Quote from: DPoS on February 06, 2014, 04:11:17 AM

Quote from: RickJamesBTC on February 06, 2014, 03:44:32 AM

What do you think you are saying???

This system doesn't work if people can only use it to move small amounts of money. Nobody will care about it at all at $10. Wanting the price of bitcoin to crash to ten dollars and end the entire crypto industry because of some spiteful jealousy over what KNC and other large miners are doing is ridiculous. Don't forget, nobody will mine it at $10, and nobody will pay giant transaction fees, so the entire system dies.

BTC works fine at $100 or $10 you miss the point.. right now how many coins do you think are really in circulation anyway? Only a fraction... so if more and more folks start to spend their coins instead of hoarding then the price will drop by a lot

You have the ~$800 price from churn and velocity of a fraction of coins right now.. I rather believe more use of the coin at a lower price is healthier for its life.. uber miners like KNC et all can choke on their insane diff pushing hashpower.. that arms race means nothing for btc's utility.. the same amount of blocks stays constant ya know

Here are some math problems to amuse you...

For arguments sake consider only the USA -- since numbers are so easily available?

What is the US debt? (About $17T ?).
What value would the BTC need to be to cover the US debt -- using only the amount in current circulation?
What value would the BTC need to be to cover the US debt if all BTC were available.

What BTC value would cover the current US GDP?

What BTC value would cover the value of all assets in the US.

Now repeat all the calculations for the European community and the Chines and the Japanese -- for example.

Heck, even do Canada and Australia in isolation.

GDP Numbers here:
http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

If the BTC value won;t even handle Canadian economic activity -- is it of any value to anyone?

A BTC value of $10 makes it worthless as a substantive currency -- in anyone's book.

Do the math.

Cheers!