The Bitcoin Singularity is Near | Bitcointalksearch.org

tonychow

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Quote from: Xav on January 20, 2014, 04:19:08 AM

I think the amount of dormant coins is even much worse than this 7 million, if you take into consideration that the big-users have multiple addresses and move from one address to another occasionally - let's call this "sleep-walking"; it is something I noticed when looking at the top 100 addresses.

In your sleep-walking case, the bitcoin should not be considered dormant. The definition of dormancy is the time duration since last sent.

Also, I believe the largest addresses are associated with some service provider, such as coinbase.

mestar

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Quote from: Jobe7 on April 06, 2013, 07:34:42 PM

Bitcoin needs to pass certain evolutionary stages before it reaches the singularity.

Yes, first it has to pass trough the pricedownduetominingularity phase.

Xav

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Quote from: tonychow on January 19, 2014, 09:43:41 PM

7 million bitcoins never move? This is a confusing claim. First of all, the paper use a 3 month threshold. But it is too aggressive to say anything on a 3 month period. Second, 7 million is the number that is received by an address which never sent. But this is not quite related to the concept of dormant bitcoin. The reason why we have this high number, is because, most of the transaction, when the owner sends some bitcoins, the remainings will send to a new address, rather than keeping in the old address. If you look at Dormant Bitcoin Chart at dormantbitcoin.com, you can have a clear picture how many bitcoins are dormant.

I think the amount of dormant coins is even much worse than this 7 million, if you take into consideration that the big-users have multiple addresses and move from one address to another occasionally - let's call this "sleep-walking"; it is something I noticed when looking at the top 100 addresses.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: qiwoman on January 19, 2014, 11:19:22 PM

Bitcoin is showing us the way to the Future and 100 years form now they will write this story as a great peace of advancement for the Human Race at least technologically speaking. Although more advance digital currencies will come into play they will all probably be linked to Bitcoin just like U.S dollars are mostly linked to the world currency prices and a marker for exchange. Remember also that BTC is not just an exchange of money it has so many other intrinsic values attached to it. I can easily see the price of BTC going towards the Million USD mark within the next 10 years as the market cap keeps increasing and the demand, services and companies grow using BTC as their primary currency of exchange or service.

+1 .. thanks qiwoman!

qiwoman

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Bitcoin is showing us the way to the Future and 100 years form now they will write this story as a great peace of advancement for the Human Race at least technologically speaking. Although more advance digital currencies will come into play they will all probably be linked to Bitcoin just like U.S dollars are mostly linked to the world currency prices and a marker for exchange. Remember also that BTC is not just an exchange of money it has so many other intrinsic values attached to it. I can easily see the price of BTC going towards the Million USD mark within the next 10 years as the market cap keeps increasing and the demand, services and companies grow using BTC as their primary currency of exchange or service.

tonychow

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7 million bitcoins never move? This is a confusing claim. First of all, the paper use a 3 month threshold. But it is too aggressive to say anything on a 3 month period. Second, 7 million is the number that is received by an address which never sent. But this is not quite related to the concept of dormant bitcoin. The reason why we have this high number, is because, most of the transaction, when the owner sends some bitcoins, the remainings will send to a new address, rather than keeping in the old address. If you look at Dormant Bitcoin Chart at dormantbitcoin.com, you can have a clear picture how many bitcoins are dormant.

Zomdifros

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Quote from: Gordonium on November 17, 2013, 05:42:58 PM

It's happening.

Well it's starting, that's for sure. But this could go on for a few more years, going through multiple boom and bust cycles and reaching a higher platform each time. So far there's not that much money invested in Bitcoin yet, with individual investors still being the largest group. Even the venture capitalists seem to have invested more in Bitcoin related start-ups than in Bitcoin itself, never mind the really big institutional money.

Since the senate hearings I'm also more convinced the legal matters will be resolved in a way positive for the Bitcoin environment, as the politicians aren't complete idiots either and want to see economic growth, innovation and jobs. From this point on it's a waiting game until we reach much, much higher prices. The market will probably overreact at some point as it did with the dot-com bubble in the late nineties and enter a longer period of stagnation, but even the peak might still be a few years away from now.

bitmarket.io

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Quote from: AnonyMint on November 18, 2013, 01:07:32 PM

Quote from: ?? on ??

