A Glimpse into the Future of Bitcoin
- Thread starter Toz
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Techxan
Elite Member
- Dec 7, 2011
- 3,091
- 3,620
In the first place, as long as there are countries, their currency will have value. The dollar is backed up by the entire US, and in the US, it will always be able "Legal tender for all transactions".
Bitcoins , like anything, are worth exactly what people believe they are worth. As soon as everyone quits believing, they will be worthless. They are only worth what you can get for them, in currency.
Gold you can hold in your hand, a piece of land is a tangible thing, you can live in a home. These things will always have value. Their value will be expresses in the coin of that particular country.
So unless you are thinking about the fall of all civilization (in which case the Internet will cease to exist anyway) you world of doom and gloom will not materialize.
If you are talking about the fall of civilization, then the things that will have value will be weapons, land gold, gems, art, food, horses, and so on.
Bitcoins will be useless because the Internet will be gone.
Bitcoins , like anything, are worth exactly what people believe they are worth. As soon as everyone quits believing, they will be worthless. They are only worth what you can get for them, in currency.
Gold you can hold in your hand, a piece of land is a tangible thing, you can live in a home. These things will always have value. Their value will be expresses in the coin of that particular country.
So unless you are thinking about the fall of all civilization (in which case the Internet will cease to exist anyway) you world of doom and gloom will not materialize.
If you are talking about the fall of civilization, then the things that will have value will be weapons, land gold, gems, art, food, horses, and so on.
Bitcoins will be useless because the Internet will be gone.
Well, comparing Tulips to Bitcoin is just ridiculous imo.
Digital currencies has many benefits over regular currencies.
And what does Tulips have?
Patel
Senior Member
- Mar 1, 2011
- 1,154
- 1,519
People have been calling it tulips, bubble, scam, ponzi, whatever since it was $10. It doesn't change anything. The market cap, merchant adoption, userbase is still growing rapidly.
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I know, just wanted it to be clear.
There's reasons for it going down. Bitcoin has faced many issues, but has yet to totally tank, which is a good sign. I don't see it becoming anything like OP's predictions, unless China makes it their currency. Either way, I'm holding on to 2 BTC.
rlloydevans
Newbie
- Jan 23, 2014
- 36
- 23
Brand new investment vehicle - overwhelming profits. They have practically no downside but unlimited upside. This is the wave of the future. People don't understand it but they don't have to. Simply because they are going up in value is proof of how powerful and profitable they are and will be.
This is what people were saying about mortgage-backed securities in 2000-2007. That is before the market dissolved into nothingness - causing the world financial crisis of 2007-2008.
Or the commercial mortgage collapse of 1979.
Or for that matter the uranium bubble of 1970s
The dot.com bubble of the 1990s
The Poseidon Bubble of the 1960s
The South Sea Bubble of the 1700s
And of course, Tulips in the 1600s.
Bubbles, bubbles, bubbles. Things are worth what they are worth. Buying a tulip bulb for the equivalent of $1,000,000 was ridiculous in 1635. But then, what is a Bitcoin really worth? What is its economic foundation besides its limited utility and the fact that people are buying it simply because of potential and dreams?
How valuable is a currency with severe security problems? With dollars (Euros, etc) if a bank employee walks off with the money the account holder is protected. What happens if the same happens at a Bitcoin exchange? You are out your money. How long will people hold trust in a currency with those problems?
This is what people were saying about mortgage-backed securities in 2000-2007. That is before the market dissolved into nothingness - causing the world financial crisis of 2007-2008.
Or the commercial mortgage collapse of 1979.
Or for that matter the uranium bubble of 1970s
The dot.com bubble of the 1990s
The Poseidon Bubble of the 1960s
The South Sea Bubble of the 1700s
And of course, Tulips in the 1600s.
