Topic: Those who deny that BTC will rise to seven figures: clearly explain yourselves - page 4. (Read 8242 times)
August 28, 2013, 05:57:49 PM
The holy trinity of uber-trolls all in the one thread! "Don't cross the streams"
August 28, 2013, 05:51:51 PM
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I have proved that deflative currency will incentivise spending and discourage hoarding permanently when a certain amount of saving is done,
I have proved that deflative currency will incentivise spending and discourage hoarding permanently when a certain amount of saving is done,
Where? If you have, you're the only one.
Quote
so this is not the real reason behind the adoption of inflative currency
You understand that fiat != inflationary currency, right? Fiat can also be deflationary, if that's what you want. Most people don't.
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The real reason could be:
1. Without a fast circulation of money, the banks would not make enough income in interest
1. Without a fast circulation of money, the banks would not make enough income in interest
Why?
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2. If people don't spend fiat money, then they don't need fiat money, then fiat money will lose its value quickly, the money printing scam will be discovered easily
So don't spend fiat money, don't use fiat money, and your problem's solved. Presto!
August 28, 2013, 05:46:25 PM
So early adopters in bitcoin are still better than federal reserve banks
Don't call them adopters, nobody adopted anything. They were early miners, you can argue they've earned it because they promoted Bitcoin initially.
But then you'd have to give the FED bankers the same credit. They too were in the right place at the right time.
August 28, 2013, 05:44:00 PM
OP: Please help me understand your poll. At 118 US dollars = 1 BTC; does that equate to 3 figures (digits)? If so then 1,000,000 US dollars = 1 BTC is the threshold you are concerned with, right? That's a lot more demand than we have right now. I would be very surprised if that much fiat shows up at the exchanges anytime soon. Can *anyone* say how much fiat has been pumped into Bitcoin through the exchanges and other avenues? The Bitcoin capitilization is something like $1.2 billion right now *but* it did not take that much fiat to get it there. Fundamentally it is a confidence game. If buyers believe then they will bid higher and higher. If one buyer showed up and bought 1 BTC for $1,000,000 through an exchange that reports it then for at least a brief moment your threshold would be met. The next exchange might happen back down in the hundreds but so be it. Btw, I'd be delighted to be the one to sell one of my own Bitcoins to acheive this. Or are you rejecting any and all such artificial occurances?
I implicitly mean a sustained value of that level or higher so that Bitcoin is the de facto main international currency.
August 28, 2013, 05:42:59 PM
I think 1 million dollar bitcoin is likely to happen in a run away inflation environment, but under such a situation, people won't even sell their coins
August 28, 2013, 05:41:31 PM
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
I have proved that deflative currency will incentivise spending and discourage hoarding permanently when a certain amount of saving is done, so this is not the real reason behind the adoption of inflative currency
The real reason could be:
1. Without a fast circulation of money, the banks would not make enough income in interest
2. If people don't spend fiat money, then they don't need fiat money, then fiat money will lose its value quickly, the money printing scam will be discovered easily
You're trying to reason with authoritarian thugs.
August 28, 2013, 05:38:19 PM
OP: Please help me understand your poll. At 118 US dollars = 1 BTC; does that equate to 3 figures (digits)? If so then 1,000,000 US dollars = 1 BTC is the threshold you are concerned with, right? That's a lot more demand than we have right now. I would be very surprised if that much fiat shows up at the exchanges anytime soon. Can *anyone* say how much fiat has been pumped into Bitcoin through the exchanges and other avenues? The Bitcoin capitilization is something like $1.2 billion right now *but* it did not take that much fiat to get it there. Fundamentally it is a confidence game. If buyers believe then they will bid higher and higher. If one buyer showed up and bought 1 BTC for $1,000,000 through an exchange that reports it then for at least a brief moment your threshold would be met. The next exchange might happen back down in the hundreds but so be it. Btw, I'd be delighted to be the one to sell one of my own Bitcoins to acheive this. Or are you rejecting any and all such artificial occurances?
