Quote from: Zangelbert Bingledack on July 18, 2014, 07:24:51 PM

Quote from: giveBTCpls on July 18, 2014, 02:32:02 PM

But Bitcoin has already reached Gold-tier prices... can you really compare that graph to Bitcoin? What you are suggesting is Bitcoin has barely seen a rise in price yet compared to what's to come. I think this is plain insane and inceptions my mind. How could a single unit of something be so valuable? If we scalate your graph to Bitcoin what you are saying is that these stories about Bitcoin reaching 100K dollars will become true. I think this is plain nuts and delusional. How could a single BTC have the purchasing power of 100K dollars? Of course, it could always mean that Bitcoin goes to 100K and dollar decreases to the point 100K have the purchasing power of 10K... what im saying is, if what you say is right and taking into account the dollar doesn't collapse, and taking as a reference the current dollar purchasing power, one single BTC in that supossed future of yours would mean it can buy you a house. I don't really thing this is possible. How absurdly rich would be the guys that mined at the very early stages or invested when it was worth peanuts, and now have shit tons of BTC? They would become the new Rothchilds. That's just too nuts.

1) Currency unit size is arbitrary. Replace "bitcoins reaching $100K" with "bits reaching 10 cents" and see how the argument sounds.

2) http://en.wikipedia.org/wiki/Argument_from_incredulity

3) No the early miners won't become the next Rothchilds...at least not necessarily. They have to sell a lot to balance risk along the way. See discussion of dishoarding rates here: https://bitcointalk.org/index.php?topic=345065.0

4) This kind of out-of-hand dismissal is exactly why you missed the boat before. The boat is only halfway through its journey. You don't have to miss it again Wink

#1 basically answers his whole post.

On #3, just for reference, at $100k USD/BTC rate, Satoshi's estimated holdings would "only" be worth $100 billion or so, which, while being an outrageous amount to the average person, is only about 5 Twitters' worth (in the big picture, not that much). Overall market cap would be in the $1.5 trillion range, which absolutely puts BTC in the "it's a big deal" category (but still not nearly replacing fiat).

#4, BUY BUY BUY. Grin

Edit: to further expound on #3, a large holder of, say, 10,000 BTC would be worth $1 billion. $1 billion does not a Rothschild make. Also, people don't just typically hold everything they have while the price climbs >100x.