Bubbles, bubbles, bubbles. Things are worth what they are worth. Buying a tulip bulb for the equivalent of $1,000,000 was ridiculous in 1635. But then, what is a Bitcoin really worth? What is its economic foundation besides its limited utility and the fact that people are buying it simply because of potential and dreams?
How valuable is a currency with severe security problems? With dollars (Euros, etc) if a bank employee walks off with the money the account holder is protected. What happens if the same happens at a Bitcoin exchange? You are out your money. How long will people hold trust in a currency with those problems?
zebrahat
Elite Member
- Aug 6, 2008
- 2,514
- 3,037
Most of the bubbles and "problems" of the past were government and bankster manufactured. Bitcoin transactions (normally) can be tracked to the individual, thus if an exchange turns into a case where someone "walks off" with funds they can be tracked down. The major factor to keep in mind is that as an independent instrument, crypto-currency is designed to not be subject to the institutional monetary inflation that has been grinding all other government and bank controlled currencies to dust. Its value is based on the demand in the market for an independent currency, not on what quantitative easing (i.e., print up more currency) policy scheme is decreed by a board of bankers.
BTC et al is thus saving the middle class by providing them a readily accessible outlet to park or make their wealth (e.g., gold/silver by contrast is harder to get and easily seizable), thus protecting it from the inflaters' thieving debt based systems. The new currencies are progressively exposing the instability and long term wealth-destroying nature of the institutional currencies, and this trend will only accelerate in the coming years. As this becomes more and more confirmed as events unfold, greater trust will naturally develop for the new currencies, and displace the pro-traditional propaganda out there (and on this thread) that is trying to talk down Bitcoin.
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So people run around screaming the protocol is broken now? Jesus desu
A japanese exchange messed up, and a black market got hacked, suddenly the bitcoin world is going down? lewl
Also, I just sold 0,00055 bitcoin for $0,36. All your points are invalid.
Comparing a global decentralized P2P payment system to flowers.. WHAT THE?!?!?!?! Do you even economics??!?!?!?
You can split a bitcoin into 100 million pieces. A hundred millionth is called a Satoshi. A thousandth is called a mBTC. But I guess that has been said already, or you figured it out.
Ooh yea that great USD that lost 97% of it's purchasing power over the last 100% years - wonderful money. Lel.
Bitcoins are an anarco capitalistic currency/payment system, which means Satoshi Nagamoto are not using an army to enforce his currency, people do it voluntarily, cause the payment network has alot of benefits. Also, it provides bankings to the 5 billion who aren't banked in 3rd world countries. (and don't bullsh*t me with they don't have access to technology, since 30% of Kenya GDP is through mobile payments)
It's a truly genious invention, that lets all the people in the world be their own bank.
Also, this proof-of-work ownership ledger can be programmed for incredible things such as IPOs, Voting and accounting. Money is really just the tip of the iceberg.
When all this is said. I'm with OP. Whether it will be bitcoin or another digital currency, the genie is out of the bottle here, and financial freedom will revolutionze money the way internet revolutionized publishing.
When you think about the possibilites $1million pr coin is inevitable (unless an internal fault which the foundation can't fix is found and the coin will fall before)
Global remittance market: $600 bn, $50-60bn of them are fees, of course
Global black markets: $2 tn
Global Currency markets: $50 tn
Hidden Tax money in heavens: $20 tn???
- Bitcoin millionaire in swedish (monopoly) monies, probably in USD as well before 2015
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- Oct 24, 2011
- 3,227
- 3,631
There's a chance the skeptics can be right.
There's a chance the believers can be right.
In either case, I'm going to continue to invest into the Cryptocurrency.
I mean, when it comes down to it, Gold is nothing more than a shiny piece of metal, that also happens to be one hell of an electrical conductor. But that's it!
Other than that, it's no more relevant or irrelevant than that of a Bitcoin or some other form of cryptocurrency. The same can be said for a Dollar, a Yen, a Pound, etc...
For those that say it needs some form of regulation, you're missing the entire point of cryptocurrency. Cryptocurrency allows you to decentralize your money, which is exactly the point of it -- to escape regulation!
