Btc thoughts ( second ones)

[Johnkot]

Some thoughts only for brainstorming. Not for evangelists

1. When bitcoin get's accepted into big investor community, etf etc, do we expect to see analogies by what is happening in gold silver etc? I mean suppresion of prices by naked shorts etc?

2. If we suppose that  there are x number of real owners of the some top 19000 wallets that are millionairs by now,  can we actually say that they control the price? They hold  some 65% of the mined btc till now and they have a pretty good chance to control more in the futue since miners are included in the top.

3. How can bitcoin be used as a currency , when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times , will be enough for having btc in every house and the top guys being in quantrillion position

4. If the price reach 100k as mang dream, the top guys valuation will be 1 trillion . Some will even be richer than the known billionaires ( as listed by forbs). Sounds realistic

5. If there are 21 millions btc in total and their price will be skyrotec, how someone could valuate 100 paintings in total by monet or picasso? They are rare too, and hard defined by their number

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

By saying the above doesn't mean that there is no room for enough speculation yet to be seen. Some just provocative thoughts  . On purpose i don't refer the technical difficulties of network and speed of execution of a transaction.

[iamTom123]

3. How can bitcoin be used as a currency, when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times, will be enough for having btc in every house and the top guys being in quantrillion position?

I will only concentrate on this point as there are many speculative thoughts you are sharing here. Yes, it is true that many of Bitcoin holders are really holding to their coins due to speculations that the coin will be rising anytime. And we could not blame people for that. Now, in the future it is possible that Bitcoin will eventually plateau just like gold or any fiat money we have...that will be the time when its use as a currency can be happening on a large scale.

[Yoandy10]

3. How can bitcoin be used as a currency , when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times , will be enough for having btc in every house and the top guys being in quantrillion position

I'll comment on this one as well. Suppose gold had never been adopted by governments to backup their currency. This would mean that gold also would be decentralized, and it would have continued to skyrocket in price had it not been regulated by governments and markets. See, governments realized that such a failure on their part would have destroyed their currency, and consequently their economy. Same thing is happening with BTC (crytocurrencies in general).

Having stated that, what I see happening is that governments will regulate cryptocurrencies, somehow. Once they are declared a commodity, a currency, or whatever classification BTC is given, then markets and governments will establish a value in relation to fiat currency. I don't see it taking the place of cash, but it will be regulated. Consequently, I think this is what will make it more stable and practical.

[stompix]

Some thoughts only for brainstorming. Not for evangelists

1. When bitcoin get's accepted into big investor community, etf etc, do we expect to see analogies by what is happening in gold silver etc? I mean suppresion of prices by naked shorts etc?

Already happening with exchanges manipulating orders volume and shutting down at critical moments.

2. If we suppose that  there are x number of real owners of the some top 19000 wallets that are millionairs by now,  can we actually say that they control the price? They hold  some 65% of the mined btc till now and they have a pretty good chance to control more in the futue since miners are included in the top.

No they don't.
The could influence he price by dumping but it will be short lived.
Secondary bitcoin is not POS so no relation between mining and wealthy addresses.

3. How can bitcoin be used as a currency , when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times , will be enough for having btc in every house and the top guys being in quantrillion position

People are still spending coins.
The full blocks are proof that not all hold.

4. If the price reach 100k as mang dream, the top guys valuation will be 1 trillion . Some will even be richer than the known billionaires ( as listed by forbs). Sounds realistic

No, the value of all of Satoshi's coins will be 100 or 200 billions , most of the rest will still be well below Bill Gates.

5. If there are 21 millions btc in total and their price will be skyrotec, how someone could valuate 100 paintings in total by monet or picasso? They are rare too, and hard defined by their number

Supply and demand.
Three is no defined price for art. A paiting could fetch 2 million resold for 10 and then with no buyer bought for 1 million

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

Nothing. Everybody is free to create his own coin. Governments included. Private banks also. Even your butcher and milkman.

[deisik]

3. How can bitcoin be used as a currency , when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times , will be enough for having btc in every house and the top guys being in quantrillion position

It just won't be used as it is not used now

In fact, after Bitcoin had first appeared before the public in 2009, it was used as Internet money for a few years, i.e. specifically as a currency. It cost next to nothing so nothing prevented it from being used as a means of payment, and no one had been hoarding it apart from a few kinky individuals (those who later turned into millionaires you mention in your post). The bottom line is that money should be relatively cheap to be used as money, otherwise it inevitably turns into a speculative asset

[Beerwizzard]

Some thoughts only for brainstorming. Not for evangelists
4. If the price reach 100k as mang dream, the top guys valuation will be 1 trillion . Some will even be richer than the known billionaires ( as listed by forbs). Sounds realistic

By the time bitcoin will be 100k todays billioneares will already multiply their money.

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

Blockchain is not only used by bitcoin. If you are talking about the national cryptocurrency then it doesen't sound fair for the government simply because they won't controll the emission.

