Quote from: 79b79aa8d5047da6d3XX on October 18, 2014, 11:38:04 PM

Quote from: inca on October 18, 2014, 09:53:47 PM

Your argument against bitcoin rising to become a global reserve currency is a bit silly. Bitcoin doesn't need to be more than a tradeable digital asset and it can still move up two orders of magnitude easily in market cap valuation.

Quote from: justusranvier on October 18, 2014, 11:13:15 PM

"The primary purpose of evil people is to instill helplessness in the morally energetic." --Stefan Molyneux

The thought that Bitcoin "will not take over the world" is often repeated. See for example:

- Report of the recent IMF/WB meetings in Washington (p.5)
http://www.cbbanorte.com.mx/analisis/flashes/Economicos/IMF_WB_AnnualMeeting.pdf

- Minneapolis Fed director and author of 'Money is memory' paper
http://www.reuters.com/article/2014/04/16/us-usa-fed-kocherlakota-bitcoin-idUSBREA3F03120140416

It is not an argument per se, it appears to be based on the (sensible enough) thought that Bitcoin becoming global reserve currency would entail a total revolution in the world order, and it is too improbable for this to happen.

To my mind, the important thing is that the directors of the Fed and the IMF are taking Bitcoin extremely seriously. And, as inca said, we need not wait for the entirety or the majority the world's wealth to be denominated in Bitcoin. On one recent estimate (you can look that one up), the world's wealth stands at 263 trillion USD. If merely one tenth of one percent of the world's wealth is denominated in Bitcoin, then the market capitalization of the coin would stand 263 billion USD. Dividing that by, say, 18 million BTC (we'll be there in 2020), gives you ~USD$20,000/BTC.

bitcoin will not take over "regular money" at least not for a long while, but i think its likely that given time some form of bitcoin will take over "regular money", could very well be bitcoin in the end, the future is unpredictable to say the least... but this bitcoin thing makes sense a lot of sense... it make sense to you it make sense me it makes sense to an ever gorwing number of poeple.