I don't know about you guys, but I'm not too fond of going to a bank under several circumstances..
1. You have very little money in your checking account, and the bank tellers treat you differently than they do with others, with money.
2. Your checking accounts have no chance at increasing the money inside by thousands of percent.
3. If you wish to make a deposit, you have to wait for the bank to open.
4. If you wish to make a withdrawal, and you're nowhere near your bank, you'll need to pay a ridiculous amount, in fees.
5. Your money is far more secure when using cryptocurrency.
Yes, I know of the whole Silk Road thing.. It wasn't Bitcoin that was hacked. Bitcoin has never been hacked. Some great hackers have tried. Silk Road was hacked.
Don't store your cryptocurrencies online. If you're making a trade, trade for what you need, and remove your coinage.
My wallets are all encrypted, and backed up on 3 encrypted thumbdrives, each. And, in the event I lose all three thumbdrives (unlikely, since one of them is a keychain, and one is stored in my shoe, and one is kept in my underwear (shutup)), I keep another backup on a very secure location on one of my very secure dedicated server, that's only accessible after 5 verifications, including 2 email verifications, on different email accounts that I have.
There is no bank that's willing to go through this much trouble to ensure my safety.
There is a finite amount of coins, which means the ceilings can never be raised. What we have is what we get. Work for it by mining or trading or investing (now, while it's all still relatively cheap). The choice is yours.
There's a chance the believers can be right.
In either case, I'm going to continue to invest into the Cryptocurrency.
I mean, when it comes down to it, Gold is nothing more than a shiny piece of metal, that also happens to be one hell of an electrical conductor. But that's it!
Other than that, it's no more relevant or irrelevant than that of a Bitcoin or some other form of cryptocurrency. The same can be said for a Dollar, a Yen, a Pound, etc...
For those that say it needs some form of regulation, you're missing the entire point of cryptocurrency. Cryptocurrency allows you to decentralize your money, which is exactly the point of it -- to escape regulation!
I don't know about you guys, but I'm not too fond of going to a bank under several circumstances..
1. You have very little money in your checking account, and the bank tellers treat you differently than they do with others, with money.
2. Your checking accounts have no chance at increasing the money inside by thousands of percent.
3. If you wish to make a deposit, you have to wait for the bank to open.
4. If you wish to make a withdrawal, and you're nowhere near your bank, you'll need to pay a ridiculous amount, in fees.
5. Your money is far more secure when using cryptocurrency.
Yes, I know of the whole Silk Road thing.. It wasn't Bitcoin that was hacked. Bitcoin has never been hacked. Some great hackers have tried. Silk Road was hacked.
Don't store your cryptocurrencies online. If you're making a trade, trade for what you need, and remove your coinage.
My wallets are all encrypted, and backed up on 3 encrypted thumbdrives, each. And, in the event I lose all three thumbdrives (unlikely, since one of them is a keychain, and one is stored in my shoe, and one is kept in my underwear (shutup)), I keep another backup on a very secure location on one of my very secure dedicated server, that's only accessible after 5 verifications, including 2 email verifications, on different email accounts that I have.
There is no bank that's willing to go through this much trouble to ensure my safety.
There is a finite amount of coins, which means the ceilings can never be raised. What we have is what we get. Work for it by mining or trading or investing (now, while it's all still relatively cheap). The choice is yours.
There are bumps in the road. Like a startups value can increase 5000% over the course of a year as well. But this is private, so you don't see people screaming it's a bubble.
But really, what is there to regulate? It's pretty clear the SEC/FBI don't really give a sh*t when they assist mexican warlords with financial services, weapons and asylum. But a twenty-something kid running an exchange selling bitcoin to alleged silk road users stand to face 30 years in jail. <sarcasm>Thank god justice</sarcasm>
At the end of the day, the feds have no doors to knock or no people to shoot, so I wish them all the luck in the world.
