Today's 1.000.000 dollars = 2015's 1.000.000.000.000 dollars?

kokjo

legendary

Activity: 1050

Merit: 1000

You are WRONG!

Quote from: borgfish on June 16, 2011, 03:17:38 PM

call me a noob but i still cant think of a p2p sys where any participant needs all blocks loaded and any block has all the recent transactions with like 50 mio transactions per day (because its a success and any one is online shopping with it ;o)

a block is only 80 bytes long.
its of no concern see: https://en.bitcoin.it/wiki/Scalability

borgfish

member

Activity: 75

Merit: 10

call me a noob but i still cant think of a p2p sys where any participant needs all blocks loaded and any block has all the recent transactions with like 50 mio transactions per day (because its a success and any one is online shopping with it ;o)

mellowhead

member

Activity: 98

Merit: 10

And who is going to invest 6.5 Trillion USD into bitcoin in the next few days?

Litt

sr. member

Activity: 350

Merit: 250

Quote from: mellowhead on June 16, 2011, 01:34:27 PM

Quote from: Litt on June 16, 2011, 01:30:36 PM

Quote from: mellowhead on June 14, 2011, 11:38:55 PM

Basic math dictates: the bitcoin system would have to absorb about 8.7% of the ENTIRE WORLD ECONOMY in one day to be worth one million USD per bitcoin.

Likelihood of that happening: It's not

8.7%? that seems like a small number to me and completely feasible..

8.7% is about (very approximate) 6.5 Trillion dollars. Not likely to happen in just a matter of days. And that dollar amount goes up every day, as the number of bitcoins in existence increases every day.

I stand by my statement.

mellowhead

member

Activity: 98

Merit: 10

Quote from: Litt on June 16, 2011, 01:30:36 PM

Quote from: mellowhead on June 14, 2011, 11:38:55 PM

Basic math dictates: the bitcoin system would have to absorb about 8.7% of the ENTIRE WORLD ECONOMY in one day to be worth one million USD per bitcoin.

Likelihood of that happening: It's not

8.7%? that seems like a small number to me and completely feasible..

8.7% is about (very approximate) 6.5 Trillion dollars. Not likely to happen in just a matter of days. And that dollar amount goes up every day, as the number of bitcoins in existence increases every day.

Litt

sr. member

Activity: 350

Merit: 250

Quote from: mellowhead on June 14, 2011, 11:38:55 PM

Basic math dictates: the bitcoin system would have to absorb about 8.7% of the ENTIRE WORLD ECONOMY in one day to be worth one million USD per bitcoin.

Likelihood of that happening: It's not

8.7%? that seems like a small number to me and completely feasible..

mellowhead

member

Activity: 98

Merit: 10

Basic math dictates: the bitcoin system would have to absorb about 8.7% of the ENTIRE WORLD ECONOMY in one day to be worth one million USD per bitcoin.

Likelihood of that happening: It's not

beckspace

hero member

Activity: 931

Merit: 500

Quote from: tymothy on June 14, 2011, 11:18:37 PM

An important question is whether or not such an of bitcoin itself to one million USDs could destabilize the dollar and weaken the dollar's purchasing power.

Good question, I think it will be relative to all other national currencies inflation combined, because Bitcoin it's an international currency. Like if Bitcoin just replaces dollars then yes, dollars will lose value, but Bitcoins may replace Pounds, Yens, Euros, Reals etc. then I think the loss will be dissipated.

tymothy

full member

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Quote from: beckspace on June 14, 2011, 10:24:36 PM

[repost from Newbie section]
[I noticed that my previous post could have a better title, sorry for reposting.]

If 0.00000001 Bitcoin = 1 dollar cent, 1 Bitcoin = 1 million dollars!
http://forum.bitcoin.org/index.php?topic=17102.0

But, by the time it will be accomplished, will the dollars retain the same value? I mean, One house that today costs 1.000.000 dollars will cost the same?

Dollars and others currencies may suffer from massive inflation. And it's not like some early adopters will become super-wealthy trillionaires. Well, fuck, I am trillionaire in Zimbabwe's currency!

If Bitcoins appreciate faster against the dollar than the dollar inflates in terms of products and goods, then yes. An important question is whether or not such an of bitcoin itself to one million USDs could destabilize the dollar and weaken the dollar's purchasing power.

mellowhead

member

Activity: 98

Merit: 10

A) I suggest this thread be moved - here: http://www.mathgoodies.com/forums/forum.asp?FORUM_ID=3

B) In 5 years I expect to be able to afford pretty much the same mansion for...

ONE HUNDRED MILLION DOLLARS!!!

beckspace

hero member

Activity: 931

Merit: 500

Ok, maybe I exaggerate the numbers. I exaggerate the years, and I messed up with this thread, [and another]. I'm a totally newbie at forums, And 15 posts will not correct me.

I'll try to ask again with more possible numbers.

In 4-5 years, if 0.00000001 Bitcoin equals 1 cent, 1 Bitcoin will have a value of 1 million dollars.

In 4-5 years, those who have 100 Bitcoins will have 100 millions dollars.

In 4-5 years, will dollar retain the same value? Perhaps in 5 years, 100 million dollars will not have the power to buy the same mansion that
you've been expecting.

If all that revolutionary things happens, of course.

imperi

full member

Activity: 196

Merit: 101

How did a thread like this infiltrate into Bitcoin Discussion? I thought they were confined to newbie area?

mellowhead

member

Activity: 98

Merit: 10

It wasn't answered there either

beckspace

hero member

Activity: 931

Merit: 500

Sorry for that, I think it was a good question and I want an answer. I don't even read the newbie section.

mellowhead

member

Activity: 98

Merit: 10

Quote from: ?? on ??

petition to make it so that newbies can't make threads until 15 posts starts here

Motion seconded

beckspace

hero member

Activity: 931

Merit: 500

[repost from Newbie section]
[I noticed that my previous post could have a better title, sorry for reposting.]

If 0.00000001 Bitcoin = 1 dollar cent, 1 Bitcoin = 1 million dollars!
http://forum.bitcoin.org/index.php?topic=17102.0

But, by the time it will be accomplished, will the dollars retain the same value? I mean, One house that today costs 1.000.000 dollars will cost the same?

Dollars and others currencies may suffer from massive inflation. And it's not like some early adopters will become super-wealthy trillionaires. Well, fuck, I am trillionaire in Zimbabwe's currency!

Topic: Today's 1.000.000 dollars = 2015's 1.000.000.000.000 dollars? (Read 3464 times)