Quote from: Ibian on March 23, 2014, 04:50:36 PM

We had this argument. Many, many times just in the few months I have been here. Go reread some of the old threads.

The proof will be in the pudding and we shall both witness it, most likely with very different positions in relation to Bitcoin when the crunch time comes.

Quote from: pungopete468 on March 23, 2014, 06:41:49 PM

Bitcoin is like you said, an excellent platform to transfer wealth. Bitcoin being the vessel of transfer is unaffected by the collapse of one or more articles of value.

Bitcoin is used to transfer wealth because it's efficient. Bitcoin will remain efficient regardless of what type of transfer it facilitates...

However, the market has been manipulated by fiat currencies. After fiat collapses we will be at square 1 again, the market will assess a new value to everything; not just Bitcoin...

Precisely. Bitcoin's main use is as a vessel of value transfer. The important thing however is not the vessel, but the cargo. Otherwise there are dozens of Shit-Coins that have copied Bitcoin's concept and improved upon it in various ways, not least of all making it more streamline. In short, if the vessel was all important, then there are better alternatives around than Bitcoin, but none of the Shit-coins are carrying the value (measured in USD) that Bitcoin is carrying. If the USD becomes worthless as in it dies a death and the world is left to look for a new means of exchange, it won't be looking towards Bitcoin as Bitcoin is just a means of wealth transfer. In times of crisis you might be tempted to swap goods of value for tins of beans, silver rounds, shotgun rounds, gasoline etc, but would you be prepared to accept a few lines of algorithmic code on a USB stick? Same principle applies on an international macro scale and I am referring to a USD extinction event here, not the isolated hyperinflation of the Outer Bulgaristani Shekkel which is exactly the sort of situation that could result in lots of wealth flowing into Bitcoin, thanks to Bitcoins easy interchangeability with the USD.

I see a digital currency on the horizon for humanity alright, but it won't be Bitcoin. It will be issued by the holders of real physical wealth, perhaps it will be Gold again, and each unit will be exchangeable for so many units in weight of the agreed upon commodity. Premined, and issued to holders of specific commodity or basket of commodity who in turn will issue it to those who offer themselves in servitude in exchange for the units of account. Every transaction recorded. Zero anonymity from controllers of the system. As far fetched as this may sound, if the dollar dies, and it's death at some point is unavoidable then whole present day monetary paradigm is finished. The world will be in crisis and screaming and begging for some sort of stability offered by an asset backed currency. So yeah, I am a believer in both gold becoming money again at some point in the future and also in the future of crypto-currency, but I believe that the event will be accompanied by a move towards the enslavement of humanity, not liberation.