Quote from: david wilson on November 19, 2014, 05:55:32 PM

The implications of bitcoins effect on consumer finance, investment and banking are not fully understood, a new report from Innopay suggests.

Let's hope it's better than what we have today:

170+ trillion in debt with 1.3 trillion in circulation and only 800 billion in the banks....they still give out FRB loans every day. Money that doesn't exist until you sign the loan papers and then poof...by the click of a key new money is created, not backed up by gold or anything else of value. Who's making the money? Who's running the country? The Bankers....

Those that are familiar with Satoshis work already know Bitcoin was not a whim. It was decades of contemplation, study and waiting on the advancements of systems needed for modern implementation. Satoshi could foresee future technology and change occurring in the world because of the solution he knew existed (HyperMoney), because he could see so far into our past. Satoshi seems to have surpassed Adam Smith by learning much more from the history of the Indians than anyone could have known.

When:
Bitcoin should really take off once smart contracts get through their trial period and we can provide the facts to the general public. I believe this will be the point everyone is waiting on. Smart Contracts will enable loans, mortgages and registration of property such as car titles on the blockchain. Once the Bitcoin payment is made the door to the house or car you just bought will open or you will be able to print out your rental agreement. You see Bitcoin is the payment system that will be used for the smart contracts, not only person to person, but the smart contracts have digital agents which will have wallets also. Don't miss the whole point of Bitcoin being the means of payments for all the services that will be running on the blockchain. Thats why it was designed to act like a scarce commodity. Only 21 million will ever be available to be used to pay for all the services that will be available.(all this added to the great p2p payment system it already is Wink

)
Note: I'm talking about Gavins Bitcoin 2.0 smart contracts.

Note: My personal view for the near future (5 years) is Bitcoin will be the payment system for services provided on the blockchain(ie...smart contracts, western union bill pay, etc...) and an internet payment option while also running co-existent like Visa does to cash now. Bitcoin is still young....

Why:
The Internet and Bitcoin were created to allow people to solve social problems in a novel way: Instead of the ancient formula of the strongest wins and then beats the crap out of the loser we all can achieve a peaceful society where both rich and poor, strong and weak can protect their property and freedom on more equal grounds without relying on violent institutions like governments.

Who:
Bitcoin was influenced by Adam Smiths Wealth of Nations, Adam Mullers HyperMoney, Thomas Edisons Commodity Currency, William Fellers Probability Theory, Friedman, Hayek, John Nashs Ideal Money, Tim Mays Crypto-anarchy and David Chaums DigiCash with the help of Nick Szabos acquired knowledge (including BitGold, Scarce Objects & "Nanobarter"), Wei Dais bmoney(website & c++ lib.), Hal Finneys RPOW & PGP, Adam Backs HashCash and Zooko's "p2p system nodes".

*One of the first places where Satoshi Nakamoto mentioned bitcoin was at the P2PFoundation.ning.com. When you register there, you have to give your birthdate.

Satoshi gave April 5th 1975.

April 5th was one of the most significant dates in history. On that day in 1933, President Franklin D. Roosevelt signed Executive Order 6102, which made it illegal for American citizens to own gold.

So what happened in 1975?

1975 was the year it became legal for American citizens to own gold again.

@ david wilson: If you want to understand the economics of Bitcoin, READ THIS:
http://nakamotoinstitute.org/shelling-out/
http://web.archive.org/web/20070618142414/http://szabo.best.vwh.net/scarce.html
http://szabo.best.vwh.net/ttps.html
http://unenumerated.blogspot.com/2008/04/bit-gold-markets.html?m=1
http://unenumerated.blogspot.com/2011/05/bitcoin-what-took-ye-so-long.html?m=1
http://unenumerated.blogspot.ca/2008/06/commodity-hysteria-overview.html?m=1