Quote from: giveBTCpls on March 20, 2014, 07:36:04 PM

What were they thinking? These people have a reputation, no one is going to take them for real making these claims. What's going to happen when nothing happens?

https://www.youtube.com/watch?v=w3X03KyUYuo
https://www.youtube.com/watch?v=Pz_j2su9Ehc
https://www.youtube.com/watch?v=vdPWnYnpEOw

Think about it. The marketcap for BTC to reach 1mm/BTC would mean massive mainstream adoption. Also, it would mean tons of random NEETs that happen to store a couple BTC suddendly join the 1% clique.
And, let's say hypothetically that 1 BTC reaches these ridiculous prices. What will be the purchasing power of 1 BTC? Wouldn't basically mean that the USD dollar devalued itself 1mmth times? Even if it went to 1mm/BTC, so what? you could only buy a cheese burge with it.

I just find the whole thing ridiculous. I hope im wrong and we all become rich, but the story about holding 1 BTC and waiting to be a millonaire sounds so ridiculous to me. And they could play the "the end of the world is near" card, and keep people waiting forever.

Flawed logic across the board.

First, yes, 1million per BTC assuming the dollars keeps its purchasing power implies massive mainstream adoption. No one is saying otherwise.
It however does not mean that tons of random people join the 1% clique, that is stupid. Most people need and do realize their paper profit into actual profit, this distributes BTC and allows the price to go up. With BTC one million a piece, you still need thousands to be amongst billionaires, not many have that many BTC to begin with, and not many will be left as they progressively cash out and diversity their wealth.

Next, BTC being 1 million doesn't mean the USD (D actually stands for dollar by the way) devaluated itself (valuation is not an absolute). It devaluates with respect to BTC, but it can keep its value with respect to gold, food, houses, oil, etc. If 1 BTC is 1 million USD, and 1 USD still buys 1 cheese burgers, then you can buy yourself 1 million cheese burgers (in a perfectly liquid market). Regardless of that, remember that the USD loses 1-10% of its purchasing power yearly, if this continues 1 BTC will inevitably be 1 million USD at some point, and in that case, even if 1 BTC buys me 1 cheese burger, I'd rather have had the BTC than any amount of dollars.

You find this ridiculous because you don't quite understand the whole picture and how the pieces fit together.

caratheodory

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