Quote from: BTCfaucetTIME on September 28, 2014, 12:56:44 AM

Quote from: Oscilson on September 28, 2014, 12:43:37 AM

Quote from: 98problems on September 27, 2014, 08:38:09 PM

Quote from: Verse on September 26, 2014, 11:53:18 PM

I just want to point out that using wealth is illogical.

GDP = Income. Income is expressed in currency. Wealth is expressed in goods, like houses, which may be sold for Bitcoin but are not themselves Bitcoin.

Therefore Bitcoin's maximum value should be calculated using world GDP rather than world wealth. I'm not going to calculate, it's a vapid chain of thought.

Even the US dollar today is not valued anywhere near the total world GDP. During the height of the british empire, the british pound was no where near worth the value of the then world GDP. No other currency (major or not) has ever come close).

IMO the world GDP is the theoretical maximum of the total value of bitcoin, but the realistic maximum is significantly lower.

Maybe just 1%.

The max market cap of bitcoin is probably higher then 1% of world GDP (I believe it to be ~.005% of world GDP now) and I believe it to be possible for the value to go up more then 200x before it reaches it max potential, although I think it will be several decades (at least) before it reaches this potential.

We should be comparing the market value of bitcoin to the total wealth in this world, not the GDP of the world.