Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Peter R
on 22/12/2013, 21:39:18 UTC
The Bitcoin market is a flea on an elephants ass currently. Small fish (the winklevoss douches) that want to be big fish are buying in...

The Winklevoss are also young and have time to grow into very big fishes.  Remember, the wealth held by those in their 50s, 60s and 70s must be passed down to the younger generation.  Bitcoin is one possible mechanism to facilitate this.  

A lot can happen in a generation.  

That passing of wealth with Bitcoin is a very interesting idea...a lot of interesting tax possibilities also.

And even crazier, the transfer doesn't have to be explicit.  If economic participants begin to value bitcoin more than fiat money, the wealth just gets "sucked" out of fiat money and injected into bitcoin, almost like magic.  

Think about all the aging multi-millionaire and billionaire baby boomers (and older).  One way that their financial wealth could be transferred to the younger generation is through inheritance.  But another mechanism is that young people could simply place less value on these legacy financial products.  Bitcoin has the power to suck wealth away from the legacy financial system just by doing its own thing and building something better outside of the current system.  

When Einstein explained the theory of relativity, it wasn't that the older physicists eventually came to realize that he was right.  What happened instead is that they all died, leaving behind only the younger ones who were less blind to truth.