You will have to forgive me but Bitcoin is no longer an experiment.
Yes. It is.
There are probably little old ladies in China who have put their life savings in Bitcoins.
Then they have put their life savings into an experiment that is still considered "beta". This is a risky decision, but it is their decision to make. Hopefully the gamble will pay off for them.
If everybody thought Bitcoin is just an experiment the price would probably be back to $12 or under in a heartbeat. If it's just an experiment, this needs to be better advertised.
The software says "Version V0.8.5-
beta" as it starts up.
Choose "About Bitcoin-Qt" from the menu in the software and it specifically states:
"This is experimental software."
On the bitcoin.org website under the "You Need to Know" page:
http://bitcoin.org/en/you-need-to-knowIt states:
"
Bitcoin is still experimentalBitcoin is an experimental new currency that is in active development. Although it becomes less experimental as usage grows, you should keep in mind that Bitcoin is a new invention that is exploring ideas that have never been attempted before. As such, its future cannot be predicted by anyone."
The fact that some people choose to use something without educating themselves about their decision does not change the nature of that decision.
One theory of transaction cost:
A days transactions must pay for a day's network cost. Of course, after the last bitcoin is mined the network will be monsterously huge as everyone tried to get that last incredibly valuable Bitcoin. No one will be able to afford that fee. A fee advertisement mechanism will have to be used to reduce network size. Then we are back to my original problem of monopolization.
I don't understand what you are saying?
What do you mean by "everyone tried to get that last incredibly valuable Bitcoin" Bitcoins are fungible. Why would any one bitcoin be any more valuable than any other?