Re: I am pretty confident we are the new wealthy elite, gentlemen.
Tell that to the guys who purchsed Bitcoin when the exchange rate was going at $1,200 per coin. Bitcoin has lost 80% of its value, from its peak, which was reached in December 2013. No fiat currency has suffered such a crash. The worst performing fiat currency is the Ukrainian Hryvnia, which has seen its value dropping by 60%.
*ahem* Deutchmark under the Weimar republic. Venezuelan dollar in 2005. Zimbabwean dollar around the same time... I can come up with others. Where BTC did better, is that it did bounce back.
I was talking about the situation since 2013. Out of the 200 or so different fiat currencies (plus BTC) in existence, Bitcoin is the worst performing currency against the US Dollar since December 2013. Historically, currencies such as the Deutchmark and the Venezuelan dollar have suffered even worse crashes. But they occurred years, if not decades ago.
When measured in terms of implied value against the US dollar rather than the artificial "official" value, the Venezuelan bolivar has actually performed worse (60 VEF to 1 USD on December 2013 to 430 VEF to 1 USD on May 2015):
http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity/
After reading this, the scale of black market and digital economies and the effect Bitcoin will have on them I am pretty certain we are going to be very wealthy men -- even with a sum as small as 10 Bitcoins. It's just so hard to believe. We are only in the beginning storms with these significant rallies from 10 to 20 dollars. I will not be surprised to see prices from hundreds to thousands in the coming months.
The world just isn't going to be the same and we have been blessed as the pioneers.
What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?
After reading this, the scale of black market and digital economies and the effect Bitcoin will have on them I am pretty certain we are going to be very wealthy men -- even with a sum as small as 10 Bitcoins. It's just so hard to believe. We are only in the beginning storms with these significant rallies from 10 to 20 dollars. I will not be surprised to see prices from hundreds to thousands in the coming months.
The world just isn't going to be the same and we have been blessed as the pioneers.
What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?
The Link can't be open
You're quoting a post from 2011. It's fairly common for links posted many years ago to no longer work. A copy of the article can be found here:
http://themonetaryfuture.blogspot.com/2011/06/bitcoin-is-economic-singularity.html
The author seems to have entered the Bitcoin world during the June 2011 bubble when prices were skyrocketing and "mainstream" people were beginning to hear about it for the first time. In the article, he predicts that the value of Bitcoin will explode tremendously in the next three years (a prediction which later turned out to be mostly correct) and also recommends putting nearly all of your assets into BTC.