Quote from: lonestranger on June 24, 2011, 03:19:08 AM

Quote from: relative on June 23, 2011, 10:18:52 PM

I'd consider 30$ the more ridiculous number out of the two.

there is no economy to speak of already, and the money supply grows by another 40% within the year alone.
the 2,6 million coins that are mined in a year equal 80 million dollars at 30$.

that means 80 million dollars have to come in to SUSTAIN this price!
(or miners don't sell as many, but that only means they expect to sell it for even more in the future).

I like the bitcoin concept and all this specuation doesn't make it worse, but I'm sorry, this is insanity.

Bitcoin seems to be the first currency in history that offers both privacy and portability across police state borders. When people realize its true potential they covet it. (Notice the bloke above who is divesting gold and silver to own bitcoin.) This appears to be a real phenomenon. And it's just getting started.

Unfortunately, bitcoin will probably suffer the same fate as gold, silver, (and goldmoney), and that is that the commodity itself is so precious that it is hoarded instead of traded. Why get rid of bitcoins (or gold, silver) when one can part with funny colored paper whose value is yanked around by crooks? (real money crowds out bad)

Gresham's law, sure.
But no worries mate, people gotta eat sometimes and buy themselves nice things, so good money (bitcoin) will be circulating.