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1 BTC = 2 Comex Gold bars (400oz each)
or
250 mBTC = avg US house
or
100 uBTC = 1 night out on the town
or
250 mBTC = avg US house
or
100 uBTC = 1 night out on the town
Translation: ~ the current value of one million FRNs
You mean per BTC? Let's not get too exited shall we.
I'm amused by individuals who just don't get it when it comes to the sham that is the USD. They say things like "Bitcoin has no intrinsic worth!" despite the fact that their beloved USD has no intrinsic worth, and despite the enormous utility of Bitcoin (sending money anywhere in the world for nearly free, the ability to easily buy black and gray market items, etc.). People who think that alternative currencies won't be worth a fuckload someday apparently see nothing wrong with the status quo, and therefore have serious issues.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
Near term I'm bearish. We're seeing a redistribution of the bubble money, virtually no one new is coming aboard. When the bubble fiat runs out, the price is going to collapse.
WTF?!? Virtually no one new is getting into Bitcoin?
Will blockchain.info eventually let her import the balance from the sending address into another blockchain.info wallet (which so far yields a zero balance), or will she have to find another online wallet that allows importing of private keys?
She's a newbie and apparently her settings were such that she was not prompted to decrease the balance by 0.0005. I have found some threads on this subject where posters state that the transaction will eventually time out if sent through the blockchain.info wallet with the amount being redisplayed at the sending address. Is this true?
She sent her entire balance from her blockchain.info wallet to an offline address. She sent this balance without including a fee, and the transaction has been unconfirmed for a few hours. I told her that I recalled reading here that simply importing the private key of the sending to a new wallet should work, but this does not work when I try importing to a new blockchain.info wallet. I assume that this is because of the way that blockchain.info is set up, and that if I help her find some other online wallet service that allows for importation of private keys, that I can tell her to simply import the private key of the sending address there and then resend (this time with a fee, of course). I distinctly remember that bitcoin is never lost in limbo, and if miners never take your transaction, that you always have the option of importing the sending address private key (albeit somewhere other than blockchain.info, apprently). Any help is veyr much appreciated.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
Quote
2. If people don't spend fiat money, then they don't need fiat money, then fiat money will lose its value quickly, the money printing scam will be discovered easily
So don't spend fiat money, don't use fiat money, and your problem's solved. Presto!
This one is not so easy and laws require you to accept fiat money as legal tender
"Just refuse to have sex with the guy who wants to rape you."
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
OP: Please help me understand your poll. At 118 US dollars = 1 BTC; does that equate to 3 figures (digits)? If so then 1,000,000 US dollars = 1 BTC is the threshold you are concerned with, right? That's a lot more demand than we have right now. I would be very surprised if that much fiat shows up at the exchanges anytime soon. Can *anyone* say how much fiat has been pumped into Bitcoin through the exchanges and other avenues? The Bitcoin capitilization is something like $1.2 billion right now *but* it did not take that much fiat to get it there. Fundamentally it is a confidence game. If buyers believe then they will bid higher and higher. If one buyer showed up and bought 1 BTC for $1,000,000 through an exchange that reports it then for at least a brief moment your threshold would be met. The next exchange might happen back down in the hundreds but so be it. Btw, I'd be delighted to be the one to sell one of my own Bitcoins to acheive this. Or are you rejecting any and all such artificial occurances?
I implicitly mean a sustained value of that level or higher so that Bitcoin is the de facto main international currency.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
I have proved that deflative currency will incentivise spending and discourage hoarding permanently when a certain amount of saving is done, so this is not the real reason behind the adoption of inflative currency
The real reason could be:
1. Without a fast circulation of money, the banks would not make enough income in interest
2. If people don't spend fiat money, then they don't need fiat money, then fiat money will lose its value quickly, the money printing scam will be discovered easily
You're trying to reason with authoritarian thugs.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
Because robbing and raping the shit out of people is so honest and noble if you're a keynesian asswipe.
Yr mom had yeast infections smarter than you. Be polite or stfu, k?
You're the retard and the authoritarian shitstain.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
I don't have to explain myself.
you usually complain about money velocity and when it comes to inflation your opinion is the less the value of the money becomes over time the better it is LOL
Incentivises spending and discourages hoarding, lol.
Because robbing and raping the shit out of people is so honest and noble if you're a keynesian asswipe.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
OP, i didn't vote -- your poll is pretty nonsensical.
So no vote from me, OP -- no need to deem it invalid
Quote from: OP's poll questions
If you deny that BTC will rise to seven figures, then which of the following will happen?
*Fiat currencies will remain viable indefinitely.
Yep. Bitcoin fits the definition by having no intrinsic value. It's not issued by a state, that's about all. Can't eat it, can't smoke it, can't kiss it good night (polite version).
*Gold and silver will be commonly used as media of exchange once more.
Meh. They sort-a are already. See gold bugs.
*Another cryptocurrency will have a market capitalization in the trillions of USD.
