Topic: Unlikely Bitcoin price will ever surpass $5,000 - page 2. (Read 6877 times)
Yeah, thats a pretty sensationalist puff piece.
Federal agencies blowing shitloads of taxpayer money on equipment they don't need and will never use is hardly new (look at the F-35 boondoggle), and certainly doesnt mean that civil war is about to erupt.
the problem here is more one of ordinary peoples inability to download a record of all the transactions in the world, which is what we do right now. Altering from this model fundamentally changes bitcoin. People would resist these changes and so reaching this limit would impose some sort of a soft cap on the value of bitcoin.
Not quite - only unspent transactions are needed, and then, only on the miner nodes. This change is either already possible or will be possible soon without any serious changes. All spent transactions can be stored somewhere for history, or can be totally gone, it does not change anything.
Ordinary people need to download nothing.
inorder for ordinary users to audit the blockchain they need to keep up to date with current transactions. Im not talking about a problem in the way of physically storing the blockchain on their computer, im saying they would be incapable of downloaing transactions as quickly as they were being produced.
Uhh, zimbabwe's inflation was due largely to a civil war destroying the economy.
Considering the US isn't fighting a war on its home turf (and likely wont in the near future), neither germany or zimbabwe are really equitable to the economic situation in the modern day US.
Considering the US isn't fighting a war on its home turf (and likely wont in the near future), neither germany or zimbabwe are really equitable to the economic situation in the modern day US.
Unless... http://www.naturalnews.com/039345_DHS_arms_race_armored_vehicles.html
Uhh, zimbabwe's inflation was due largely to a civil war destroying the economy.
Considering the US isn't fighting a major war on (or within) its borders (and likely wont be in the near future), neither post WW1 Germany or post Civil War Zimbabwe are really equitable to the current economic situation in the US.
Considering the US isn't fighting a major war on (or within) its borders (and likely wont be in the near future), neither post WW1 Germany or post Civil War Zimbabwe are really equitable to the current economic situation in the US.
That was post-WW1 Germany, not the US.
Zimbabwean president in 1988 : "That was post-WW1 Germany, not Zimbabwe."
the problem here is more one of ordinary peoples inability to download a record of all the transactions in the world, which is what we do right now. Altering from this model fundamentally changes bitcoin. People would resist these changes and so reaching this limit would impose some sort of a soft cap on the value of bitcoin.
Not quite - only unspent transactions are needed, and then, only on the miner nodes. This change is either already possible or will be possible soon without any serious changes. All spent transactions can be stored somewhere for history, or can be totally gone, it does not change anything.
Ordinary people need to download nothing.
If each Bitcoin was worth $5,000, then the size of the Bitcoin market cap/circulation would be about $100Billion which feels like a upper limit.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
there is no upper limit imposed here by the amount of capital that COULD flow into the bitcoin network. One potential upper limit though is provided by the fact that it would become almost imposable for the bitcoin system as it exists today to scale up to > 100 transactions per second. If bitcoin had 100billion in capitalization than there would be demand for far more than 100 tx per second. This would cause transaction fees to incrase to the point where bitcoins would become impractical for day to day trade.
The transaction thing is a problem isn't it? For the blockchain to accommodate a massive economy it would have to run at least 5,000 - 10,000 fee per second right? We are talking about replacing most online transactions and many other transactions taking place in cash. The miners would make a lot of money though, which is good for the network.
Is 10,000 transactions ever going to be possible? Has anyone created a test net to optimize bitcoin for this future?
Perhaps not. Other networks could always be strapped onto BTC that would allow for both faster confirmations and safe storage of coins, such as an online bank that is widely accepted by merchants. It's been brought up many times before, it could be easily audited, offer a higher comfort level for the non-technically savy, and take most of the small transaction volume off the network.
I think there is no reason why they could not co-exist.
