Is this a paradox? - page 3. | Bitcointalksearch.org

MrCrabs

full member

Activity: 121

Merit: 100

Quote from: bcearl on July 07, 2011, 05:41:30 AM

If you look at the number of US Dollars in circulation, and you imagine that those are replaced by Bitcoins, you get a value in the order of $50k per BTC.

EDIT: Some hard numbers added:

New York FED says: $829 billion in circulation.

There will be 20999999.9769 BTC (if the decimal point does not change - else it may be a little closer to 21M).

This makes $39,476.19 per BTC. And this means current USD! As the USD will inflate, the value per Bitcoin will rise alike.

I Like the sound of that. It looks a bit small to me though. The figure I have come across is, if just 1% of online trade in the US were to shift to Bitcoin each coin would be worth $10,000

bcearl

full member

Activity: 168

Merit: 103

If you look at the number of US Dollars in circulation, and you imagine that those are replaced by Bitcoins, you get a value in the order of $50k per BTC.

EDIT: Some hard numbers added:

New York FED says: $829 billion in circulation.

There will be 20999999.9769 BTC (if the decimal point does not change - else it may be a little closer to 21M).

This makes $39,476.19 per BTC. And this means current USD! As the USD will inflate, the value per Bitcoin will rise alike.

MrCrabs

full member

Activity: 121

Merit: 100

If one person owned them all. They would not be in circulation and they would be useless. Their real value is in the way that they can be used.

joepie91

sr. member

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Merit: 250

Quote from: CNMOH on July 07, 2011, 05:34:27 AM

Why would they be worthless if one person owned all of them?

Sorry, I'm not big on economics.

I think he meant they would be worthless if only one person wanted to use Bitcoins.

You could then of course not trade with anyone, thus making them worthless.

CNMOH

member

Activity: 266

Merit: 10

Why would they be worthless if one person owned all of them?

Sorry, I'm not big on economics.

MrCrabs

full member

Activity: 121

Merit: 100

I was thinking. With the 21million limit to Bitcoin and its deflationary nature.

If one person owned all the Bitcoins in existence they would be Worthless.
But if all people on the planet had a share of Bitcoins.
What would they be worth then.

Numbers People Numbers.

Thanks

Topic: Is this a paradox? - page 3. (Read 4604 times)