Will Bitcoin be ready when it is needed?

[cbeast]

The people nowadays talking about an imminent economic crisis are far more credible than just the talk show and blog pundits. Real experts that often make accurate predictions are warning of serious fiancial problems ranging from local to national to global. It won't happen all at once, but this may be the opportunity to show what Bitcoin can do to create a completely new financial system. This will take more than the core functions crafted by the development team, it will take mobilized efforts of users to educate the marketplace of ideas. Are we getting ready?

[OneVillain]

Sure, but I don't think we have to make it happen, if Bitcoin is the real deal it just happens on its own.

[knight22]

Sure, but I don't think we have to make it happen, if Bitcoin is the real deal it just happens on its own.

+1 as long as the protocol is working well.

Therefore, bitcoin is still needs us to develop and make it usable by the majority of people.

[Explodicle]

I think it'll be ready "on time" too. I find it very exciting to watch (and help somewhat) as tomorrow's financial infrastructure is built. We could build supernodes right now if scalability became a problem, and Open Transactions is showing great promise for derivatives markets.

[Coreadrin_47]

I am also extremely excited by p2p lending and venture cap.  Completely circumventing the existing financial structure is beautiful.  Let's keep at it.

[yjacket]

The people nowadays talking about an imminent economic crisis are far more credible than just the talk show and blog pundits. Real experts that often make accurate predictions are warning of serious fiancial problems ranging from local to national to global. It won't happen all at once, but this may be the opportunity to show what Bitcoin can do to create a completely new financial system. This will take more than the core functions crafted by the development team, it will take mobilized efforts of users to educate the marketplace of ideas. Are we getting ready?

Umm...with regards to your entire starting argument:

http://en.wikipedia.org/wiki/File:Webcomic_xkcd_-_Wikipedian_protester.png

Just saying something doesn't make it so. While I don't consider the world to be in its finest shape, we are far, far from anything that you speak of.

[Coreadrin_47]

The people nowadays talking about an imminent economic crisis are far more credible than just the talk show and blog pundits. Real experts that often make accurate predictions are warning of serious fiancial problems ranging from local to national to global. It won't happen all at once, but this may be the opportunity to show what Bitcoin can do to create a completely new financial system. This will take more than the core functions crafted by the development team, it will take mobilized efforts of users to educate the marketplace of ideas. Are we getting ready?

Umm...with regards to your entire starting argument:

http://en.wikipedia.org/wiki/File:Webcomic_xkcd_-_Wikipedian_protester.png

Just saying something doesn't make it so. While I don't consider the world to be in its finest shape, we are far, far from anything that you speak of.

Ignoring the fact that the planet has mortgaged somewhere between 50-100 years of its production from the future into the recent past 20-30 years does not mean that the world isn't far, far, far from anything you speak of....

Laws of economics are laws of human nature and therefore, eventually and inexorably, immutable.  Pretending it isn't so doesn't make it not so...

[yjacket]

The people nowadays talking about an imminent economic crisis are far more credible than just the talk show and blog pundits. Real experts that often make accurate predictions are warning of serious fiancial problems ranging from local to national to global. It won't happen all at once, but this may be the opportunity to show what Bitcoin can do to create a completely new financial system. This will take more than the core functions crafted by the development team, it will take mobilized efforts of users to educate the marketplace of ideas. Are we getting ready?

Umm...with regards to your entire starting argument:

http://en.wikipedia.org/wiki/File:Webcomic_xkcd_-_Wikipedian_protester.png

Just saying something doesn't make it so. While I don't consider the world to be in its finest shape, we are far, far from anything that you speak of.

Ignoring the fact that the planet has mortgaged somewhere between 50-100 years of its production from the future into the recent past 20-30 years does not mean that the world isn't far, far, far from anything you speak of....

Laws of economics are laws of human nature and therefore, eventually and inexorably, immutable.  Pretending it isn't so doesn't make it not so...

I see some assertions, but i don't see citations. A man can mortgage years of his income and still be ok. Why can't we? We have created tremendous of amounts of capital. Capital demands an income. Those who wish to lend it, lend. Those who wish to invest it, invest it.

You do realize that credit is a huge driver of growth, right? Debt is not evil.

Please look up the dollar amount of goods that we have produced in the past 5 years versus the rest of history. The past 50 (or is is 100?) years worth of production doesn't seem like a big issue when world production is expanding at it's current rate.

Only be worried when the resources run out, and at that point, I hope to god we are in space. We have at least 40 years.

[cbeast]

I'm not supporting their argument, so I don't need to reference anything. I'm just asking iwhat if they are right?' Naomi Klein's "Shock Doctrine" hypothesizes that in times of crisis, people tend to adapt to whatever system is at hand. I just wonder if Bitcoin can be quickly adapted to replace a hyperinflated currency. My guess is not for years, while a government can reissue a fiat currency quickly.

[yjacket]

I'm not supporting their argument, so I don't need to reference anything. I'm just asking iwhat if they are right?' Naomi Klein's "Shock Doctrine" hypothesizes that in times of crisis, people tend to adapt to whatever system is at hand. I just wonder if Bitcoin can be quickly adapted to replace a hyperinflated currency. My guess is not for years, while a government can reissue a fiat currency quickly.

So you aren't supporting their argument, just using it to start a thread. I'm asking you to name these people that are making such dire predictions. To be honest, if such a terrible event were to happen, i would worry about the entire internet functioning, first and foremost.

[hashman]

Only be worried when the resources run out, and at that point, I hope to god we are in space. We have at least 40 years.

Which resources are you referring to? 

And we are in space already.  Where do you hope to be specifically? 