August 28, 2013, 05:37:49 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
Because robbing and raping the shit out of people is so honest and noble if you're a keynesian asswipe.
Yr mom had yeast infections smarter than you. Be polite or stfu, k?
You're the retard and the authoritarian shitstain.
August 28, 2013, 05:37:15 PM
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
I have proved that deflative currency will incentivise spending and discourage hoarding permanently when a certain amount of saving is done, so this is not the real reason behind the adoption of inflative currency
The real reason could be:
1. Without a fast circulation of money, the banks would not make enough income in interest
2. If people don't spend fiat money, then they don't need fiat money, then fiat money will lose its value quickly, the money printing scam will be discovered easily
August 28, 2013, 05:34:10 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
Because robbing and raping the shit out of people is so honest and noble if you're a keynesian asswipe.
Yr mom had yeast infections smarter than you. Be polite or stfu, k?
August 28, 2013, 05:32:54 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
Because robbing and raping the shit out of people is so honest and noble if you're a keynesian asswipe.
Not quite. If the money keeps its value it becomes fascist instead of communist. Now all those with money can rape those without- this is the big love affair of fascism. It also means the money becomes more and more valuable.
August 28, 2013, 05:16:52 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
Because robbing and raping the shit out of people is so honest and noble if you're a keynesian asswipe.
August 28, 2013, 05:15:55 PM
Privately owned reserve banks claimed the ownership of every newly created dollar, without doing any work
At the same time, some bitcoin early adopters claimed at least 25% of total bitcoins, with very little effort of CPU mining
So early adopters in bitcoin are still better than federal reserve banks
But this is not enough for bitcoin's success. Bitcoin should provide some better function than fiat money. Because reserve banks control the inflation level through buying and selling assets, the price level is relatively stable for fiat money, at least they successfully created such an illusion
For bitcoin, we only need to establish a convention of everlasting exchange rate appreciation of at least 50% per year, then it is success, it is not important how much dollar or euro it worth
At the same time, some bitcoin early adopters claimed at least 25% of total bitcoins, with very little effort of CPU mining
So early adopters in bitcoin are still better than federal reserve banks
But this is not enough for bitcoin's success. Bitcoin should provide some better function than fiat money. Because reserve banks control the inflation level through buying and selling assets, the price level is relatively stable for fiat money, at least they successfully created such an illusion
For bitcoin, we only need to establish a convention of everlasting exchange rate appreciation of at least 50% per year, then it is success, it is not important how much dollar or euro it worth
August 28, 2013, 05:14:59 PM
OP, i didn't vote -- your poll is pretty nonsensical.
So no vote from me, OP -- no need to deem it invalid
Quote from: OP's poll questions
If you deny that BTC will rise to seven figures, then which of the following will happen?
*Fiat currencies will remain viable indefinitely.
Yep. Bitcoin fits the definition by having no intrinsic value. It's not issued by a state, that's about all. Can't eat it, can't smoke it, can't kiss it good night (polite version).
*Gold and silver will be commonly used as media of exchange once more.
Meh. They sort-a are already. See gold bugs.
*Another cryptocurrency will have a market capitalization in the trillions of USD.
Quite possible. Anyone from Amazon to USA deciding that cripto is interesting enough could easily implement a hard fork. Payment processors like PayPal & CC already carry out transactions electronically, so what if they are doing it on top of fiat? If folding money is not involved, are they crypto, or do they need to specifically use SHA2/scrypt?
*BTC will rise, but not to seven figures, and together with several other cryptocurrencies, have a a market capitalization in the trillions of USD.
Sure hope it will, or we're just wasting time.
*Other (you must explain in the thread, or else your vote will be deemed invalid)
*Fiat currencies will remain viable indefinitely.
