Topic: Why aren't I filthy rich yet? It's been like two months. - page 5. (Read 11632 times)

i could see this happening

Just make a site called Bitconica, and go from there...

Oh, dont forget to leave doors open so you can be "hacked"


After, denounce bitcoin, and move on to greener pastures..

If its good enough for Bruce Wagner...   

i left it on the coffee table for you, under your ellet.

The core group of bitcoin has decided to go for the long con. That's why.
Bitcoin will survive it though.
It's the birth, death and rebirth of an online community, happens every time.

I haven't received my bitcoin magazine yet.
Nuff Said.

A lot of people do. It is the kernel in their Android devices and therefore the dominant smart-phone operating system in sales. If you mean GNU/Linux as a desktop operating system then the figure is 1%. Now Bitcoin has a very long way to go in order to match GNU/Linux as a desktop operating system in market share.

1% of all gold 85 Billion USD
1% of world M1 money supply (cash / chequing accounts) 200 Billion USD http://news.goldseek.com/GoldSeek/1231778551.php

The combined valuation speculation / protection of value (gold) and medium of exchange (M1) for a 1% market share is 285 Billion USD or based on 21 million Bitcoin maximum 13,600 USD per BTC. So my insane pie in the sky valuation for Bitcoin is based on a market share equivalent to that of GNU/Linux on the desktop.

Yeah, that's kinda what I figured, but like I said, I wanted to be conservative.  I'm not one for making outlandish claims.  And if I'd suggested that each bitcoin should be worth $3.5 million instead of $950,000, some people might have dismissed my post as crazy.

what % of trade is done using gold anyway?

I'd say that, at actual price of US$ 1600, 95% of the price is monetary usefulness. Remembering that copper has a better conductivity than gold.

Yeah, what the hell is going on? I bought some coins 2 years ago and those ones are only up 10000%. I was fully expecting 100000% by now.

neah... people are lazy

Sadly, because the money lies in continually attempting to overestimate the stupidity of the general public, whereas Bitcoin underestimates it.

Why is Linux not used by everyone?

after all it is the superior product, and its FREE!

because my friend... because people are stupid. 

you must be good at math.
you lost me after trillions 

hear this theory of mine

rich people get richer. and you will find out why we aren't "filthy rich yet" 

fucking priceless

According to wikipedia, roughly 5.3 billion troy ounces of gold have been mined in all of human history.  Gold is currently trading at around $1600 a troy ounce which means that the total market value of all of the world's mined gold is approximately $8.5 trillion.  The demand for gold (and hence its price) is not driven entirely by its monetary usefulness because it has other uses such as jewelry and electronics.  But a non-trivial fraction of its price comes from its usefulness as money.  How big is that fraction? Let's be conservative and say it's only 25%.  That means that gold's total "money value" is around $2 trillion. Let's pretend as a simplifying assumption that all 21 million bitcoins have been mined.  The total value of those coins based on a current price of $6.40 is $134 million.  134 million is smaller than 2 trillion.  Bitcoin is supposedly a "better" money than gold when you evaluate it according to all the characteristics that make for good money, e.g., it's divisible, fungible, durable, portable, identifiable, and scarce.  And yet, (using all of the previous assumptions) if bitcoins were valued ONLY 1/1000th as much as "monetary" gold, they'd be worth a total of $2 billion, i.e. roughly $95 / BTC. If they were valued AS MUCH as monetary gold, they'd be worth $95,000 a piece. Of course, since bitcoins are at least 10 times BETTER than gold, they should really be worth no less than $950,000 each. And yet, I can't help but notice that I still live with my parents and drive an '89 Geo Metro. That raises a few questions:

1) Why aren't I filthy rich yet?
2) Any other dreamers willing to post their pie-in-the-sky, insanely bullish predictions for what a bitcoin could be worth in terms of purchasing power if it proves to be as revolutionary as we hope it will be?

AND

3) It seems like a lot of people are very focused on bitcoin's adoption by merchants, i.e. the "medium of exchange" aspect of currency, as the key to its success. But couldn't bitcoin still be insanely successful (in terms of its value) if it took off ONLY as a store of value? (And isn't that mostly how gold is used?)