Bitcoin could mean availability of a stable price point again. It's much more transparent than the Gold market. Everyone would able to see how fiat currency is depreciating in value compared to the stable/predictable amount of bitcoins in circulation.
It is interesting to think about the changing investment environment is the world switches from unstable fiat currencies for calculations to a stable environment of crypto currencies. True economic calculation would be possible again.
Topic: Do you really believe that Bitcoin will hit 1,000,000 (Read 17317 times)
The global GDP today is ~$80T. If BTC dominates 1% of it, it'll be worth the equivalent of $800B, in today's USD. That makes a single BTC worth $40K, in today's terms, assuming 20M BTCs have been mined.
Of course, by that time, today's $40K would have been inflated many times away, but their respective value compared to the total economy would be about the same.
Of course, by that time, today's $40K would have been inflated many times away, but their respective value compared to the total economy would be about the same.
Magnitudinal advances and developments take years to unfold. Nobody knows the future. However, we can try to identify trends, it's less boring than to stay with what has already proven itself. What has already proven itself and known by others usually has a smaller chance to be as successful as something that not many have discovered yet. Failure rate of discovering new trends is large, so take a calculated risk and play safe.
@devphp, so you're saying it'll be a race to the bottom?
Basically, yes. How else could it be if it's the only free market left? Free market always operates in fierce competition environment. Who can operate on smaller profit margins and deliver more, wins.
@devphp, so you're saying it'll be a race to the bottom?
Basically, yes. How else could it be if it's the only free market left? Free market always operates in fierce competition environment. Who can operate on smaller profit margins and deliver more, wins.
Oh really it does? If you ignore 6 orders of magnitude or so, it probably does, right.
They are completely different hash functions, you can't do that simple comparison with PH/s of Bitcoin and come up with that number.
When bitcoin will reach 1,000,000$ probably I'll be a grandfather and my time will be almost finished.
I don't think it will reach 1 million but it can happen.
@devphp, so you're saying it'll be a race to the bottom?
As for security of network, even this PoW crypto 1.0 as Dogecoin that now accepts hash power from all the other Scrypt coins with its auxPoW feature, can compete with Bitcoin or getting close to be able to compete.
Oh really it does? If you ignore 6 orders of magnitude or so, it probably does, right.
Imho the only chance BTC to get to 1 mil $ is that USA get in a such bad shape the $ drops to at least 100 times lower value.
But as I also stated, $ is just paper. A better question would be a relationship between the prices for BTC, gold, platinum and maybe other "hard to get" physical things.
But as I also stated, $ is just paper. A better question would be a relationship between the prices for BTC, gold, platinum and maybe other "hard to get" physical things.
Ok, so you're more or less describing the present situation - bitcoin is not the only one. So in effect you're saying no crypto can ever be worth much because there'll always be some cheaper alt around?
Not just cheaper, but full of features.
Basically, all crypto 2.0 technologies do the same that Bitcoin does + a bunch of other stuff, and cheaper too.
As for security of network, even this PoW crypto 1.0 as Dogecoin that now accepts hash power from all the other Scrypt coins with its auxPoW feature, can compete with Bitcoin or getting close to be able to compete. But it's 200x cheaper than Bitcoin. Network effect you tell me? School kids will give you all the network effect you need, trust me. They can't afford Bitcoin, they don't care about getting millibits, this just sounds lame, who wants to be a loser in school? But they still can get thousands of Dogecoin. Before I am blamed for pumping Dogecoin, I just want to say this is the most obvious example that Bitcoin is already outdated. Dogecoin won't last more than a few years either, but it's not outdated yet, while Bitcoin is. Future is in crypto 2.0 Proof-of-Stake currencies though.
Ok, so you're more or less describing the present situation - bitcoin is not the only one. So in effect you're saying no crypto can ever be worth much because there'll always be some cheaper alt around?
So what's your 'realistic assessment' of adoption rates? I'm not being antagonistic here, just curious what you think.
My idea is that it's not necessarily Bitcoin that people will be adopting. Bitcoin will not be the only one. But since you asked, here is my take on how it's developing. As for crypto currencies in general, it will largely depend on how stable or rather, how unstable, the financial systems of the world and individual countries are. The trend is the financial system is losing stability, which is favorable for crypto currencies, adoption will continue to rise with more fiat pouring into crypto currencies, again, not necessarily all of it will be going to Bitcoin.
Well, you do the math:
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.
Your math is wrong, what makes you count 7 billion people, many of whom don't even have access to electricity, much less to computers and Internet and are uneducated? Even if the so called educated people in the west, to understand why they need Bitcoin they really need to understand much more than what the dumbing down school system gives them. There is a high chance that the price of Bitcoin will rise, but not as quickly and not as high as some here dream. You need to have realistic assessments of the world situation, not wishful thinking.
Well, you do the math:
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.
Your math is wrong, what makes you count 7 billion people, many of whom don't even have access to electricity, much less to computers and Internet and are uneducated? Even if the so called educated people in the west, to understand why they need Bitcoin they really need to understand much more than what the dumbing down school system gives them. There is a high chance that the price of Bitcoin will rise, but not as quickly and not as high as some here dream. You need to have realistic assessments of the world situation, not wishful thinking.
Well, you do the math:
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.
We need 1K first, please make it happen soon! 
We need 10K first, please make it happen soon 
if bitcoin become a worldwide currency and replace fiat $ 1.000.000 / BTC is possible, but it's still far away from that value..if it reach $ 10.000 i believe it will, now BTC look like stable around $500 / btc..
http://dollarvigilante.com/blog/2013/12/10/bitcoin%E2%80%99s-evolution-will-be-swift.html
it can easily reach a million and possibly even more.
I do not really believe if bitcoin reach $ 1 million it can easily reach a million and possibly even more.
I would be happy if it happens
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