Topic: If Bitcoin skyrocketed, what would the future economy that is born look like? - page 2. (Read 2205 times)
May 01, 2015, 03:04:58 AM
From the article, op is concerning about the bitcoin trading when bitcoin skyrocket! From my point of view, Bitcoin's price can't skyrocket in one or two days. It will increase as the adoption rate increases. When the day comes, bitcoin is the one of the global major popular currencies, the user base should be large enough! No single one are able to control the price no matter how high the price reaches to!
May 01, 2015, 02:09:20 AM
May 01, 2015, 02:03:15 AM
Quote
Can bitcoin become the universal currency? The very concept of a universal currency is as meaningless as that of a universal language. After all, currencies are a form of language, a means of expressing value to each other. Bitcoin represents a new choice of currency, and in offering that choice globally, it leads to a world of currency pluralism, not a dystopian one-world-currency caricature of the currency wars of the 20th century.
I agree with this, Bitcoin will coexist with all national currencies, offering a global, non-national alternative for people everywhere.
May 01, 2015, 12:58:43 AM
There is a lot of discussion and hype that "bitcoin will go to the moon," My question what does that mean if it means potentially being a highly volatile object that everyone in the world is holding and or trading and volatility ranges at 12million/btc and 10million bitcoin on one day, and perhaps back down to 2 million/bitcoin
Whatver the numbers are, they will likely be much higher than $100-$999. And with out speculating on price, i am talking about the legitimacy of currency that is volatile and has a billions of people involved?
Whatver the numbers are, they will likely be much higher than $100-$999. And with out speculating on price, i am talking about the legitimacy of currency that is volatile and has a billions of people involved?
Bitcoin is volatile because it is new and small. Comparatively small amounts of money are enough to hugely affect the BTC price. It's market capitalization is still tiny compared to established currencies like the yen and the US dollar and most of the trading activity is due to speculators. The value of national currencies like the USD reflects confidence in the health of that nation's economy but the same is not yet true for BTC. If Bitcoin does "go to the moon" and billions of people are holding some amount of BTC, then I would expect the BTC price to be significantly less volatile than it is today (although perhaps not quite as stable as fiat currencies).
Secondly, hyperinflation aside, we probably won't be seeing a $12 million BTC price. $1 million is possible, but in order for Bitcoin to reach this price, it would have to replace virtually every single fiat currency in the world. If BTC reaches a status similar to how gold is treated today (which is perhaps a more realistic outcome), then the price should hover at around $350,000 USD per coin.
April 30, 2015, 05:01:48 PM
What would the future look like? Its like an empty matrix that can be filled literally anything you can imagine, things beyond business and legal stuff. Can new forms of entertainment, media, perhaps an entirely new new thing of its own kind of thing.
What would trade be, how would profits and losses be calculated(price volatility) prices.
How would demand change?
What new business models will be created?
And
These are some questions after reading this Andrea written article.
https://fee.org/freeman/detail/misfit-bitcoin-flag-money-and-currency-wars
But right in the middle of this global currency war, bitcoin was born. And it is set to undermine everything we thought we knew about currencies.
Flag money
By now, several generations have grown up with a concept of money that is closely associated with a national identity and that implicitly or explicitly competes against the moneys of other nations. Currency is no longer scarce, but the right to originate currency is scarce — that is, it’s the purview only of nation-states. The prevailing assumption therefore is that for a “new” money to arise, it must replace an old currency. There are 194 currencies in the world, each a “flag-money” of a nation, a notion as anachronistic as the airline flag-carriers of the 1970s.
Aligning currencies with national borders has a certain rationale to it in a world of paper bills, travel restrictions, trade restrictions, and national banking regulations. The national boundaries mean territory for the banks, border crossings for the citizens, and natural monopolies for the currency. To most people who have been raised in this context, it would appear that geography and borders — monopoly and limited choice — are inherent characteristics of money.
Nothing could be further from the truth.
