Warning: below post is a pipe dream, which I'm sharing just to make a rhetorical point. More importantly in the coming years it is inevitable that the dollar will continue to lose value. The national debt is what, $15+ trillion? Trillion+ dollar deficits have become the norm. There is another tens of trillions in unfunded or underfunded liabilities. The Fed is stuck between a rock and a hard place, with interest rates way artificially low but not being able to raise them without crashing the economy. The only way out for them is to print money and that makes cryptos a problem for them.
The US federal government has a $15T+ debt. They could just print $15T+ and pay it all off, but that'd hyperinflate the dollar and tank the economy. But if there was another currency poised to take over in a hyperinflation scenario? Maybe you could do it without messing up the economy. Imagine it! Bitcoin is getting popular. Rising against the dollar, more and more folks using it, there's some companies where you can get your salary in BTC, some stores where you can use it to buy bread. At that time, the government quietly prints a bunch of USD and buys enough BTC with it to last a couple years. Money enters the economy. Huge inflation out of nowhere. US dollar loses confidence and inflation becomes hyperinflation. People run for BTC, and before long nobody wants to hold dollars any longer than necessary. All of a sudden, $15T+ doesn't sound that difficult to pay off, right? And the government changes the rules, makes BTC legal tender, and sends its creditors BTC to pay off the USD-denominated pittance they're owed. I came to pretty much the same conclusion: https://bitcointalk.org/index.php?topic=167767.0 |
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Just beat me to it!
-Edit-
Oh wait, you posted this more than an hour ago... I need to keep up
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Coins sold, will update again if I have any more.
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Have a few more coins for sale, PM me. First come first served.
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Any price point speculations for tomorrow? I'm thinking it will rally after it hits 200 and go up to 210-220 then take a dip back down to the 200s.
I'd rather not break 200 tomorrow. Can't we level out again just for a few more days, just around 190-195? Just give us a chance to breathe, please! |
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My only regret so far is that I didn't buy in sooner. I could have had twice as many coins... But I still feel incredibly lucky and priviliged that I got in when I did.
That's the best way to look at it. Just imagine BTC at $50,000. Over time early adopters will slowly cash out and the average # of BTC held per person will go down. *If* it gets that high, (and its still a big if) there won't be any cashing out as such - just people buying their yachts etc. directly with coins. |
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My only regret so far is that I didn't buy in sooner. I could have had twice as many coins... But I still feel incredibly lucky and priviliged that I got in when I did.
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Once you've seen a decent return on your coins, you feel happy to spend a few. I tend to imagine them as the price which I bought in at, and everything just keeps getting cheaper. If we ever see the day when I can pay for a new car in Bitcoin, I will probably buy one - and it will probably cost me about £10  |
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Why dump when you can keep the price rising, and just cash out what you need to live off?
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LMAO!!! Love the way proudhon is the lone voice of the bears! |
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Buy, and if it drops, hold until it goes back up. While you're waiting, take advantage of the cheaper coins and buy some more. Simple.
-Edit-
Shermo's advice is good, please be aware of the risk. Consider what you can afford to lose.
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How does your theory account for the growth in BitPay's transaction volume that exceeds the rate at which the USD/BTC exchange rate is growing?
Ironically, the more BitPay succeeds, the more I believe people don't really trust the BTC market. BitPay is designed for the merchant, they are never exposed to the BTC market because it's fundamentally unstable right now. Which means, trust fiat, just use BTC because some kids are using it and it might bring in some more sales. This will be necessary in order for Bitcoin to continue growing. If all goes well, eventually people will realise they don't need to cash out into fiat, they can just use Bitcoin. It always surprises me how many people seem to think that Bitcoin must be instantly adopted by everyone overnight before they will consider it a success. Obviously that would never happen, it takes a bit of time for new ideas to catch on and the transition is a process which involves intermediate stages. Be aware of the risks, and act accordingly. Bitcoin is still an experiment in beta, with a massive potential upside. |
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Volatility will be the name of the game for some time. Its actually quite predictable once you've been here a while.
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Its the 200 shakedown, same as the 100 shakedown that happened at around 95, and the 150 shakedown from around 145. I wish I had fiat on the exchanges...
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That is not true for a bitcoin. A hacker can "print" as many bitcoins as there are electrons in a blink of an eye.
Can one of you 'hacker' types please teach me how to do this. I would like to learn. I will pay you in Bitcoin once I can print them at will... |
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Please put our minds at ease and confirm the price next year?
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http://www.usdebtclock.org/Its hard to get your head round the figures... What if Bitcoin really is successful to the point that the value of fiat crashes completely? What happens to the debt? Interesting to think about. What happens is incredible prosperity. The debt disappears like when Solon 2500 years ago in Greece was called to office and had the choice of giving Greece away to the money lenders who were charging gigantic interest, or simply rip up the debt. He ripped it up and that was that. I wasn't aware of that story, so I looked it up. I just read this, which struck a chord: 'Athens was in dire need of change. Class warfare (the stuff that would make modern class warriors cringe) was on the verge of erupting and engulfing the city state in a dark cloud of Civil War. The Oligarchs, who owned most of the land and wealth, were looking to peacefully solve this problem without losing much of the power they had obtained.' |
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