In general people only use national currencies because government have thus far been successful at blocking alternatives. If they fail to stop Bitcoin nobody is going to want to be the last person holding government-issued paper. If each Bitcoin was worth $5,000, then the size of the Bitcoin market cap/circulation would be about $100Billion which feels like a upper limit.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
there is no upper limit imposed here by the amount of capital that COULD flow into the bitcoin network. One potential upper limit though is provided by the fact that it would become almost imposable for the bitcoin system as it exists today to scale up to > 100 transactions per second. If bitcoin had 100billion in capitalization than there would be demand for far more than 100 tx per second. This would cause transaction fees to incrase to the point where bitcoins would become impractical for day to day trade.
The transaction thing is a problem isn't it? For the blockchain to accommodate a massive economy it would have to run at least 5,000 - 10,000 fee per second right? We are talking about replacing most online transactions and many other transactions taking place in cash. The miners would make a lot of money though, which is good for the network.
Is 10,000 transactions ever going to be possible? Has anyone created a test net to optimize bitcoin for this future?
the problem here is more one of ordinary peoples inability to download a record of all the transactions in the world, which is what we do right now. Altering from this model fundamentally changes bitcoin. People would resist these changes and so reaching this limit would impose some sort of a soft cap on the value of bitcoin.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Either Bitcoin fails or national currencies fail.Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Either Bitcoin fails or national currencies fail. If each Bitcoin was worth $5,000, then the size of the Bitcoin market cap/circulation would be about $100Billion which feels like a upper limit.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
there is no upper limit imposed here by the amount of capital that COULD flow into the bitcoin network. One potential upper limit though is provided by the fact that it would become almost imposable for the bitcoin system as it exists today to scale up to > 100 transactions per second. If bitcoin had 100billion in capitalization than there would be demand for far more than 100 tx per second. This would cause transaction fees to incrase to the point where bitcoins would become impractical for day to day trade.
The transaction thing is a problem isn't it? For the blockchain to accommodate a massive economy it would have to run at least 5,000 - 10,000 fee per second right? We are talking about replacing most online transactions and many other transactions taking place in cash. The miners would make a lot of money though, which is good for the network.
Is 10,000 transactions ever going to be possible? Has anyone created a test net to optimize bitcoin for this future?
If each Bitcoin was worth $5,000, then the size of the Bitcoin market cap/circulation would be about $100Billion which feels like a upper limit.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
This gives total value around 1% of all gold, which feels about right, but it certainly could go higher. And I'm talking about a few years, not 20.
Where is proudhon when I need him? 
Now that you started a thread we should see $5K/BTC within a month or two.
LOL 
Now that you started a thread we should see $5K/BTC within a month or two.
If each Bitcoin was worth $5,000, then the size of the Bitcoin market cap/circulation would be about $100Billion which feels like a upper limit.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
there is no upper limit imposed here by the amount of capital that COULD flow into the bitcoin network. One potential upper limit though is provided by the fact that it would become almost imposable for the bitcoin system as it exists today to scale up to > 100 transactions per second. If bitcoin had 100billion in capitalization than there would be demand for far more than 100 tx per second. This would cause transaction fees to incrase to the point where bitcoins would become impractical for day to day trade.
That was post-WW1 Germany, not the US.
Zimbabwean president in 1988 : "That was post-WW1 Germany, not Zimbabwe."
I'll be honest here, is the USD really doing that badly? I thought inflation was only around 2-3%
Yes the USD is doing terrible especially from an investment or savings perspective. Inflation of ~2-3% is terrible, but real inflation is much higher I would estimate in the 5-7% range annually. Governement CPI numbers are cooked numbers. Check out the explanation at ShadowStats.com
If each Bitcoin was worth $5,000, then the size of the Bitcoin market cap/circulation would be about $100Billion which feels like a upper limit.
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Any higher than $100,000,000,000 would mean Bitcoin is being used as a national currency which seems unlikely.
Does anyone else feel that $5,000 per coin would be the upperlimit, maybe taking 20 years to reach?
Ask yourself this question. Is it possible Bitcoin could become more valuable than the company Apple? I think so. And if it does it will be worth much more than 5,000 per coin.
Here's another thought. Why is the U.S. Dollar better than Bitcoin?
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