Bitcoin Forum

Mark my words.  ;)

Thats commonplace. The real question is: Will Bitcoin hyperdeflate faster than $ hyperinflates?

How do you figure?

Earth will probably die before that point.


Or maybe your not refering to 1 million usd, but 1 million air molecules?

Sounds like a deal to me.  :D

$10k in 1913 would buy you the same as 0.5 - 2 million today.  If we see similar performance of the dollar over the next hundred years, this would be roughly equivalent to a $10k bitcoin today.  It might not even exist in 100 years, but if it does $1 million isn't completely insane.  Unless you are saying Earth will die before then?

I don't get it. With +2 % average per year, 10k in 1913 = 72.44k now. How could it be 0.5 - 2 million?


And even if that was true, which is obviously not the case, that does not prove that the bitcoin price, will, should or even might increase with time ...
Bitcoin is worth nothing. That's not like a house, a car, or something you can use.

http://www.measuringworth.com/ppowerus/

This isn't exactly what I was looking at before, but type in 1913, $10,000 and 2013.
So we have at least double your estimate.


Tell that to all the people buying it with dollars, yen, euro, yuan, rmb, rubles, pesos, etc.

Those early adopters with 100k BTC wallets are already millionaires.

Money is only worth it, because people accept and believe in a currency and is sometimes backed up by gold from the central banks. When nobody accepts Euro or Dollar it is also worth nothing.
Currency estimation of price is a thing of acceptance and belief.

All I know is I'll be happy and walking like the guy in my icon when my btc is worth a cool one mil.

https://bitcointalk.org/useravatars/avatar_123213.gifhttps://bitcointalk.org/useravatars/avatar_123213.gifhttps://bitcointalk.org/useravatars/avatar_123213.gif

And you will laugh when there will be millions of millionaires and no one will be ready to buy their bitcoins.

And the application of force.
If I owe you bitcoins and you live in the US I can pay you back in USD and there is nothing you can do about it as long as the US exists. Plus you have to hold some in order to pay taxes or you go to jail.

When Bitcoin is worth a million dollars I plan on using mine to buy a loaf of bread.

I don't get it, why do you assume average inflation is 2%? It's more like 5%. $10k buys you a nice mansion in 1913, a nice house in 1963, and barely a bathroom today.

Is everyone bad at arithmetic today? 10k BTC is over a million USD TODAY! (just look at the bitcoin pizza index at http://www.ounce.me/)

This clever mother-f***** right here.

looool  ;D

By the time this day comes, a million dollars won't be what it is today.

A monopoly dollar millionaire, that's for sure.

Yes, I hope one day we're mostly working with uBTC too.

One day you won't be able to exchange BTC for any real money cause Governments and NWO will shut down exchangers and nobody is going to trade with you face to face in fear of under cover raid.

Actually BTC could probably become illegal just like other certain stuff that is illegal to possess on your hard drive. So make sure you have it encrypted (TrueCrypt is free and very good) with a huge 50+ character password including symbols and numbers to make it impossible to brute force in 1000 years, else if they find your BTC wallet you'd probably get 25 to Life for conspiracy to over throw Governments and NWO, labeled as national security risk, and put on no fly list.

Yes, this is our future. Sticking your head in the sand, or putting your fingers in your ears going "la la la..." won't stop it from happening. Some day, you'll wake up.

For the people doing BTC as an investment to make money, the time to cash out is not before the next crash, or the crash after that, but to cash out before you can't cash out anymore, regardless of value. But heck, even if you cash out the day before, nothing to stop the government from tracking and logging whats been going on for a while, and freezing bank accounts from everyone associated with BTC exchangers, etc. Oh can't happen? Look at Liberty Reserve.

You remind me of rigtards in the poker community.  ::)

If the day ever comes where a bitcoin is worth an absurd amount of money, new users jumping onto the bandwagon at that stage will note two things:

1.  It was possible to mine 50 bitcoins with minimal effort once upon a time.  Is a new user looking at million dollar bitcoins going to think that's great?  Someone ran a CPU miner in 2011 and made US$50 million every few weeks.

