looks like people are more interested in DOGE than BTC.

this post is from moderator of "Speculation" section

Because I despise the scamcoins.

I know coinwarz. That's why I asked for future&your predictions, not today

People all over the world are barely living paycheck to paycheck, living in tiny homes due to high housing cost even in western nations, food price increases have caused RECORD poverty in western nations. Its no more a case of Americans are rich, Indians and Chinese are poor. This fact is constantly ignored, everyone is having a hard time.

Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.

would be cool if zucker is in the crypto game.

as for Facebook, my personal experience is that people still use it but their activity has gone down significantly, previously in any given minute my feed is flooded and i find myself tagged every hour or so, profile pics were updated constantly, with likes usually in hundreds for one post. Now not so much, feed moves very slowly, Most people are now more active on twitter,pinterest and mobile apps like whatsapp, viber, snap chat etc.

I strongly believe the privacy settings changes in Facebook killed it, you'd be surprised the masses care about their privacy to a certain extent. The privacy settings changes and unpredictable nature of Facebook updates is the #1 complaint i hear from people about Facebook.

Haha bit upset there ? whats wrong ?  loose on your satoshi dice or not getting any vagina ?

F5 just refreshes the page. It will not clear anything that you have on notepad, libreoffice or word. It's always good to keep a copy of anything which has taken a long time anyway.

If it reached $200,000 I would have enough to build a small housing estate. I would also have enough to buy one of England's very fine castles/stately homes. 

However, I would probably just buy a street and rent out the houses. 

We have very limited data to work with.  Velocity is the metric which balances money supply and GDP.
GDP = Velocity * Money Supply.

In plain english terms
(economic activity) = (avg number of times a $/BTC is involved in an economic transaction) * (money supply)


Change in velocity is why we have seen little inflation despite the fed printing an insane amount of cash.  If velocity remained constant we would have seen massive price inflation which would drive up at least the nominal GDP and force companies to spend their rapidly depreciating cash reserves.  Everyone has heard about how much the fed is printing (increase the money supply) however the other component is velocity and in this lackluster recovery velocity has collapsed.  More money is offset by less transactions per unit (dollar) and thus the economy remains sluggish.


BCT image proxy doesn't like the image so here is a direct link to the chart: http://research.stlouisfed.org/fred2/graph/?s[1][id]=M1V


In the Bitcoin world I don't know of any detailed analysis of GDP or velocity.  The nature of Bitcoin makes that difficulty,  although as Bitcoin gets larger I imagine economists will attempt to estimate the GDP just like they do other economies.  Even in "real" economies GDP, velocity, inflation, and even money supply are just estimates. 

One crude way would be to look at things like blockchain.info "estimated transaciton volume".  Blockchain attempts to remove the change from the transaction, but not all those transactions are "economic" and thus don't contribute to the "Bitcoin GDP".   Someone moving coins from one wallet they own to another wallet they own is not economic activity, anymore than moving $100 from your checking account to your savings account adds to the US economy.  Per blockchain.info there were 73 million BTC in transactions in 2013.  The average money supply for 2013 was 11.4 million BTC.  If we assume all blockchain tx were economic (not likely) and there were no economic off blockchain tx (not likely) that would be a velocity of ~6.5.  The hard part would be quantifying economic tx vs non-economic txs.

In comparison, national economies generally have a velocity of between 5 to 10 when looking at the M1.  Bitcoin is technically more like M0 but it probably displace the utility of M1 so that might be a better comparison.   Currency is a store of value, and a unit of account (used in transactions).  Bitcoin has been primarily the former but if it was used in transactions heavily I would imagine it would have a velocity on the high end of national currencies (i.e. velocity of 8 to 10 or higher).  On the other hand if BTC remains primarily a store of wealth and not a transactional currency it could have a very low velocity.  I don't know if anyone computes the velocity of gold (or more specifically gold bullion and coins) but my SWAG is that it is very low (<1).  A lot of gold once minted simply never changes hands for years or even decades.

TL/DR version:
We don't have enough information to estimate with any degree of accuracy the velocity, or GDP of the "Bitcoin economy".  Most national economies have a velocity (M1) of 5 to 10.  If we Bitcoin ends up similar that would mean supporting a $10T economy would mean a money supply valued at $1T to $2T.  On the other hand if Bitcoin was used more as a store of value then it would drive down velocity and increase the value of the money supply.

Why should I particularly amaze the most spectacularly random person that instead of discussing something making actual points, insults a post and judges someone by the nickname ?

I feel like reporting you to moderation. I'll see if you edit your post first

Yes. :-)  And even that is unlikely for many reasons.

Ahahahhahh! Oh boy are you about to have your world crushed, the reason that paper money has appeared to have low volatility ( note how I said appeared ) is because central banks have come together to make sure to stop any other form of currency taking place and they deliberately fix the exchange rates to hide all the evidence of what paper money is doing to our economies. Now that Bitcoin has entered the picture it has immediately come under attack by them because like with Gold/Silver it is honestly reflecting what is happening to those markets because it has a fixed supply and certain scarcity compared to paper.

Siding with these other paper currencies just because it hasn't happened to them yet is foolish and short sighted and I'll also point out another target that fiat currencies supporters go after, haven't you ever wondered why Americans are always attacking China's currency? Sure, there's is paper too and I don't like that either but because they actually produce things in their economy and pay off debt they're making the western countries look bad.

Somebody should make Afrocoins

A fair percentage of the mined blocks go directly to people in need in Africa.

Media coverage guaranteed as soon as the first 100 thousand dollars was successful donated. Then the moon.

No, it is a shit.