Quote from: Gordonium on November 17, 2013, 05:42:58 PM

It's happening.

I cashed out.

Too early?

The nature of speculative bubbles is everyone feels like a fool at some point, but the greatest fool is the one who didn't ever cash out (even greater than those who never bought any).

Selling 1/3 of my investment (purchased at ~$69) at $712 and buying it back today at $389 was one of the best moves I've ever made. Nothing was lost and enough USD capital was freed to fund some of my future projects. The fools are the ones that never acted at all.

AnonyMint

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Quote from: ?? on ??

Quote from: Gordonium on November 17, 2013, 05:42:58 PM

It's happening.

I cashed out.

Too early?

The nature of speculative bubbles is everyone feels like a fool at some point, but the greatest fool is the one who didn't ever cash out (even greater than those who never bought any).

AnonyMint

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https://bitcointalksearch.org/topic/m.3625475

notthematrix

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CryptoTalk.Org - Get Paid for every Post!

Quote from: BittBurger on November 17, 2013, 07:42:34 PM

Quote from: Zomdifros on February 08, 2013, 04:44:09 PM

Although Bitcoin is still very young, it has survived to the point where there is enough wealth in the system that people will go to great lengths in order to repair or save it

I realized this earlier today while driving my car.

The more people invest in it, the more people will want it to succeed. Nobody wants to lose their money. Nobody is going to *let* Bitcoin fail now.

This is a built-in protection for Bitcoin. Probably the most powerful one possible.

This is wonderful news.

-Burger-

The thing is people with on paper very different interests/agendas could have privately invested in BTC , so they will protect it too.
thus corrupting the $ system.

BittBurger

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Quote from: Zomdifros on February 08, 2013, 04:44:09 PM

Although Bitcoin is still very young, it has survived to the point where there is enough wealth in the system that people will go to great lengths in order to repair or save it

I realized this earlier today while driving my car.

The more people invest in it, the more people will want it to succeed. Nobody wants to lose their money. Nobody is going to *let* Bitcoin fail now.

This is a built-in protection for Bitcoin. Probably the most powerful one possible.

This is wonderful news.

-Burger-

imperi

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I wish I had read this in February 2013! I wouldn't have hemorrhaged money on alts before trading back.

cho

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Boar with me

Quote from: Gordonium on April 06, 2013, 06:57:11 PM

Quote from: Zomdifros on April 06, 2013, 05:46:07 PM

I'm getting more and more convinced that Bitcoin is the greatest investment in the history of capitalism.

This.

Might very well be true.
Currently the "greatest investment in the history of capitalism" is that of the Rothschild family, having invested in the monopoly of monetary creation.
Bitcoin is playing in the same league.

fryx

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Quote from: Zomdifros on February 08, 2013, 04:44:09 PM

As long as this point has not been reached, it is incredibly silly to worry over a few dollars in a few weeks.

This guy.

Gordonium

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It's happening.

Gordonium

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It's coming. Soon price increases like today's will look very small in comparison to what kind of leaps we will take forward.

Jobe7

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Now they are thinking what to do with me

Quote

As the price goes up further, some of the currently dormant coins will wake up. If I were an early adapter in possession of 25k BTC, a price of 24 USD would probably be a good moment to sell a small percentage to cover your initial investment. As the price goes up even more, I might sell some more to buy a car, a yacht, a house or whatever.

What he said.

And concerning the banks - they can fight, and the more they do, the strong btc becomes, through acknowledgement, attention, printing of fiat, even governments trying to make it 'illegal' will strengthen it (via massive attention and unrest of general populace will draw crowds to whatever is disrupting their disliked governments).

It will be swim or drown.

Jobe7

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Now they are thinking what to do with me

Nice post OP

Bitcoin needs to pass certain evolutionary stages before it reaches the singularity.

When it has surpassed the evolution it requires (in the social/political/global scale) then it will be primed for the singularity.

There will still be certain stages that it will need to evolve past once past the singularity, which will be impossible before this time. But after this time, not only will it be possible, but it will be inevitable.

edit: and I totally agree with you, pandora's box, but inside carries freedom

Gordonium

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Quote from: Zomdifros on April 06, 2013, 05:46:07 PM

I'm getting more and more convinced that Bitcoin is the greatest investment in the history of capitalism.

This.

Topic: The Bitcoin Singularity is Near (Read 20707 times)