Yep. Bitcoin fits the definition by having no intrinsic value. It's not issued by a state, that's about all. Can't eat it, can't smoke it, can't kiss it good night (polite version).
*Gold and silver will be commonly used as media of exchange once more.
Meh. They sort-a are already. See gold bugs.
*Another cryptocurrency will have a market capitalization in the trillions of USD.
Quite possible. Anyone from Amazon to USA deciding that cripto is interesting enough could easily implement a hard fork. Payment processors like PayPal & CC already carry out transactions electronically, so what if they are doing it on top of fiat? If folding money is not involved, are they crypto, or do they need to specifically use SHA2/scrypt?
*BTC will rise, but not to seven figures, and together with several other cryptocurrencies, have a a market capitalization in the trillions of USD.
Sure hope it will, or we're just wasting time.
*Other (you must explain in the thread, or else your vote will be deemed invalid)
So no vote from me, OP -- no need to deem it invalid
People who make assertions and then refuse to back them up are cowards, morons, or both.
Others understand the poll. You are either pretending to be stupid or you really are stupid.
August 28, 2013, 05:12:01 PM
Why is the burden squarely on the bears? What is the basis for your position, OP?
In the context of fiat sucking so badly that only a retard would think that it would last indefinitely, when something as revolutionary as Bitcoin appears it is incumbent on those who claim that Bitcoin will not do well to explain why.
August 28, 2013, 04:37:02 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
August 28, 2013, 04:35:58 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Actually I'm in favor of a system where the buying power of the money remains constant.
August 28, 2013, 04:33:05 PM
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
August 28, 2013, 03:20:46 PM
OP, i didn't vote -- your poll is pretty nonsensical.
So no vote from me, OP -- no need to deem it invalid
Quote from: OP's poll questions
If you deny that BTC will rise to seven figures, then which of the following will happen?
*Fiat currencies will remain viable indefinitely.
Yep. Bitcoin fits the definition by having no intrinsic value. It's not issued by a state, that's about all. Can't eat it, can't smoke it, can't kiss it good night (polite version).
*Gold and silver will be commonly used as media of exchange once more.
Meh. They sort-a are already. See gold bugs.
*Another cryptocurrency will have a market capitalization in the trillions of USD.
Quite possible. Anyone from Amazon to USA deciding that cripto is interesting enough could easily implement a hard fork. Payment processors like PayPal & CC already carry out transactions electronically, so what if they are doing it on top of fiat? If folding money is not involved, are they crypto, or do they need to specifically use SHA2/scrypt?
*BTC will rise, but not to seven figures, and together with several other cryptocurrencies, have a a market capitalization in the trillions of USD.
Sure hope it will, or we're just wasting time.
*Other (you must explain in the thread, or else your vote will be deemed invalid)
*Fiat currencies will remain viable indefinitely.
Yep. Bitcoin fits the definition by having no intrinsic value. It's not issued by a state, that's about all. Can't eat it, can't smoke it, can't kiss it good night (polite version).
*Gold and silver will be commonly used as media of exchange once more.
Meh. They sort-a are already. See gold bugs.
*Another cryptocurrency will have a market capitalization in the trillions of USD.
Quite possible. Anyone from Amazon to USA deciding that cripto is interesting enough could easily implement a hard fork. Payment processors like PayPal & CC already carry out transactions electronically, so what if they are doing it on top of fiat? If folding money is not involved, are they crypto, or do they need to specifically use SHA2/scrypt?
*BTC will rise, but not to seven figures, and together with several other cryptocurrencies, have a a market capitalization in the trillions of USD.
Sure hope it will, or we're just wasting time.
*Other (you must explain in the thread, or else your vote will be deemed invalid)
So no vote from me, OP -- no need to deem it invalid
August 28, 2013, 03:01:32 PM
Why is the burden squarely on the bears? What is the basis for your position, OP?
there is an exact reason for this, cmon jump aboard! Jump to: