Quote from: Raize on August 01, 2012, 09:58:01 PM

Quote from: capsqrl on July 18, 2012, 04:52:31 PM

That is probably the most deluded thing I've read around these parts. 1% of world GDP is 700 billion US dollars.

Sorry, I mistyped and put the decimal point in the wrong place. I believe .01% of GWP within a year is possible. This is still $7 Billion.

Bitcoin seems to be be one of the "stickiest" of World GDP currencies, ie, the kind that doesn't strengthen in value the more it is used (as others would expect it to). Basically, to put it in economic terms, our M3 is too high, no one trusts the currency enough to leave any significant value in it, especially the black market dealers which probably make up more of Bitcoin than we are willing to admit. I do think we could represent .01% of World GDP, but it will be with a currency that has such a high turn-over rate that we wouldn't enjoy the price we'd expect from it. Volume-wise I think the network can handle $7 billion per year's worth of transactions, though.

I am very new to Bitcoin and I am already seeing this thing as the new gold. I couldn't trust anything more than a currency backed by the internet. Ever since the 90s Dotcom bubble, I knew things were changing and money is only next in line.

So what's not to trust?

Many people my age don't trust new technology. They like things to be traditional. People should be free to go backwards but I am moving forward. Go Bitcoin!