Just screwing around with some numbers. It may have been done before, but why not update it a bit.

(Going off of bitcoincharts.com for these numbers.)

Bitcoins in Circulation: 6,422,000
BTC/USD Rate: 13.79
USD Value: $88,559,380

Absolute Bitcoin Limit: 21,000,000
Using the same rate as above:
USD Value: $289,590,000

The ratio of circulating-to-absolute limit amounts is ~ 3.27
If you multiply the current rate by this figure the result is: ~ 45.09 BTC/USD

That assumes quite a bit - that one, the rate will keep the same ratio with the issuance up to the limit. (It could easily exceed this.) And other factors that may weigh on the marketplace, either politically or otherwise.

Makes 100 and beyond not seem so fanciful, doesn't it? I agree that 100 is completely reachable and beyond almost trivially so.

It has probably been commented on before here, but I think the rate rise is correlated to the release rate of the coins in the long term. The rates won't consolidate and stabilize until all the coins have been issued. Plenty of upside and downside for everyone, but I'm biased toward the upside.

I may be a newbie here, but not to trading. From what I can see on the Mt. Gox charts, it looks like it could consolidate around the 11 - 12 level after a small selloff and still maintain the trend. When plotted on a logarithmic chart, it really has a solid uptrend on a good angle. This is important, because typically exponential 'blowoffs' adhere to a much different pattern, which is more akin to 'bubbles' and 'manias'. I consider bitcoin neither, and will continue to buy outright.

Good point, if it were a 'scam' like some people keep commenting about in other forums, it would be a lot easier to get money in to the system. There is also the corollary that when it truly does get easier we'll see a lot more adoption of the currency overall. One can only imagine where it would trade then, if you could just pipe funds in one business day or less into the market.

I can dream, can't I?

Given his posting style, I can't find one fault with that statement. In fact, he should do *more* to stay away from a keyboard. Smoke up!

Don't sweat cat-pipe, he's an expert at being the killjoy.

The best argument I can think of is the resources and capital already expended in the market. Wherever you have vested interest, a sustainable market is sure to follow, even if some of the participants are pure egomaniacs.

Have a good one!

Thank you then, for demonstrating the key flaw when people 'work' together online. I wasn't given a cursory link to a wiki, or even a single sentence to what was bothering everyone. No, they were fully justified in being A++ douchebags to me because I have the temerity to ask a question.

Great 'spirit' guys. Make sure to save a middle finger for CNN when they ask you the 'obvious' questions later.

Again, you assign me traits I didn't aspire to acquire. I used wireshark earlier this evening for something totally unrelated, but noticed the IRC traffic it captured when I had the bitcoin client running.

As for your assertion that users can specify -noirc, that is enlightening, but guess what, the average user doesn't give two shits about command line parameters, and even less will even bother looking them up. So it is safe to say they will be using IRC methods.

If the government decides to get all "serious" on us, there are a few vectors they could take.

I keep stating that I support bitcoin, and I believe in it, but all you have to offer is bolded text and fancy font sizes with 1990's color schemes.

Is there a point to it all? Yes. I am concerned that any easy route to mess with bitcoin will make it a short ride, and I have invested enough where that is a liability for me.

I don't get the hostility, honestly. I am not attacking you - or bitcoin for that matter. There are things that need to be addressed, I even admitted that core developers are more aware of the issues than I am, but this is what seems obvious at this point.

Why do you hate me?

Ah, I see. It is going to be like that, eh?

Okay, I can play ball.

Hostile Exit Nodes  http://news.ycombinator.com/item?id=677943

Not Anonymous http://arstechnica.com/tech-policy/news/2011/04/not-anonymous-attack-reveals-bittorrent-users-on-tor-network.ars

Online Idiocy Kills http://beyondclicktivism.com/2011/02/14/online-idiocy-kills/

Among other examples. Executive summary is that Tor isn't perfect, so there are things to worry about in hostile environments.

Yes, there is that too - and when (not if) ISPs are directed by governments to filter port 8333 and the like, that will have to be addressed too. I only started with IRC because it may not be obvious to people that is the way the client communicates.

My only intent is to see everything migrate to other methods that make it harder, not easier, to identify instances of the bitcoin client running on a potentially hostile network.

Then explain why, in a local capture session using Wireshark, I see IRC connections coming from my local bitcoin client? If this has been addressed in the latest public beta, that is something else.

I just don't get why the attitude has to be so abrasive. I like bitcoin, you like it. Hell, I like your avatar. What is it exactly that provokes these displays of harshness where there is no need? I wasn't trying to offend you personally.

I am puzzled why you would state it in that way, I have not stated I am a genius nor ever expect to be. Of course, you could be sarcastically implying that having your public IP displayed in an IRC channel is not an issue. If bitcoin is supposed to at least support some kind of psuedo anonymity via public keys, why add icing on the cake with an actual IP address?

Even Tor advises you to be careful, as network analysis of patterns of communication can be used against you, not to mention hostile exit or entry nodes that only exist to log your behavior. But I am sure you were considering that before you replied.

Do not get snarky with me, I do not appreciate it.

I have concerns about the bitcoin client using IRC. As you may know, all it takes is a simple packet sniff or perhaps a viewing of the source to see where the clients are connecting to. IRC exposes your IP address in normal use. It would only take someone to attach to these channels and ping/info all participants to build a list of nodes in use.

There are ways to move away from this bootstrap scheme, but currently it is a large information hole that will no doubt surprise some Silk Road users. I know that an IP is not some kind of absolute geographical locator, but you can get pretty close, especially if the user has no control over how that connection is made from the bitcoin client.

I support bitcoin, just wanted to point out something that could be used against people. I am sure the devs are aware of this issue and have considered alternatives.

Fair enough, makes a lot of sense much like how there are many methods to implement internet connectivity or running your own webserver.

Best of luck!

Over the last few weeks I managed to use steg-trolling methods to store custom data in the block chain. The only required information to retrieve the data is the starting troll post number and information about the algorithm that was used in my parents basement to store the data.

This data contains information in my diary of trolling. In fact, most countries are likely to do absolutely nothing, as I'm a troll, if you knowingly spread this data. Which is exactly what you're doing right now - reading a parody of a lame troll post.

Please consider this as a warning about the troll's intelligence. In exactly one week from now he'll inform his parents that at the ripe age of 40, he'll finally move out. I can't tell you what to do, but by reading this post at least you'll get a cheap laugh from some silly fool trying to spread fear, uncertainty and doubt.

Choke on my bitcoins, you silly troll.

I'm having trouble understanding how 'Bencoins' are any different (other than the key part) than what we have now, Bitcoin to US Dollar exchanges. (And other currencies.) I don't get why we need to 'defang' this technology. Embrace it, let the power-mongers sweat their loss of control, not invent new structures for bureaucrats.

Here's a quick car analogy for you:

Making bitcoin 'do <this>' makes about as much sense as making cars able to carry a horse in a special compartment. We don't need the old system anymore. This will become even more true as things shift to pure BTC trades, and we won't have to deal with currency conversions. Granted, more of a future prediction than the reality now.

I know everyone is worried about the flip side of an open system being used for things we may not personally agree with, still doesn't undermine the fact that peer-to-peer currency has changed the entire game. Just watch.