Quote from: miscreanity on January 09, 2017, 07:42:10 PM

As you've stated, Bitcoin could become the world's reserve currency - the institutional playground.

I have never said that and have instead argued that it won't be the reserve currency. Perhaps you are confusing where I have written that Bitcoin is the reserve currency of the altcoin ecosystem.

China has control over Bitcoin's mining and it is not yet a significant threat to capital controls (due to small volume), so I just don't see them reacting with regulation yet. Once BTC hits $5000+, then we may see China killing the nosebleed rally with regulation. It seems premature for them to do that now.

And because China controls the mining of Bitcoin, thus Bitcoin can never become the global reserve currency.

Quote from: trollercoaster on January 09, 2017, 11:35:34 PM

Quote from: miscreanity on January 09, 2017, 07:42:10 PM

I had inquired as to whether Socrates has enough information to forecast Bitcoin. No reply was made and I suspect this is why there have been no charts on it.

I asked him this a while ago, he does not believe bitcoin is anything new nor is it going to survive, bitcoin didn't interest him at the time, so "no data"
I believe he would be able to forecast it now though to some degree based on smaller cycles, it may require too much research for something he believes will die in a few years.

Armstrong is myopic in this case. He can't possibly see the technological future. He doesn't understand that crypto-currency and blockchains are not just Bitcoin. This a movement towards decentralization that is a fundamental technological change and it can't be stopped.

My whitepaper will improve upon PoW and PoS and we will enter a new period of rapid innovation. Stay tuned...

The point is that crypto-currency and blockchains are not just Bitcoin nor are they just about a money system. It is much more broad than that and it is about the Knowledge Age. The reserve currency is a narrow phenomenon that has more to do with the dying Industrial Age (see my comments in the Economic Devastation thread for more insights).

Bitcoin is serving a purpose in this evolution but it is not the be-all or end-all of this technological transformation.

Make sure you read this:

https://bitcointalk.org/index.php?topic=1082909.msg17458485#msg17458485