Quote from: cypherdoc on August 01, 2012, 08:16:34 PM

this is actually a good point. for that however, one requires visionary thinking. not everyone has that even when they are a UHNWI.

But in most cases they did not get or stay there by accident. They often have visionary thinking and willingness to take prudent risk.

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

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

GDP is a worthless number. From Mises:

Quote

But of course putting numbers and measurements to these subjective values is nonsense. As Ludwig von Mises wrote, "The attempts to determine in money the wealth of a nation or of the whole of mankind are as childish as the mystic efforts to solve the riddles of the universe by worrying about the dimensions of the pyramid of Cheops."

Quote from: Mike Jones on August 01, 2012, 10:10:07 PM

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!

Mike, you seem to get it. Gold, like the FRN or Euros, is merely the blood while banks, credit cards, Paypal, etc. are the veins. Bitcoin is both the blood and the veins. This makes Bitcoin, in several ways, the ultimate offshore account.

One thing we know for sure is that the stuff we use as currency, like FRN, Euros, Yen, etc. are not going to be used as currency much longer. The system is completely FUBARed. What replaces it remains to be seen. Will it be Bitcoin? Perhaps. Perhaps not.

But you are right that monetary evolution is coming and it doesn't matter what anyone tries to do to stop it. Change is not mandatory; you can go extinct.