A Glimpse into the Future of Bitcoin
- Thread starter Toz
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dreadpixel
Banned - Selling outside marketplace
- Jul 27, 2010
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This thread is pointless.
You are giving an estimate with the nowadays variables. You are not taking in count all the bunch of others cryptocurrencies that will work as an exchange profit between them.
https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies
There are many more things to come, Google Credits, Facebook credits, etc.
Its going to be a new way for stock brokers with technical knowledge.
You are giving an estimate with the nowadays variables. You are not taking in count all the bunch of others cryptocurrencies that will work as an exchange profit between them.
https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies
There are many more things to come, Google Credits, Facebook credits, etc.
Its going to be a new way for stock brokers with technical knowledge.
islandman1010
Elite Member
- May 10, 2008
- 2,221
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Ultimately governments will get involved like the US and UK and the EU. There is no way in the world they will let crypto currencies survive as an anonymous payment form. They will shout out that it funds drugs, terrorism etc etc. A government won't let its own currency ever be undermined by something else that may make theirs weaker. So it will exist in some form but will never be mainstream unless its controlled and then it loses its advantage.
- Oct 24, 2011
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dreadpixel
Banned - Selling outside marketplace
- Jul 27, 2010
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cyrusmoney
Regular Member
- Feb 2, 2014
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I never understand what people are minning ? They are giving his computer power to solve "problems" and receive bitcoins back. So that "calculations" have a value (a real value on our coin/gold etc).
Or this computers are used has botnets or there is a chance that this processing power is beeing used to break password hashs (just an example).
(please dont try to explain me what bitcoin is and bla bla bla i understand all steps i just dont understand what processing power is working on),
Or this computers are used has botnets or there is a chance that this processing power is beeing used to break password hashs (just an example).
(please dont try to explain me what bitcoin is and bla bla bla i understand all steps i just dont understand what processing power is working on),
lancis
Elite Member
- Jul 31, 2010
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Processing power fuels the transactions. You send bitcoin to me - someone has to process that.
cyrusmoney
Regular Member
- Feb 2, 2014
- 338
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So when no one can mine who is gonna waste electricity to make calculations?
Since in future will be harder to get bitcoins by mining.
Since in future will be harder to get bitcoins by mining.
jazzc
Elite Member
- Jan 27, 2009
- 2,964
- 14,717
Bravo, that 's exactly it.
This is true, but in history things are not black and white like say in a DnD game. Much more complicated and the outcome is often surprising. Crypto is just a tool. It does not guarantee any outcome. Yet, it 's probably one of the most powerful tools in our arsenal nowadays.
BitCoin is not anonymous, it is pseudonymous (think it like in IRC). It does not make any anonymity guarantees - on the contrary, all transactions are public by design.
lancis
Elite Member
- Jul 31, 2010
- 1,682
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Transaction fees will kick in - you'll pay X to those who mine on each transaction.
- Oct 24, 2011
- 3,227
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I believe people will always be mining these coins, for as long as they're in existence.
They'll just use better equipment. Being able to successfully mine, as I pointed out in the original post, will be something reserved for the more wealthy of folk.
The Mentalist
Power Member
- May 8, 2013
- 740
- 272
Cryptocurrencies are the future no doubt, unfortunately, I'm convinced Bitcoin won't be part of the future. There are flaws in the current bitcoin system, (see MtGox), and there are other cryptocurrencies that have benefits, like faster transactions, etc. Bitcoin already has squatters as well, a well planned cryptocurrency will be released that only allows X amount to be purchased/mined during its initial deployment. If cryptocurrencies take over, it would be stupid to let Bitcoin be the lead currency.
The most likely scenario in my mind is cryptocurrencies controlled by either governments or banks. Because as you can see a currency backed by exchanges with no validity (again MtGox) is not a safe investment. I could see maybe a large financial institution rolling out their own currency, and other banks doing the same. Of course it will be just like a credit card then, a small percentage fee. But the catch is that there will be billions in assets behind each cryptocurrency, and much more money invested into security/protection of users. Same scenario if a government would be to deploy its own cryptocurrency. Money saved printing money is then used to protect the govcoin or whatever it is.
