Bitcoin Forum

I ask you this: What do you think are 10k bitcoins actually worth?

Independent of market prices in USD or Fiat currencies. Or to formulate this question differently, what do early developers want to buy with their bitcoins.

The reason I think this is important: The current height of the wealth pyramid is kind of steep. Way too steep to support a scenario where the bitcoin economy would be a significant part of the worlds economy. So you could also ask what are 100,000 or 1,000,000 bitcoins worth but the question remains the same.

In a world were bitcoin would engulf the entire world the richest Bitcoin holder would own the United States.
In a world were bitcoin would equal to 1% of the worlds economy he would still be the richest person on earth.

So here is the tricky part: How do we encourage early adopters to spend their coins? Do we wait till they feel that the price is worth it and they sell them on an exchange? That could work, or possibly not. Some might decide to gamble even if it takes a lifetime. And that is not the would I want to live in. (Power corrupts absolute power corrupts absolutely. )

Or do we come up with an alternative solution to use bitcoin to create a world more worth living in for everybody, including people with a huge wallet. Some of you may think this is impossible but that has been said of many things.

We have an amazing opportunity here people, something that was never before possible to attempt. There have been theoretical and technical considerations of how this should be attempted but never before there was a potential infrastructure in development to do it for real.

Lets create an Abundance of Food, clean Drinking Water and Shelter on Earth.
Lets create a system were we can organize this effort in a decentralized manner using only open source technology.
Lets use the system to fund the operation with Bitcoin without the need to exchange it into fiat money.
Lets use our knowledge of Math, Economics, Sociology, Combinatorics and Engineering to implement a project which will change the world in the profoundest way possible.

Peace & I hope some people out there are dreaming the same dream  8)

Could we just make personal profit instead?

*puts in 10,000 buy order @ 0.01*

http://img848.imageshack.us/img848/4808/timeplaysagainstyou.png

This may interest you

http://opensourceecology.org/index.php

I know, and it does

very much :)

But what I am proposing is more the software & network implementation this machinery can be distributed, managed, planned and so on.
For the project I am proposing we need demographic, economical, geological, environmental, ecological and political data, and a system to enter and compile the data helping to actually do the stuff this is invented to do.  

My order is better.
http://img263.imageshack.us/img263/6707/yeah6.png

Bitcoin is a step toward RBE. You may not see it because it has transcendent properties. Wait for it.

Excuse my ignorance but what exactly is RBE besides Radeon Bios Editor ? Thanks.

Resource Based Economy.
(I don't know much about it besides that)

It's a not yet viable economic system that allows efficient distribution of useful resources for a sustainable and progressive civilization. It precludes the use of money, which is a value system based on scarcity, rather than abundance.

Is there anyone with 10 000 BTC in the first place?   Given that there are only 7 million coins in the world.

Here's one with more than 100 000:
http://blockexplorer.com/address/1KjraaG1t8Uth3HsWsVjBkW6M7QC5uHeoH

Edit: And another one with 100 000:
http://blockexplorer.com/address/1U5EGSHJeyZd4AHjcSCVZmcgepgKzB72V

Some things will always be scarce. But we don't need the essentials of modern civilization to be scarce in order to satisfy our greed. Money will still be used for luxury and there are no limits to that once Mankind has reached this point.  

The system I envision would just provide access to technology to fulfill these essentials and every Man would have to justify only to himself and the peer group.

We don't need to abandon profit, just share profits which can be shared freely. There will always be people willing to do more than that and not even that but I think overall Mankind has evolved to the point where it is no longer applicable to withhold wealth which already is abundant.  

And I am only speaking of Abundance in the strictest sense possible and while there is a wealth of bitcoins they are not abundant and never will be.
Knowledge and information always were abundant and once they can flow freely essential resources will be as well, as life and the universe are abundant too.

Agreed. If we don't use something like bitcoin, then we will become extinct when our environment kills our species.

[edit] IOW, we must learn to manage our economic resources efficiently before we can manage our natural resources.

The resource based economy is where it's at for this stuff. I remember the orentation video being verry good.

I did see the open source ecology lot on TED talks, also impressive stuff.

The early adopters that got in on bitcoins when it first started are probably millionaires by now.

Not necessarily.  If they were to try to dump their coins, it would potentially tank the market, as the number of coins for sale drastically outnumbered the number of people willing to buy.  They would have to slowly sell their coins, which is more of a steady income than a get rich quick scheme. ;)

They are worth only 30.000$, so it's very easy to have 10.000 btc even today (especially if you are an exchange or a shop)

correct. At this minute, one can get 10,000 BTC for 31 k$.

"Buy 10000 BTC for 31014.53 USD" as per the calculator http://bitcoincharts.com/markets/mtgoxUSD_depth.html (http://bitcoincharts.com/markets/mtgoxUSD_depth.html)

Well,

Sell 10000 BTC for 28497.27 USD

Buy 10000 BTC for 30996.43 USD

What do you think is more likely to happen atm?

here the latest outlook. its quite possible to soon be able to get 10,000 BTC for less than 20$k

http://www.bitcoinbullbear.com (http://www.bitcoinbullbear.com)

Thanks, but as stated in my OP I am mainly interested in the value that is derived by it's usefulness as for market prices in fiat...

I know, but this is all priced in into the current exchange rate (existing and expected future use of bitcoin are included already).

This means that currently, there is no big belief that it will become mainstream. If it would we'd see massively rising prices in anticipation of this.

I agree, and from the current outlook I even find it questionable if it succeeds at all. Most technologies fail during this period of the hype cycle.
As for it's value it depends on whenever assuming a success of the technology itself it will be based on the current blockchain or if people who will lead it's way to mainstream adaptation start over.

I consider both options a possibility as I strongly believe in this concept. There are also alot of technical issues to be answered, from the current trend I think the big push will be some sort of web of trust adaptation, so the question remains if it will be included as a "merged" service similar to namecoin or if the technical limitations or other concerns such as insufficient liquidity among the masses will lead to a start over.