Quite possible. Anyone from Amazon to USA deciding that cripto is interesting enough could easily implement a hard fork. Payment processors like PayPal & CC already carry out transactions electronically, so what if they are doing it on top of fiat? If folding money is not involved, are they crypto, or do they need to specifically use SHA2/scrypt?
*BTC will rise, but not to seven figures, and together with several other cryptocurrencies, have a a market capitalization in the trillions of USD.
Sure hope it will, or we're just wasting time.
*Other (you must explain in the thread, or else your vote will be deemed invalid)
*Fiat currencies will remain viable indefinitely.
Yep. Bitcoin fits the definition by having no intrinsic value. It's not issued by a state, that's about all. Can't eat it, can't smoke it, can't kiss it good night (polite version).
*Gold and silver will be commonly used as media of exchange once more.
Meh. They sort-a are already. See gold bugs.
*Another cryptocurrency will have a market capitalization in the trillions of USD.
Quite possible. Anyone from Amazon to USA deciding that cripto is interesting enough could easily implement a hard fork. Payment processors like PayPal & CC already carry out transactions electronically, so what if they are doing it on top of fiat? If folding money is not involved, are they crypto, or do they need to specifically use SHA2/scrypt?
*BTC will rise, but not to seven figures, and together with several other cryptocurrencies, have a a market capitalization in the trillions of USD.
Sure hope it will, or we're just wasting time.
*Other (you must explain in the thread, or else your vote will be deemed invalid)
So no vote from me, OP -- no need to deem it invalid
People who make assertions and then refuse to back them up are cowards, morons, or both.
Others understand the poll. You are either pretending to be stupid or you really are stupid.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
Why is the burden squarely on the bears? What is the basis for your position, OP?
In the context of fiat sucking so badly that only a retard would think that it would last indefinitely, when something as revolutionary as Bitcoin appears it is incumbent on those who claim that Bitcoin will not do well to explain why.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
I don't have to explain myself.
This is entirely consistent with your posting history, which is why I see you as an utter joke and wonder whether you're merely a butthurt establishment fanboy or someone who is being compensated in some way.
Re: Those who deny that BTC will rise to seven figures: clearly explain yourselves
It does not matter:
There will be a 51% attack at a certain time in the future after the the asic centralization and the difficulty is huge and all the bitcoins assigned in the first 3 years of bitcoin will be deemed invalid.
There will be a 51% attack at a certain time in the future after the the asic centralization and the difficulty is huge and all the bitcoins assigned in the first 3 years of bitcoin will be deemed invalid.
Who will conduct this attack?
Those who deny that BTC will rise to seven figures: clearly explain yourselves
I have noticed that the bears on this board have a habit of simply asserting doom and gloom, and generally refusing to back it up in detail. I have decided to focus on the macro level issue of where Bitcoin will ultimately go, and place the burden squarely on you. If you deny that Bitcoin will have a market capitalization in the trillions of USD, then pick one of the five poll options.
hardcore wishful thinking not possible - isnt the largest stock berkshire hathway A stock at 167,000 a share? If btc reaches that price there would be a massive sell flood that would crash the price back down to double digits or possibly low triple digits like it is now. I think that we have a good shot of the price ceiling being between 200-2500 dollars at most, but if it were to still rise past that price then many many many more people would flood it to mine or mine alts to exchange for btc for fiat - that cycle will correct the price bubble.
I don't mean to be the killjoy on this thread...I want it just as bad as you to hit a million dollars easily. Thats like 10k per bitcent! We would definitly be singing a different tune about all those fools (now geniuses) for buing up block eruptors to mine at 2btc a piece.
I don't mean to be the killjoy on this thread...I want it just as bad as you to hit a million dollars easily. Thats like 10k per bitcent! We would definitly be singing a different tune about all those fools (now geniuses) for buing up block eruptors to mine at 2btc a piece.
Do you honestly think that fiat will last forever? If not, then explain your ludicrous scoffing at a market capitalization of the most established cryptocurrency that is in the trillions of USD (unless you think that there will be dozens of valuable cryptocurrencies that collectively have a market capitalization in the trillions of USD, or that gold and silver will be commonly used as media of exchange again).
You don't just get to ignore facts and logic while hand waving things away without being called out on it.
My guess is that about 1 million are permanently lost.
So, as time progresses, more people lose BTC forever, there will be less BTC in circulation and they will become more valuable as there are fewer.
At the rate they are being lost, in twenty to thirty years there will be very few BTC in circulation.
Does that not beg the question about security of wallets. How can wallets become 100% secure?
At the rate they are being lost, in twenty to thirty years there will be very few BTC in circulation.
Does that not beg the question about security of wallets. How can wallets become 100% secure?
It is hard to imagine that permanent loss due to untimely deaths, forgotten passwords, paper with private keys being misplaced (or lost when a house burns down), etc. can account for the degree of permanent loss that both of you estimate.
Keep in mind that it is probable that most stolen bitcoins do not fall into this category (some of the the thieves may be ideologically motivated people who want to simply steal coins in an effort to weaken the system, but I suspect that the overwhelming majority of thieves intend to spend what they steal).