Quote from: Zelek Uther on April 29, 2014, 04:39:56 AM

Quote from: s1gs3gv on April 29, 2014, 03:23:07 AM

I hate to be the one to break the news to you fellas, but bitcoin @ $1 is just as useful as bitcoin @ $400.

True for small transactions, however...

With Bitcoin at $1 it would be impossible to transfer $22 million in value, because there aren't enough bitcoins. The higher value bitcoin is in fiat, the larger a transaction can be.

Another example: a wealthy person wants to store $22 million or more of their wealth in bitcoin. Couldn't be done with bitcoin at $1. The higher value bitcoin is in fiat, the more wealth we can store in bitcoin.

Same thing for 22 million people each trying to store $1 of wealth in bitcoin. Or 220 million people trying to store $0.1 of wealth in bitcoin, etc. Couldn't be done with bitcoin at $1.

The utility of bitcoin to the world as a whole rises as its fiat value per coin rises. We need bitcoins to be worth a lot (say $100k to $1m+) per coin to be useful to the world's population because there are so few coins (only ever 21 million will be made).

well stated. many bitcoiners do not understand this and think that people who talk about btc price rising are greedy. adoption rate and price are connected.