Poll - What is your ultimate expectation for bitcoin? - page 2.

Boussac

legendary

Activity: 1221

Merit: 1025

e-ducat.fr

Quote from: adamstgBit on July 12, 2012, 12:22:15 AM

Maybe, Bitcoin will become a collectors item
The very first digital money that paved the way

Progress is sure to pop up a new protocol that improves on the bitcoin model, and this new protocol will be the one used to replace the current financial system

IMHO it's quite possible to improve the bitcoin protocol incrementally through BIPs.
There is no such thing as web 2.0 in spite of the marketing hype so why would we need bitcoin 2.0 ?

knight22

legendary

Activity: 1372

Merit: 1000

--------------->¿?

Quote from: DannyHamilton on July 12, 2012, 11:53:58 AM

Banks have existed and happily worked with many forms of currency long before fiat currency came along. There was a time not that long ago when currency was backed by gold. At that time, banks still existed and happily provided gold certificate services.

Right now, I can walk into a store and hand someone a $5 bill to pay for a can of soda. That store will then hand me back 4 $1 bills as change. Later they can use that $5 bill to pay the guy who washes their windows. He will take it down to the local bar and buy a few beers with that same $5 bill. The bar will pass it off to the guy washing dishes in the back room, and he will lose it to another person in a game of poker.

Explain to me how these transactions are "in total control of its own central bank".

Please take a time and watch this:

http://vimeo.com/2244372
http://vimeo.com/6822294

Or read the "Modern Money Mechanics" from the Federal Reserve Bank of Chicago

You will understand their range of control and how they are working hard everyday to get more of it.

AmazonStuff

hero member

Activity: 628

Merit: 500

BTC will become No.1 international money transfer currency (service)

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: knight22 on July 12, 2012, 11:17:36 AM

The fact that you may not understand is that all fiat currency is in total control of its private own central bank. With bitcoin, they loose part of their control on our method of exchange so you can be sure that they will not appreciate such a thing.

Banks have existed and happily worked with many forms of currency long before fiat currency came along. There was a time not that long ago when currency was backed by gold. At that time, banks still existed and happily provided gold certificate services.

Right now, I can walk into a store and hand someone a $5 bill to pay for a can of soda. That store will then hand me back 4 $1 bills as change. Later they can use that $5 bill to pay the guy who washes their windows. He will take it down to the local bar and buy a few beers with that same $5 bill. The bar will pass it off to the guy washing dishes in the back room, and he will lose it to another person in a game of poker.

Explain to me how these transactions are "in total control of its own central bank".

knight22

legendary

Activity: 1372

Merit: 1000

--------------->¿?

We can be sure of one thing, no matter what will be the issue, bitcoin will make history!

cryptoanarchist

legendary

Activity: 1120

Merit: 1003

I've always held that the monetary system dictates the political system. As long as the bitcoin network exists and functions properly, fiat money will eventually become obsolete - taking the state with it.

knight22

legendary

Activity: 1372

Merit: 1000

--------------->¿?

Quote from: DannyHamilton on July 12, 2012, 11:11:19 AM

Quote from: knight22 on July 11, 2012, 08:09:41 PM

Quote from: REF on July 11, 2012, 06:11:11 PM

(bank will never be destroyed, there strategies will change, they will still give out loans)

Not only that, I think they will try to fight back in some ways

Why? They don't fight the Dollar, Euro, or Yen. Bitcoin is just another currency. Why would the banks care if bitcoin succeeds or not? If it succeeds they will use it and you will be able to deposit and withdraw bitcoin from your bank as easy as you can your local currency. You will be able to write paper checks drawn on a bitcoin account. You will be able to take your bitcoin bank card to the local bitcoin grocery store and swipe it at the checkout line, drawing against your bitcoin account at the bank. Just like any other currency. You can keep all your Dollars, Euro, or Yen at home, or you can deposit it with a bank. The same will be true of your bitcoin.

The fact that you may not understand is that all fiat currency is in total control of its private own central bank. With bitcoin, they loose part of their control on our method of exchange so you can be sure that they will not appreciate such a thing.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: knight22 on July 11, 2012, 08:09:41 PM

Quote from: REF on July 11, 2012, 06:11:11 PM

(bank will never be destroyed, there strategies will change, they will still give out loans)

Not only that, I think they will try to fight back in some ways

Why? They don't fight the Dollar, Euro, or Yen. Bitcoin is just another currency. Why would the banks care if bitcoin succeeds or not? If it succeeds they will use it and you will be able to deposit and withdraw bitcoin from your bank as easy as you can your local currency. You will be able to write paper checks drawn on a bitcoin account. You will be able to take your bitcoin bank card to the local bitcoin grocery store and swipe it at the checkout line, drawing against your bitcoin account at the bank. Just like any other currency. You can keep all your Dollars, Euro, or Yen at home, or you can deposit it with a bank. The same will be true of your bitcoin.

istar

hero member

Activity: 523

Merit: 500

In 40 years, it might have gone from illegal back to legal since it cant be stopped and is used all over the place.

