Quote from: tom.hashemi on December 25, 2013, 02:46:49 PM

Quote from: DobZombie on December 25, 2013, 01:46:11 PM

He said imagine, not "is this possible?"

I believe tom is giving us a thought exercise, isn't this what the forums are for. Thinking up situations that could possibly happen, and what those consequences would be.

I for one think that the argument is a valid one. As the price rises, the more miners jump on board. The more miners, the difficulty increases. Difficulty increases, miners want a price increase to cover it. So on and so forth. It all started about a month after the reward halving, and then when ASICs hit the scene then the price skyrocketed.

It's not an instant effect, but it's there.

I assume when you said tom you meant the OP?

We can all dream up situations that could possibly happen and then concoct some kind of thought exercise, sure. But what's the point in dreaming up a totally implausible thought exercise? There is no worth to it.

What is far more useful is to imagine a scenario that could realistically happen and then explore around that point.

The reason this situation is implausible is because the time it would take to get to a $1million per btc price tag would allow for significant technological developments, making mining more efficient as well as energy infrastructure, energy generation etc.

There is simply no point in conjecturing around something which is so far into the future that you cannot even begin to comprehend how different even the most basic functions of life will be. If Bitcoin does have an effect comparable to the Internet, then the world we will be inhabiting in 15 years time (when the price per bitcoin will still not be anywhere near $1million) will be totally different, having gone through a new round of innovation and economic evolution. Then imagine how it will look if we do reach 1btc=$1million. I cannot even begin to comprehend what that world would look like, hence this debate is pointless.

Anyway, I realise I'm just being annoying now so I'll bow out and leave you to your conjecturing. Happy Christmas!

Tom

For me, it was worth reading your well-written post (seriously), and coming to the realization that you may have penned other nuggets that I may have missed.

I can't count how many times I've read threads where the OP was skewed in some way, yet subsequent posts offered up golden kennels. Likewise, how many threads have you (the reader) stumbled upon where the OP was spot on (via Google, I just learnt that a hyphen is not needed) and well-articulated, yet subsequent posts spanning several pages offered nothing much of substance? Rare, but probably has happened.

~TMIBTCITW