The bitcoin misfit
The introduction of decentralized, non-national, instantly global, and entirely digital currencies such as bitcoin directly challenge these basic assumptions.
The artifice of borders melts away when currency is instantaneously global, fluid, electronic, and decentralized. Bitcoin ignores borders in exactly the same way that the Internet ignores borders. In the context of national flag-currencies, a borderless, non-nation-state currency is an aberration that shatters the dominant context. If money is borderless, then suddenly competition among national currencies is irrelevant. Bitcoin doesn’t have to “replace” anything because it’s not part of the zero-sum game of gaining flag status.
Currency that was once a geographical constant becomes a consumer choice instead.
When nations establish monopolies for their airlines, TV networks, and newspapers, the flag-carrier monopoly status is anachronistic, but it could be worse. Commercial monopolies erode competition in airfares and the truth, but at least they don’t start wars.
In currencies, however, nationalism and national monopolies are very harmful and are directly connected to war. Currency wars have become the proxy wars of this century, with dozens of countries locked in a devaluation spiral to externalize their debt. Currency wars can even be the precursor for kinetic wars (read: lethal combat), and even when they don’t lead to bombing, they can still devastate economies.
In this context, non-national currencies like bitcoin are not just revealing the quaint, anachronistic simplicity of state monopoly over currency; they are also offering a safe haven and relief valve for the citizens of the currency-war-torn nations.
Bitcoin and other decentralized digital currencies are not trying to displace other currencies, dominate a country, or establish a monopoly. They are supranational from the moment of their inception and stubbornly resist being constrained to the existing regulatory and nationalistic structures. But the prevailing context of nationalistic currency is apparent in the questions that surround these digital currencies. For example: Which nation will be the first to adopt bitcoin? The first “place” to adopt bitcoin is not a place, but people around the world.
Will bitcoin unseat the US dollar as the world’s reserve currency? No. Bitcoin will coexist with all national currencies, offering a global, non-national alternative to people everywhere.
Can bitcoin become the universal currency? The very concept of a universal currency is as meaningless as that of a universal language. After all, currencies are a form of language, a means of expressing value to each other. Bitcoin represents a new choice of currency, and in offering that choice globally, it leads to a world of currency pluralism, not a dystopian one-world-currency caricature of the currency wars of the 20th century.
This one about the future of co-existing global currencies(including Bitcoin:
http://imgur.com/rhArHSS
This I thought was funny coming from Argentina after the NYT article the other day.
https://twitter.com/CasaRosadaAR/status/593584932485779457
And Crypto-securties:
http://www.wired.com/2015/04/overstock-files-offer-stock-works-like-bitcoin/
And this thread from bitcoin talk which is now a few days old.
https://bitcointalksearch.org/topic/bitcoins-dystopian-future-180798
Anyways of the hundreds of headlines and stuff out there these are a few, quick check them out and i think you will the general picture of what I am getting at here.
Nothing here is is bashing bitcoin but rather taking a very honest question.
There is a lot of discussion and hype that "bitcoin will go to the moon," My question what does that mean if it means potentially being a highly volatile object that everyone in the world is holding and or trading and volatility ranges at 12million/btc and 10million bitcoin on one day, and perhaps back down to 2 million/bitcoin
Whatver the numbers are, they will likely be much higher than $100-$999. And with out speculating on price, i am talking about the legitimacy of currency that is volatile and has a billions of people involved?
How would trade change, how
What would trade be, how would profits and losses be calculated(price volatility) prices.
How would demand change?
What new business models will be created?
And
These are some questions after reading this Andrea written article.
https://fee.org/freeman/detail/misfit-bitcoin-flag-money-and-currency-wars
But right in the middle of this global currency war, bitcoin was born. And it is set to undermine everything we thought we knew about currencies.
Flag money
By now, several generations have grown up with a concept of money that is closely associated with a national identity and that implicitly or explicitly competes against the moneys of other nations. Currency is no longer scarce, but the right to originate currency is scarce — that is, it’s the purview only of nation-states. The prevailing assumption therefore is that for a “new” money to arise, it must replace an old currency. There are 194 currencies in the world, each a “flag-money” of a nation, a notion as anachronistic as the airline flag-carriers of the 1970s.