Value will have exceeded $5000, atleast one extremely huge bubble will have passed with something like $100.000 or much more.

jjiimm_64

legendary

Activity: 1876

Merit: 1000

It will become like gold, only electronic!

Realpra

hero member

Activity: 815

Merit: 1000

With a swarm client handling the growing network and better physical payment solutions btc will take down the fiat and banking world.

I think it will surprise even bitcoiners.

justusranvier

legendary

Activity: 1400

Merit: 1013

Quote from: 4EverMaAT on July 11, 2012, 10:32:42 PM

Credit and fiat currency will still be needed to support various social programs (gov't backed).

That's an assumption which may or may not hold up. Historically after countries reach peak government the social programs don't tend to last very long.

Not a difficult prediction to make because it's mathematically impossible for those programs to continue.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Quote from: adamstgBit on July 12, 2012, 12:22:15 AM

Maybe, Bitcoin will become a collectors item
The very first digital money that paved the way

Progress is sure to pop up a new protocol that improves on the bitcoin model, and this new protocol will be the one used to replace the current financial system

Yeah I'm still waiting for a cheap and easy flying car promised in the 1930s. I'm waiting for Space 1999 type moon bases. All we really got was 1984. Fact is, we get what we get. We got Bitcoin, take it or leave it. Networks don't build themselves. There is barely any incentive to build Bitcoin, there certainly isn't any incentive to support another protocol with any serious commitment. It would be a lot cheaper to just buy bitcoins than build a competing network with no guarantee of success.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

Maybe, Bitcoin will become a collectors item
The very first digital money that paved the way

Progress is sure to pop up a new protocol that improves on the bitcoin model, and this new protocol will be the one used to replace the current financial system

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

When I first mentioned Bitcoin to a banker that worked in the development of Master Charge, he thought that Bitcoin might be what is needed next. The days of fractional reserve banking have already been replaced by insurance based derivatives. Bitcoin will add both transparency and efficiency to derivatives. There will be someting after Bitcoin, but it will be a self-aware currency that reads our minds about what we need rather than what stupid things we say we want.

TraderTimm

legendary

Activity: 2408

Merit: 1121

Quote from: 4EverMaAT on July 11, 2012, 10:32:42 PM

Credit and fiat currency will still be needed to support various social programs (gov't backed). Bitcoin will be a great additional currency to move goods around.

I guess it all comes down to how governments and banks react to declining deposits and tax flows. They can either freak out and enact all kinds of laws that force bitcoin underground (much like torrents and other peer-to-peer activities) or they can embrace it, yet try to enforce some measure of control, at least on the taxation end.

I am not very optimistic about them adopting the technology, however. The more likely scenario is full-on freakout mode before the inevitable death of their archaic systems.

4EverMaAT

newbie

Activity: 20

Merit: 0

Quote from: TraderTimm on July 11, 2012, 08:23:18 PM

I see parallels in how mp3 encoding became a dominant force on the music industry.

mp3 created ==> Digital Distribution ==> Napster moment ==> Media Companies dying/displaced ==> Artists making income directly with no interference

bitcoin created ==> Digital wealth distribution ==> < insert catalyst > ==> Banks and Financial systems dying/displaced ==> Individuals trading freely for services and goods with no interference

The question really is - what is the catalyst going to be, overall adoption 'tipping point' or some other event. And when/how fast this will occur.

I believe bitcoin will displace currencies managed by fallible humans. One other possibility however, is that sovereigns will start their own blockchains so they can apply taxation controls - making it illegal to not participate in their system. A bit horrifying, but that is a possibility if they embrace the technology and refuse to partake in the 'open' version.

I guess we'll see....

Credit and fiat currency will still be needed to support various social programs (gov't backed). Bitcoin will be a great additional currency to move goods around.

BrightAnarchist

donator

Activity: 853

Merit: 1000

I just want to make money.

Having it stay "underground" is fine by me. It's the linux of currencies.

kiba

legendary

Activity: 980

Merit: 1020

Expectation is not a 100% certainty. It's wide band of probabilities.

TraderTimm

legendary

Activity: 2408

Merit: 1121

I see parallels in how mp3 encoding became a dominant force on the music industry.

mp3 created ==> Digital Distribution ==> Napster moment ==> Media Companies dying/displaced ==> Artists making income directly with no interference

bitcoin created ==> Digital wealth distribution ==> < insert catalyst > ==> Banks and Financial systems dying/displaced ==> Individuals trading freely for services and goods with no interference

The question really is - what is the catalyst going to be, overall adoption 'tipping point' or some other event. And when/how fast this will occur.

I believe bitcoin will displace currencies managed by fallible humans. One other possibility however, is that sovereigns will start their own blockchains so they can apply taxation controls - making it illegal to not participate in their system. A bit horrifying, but that is a possibility if they embrace the technology and refuse to partake in the 'open' version.

I guess we'll see....

Topic: Poll - What is your ultimate expectation for bitcoin? - page 2. (Read 4112 times)