Bitcoins: designed to fail

[Q7]

Whether it is a success or failure will depend on acceptance not how many fraction it can goes on to divide

[bank of bits]

Since Fiat currency and been shown to be manipulated to produce or extract wealth to the few that control it, Bitcoin will become the smart allternative. Yes bitcoin does have its problems yet it seems to be overcoming those problems.

[williamj2543]

Also bitcoin doesn't have to be used ALL over the world to be successful. Also we may get to a point where a satoshi is worth 1 cent, or even a dollar (but then we would need smaller decimal).

[R2D221]

STAHP! D:

This thread is from 2011. Why are you still commenting on this?

[Bitmore]

It's a damn shame that decimal place can't be moved. A damn shame....

Best post of the thread. 

[nuff]

Bitcoin is designed to emulate a deflationary product like gold. It's a test/experiment as to whether we can use an deflationary currency as opposed to an inflationary currency like US dollars. Turns out with a deflationary currency, people are less willing to spend, or only spend on what's really needed at the moment. To want to spend something now when you know that thing is gonna worth more later will be a complete opposite of what we've used think about money. The entire concept of money is not what we used to think with fiat money that is inflationary. Not a lot of people are able adapt to a complete change of the mindset towards money which has traditionally been inflationary. Not a lo of people can comprehend a deflationary currency

[borna_121136]

Bitcoin was never designed to gain anything, it was only designed to help people in terms of anonymity. So failing isn't a option.

[98problems]

I just want to point out that using wealth is illogical.

GDP = Income. Income is expressed in currency. Wealth is expressed in goods, like houses, which may be sold for Bitcoin but are not themselves Bitcoin.

Therefore Bitcoin's maximum value should be calculated using world GDP rather than world wealth. I'm not going to calculate, it's a vapid chain of thought.

Even the US dollar today is not valued anywhere near the total world GDP. During the height of the british empire, the british pound was no where near worth the value of the then world GDP. No other currency (major or not) has ever come close).

IMO the world GDP is the theoretical maximum of the total value of bitcoin, but the realistic maximum is significantly lower. 

[Oscilson]

I just want to point out that using wealth is illogical.

GDP = Income. Income is expressed in currency. Wealth is expressed in goods, like houses, which may be sold for Bitcoin but are not themselves Bitcoin.

Therefore Bitcoin's maximum value should be calculated using world GDP rather than world wealth. I'm not going to calculate, it's a vapid chain of thought.

Even the US dollar today is not valued anywhere near the total world GDP. During the height of the british empire, the british pound was no where near worth the value of the then world GDP. No other currency (major or not) has ever come close).

IMO the world GDP is the theoretical maximum of the total value of bitcoin, but the realistic maximum is significantly lower. 

Maybe just 1%.

[BTCfaucetTIME]

I just want to point out that using wealth is illogical.

GDP = Income. Income is expressed in currency. Wealth is expressed in goods, like houses, which may be sold for Bitcoin but are not themselves Bitcoin.

Therefore Bitcoin's maximum value should be calculated using world GDP rather than world wealth. I'm not going to calculate, it's a vapid chain of thought.

Even the US dollar today is not valued anywhere near the total world GDP. During the height of the british empire, the british pound was no where near worth the value of the then world GDP. No other currency (major or not) has ever come close).

IMO the world GDP is the theoretical maximum of the total value of bitcoin, but the realistic maximum is significantly lower. 

Maybe just 1%.

The max market cap of bitcoin is probably higher then 1% of world GDP (I believe it to be ~.005% of world GDP now) and I believe it to be possible for the value to go up more then 200x before it reaches it max potential, although I think it will be several decades (at least) before it reaches this potential.

[polynesia]

I just want to point out that using wealth is illogical.

GDP = Income. Income is expressed in currency. Wealth is expressed in goods, like houses, which may be sold for Bitcoin but are not themselves Bitcoin.

Therefore Bitcoin's maximum value should be calculated using world GDP rather than world wealth. I'm not going to calculate, it's a vapid chain of thought.

Even the US dollar today is not valued anywhere near the total world GDP. During the height of the british empire, the british pound was no where near worth the value of the then world GDP. No other currency (major or not) has ever come close).

IMO the world GDP is the theoretical maximum of the total value of bitcoin, but the realistic maximum is significantly lower. 

Maybe just 1%.

The max market cap of bitcoin is probably higher then 1% of world GDP (I believe it to be ~.005% of world GDP now) and I believe it to be possible for the value to go up more then 200x before it reaches it max potential, although I think it will be several decades (at least) before it reaches this potential.

We should be comparing the market value of bitcoin to the total wealth in this world, not the GDP of the world.

[Oscilson]

We should be comparing the market value of bitcoin to the total wealth in this world, not the GDP of the world.

Also the existing circulation of money supply?

[ziiiggy]

How can you design something to succeed? Everything is uncertain in this world. We still dont know if Bitcoin will succeed or not.