2.  This point naturally follows on from #1.  There is nothing special about bitcoin.  Anyone can start a new tree and start mining to transfer value across the internet.  This is likely to be become very attractive if a bitcoin ever reaches an absurd value level.

The catch, of course, is creating a new commodity that other people will want to use too.  But if bitcoins ever reach a million dollars there could be a lot of like minded people seeking a much cheaper solution.  Never underestimate the driving force of jealousy.

Everyday, FED print 2.8 billion USD, bitcoin generate 3600 coins, that's 777K added USD per bitcoin, and all the other major economys are roughly adding the same amount of fiat per day. In the future, FED is going to print even more USD and bitcoin is going to generate even less per day, so that will happen quickly in a couple of years ;)

Not likely but I will say this;
If you don't think something like this is possible, you have NOT been paying attention...

In the case that government is good (lol) and BTC survives, then the above quote is so true, and most people try ignore that fact.

Most software over time becomes obsolete, due to new hardware, new operating systems, or just better ways of writing the code. I could give a ton of examples of this, and I'm sure everyone reading this can quickly come up with many examples of software that is so old that we don't use it anymore. BTC will obviously evolve and update to newer technology, so even if we do have BTC in 10 years from now, might not even been the same old BTC as before.

If someone was smart enough to create BTC the way it is now, then what is to stop someone from stealing the idea, making a new tree, and possibly modified to be better or more desired?

A newer coin, even if more innovative, will be perceived, at least initially, as a riskier coin. The age of BTC and its track-record will give it an edge. There may also be significant investment in BTC infrastructure and hardware that is not easily or cheaply adaptable to new coins.

I don't agree with either of your lines, but if I'm not mistaken Absolute Poker / Ultimate Bet had quite the 'superuser' fiasco a few years back. Pretty rigged IMO. The feds swooping in on Neteller and absconding with players money was also a very real happening for a few of us.

The government can't take Bitcoin unless the users allow it. Many would happily trade fiat for bitcoins off exchange if it came to that. If it is made a federal felony or results in time at Gitmo, we might not be so inclined, but until then Bitcoin as a protocol is as free as the speech in the user's respective country.

Liberty Reserve served a needed place in money services legit and otherwise. That need will continue to be met because it is indeed a need. 

The more legit merchants and individuals that adopt Bitcoin, and the more it proves itself over time; the more impossible it becomes to place Pandora back in her Satoshian box. 

If it ever comes to that, then I'll immediately delete my BTC wallet file and forever deny ever owning any BitCoins. Not worth the trouble.

If it ever comes to that, I'll immediately buy a plane ticket to a different country and forever deny being from the USA.  Freedom isn't free, but nobody is willing to pay the price anymore.

Very true, and your not the only one. Lots of people looking to leave now, and even go as far as to renounce USA citizenship to avoid having any tax requirements to USA while living in foreign country, but I think there is a big backlog of it now.

I think you may have just burst my bubble!

What does Mesut Ozil have with this?

Math eventually is obsoleted as well, but the leaps between old and new tend to take a LOT longer, and to be more disruptive.
Bitcoin is resilient to software and hardware advancement.  Worry/hope instead about math advancement.

Even if that were true, what about resilient to government?

Maybe they can't actually shut down the BTC network, but they can criminalize it, and disallow legit businesses from using it.

Then it becomes nothing more than another failed idea in the history books.

+2

Another happy person in denial.

You too.

Resilient, yes.  Not impervious.
Foreseeably governments may restrict activities within the geographies under dominion.
Though they benefit from not doing so, this makes it less likely.

Possible to restrict; impossible to prohibit.

Just like prohibition ended alcohol?  It may get prohibited somewhere yet.  These are still early days.
If it becomes illegal within a geography, that is another good sign that you don't want to be in that geography (probably not the only sign).
Bitcoin provides an additional level of economic resilience beyond what the state provides on its own.  This lessens the burden of the state and makes that geography more productive.  Places that choose control to their own detriment are not so healthy.  It is a sign that they already feel out of control.