[yjacket]

Only be worried when the resources run out, and at that point, I hope to god we are in space. We have at least 40 years.

Which resources are you referring to? 

And we are in space already.  Where do you hope to be specifically? 

Lithium, methane, gold, copper, palladium, among others.

I mean full scale mining the solar system.

[drakahn]

My prediction is that drinkable water will become expensive, there is your running out of resources and economic collapse in one

[yjacket]

My prediction is that drinkable water will become expensive, there is your running out of resources and economic collapse in one

That is a problem, but its easily overcome with large scale freshwater plants, which would require large amounts of electricity. We can make huge nuclear powerplants to solve this need, the market will form. Its not that big of a problem.

[yjacket]

Lithium, methane, gold, copper, palladium, among others.

I mean full scale mining the solar system.

Allready started (planning/funding stage).
There are 2 ventures forming right now : one targets Moon, and one other --
 the Belt of Asteroids. Google for it.

There are many ventures. I support them. Doesn't mean they are economically viable, yet.

[cbeast]

I'm not supporting their argument, so I don't need to reference anything. I'm just asking iwhat if they are right?' Naomi Klein's "Shock Doctrine" hypothesizes that in times of crisis, people tend to adapt to whatever system is at hand. I just wonder if Bitcoin can be quickly adapted to replace a hyperinflated currency. My guess is not for years, while a government can reissue a fiat currency quickly.

So you aren't supporting their argument, just using it to start a thread. I'm asking you to name these people that are making such dire predictions. To be honest, if such a terrible event were to happen, i would worry about the entire internet functioning, first and foremost.

If you don't want to engage in a hypothetical discussion, then please move along. Referencing these people would serve no purpose in a hypothetical discussion, but it indeed was enough to start a thread in a non peer-reviewed forum.

As far as the internet functioning, I did not say that the entire planet would shut down at once, but there can be major problems worldwide in stages. I doubt that the internet would go down, because it is not that expensive to maintain. Many developing countries have inexpensive internet and I don't think they will be badly affected by the debt crisis.

[yjacket]

I'm not supporting their argument, so I don't need to reference anything. I'm just asking iwhat if they are right?' Naomi Klein's "Shock Doctrine" hypothesizes that in times of crisis, people tend to adapt to whatever system is at hand. I just wonder if Bitcoin can be quickly adapted to replace a hyperinflated currency. My guess is not for years, while a government can reissue a fiat currency quickly.

So you aren't supporting their argument, just using it to start a thread. I'm asking you to name these people that are making such dire predictions. To be honest, if such a terrible event were to happen, i would worry about the entire internet functioning, first and foremost.

If you don't want to engage in a hypothetical discussion, then please move along. Referencing these people would serve no purpose in a hypothetical discussion, but it indeed was enough to start a thread in a non peer-reviewed forum.

As far as the internet functioning, I did not say that the entire planet would shut down at once, but there can be major problems worldwide in stages. I doubt that the internet would go down, because it is not that expensive to maintain. Many developing countries have inexpensive internet and I don't think they will be badly affected by the debt crisis.

You STARTED THE THREAD WHO ARE THESE RESPECTABLE PEOPLE PREDICTING THE COLLAPSE? You didn't say it was hypothetical.


You are right, some countries infrastructure probably wouldn't go down. Still, the block chain exists on the existant nodes. If I cut off all the hashing competitors, i can do a double spend(provided i wait 2 weeks or i have the hardware to take over).

[yjacket]

There are many ventures. I support them. Doesn't mean they are economically viable, yet.

Some of them WILL BE profitable, cuz of extended
 using of mining robots in the Space ( and not humans ).

I didn't say they wouldn't be profitable. We still need to figure out how to get to get things to space cheaply. Mass is expensive.

[cbeast]

I'm not supporting their argument, so I don't need to reference anything. I'm just asking iwhat if they are right?' Naomi Klein's "Shock Doctrine" hypothesizes that in times of crisis, people tend to adapt to whatever system is at hand. I just wonder if Bitcoin can be quickly adapted to replace a hyperinflated currency. My guess is not for years, while a government can reissue a fiat currency quickly.

So you aren't supporting their argument, just using it to start a thread. I'm asking you to name these people that are making such dire predictions. To be honest, if such a terrible event were to happen, i would worry about the entire internet functioning, first and foremost.

If you don't want to engage in a hypothetical discussion, then please move along. Referencing these people would serve no purpose in a hypothetical discussion, but it indeed was enough to start a thread in a non peer-reviewed forum.

As far as the internet functioning, I did not say that the entire planet would shut down at once, but there can be major problems worldwide in stages. I doubt that the internet would go down, because it is not that expensive to maintain. Many developing countries have inexpensive internet and I don't think they will be badly affected by the debt crisis.

You STARTED THE THREAD WHO ARE THESE RESPECTABLE PEOPLE PREDICTING THE COLLAPSE? You didn't say it was hypothetical.


You are right, some countries infrastructure probably wouldn't go down. Still, the block chain exists on the existant nodes. If I cut off all the hashing competitors, i can do a double spend(provided i wait 2 weeks or i have the hardware to take over).

I redact my comment about respectable economists. I stopped believing in them with the tooth fairy. I personally doubt there will be an economic collapse. The USD seems to be getting ever more stronger worldwide. Bitcoin has all the time it needs to grow.

[justusranvier]

I personally doubt there will be an economic collapse.

It's just math.

When obligations are growing exponentially faster than the growth rate of economic output then it's obvious that eventually the obligations will eventually require more than 100% of economic output to fund (impossible).

Predicting exactly where the breaking point comes isn't possible with any precision but I will confidently state that transfer payments will never reach, let alone exceed, 100% of economic output. Before that happens something is going to give.