Quote from: phishead on October 25, 2016, 10:40:06 PM

Quote from: wpalczynski on October 25, 2016, 10:22:12 PM

Quote from: fff13 on October 25, 2016, 10:07:58 PM

Quote from: wpalczynski on October 25, 2016, 09:52:21 PM

Quote from: jehst on October 25, 2016, 09:46:27 PM

Quote from: mnemonicsoup on October 25, 2016, 09:35:00 PM

Is there any reason for Bitcoin going up?

bitcoin's not really up unless you consider 1% a significant move

https://bitcoinwisdom.com/markets/huobi/btccny

Look at 1 week chart, hard to deny Bitcoin bear market is over. Every 1% or 2% increase just reaffirms this notion. Rome wasnt built in a day, it will creep up slowly until FOMO kicks in and things will get crazy again.

With the state of affairs of world financial systems and institution its a perfect storm for a Bitcoin explosion. Likely orders of magnitude better than ever before during Bitcoins existence.

Tim Draper predicts bitcoin can reach $10,000 by 2018. How high do you think it can reach with this next bull run?

I think thats very possible. It would be hard to put a number on it, it would be complete speculation but I think even a lot higher than that would be possible.

Imagine a scenario where US loses the petro dollar and oil becomes traded in Bitcoins. Or a financial system crash of unseen magnitude which seems likely to be in our future. Euro seems to be dying a slow death, the US dollar is strong but when the petro dollar is gone it will crash hard as well. The house of cards will come crashing down one day, they can only kick the can down the road so many times.

I'm curious... what makes you so sure that there is a chance of the US losing it's petro dollar? Is there any notion that something like this could happen?

Also, I'm quite skeptical that all of OPEC will agree to trade oil for only Bitcoins... Bitcoin's blockchain can hardly handle the transactional load of a bunch of geeks; I can't see a world, with 1 Mb blocks, can handle all nations continuously buying/selling for oil. That would just be insanity, and it won't be long before OPEC will get sick and tired of waiting for confirmation times in order to sell their oil.

I think the days of US terrorizing other nations in order to retain the petro dollar are coming to an end. Russia and China have simply had enough of this state sponsored terrorism and exploitation of weaker nations.

The blocksize debate is an issue but I'm confident that it will be resolved. The parties involved have too much at stake both financially and ideologically to let Bitcoin fail. Besides, I'm not saying Bitcoin will replace petro dollar for sure, I simply posit that its a possibility and what the realization of that possibility would mean. In addition I don't think the amount of transactions added to the blockchain should Oil become traded in Bitcoins would be that astronomical. We are talking about huge payments and settlements but not necessarily executed with high frequency.

Anyway, this is the Monero spec thread not Bitcoin and geopolitics.....