Hi,
I'm a bit of a newbie on bitcoins, bit here's some of my thoughts, feel free to comment to prove they're wrong, to spark some discussion and chat. I'm gonna clump it all in this post I guess.
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1. Counter Balance: The fiat system adopted and now exists within a counter balance system. If you buy yen for gbp, yen value goes up, gbp goes down. Same the whole world around, these currencies exist side by side, they counter balance each other. Yet bitcoin exists above them all. Bitcoins counter balance is the fiat system itself. When bitcoin value goes up that is because the fiat system has invested itself in it.
2. Tipping Point: At some point so much will be invested in bitcoin that it's value will be 51% of the known global economy and it will take over (probably sooner if you think about all the other bonuses in bitcoin).
3. Global Prohibition: The illegal drug market is the 3rd largest industry in the world, if major players in this realise the power of bitcoin before the end of prohibition the bitcoin value will take a MAJOR jump, and the world will notice. Which will happen first?
4. Bitcoin Welfare: When the world economy is primarily bitcoin, would a few miners running at home make enough to substitute the basic costs of living? Would this state be a brilliant new self funding type of welfare system? Your thoughts? (I nickname this the - Bitcoin Welfare System, you heard it hear first!
5. Don't Support Government Wars (DSGW): When employers the world over realise how this systems blows away all current existing employment payment system. Right now, you could pay anyone you employ in bitcoins, they could then use those bitcoins to pay for food, stuff, etc (via loads of bitcoin sites now), just change a little to cover bills. Keep as much as you can in the bitcoin world, then you only need to declare whatever you have changed into fiat cash, maybe so little that you don't have to pay any tax at all. And you could tell/convince your boss to pay you in bitcoin by saying something like "hey, if you want to save money, pay me xx less, but pay me in bitcoin" because you'll be saving xxx from not paying tax for your government to kill people with. You can stop paying tax and have your government throw you jail.
5a. If you're paying tax, you'd need to convince your boss to pay you in bitcoin, the bitcoin doesn't need to be registered anywhere. He can still declare he's paying you, etc, for his fiat tax purposes, he's just paying you less now.
6. Economic Growth: Because the people won't be paying tax for the government to start wars and give to their bank buddies, people will have more money to spend, which will give growth to small and big businesses alike (whichever become part of bitcoin sooner will benefit most, especially from the increase in bitcoin value), which will give rise to more jobs, etc, etc, encouraging other businesses to take on bitcoin as they see their bitcoin neighbors booming with growth.
7. End of Inflation: When only bitcoin exists in the market inflation will end.
I'm a bit of a newbie on bitcoins, bit here's some of my thoughts, feel free to comment to prove they're wrong, to spark some discussion and chat. I'm gonna clump it all in this post I guess.
---------------------
1. Counter Balance: The fiat system adopted and now exists within a counter balance system. If you buy yen for gbp, yen value goes up, gbp goes down. Same the whole world around, these currencies exist side by side, they counter balance each other. Yet bitcoin exists above them all. Bitcoins counter balance is the fiat system itself. When bitcoin value goes up that is because the fiat system has invested itself in it.
2. Tipping Point: At some point so much will be invested in bitcoin that it's value will be 51% of the known global economy and it will take over (probably sooner if you think about all the other bonuses in bitcoin).
3. Global Prohibition: The illegal drug market is the 3rd largest industry in the world, if major players in this realise the power of bitcoin before the end of prohibition the bitcoin value will take a MAJOR jump, and the world will notice. Which will happen first?
4. Bitcoin Welfare: When the world economy is primarily bitcoin, would a few miners running at home make enough to substitute the basic costs of living? Would this state be a brilliant new self funding type of welfare system? Your thoughts? (I nickname this the - Bitcoin Welfare System, you heard it hear first!
5. Don't Support Government Wars (DSGW): When employers the world over realise how this systems blows away all current existing employment payment system. Right now, you could pay anyone you employ in bitcoins, they could then use those bitcoins to pay for food, stuff, etc (via loads of bitcoin sites now), just change a little to cover bills. Keep as much as you can in the bitcoin world, then you only need to declare whatever you have changed into fiat cash, maybe so little that you don't have to pay any tax at all. And you could tell/convince your boss to pay you in bitcoin by saying something like "hey, if you want to save money, pay me xx less, but pay me in bitcoin" because you'll be saving xxx from not paying tax for your government to kill people with. You can stop paying tax and have your government throw you jail.
5a. If you're paying tax, you'd need to convince your boss to pay you in bitcoin, the bitcoin doesn't need to be registered anywhere. He can still declare he's paying you, etc, for his fiat tax purposes, he's just paying you less now.
6. Economic Growth: Because the people won't be paying tax for the government to start wars and give to their bank buddies, people will have more money to spend, which will give growth to small and big businesses alike (whichever become part of bitcoin sooner will benefit most, especially from the increase in bitcoin value), which will give rise to more jobs, etc, etc, encouraging other businesses to take on bitcoin as they see their bitcoin neighbors booming with growth.
7. End of Inflation: When only bitcoin exists in the market inflation will end.