Aligning currencies with national borders has a certain rationale to it in a world of paper bills, travel restrictions, trade restrictions, and national banking regulations. The national boundaries mean territory for the banks, border crossings for the citizens, and natural monopolies for the currency. To most people who have been raised in this context, it would appear that geography and borders — monopoly and limited choice — are inherent characteristics of money.
Nothing could be further from the truth.
The bitcoin misfit
The introduction of decentralized, non-national, instantly global, and entirely digital currencies such as bitcoin directly challenge these basic assumptions.
The artifice of borders melts away when currency is instantaneously global, fluid, electronic, and decentralized. Bitcoin ignores borders in exactly the same way that the Internet ignores borders. In the context of national flag-currencies, a borderless, non-nation-state currency is an aberration that shatters the dominant context. If money is borderless, then suddenly competition among national currencies is irrelevant. Bitcoin doesn’t have to “replace” anything because it’s not part of the zero-sum game of gaining flag status.
Currency that was once a geographical constant becomes a consumer choice instead.
When nations establish monopolies for their airlines, TV networks, and newspapers, the flag-carrier monopoly status is anachronistic, but it could be worse. Commercial monopolies erode competition in airfares and the truth, but at least they don’t start wars.
In currencies, however, nationalism and national monopolies are very harmful and are directly connected to war. Currency wars have become the proxy wars of this century, with dozens of countries locked in a devaluation spiral to externalize their debt. Currency wars can even be the precursor for kinetic wars (read: lethal combat), and even when they don’t lead to bombing, they can still devastate economies.
In this context, non-national currencies like bitcoin are not just revealing the quaint, anachronistic simplicity of state monopoly over currency; they are also offering a safe haven and relief valve for the citizens of the currency-war-torn nations.
Bitcoin and other decentralized digital currencies are not trying to displace other currencies, dominate a country, or establish a monopoly. They are supranational from the moment of their inception and stubbornly resist being constrained to the existing regulatory and nationalistic structures. But the prevailing context of nationalistic currency is apparent in the questions that surround these digital currencies. For example: Which nation will be the first to adopt bitcoin? The first “place” to adopt bitcoin is not a place, but people around the world.
Will bitcoin unseat the US dollar as the world’s reserve currency? No. Bitcoin will coexist with all national currencies, offering a global, non-national alternative to people everywhere.
Can bitcoin become the universal currency? The very concept of a universal currency is as meaningless as that of a universal language. After all, currencies are a form of language, a means of expressing value to each other. Bitcoin represents a new choice of currency, and in offering that choice globally, it leads to a world of currency pluralism, not a dystopian one-world-currency caricature of the currency wars of the 20th century.
This one about the future of co-existing global currencies(including Bitcoin:
http://imgur.com/rhArHSS
This I thought was funny coming from Argentina after the NYT article the other day.
https://twitter.com/CasaRosadaAR/status/593584932485779457
And Crypto-securties:
http://www.wired.com/2015/04/overstock-files-offer-stock-works-like-bitcoin/
And this thread from bitcoin talk which is now a few days old.
https://bitcointalksearch.org/topic/bitcoins-dystopian-future-180798
Anyways of the hundreds of headlines and stuff out there these are a few, quick check them out and i think you will the general picture of what I am getting at here.
Nothing here is is bashing bitcoin but rather taking a very honest question.
There is a lot of discussion and hype that "bitcoin will go to the moon," My question what does that mean if it means potentially being a highly volatile object that everyone in the world is holding and or trading and volatility ranges at 12million/btc and 10million bitcoin on one day, and perhaps back down to 2 million/bitcoin
Whatver the numbers are, they will likely be much higher than $100-$999. And with out speculating on price, i am talking about the legitimacy of currency that is volatile and has a billions of people involved?
How would trade change, how
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