So what do yall think? I ask this of the newcomers, not only because my new account requires me to... but also because it's the newly invested and interested who will make up the biggest portion of the overall bitcoin human base, and I'm curious what your impressions are going into this thing!
Bitcoin started the transformation of currencies and will continue to gain traction in traditional marketplaces. As the consumer gains awareness the exploration of altcoins will follow. Then we will see competing digital currencies gaining traction as bitcoin's dominance becomes challenged. It's possible that Bitcoin can maintain it's dominance with the altcoins fighting over second place. However, I suspect a new winner will eventually emerge and take over the top position. |
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I guess I should say that there will never be a total stop in the production of gold, the quantity produced will increase and decrease from year to year so you are correct and thank you for correcting me, however there are theoretical reasons that a money that does not increase its quantity will eventually be replaced by one that has a very slow rate of increase. I have an argumentational proof that backs this theory up (it draws heavily on Mises's work, and I may not be an authority on the subject, but I think he is) and gives a range of where the ideal ratio should be found, but unfortunately the best you can do is make educated guesses as to what this ratio would be, it cannot be precisely predicted. I will be trying to create a new cryptocurrency as soon as I lose my newbie status and can contact other members, but I am not an expert computer programmer so without help it will take me longer than I would like, although I don't know as much computer programming as I would like what I do know is the economics of money. But, seeing as you know the programming, I think you might be interested in hearing my proof. If you would be interested let me know, if not I'll have to look elsewhere. The only reason I created this account was to find alt-coin developers who might be interested in my idea, I just didn't expect to find any in the newbie area. I had already worked out the specific characteristics of what I thought needed changed in Bitcoin's specs, and seeing as how the main theme of your coin, mimicking the rate of gold creation, would be the same theme I would be trying to create in mine you might find the ideas useful and you would be able to create the coin with much less trouble than I.
I've seen this model before and I understand the concept. The problem is how do you convince people to begin using and investing in a currency that is increasingly inflationary. This might work if the currency were already popular and in use but in the beginning this is going to be a very tough sell. It would probably take a lot of capital resources to make this work. |
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A coin that doesn't cease production. I think that is the greatest fallacy with the bitcoin, the fact that its supply will stop at one point, and is ever decreasing. It is great for investment, but definitely not a bartering currency, not to mention, the eventualy cessation will probably make it worthless, as even at these early stages, only about 20% or so of the coins in circulation are being transacted, the rest have not budged out of their originally mined wallets.
Why would the cessation of bitcoin production make it worthless? |
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Also the rates of production will never decrease. I think this statement is highly speculative. I guess you're saying that Gold is not a limited finite resource. But thank you for your comments. I will read over your posts again thoroughly and update any informational resources as necessary. Please keep in mind that when the current development team took over we were highly limited as to how much we could adjust (fork) the coin generation rules and had to take several things into consideration before engineering the final ruleset. |
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 What event or events could cause this bubble to burst?
I think if it lands on this kid's head we could have problems.  |
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banks are getting scared to death about bitcoin because it disrupt their entire business model by making them pretty much useless. Don't expect them to jump into bitcoin before they realise their collapse is getting imminent (when fiat will become nearly useless). Meanwhile, they will probably fight bitcoin as much as they can.
This is a common misconception. Banks are not scared of Bitcoin in the least as they have a say in the regulation of merchants. Basically, Banks = Government and Government = Banks. I can buy an item from my next-door neighbor and pay cash without any government intervention or taxation and with Bitcoin (for now) the same is true. By regulating merchants however, they can regulate Bitcoin (like cash) to a large degree. As far as the evolution, Bitcoin is just the beginning. What we will see is a recognition first by consumers that alternatives exist, then a demand for these alternatives, then an integration of these alternatives into the existing Bitcoin merchant POS systems. Like Visa, Mastercard, and Discover, people will use different coin payment methods via a common POS device. As this process evolves, capital will begin spilling over into the altcoin sector and a healthy competition will develop between currencies. |
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So are you suggesting that everybody will just hop over to a different cryptocurrency.
Eloborate pls.
I think what we will see is a recognition first by consumers that alternatives exist, then a demand for these alternatives, then an integration of these alternatives into the existing Bitcoin merchant POS systems. Like Visa, Mastercard, and Discover, people will use different coin payment methods via a common POS device. As this process evolves, capital will begin spilling over into the altcoin sector and a healthy competition will develop between currencies. |
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But at what point can the AVERAGE person even afford to buy 1 BTC. Not too many If the price of 1 BTC keeps going up ($600usd and higher).
Exactly. And this will help drive the next phase of evolution. Once the people find out that there's more than one make and model they'll start buying cars from the other automakers. |
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Well we have to look at this carefully this demand is coming from China, What will happen once the buying volume goes down? demand outpaces supply of Btc? The price will level off, but it could set off a wave of buying that could self sustain itself, It depends on how large the outside market is compared to china's.
Once the people find out that there's more than one make and model of automobile, the capital will begin spilling over to other automakers. |
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 Do you know why bitcoin is decentralized?
Just to make it clear, I'm not criticizing the developers. I'm criticizing those who are thinking about ruining what the developers has spent 5+ years to get right.
The next phase in the movement will be the mainstream emergence of the altcoins that stay true to Satoshi's ideal. |
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There is a big game maybe bigger than btc? Somehow value rising continuously. This never been happen before. I see that everybody happy with that. But this a baloon and when it is end damage maybe bigger than expections. Everybody speaking about bitcoin on tv, on newspapers etc. Many people investing to bitcoin. Many people will loose their thrust after that big fall.
What you thing? Someone trying to kill Bitcoin forever?
I think once this bubble pops the people will make more bubbles! In general people like bubbles. |
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I think most of the confusion is coming from those that have been programmed by the mainstream TV signals.  |
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 Yes be selective of course. You have to decide into what you will put your money. But if you can spend some of your money into that i think it is worth of it. Cause digital currency is future of our world.
Yes. I agree.  Invest in the coins you support and support the coins in which you invest. Patience, effort, and fortitude combine to become an unstoppable force! Bitcoin opened the door now it's the altcoins turn to tear down the walls. |
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The purpose of this thread is to try to settle on a standard, and then consistently stick to it.
Good luck with that.....I think you might need it! |
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should we be worried?
No need to worry. After the Redlist fork, the banks will be happy. |
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So yes, its real. Big government is here to destroy the anonymity of bitcoin.
Altcoins to the rescue!! |
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 Mankind is on the brink of a new discovery!  |
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It doubled from 200 to 400 in one week, why couldn't it do the same once it reaches 500 here shortly? Think logarithmic.
Think bubble! |
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Did someone say bubble? |
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