But this needs time guys, lots of time, only around 30% of the world even has the technology to use cryptocurrencies available to them. At then end of the day there will be multiple cryptocurrencies backed by large institutions, kind of like what we have now, except some currencies might be privately funded (banks and corporations, not governments). Because who wants to invest into a cryptocurrency that has no guarantees or insurance for your money? Or one that is volatile? Shoot you might go to buy a new car then realize your currency dropped 20% overnight and now you can't afford it...
CRYPTO CURRENCY HAS OPENED UP NEW TECHNOLOGY! NOT A NEW FINANCIAL SYSTEM! It's going to be the same shit, different technology. Not 1 billion dollar bitcoins, rofl.
The most likely scenario in my mind is cryptocurrencies controlled by either governments or banks. Because as you can see a currency backed by exchanges with no validity (again MtGox) is not a safe investment. I could see maybe a large financial institution rolling out their own currency, and other banks doing the same. Of course it will be just like a credit card then, a small percentage fee. But the catch is that there will be billions in assets behind each cryptocurrency, and much more money invested into security/protection of users. Same scenario if a government would be to deploy its own cryptocurrency. Money saved printing money is then used to protect the govcoin or whatever it is.
But this needs time guys, lots of time, only around 30% of the world even has the technology to use cryptocurrencies available to them. At then end of the day there will be multiple cryptocurrencies backed by large institutions, kind of like what we have now, except some currencies might be privately funded (banks and corporations, not governments). Because who wants to invest into a cryptocurrency that has no guarantees or insurance for your money? Or one that is volatile? Shoot you might go to buy a new car then realize your currency dropped 20% overnight and now you can't afford it...
CRYPTO CURRENCY HAS OPENED UP NEW TECHNOLOGY! NOT A NEW FINANCIAL SYSTEM! It's going to be the same shit, different technology. Not 1 billion dollar bitcoins, rofl.
madoctopus
Supreme Member
- Apr 4, 2010
- 1,388
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Bitcoin, Euros, Dollars, Gold, whatever... don't care... if you have a nose for making money you'll make them no matter what you call them.
@The Mentalist - physical money accounts for less than 8% of all money. The other 92% is already "bit" currency or just digital money - ones and zeroes in a computer. In other words people don't really have shit. They fight all their life to make a bunch of ones and zeroes. They stress over them, worry, work their ass off. Then they die. Funny eh?!
@The Mentalist - physical money accounts for less than 8% of all money. The other 92% is already "bit" currency or just digital money - ones and zeroes in a computer. In other words people don't really have shit. They fight all their life to make a bunch of ones and zeroes. They stress over them, worry, work their ass off. Then they die. Funny eh?!
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The processing power is used to "mine blocks" aka secure and transfer encrypted bitcoin messages/transactions. Without the miners, the bitcoin net would not be able to conduct transactions- but it requires as little as one USB miner..
Every 10-12 minute, the network spits out 25 bitcoin which will be spread across miners, they are also rewarded the almost non-existant fees on $0,005
In the first year Satoshi kept the bitcoin network running by himself. It's unclear whether he destroyed his coins or are keeping them and steps out once it has matured.. (trillionaire status)
He is quite an ideologist afterall..
No, its your $ that is worth less
cryptopsy
Junior Member
- Jan 25, 2013
- 101
- 39
Currency dead? Yeah sure. The media has been saying that since 2011.
- Mar 21, 2013
- 24,789
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Yeah LOL if you didn't buy yesterday......
thegameplayer
Newbie
- Mar 21, 2013
- 39
- 15
should i be glad i didnt invest time and money into bitcoins? lolol
- May 2, 2010
- 10,010
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Thats very interesting, cheers Jazz. I've traded options before, but i had no idea that was part of it too.
I love a good perspective change, backed up with technical facts, and you always got that