Macthetrix
Regular Member
- Feb 21, 2013
- 378
- 395
Its pretty stupid to believe such numbers. At the moment there is a security flaw and people cant even withdraw money. The value dropped a lot.
rangerOH
Regular Member
- Aug 5, 2013
- 248
- 149
i really much doubt your theory and calculation.
first like W130SN said majority of people doesn't even have internet, and i will add to that 30% of the internet users are in the internet for porn and social media. ( and most of them don't even know what is bitcoin )
OK let assume for a second here i am a fool for not believing, and you are correct.
and it reached the cap i made for 50k
ok now the bitcoin worth 1k, that is a difference of 49k, right?
so money will just grow in trees? or money will rise? because you will have over 49,000,000,000,00 new currency.
of course they won't let it rise ( because if the money rises that much the economy will collapse)
let me just explain to u the term money is just how much u have gold stocked ( but we will talk about it later )
right?
so you will be taken money from people, from governments, to fill that gap
aka more poor people, aka more people unhappy cause they can't pay for food, aka no jobs.
the economy basic: if something collapses, another thing will take it is place
Live IM example, when movie2k.to collapsed and got shutdown, a lot of movie sites showed in the picture like viooz...etc
and now when movie2k came back as movie4k, what happened?
there is a war going on in the first places of movie niche.
Did you see the word 'war' in there?
so for your theory to work the us have to adopt the bitcoin currency and drop the dollar.
which you will never see cause in the internet you can't control everything.
lets assume i am wrong and US does control all the internet and adopt bitcoin
which will be unchangeable in very very poor countries 'what do u think it will happened to them? '
it is amazing how you think that the bitcoin will come and just take over the currency ( and nothing will happened )
i hope you don't misunderstand me, i just trying to make a point here
if your calculation is correct 'war is coming' ( that is why i am doubting in the first place )
and as we speak the bitcoin worth 1k, i just wanted you to know that somewhere, somehow, in this moment, there is a father that can't find food for his children' and there is people getting fired...
i hope u understood me, if not i am welcoming any mean or comments like ' u are fool'
anyway thanks for reading this
first like W130SN said majority of people doesn't even have internet, and i will add to that 30% of the internet users are in the internet for porn and social media. ( and most of them don't even know what is bitcoin )
OK let assume for a second here i am a fool for not believing, and you are correct.
and it reached the cap i made for 50k
ok now the bitcoin worth 1k, that is a difference of 49k, right?
so money will just grow in trees? or money will rise? because you will have over 49,000,000,000,00 new currency.
of course they won't let it rise ( because if the money rises that much the economy will collapse)
let me just explain to u the term money is just how much u have gold stocked ( but we will talk about it later )
right?
so you will be taken money from people, from governments, to fill that gap
aka more poor people, aka more people unhappy cause they can't pay for food, aka no jobs.
the economy basic: if something collapses, another thing will take it is place
Live IM example, when movie2k.to collapsed and got shutdown, a lot of movie sites showed in the picture like viooz...etc
and now when movie2k came back as movie4k, what happened?
there is a war going on in the first places of movie niche.
Did you see the word 'war' in there?
so for your theory to work the us have to adopt the bitcoin currency and drop the dollar.
which you will never see cause in the internet you can't control everything.
lets assume i am wrong and US does control all the internet and adopt bitcoin
which will be unchangeable in very very poor countries 'what do u think it will happened to them? '
it is amazing how you think that the bitcoin will come and just take over the currency ( and nothing will happened )
i hope you don't misunderstand me, i just trying to make a point here
if your calculation is correct 'war is coming' ( that is why i am doubting in the first place )
and as we speak the bitcoin worth 1k, i just wanted you to know that somewhere, somehow, in this moment, there is a father that can't find food for his children' and there is people getting fired...
i hope u understood me, if not i am welcoming any mean or comments like ' u are fool'
anyway thanks for reading this