of business. As a matter of fact I've said multiple times that we know cryptos will succeed when we see payment processors close their doors (or completely revamp their business models).

I know this is not the only business model they have, so im not sure what % of gains are from payment processing. But I would imagine its not insignificant.

That is interesting. If Bitcoin succeeds and replaces the dollar, then what will coinbase and other exchangers do? They won't have a market.

Well exchanges will still be viable, thats half of their business model. But if Bitcoin replaces the dollar, that means companies will accept and hold Bitcoins, therefore there is no need for a payment processor.

Topic: Coinbase CEO: Bitcoin to surpass the dollar as reserve currency within 15 years (Read 1490 times)