[wantjokull]

What if the circulation of bitcoin is increased? Doesn't the point of 21 million limited coin will become useless. I mean the bitcoin is anyway a number limited by terms and conditions and which can be revised as per the needs. I'm sure it won't just stop in the future if circulation ends. The blockchain can't just stop. If more coins can be created then there will be more bitcoins.


Speaking about relationship between government and blockchain then they might just accept the fact of decentralised transaction but they might just make partially decentralised. Who knows? Those are my thoughts anyway there could be different things than this.

[pooya87]

2. If we suppose that  there are x number of real owners of the some top 19000 wallets that are millionairs by now,  can we actually say that they control the price? They hold  some 65% of the mined btc till now and they have a pretty good chance to control more in the futue since miners are included in the top.

by owning bitcoin you can only control the price in one direction (prevent its rise) to control it in the other direction (rising) you need to have fiat not bitcoin.
and besides you need to move the funds to control anything not just by letting them sit in your wallet and telepathically do things

3. How can bitcoin be used as a currency , when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times , will be enough for having btc in every house and the top guys being in quantrillion position

there are 8 decimal places after it and that is more than enough.
and what people do with bitcoin doesn't change its ability. it is like saying how can USD be a currency if people store it in their mattress...

4. If the price reach 100k as mang dream, the top guys valuation will be 1 trillion . Some will even be richer than the known billionaires ( as listed by forbs). Sounds realistic

those who bought Apple shares at like $1 and held it became millionaires too.

5. If there are 21 millions btc in total and their price will be skyrotec, how someone could valuate 100 paintings in total by monet or picasso? They are rare too, and hard defined by their number

that is only supply.
you have to consider supply+demand at the same time.

there is a growing demand from anyone for bitcoin and they can buy even a small fraction of it. but there is not the same for a painting and they certainly can not buy a fraction of it. and there is no usage for a painting apart from its decorative purpose! but bitcoin has lots of usages.

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

They already have made something similar.
you do realize that blockchain technology was not a hidden thing that you and I know

[nexus99]

Some thoughts only for brainstorming. Not for evangelists

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

Banks can't really create anything similar. It would go against their interests to create any anonymous currency that can not be taxed. So there is no way they can create an alternative

[hatshepsut93]

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

They are already trying, but for me it looks like just an experiment and attempt to look cool. Blockchain was designed to be decentralized and permissionless, if you remove those properties, you end up with a very inefficient database without any unique benefits. And government-issued cryptocurrency will be just as useless - even if they ban Bitcoin and other crypto, most people won't use statist coins. At least in Bitcoin you are paying high transaction fees for your financial freedom.

[Soutogu]

Banks are actively looking for devs to create their own blockchain - but this doesn't mean they'll stop using the public one we have right now. Think of it like Intranet vs Internet - most companies have their own Intranet but they still need to use the 'public' one - one doesn't directly compete with the other, they can coexist just fine

[Emoclaw]

Some thoughts only for brainstorming. Not for evangelists

1. When bitcoin get's accepted into big investor community, etf etc, do we expect to see analogies by what is happening in gold silver etc? I mean suppresion of prices by naked shorts etc?

2. If we suppose that  there are x number of real owners of the some top 19000 wallets that are millionairs by now,  can we actually say that they control the price? They hold  some 65% of the mined btc till now and they have a pretty good chance to control more in the futue since miners are included in the top.

3. How can bitcoin be used as a currency , when everybody just hold it as something unique on our universe? Hoping the price will go to a million? It will just be a digital asset for value store. ( and speculation of course). Unless you expect that by splitting the hard codded btc many times , will be enough for having btc in every house and the top guys being in quantrillion position

4. If the price reach 100k as mang dream, the top guys valuation will be 1 trillion . Some will even be richer than the known billionaires ( as listed by forbs). Sounds realistic

5. If there are 21 millions btc in total and their price will be skyrotec, how someone could valuate 100 paintings in total by monet or picasso? They are rare too, and hard defined by their number

6. When the banks or the governments realize the potential of blockchain technology, what will stop them from creating something similar? Even same code by changing name like buttcoin, fuzzcoin, shitcoin, and put also a hard number limitation.

By saying the above doesn't mean that there is no room for enough speculation yet to be seen. Some just provocative thoughts  . On purpose i don't refer the technical difficulties of network and speed of execution of a transaction.

1. Maybe, nobody knows.
2. Miners usually sell their coins for profit. Bitcoin's price cannot be manipulated in the long term due to its finite supply.
3. ...What? Who is "everybody"? I'm using Bitcoin wherever it's accepted (such as on Steam) and so do many people. If more businesses adopt it then more people will use it as a currency.
4. So what? Bitcoin is not the first asset to have made people billionaires, of course it's realistic.
5. We will use fractions. Currently Bitcoin has 8 decimals and the 8th one is called Satoshi. More can be added in the future should the price warrant it.
6. Nothing stops them and some of them have done it already. What makes you think that people will use that one over Bitcoin?