http://www.numbersleuth.org/worlds-gold/ gives the total amount of gold in the world at 165000 metric tons. For 21,000,000 BTC and a gold price of 1600 USD an ounce this works out to 400,000 USD per BTC for an equal market cap for bitcoin and gold.

http://en.wikipedia.org/wiki/Pound_sterling

The term "pound sterling" referred originally to 1 pound (16) oz of silver. 1 BTC reached the value of 1 GBP back in 2011 and it would take a smaller rise than the rise in 2011 for 1 BTC to be worth 16 oz of silver effectively wiping out centuries of devaluation of the British pound, the oldest currency still in use.

A cursory review of the article and http://en.wikipedia.org/wiki/Islamic_banking would lead one to conclude that modern fiat currencies such as the USD are haraam since the creation of fiat money via fractional reserve banking is based entirely on debt (usuary), and that Bitcoin is a way better alternative for a Muslim wishing to be sharia compliant.

The implication of this over the long term for the Bitcoin price is huge when one considers that a very significant part of the worlds population is Muslim.

No I mean 1 pound (16 oz) of silver.

The key psychological point in my mind is 31.89 USD, mainly because of the impact it will have on financial writers particularly after a lot of the negative press over the last year and a half. If this is surpassed then there is a very significant chance of a very strong rally comparable to or even bigger than the one in 2011.

Maybe a pound of sterling silver. I mean the actual metal not the fiat currently issued by the Bank of England.

Are you predicting a rise to 80 - 100 USD before the bear market, because that is what this chart comparison seems to indicate?

For the down payment of for an all cash purchase I do not see why it would not be possible. As for a mortgage denominated in BTC, given the part performance of BTC the risk of foreclosure is extremely high. When it comes to borrowing money I would stay well away from Bitcoin.

What you describe most certainly adds security because it does not require Microsoft Windows, it is actually very similar to what Google Authenticator or a Yubikey would do. I have come across situations where a bank has required the reader to be connected to the PC with a Windows only driver for the reader. In which case this actually makes the situation far worse by forcing the user to use Microsoft Windows



I have and while it is theoretically possible to compromise a GNU/Linux system it is way way harder than with Microsoft Windows. One of the reasons is cultural. How do you get the malware software on to the end user system in the first place? With GNU/Linux say Ubuntu the end user is encouraged to use trusted repositories, with the alternative being downloading the source code and compiling the software. The latter deters those users that are not technically savvy, who are precisely the most vulnerable. With Microsoft Windows the vast majority of the software is not obtained from a centralized trusted source. Furthermore many otherwise legitimate vendors prompt for the installation of all sorts of adware and toolbars. This effectively blurs the line between legitimate software and malware. I have seen even very experienced Windows administrators get fooled by Windows malware. I know because I had to clean up the mess.

What you are describing is a malicious Firefox add on that is downloaded from an untrusted source. I suggest that between two users with the same level of expertise one on Microsoft Windows and one on GNU/Linux, the Windows user is far more likely to download malware for the cultural reasons above.

Does the card reader work on GNU/Linux? Or does it require Microsoft Windows? If it requires Microsoft Windows or some other propriety OS then I suggest that the setup above is security theatre. Let me guess the OP was running Microsoft Windows, the computer was compromised with malware and the MTGox password was captured by the attacker.

Once one accepts that fact that Microsoft Windows is a magnet for all sorts of malware and keyloggers and switches to GNU/Linux well over 99.999% of the risk is eliminated. For extra security set up the MtGox account with both a YubiKey obtained from MtGox and Google Authenticator. One should use both in case the Yubikey fails or is lost or the Google Authenticator private key becomes un obtainable or is lost.

By the way the savings in unnecessary software licensing costs by switching form Microsoft Windows and proprietary applications to GNU/Linux and Free Software may be enough to replace a portion if not all of the OP's loss. 

Can the Bitcoin Foundation look into this kind of thing?

This begs the question: Has China already banned Bitcoin? In particular is the Chinese government's definition of "Virtual Currency" broad enough to include Bitcoin?

Kubuntu is about 930MB for the iso. http://www.kubuntu.org/

To be honest it is the brand of the phone and not what she is wearing that I have a problem with. This is the 21st century and not the 19th century.

Actually very likely but the road to 10000 USD per 1 BTC will wind through bear country with many healthy and hungry bears along the way. If one believes even for a single moment that all the bears are dead, then it becomes almost certain that one gets eaten by a bear along the way.

Enough said.


The bottom line here is that Apple's business model with iPhone/iPad/iPod is at a very fundamental level very hostile to the security and integrity of Bitcoin. The security of Bitcoin is at its most basic model based upon the owner of a computing device having complete control over the computing device. If one turns over this control by the use of DRM to a centralized authority be it Apple with IOS or Microsoft with Windows 8 RT etc., then one sets the stage for all sorts of attacks  including 51% attacks against Bitcoin. By the way the distinction between mobile "devices" and desktop / laptop "computers" is being blurred we speak.

I have done my research and consider DRM and locked devices such as iPhones, Windows RT devices etc., to be the single biggest threat to Bitcoin in existence. Now do not get me wrong there are enough GNU/Linux bitcoiners out there to ensure the integrity of Bitcoin should Apple and Microsoft use the DRM in their respective operating systems to attack Bticoin. The reality however is that every Bitcoin users who moves from Apple / Microsoft propriety operating systems to operating systems based on Free Software such as GNU/Linux strengthens the integrity and security of the Bitcoin network.

Not if the phone is an iPhone! Seriously. Why because Apple banned Bitcoin wallet applications from the iTunes store. I have downloaded MtGox Mobile from the official Google Play Android store and can use it without even having to root the phone. Is the same application available on iTunes for example?

This poll needs an option for those of us who wanted to sell solidcoins short.

The age group for highest likelihood of Bitcoin adoption is off by 7-10 years I would suggest 13-33 or even 10-30 with a peak around 20. A teenager is way more likely to adopt Bitcoin than someone in their late 30's. In fact teens and tweens are a huge market for Bitcoin because they cannot get a Credit Card and are huge consumers of online content and services.

On a related note I would expect those in their late 50's, 60's and early 70's (Baby Boomers) to be a lot more receptive to Bitcoin than those in their 40's or even late 30's. Let us not forget that someone who turned 20 in 1969 (summer of love, Woodstock) will turn 64 in 2013. The baby boomer generation shook the establishment to its very core in their day, their children one the other hand are notoriously conservative and status quo by contrast. Let us not forget that teenagers always rebel against their parents, not their grandparents. The grandparents more often than not see the teenage rebellion as payback to the parents.

Well one of the Mega resellers http://www.hosting.co.uk/mega.php is no longer accepting PayPal and is now accepting Bitcoin. I guess we should thank the folks over at http://stopfilelockers.com/ for their part in this.  

One can also make a case for a drop to say 9 USD or 10 USD followed by a rise to say 600 USD by making comparisons to 2010 and 2011. There were two bear markets a 64% drop in November - December 2010 and also a 47% drop in February - April 2011 to set the stage for the massive bull run that followed. Of course those that held tight while their Bitcoins dropped in value from 0.5 USD to 0.18 USD and then from 1.10 USD to 0.58 USD were richly rewarded in the bull market that followed.