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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507986 times)
Flashman
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December 14, 2014, 05:20:27 PM
 #2281

If you wanna do a real gold<>btc comparison, in terms of rarity 1 BTC = about 10 Kilograms of gold, do people buy gold in Kg? Hell no, ounces, and there's about 322 of them in 10 kilograms. Even at a bottom of ~$1000 an oz, that's $322,000.

Ahhhh, you might say, but gold is also a commodity... well BTC is becoming one. As the blockchain is going to become used for smart contracts, etherium like programmability, bitcoins are being consumed by proof of burn to envalue tokens to use with these.

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December 14, 2014, 10:10:58 PM
 #2282

If you wanna do a real gold<>btc comparison, in terms of rarity 1 BTC = about 10 Kilograms of gold, do people buy gold in Kg? Hell no, ounces, and there's about 322 of them in 10 kilograms. Even at a bottom of ~$1000 an oz, that's $322,000.

Ahhhh, you might say, but gold is also a commodity... well BTC is becoming one. As the blockchain is going to become used for smart contracts, etherium like programmability, bitcoins are being consumed by proof of burn to envalue tokens to use with these.

I have a question, why is the OP of this post An..hahaha JK.  :p

Gold has no freaking value. The reason every human is programmed TO LOVE GOLD is, well, complicated.  

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December 14, 2014, 10:41:44 PM
 #2283



How many months do you anticipate BTC prices will be lingering in these $360 to $800 prices?  

I am thinking that we could be in this price range for 6 months or potentially longer (maybe up to a year), even though it does seem that the next bubble is more imminent, such as more likely to occur within the next 1-3 months.

My current theory also is that once BTC prices get into the $750 to $850 range, then the taking of profits will likely subside for a short period of time while the masses and the sideline money jump onto the upward momentum train that take us past the previous ATH and into the $3k to $13k price per BTC range.   Let's say on average at the moment anticipating a $7,500 price per BTC would put BTC market cap at approximately $105 billion. Such a market cap does NOT seem outside of reason given the amount of infrastructure building in the BTC space (and the sheer powerfulness of the BTC computing network).... but even $7.5k per BTC may NOT be sustainable until after the next halfing of BTC mining production.. and until more BTC infrastructure is built.... but yep, BTC prices can surely escalate into a couple more 5x to 10x bubbles so long as the network and adoption keeps expanding at extrapolated levels of its current pace.

100billions of market cap is not out of the question at all if there are hints that Bitcoin could get way bigger in a few years

One of the Winklevii predicted 400 billion ($40,000 per coin)

"Small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don't know, but if it happens, it will probably happen much faster than anyone imagines." http://cryptologie.net/article/45/cameron-winklevoss-ama-on-reddit/

I'm just posting this up for my future self to look on and wonder if it ever hit that mark.

I'm not so sure but obviously would love it if it did

Good luck everyone . . .
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December 14, 2014, 11:42:03 PM
 #2284

I didn't know we are allowed to post threads anonymously. How do I do that?

You have to get banned.

Lol I wonder why he got banned

He was banned because he kept posting threads showing the romantic blue mood lighting in his room. lol

I think he committed suicide yes ? The last I recall was everyone here cheering him on to do it.... lol  I was just thinking about him the other day ( not sexually ) .

Cheering him on to do it? Not sexually? I must have missed a really interesting few years

He's joking obvs, if not I'm really disappointed that you guys would cheer someone to kill himself, are u serious?


I have not heard that part before. As far as I know there was never an incident when people at this forum were 'cheering' for a suicide.
FYI: Atlas was an "Uber-troll", and he was a pretty good one some of the time.

Glad to hear that Smiley

Smiley
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December 15, 2014, 12:06:07 AM
 #2285

If you wanna do a real gold<>btc comparison, in terms of rarity 1 BTC = about 10 Kilograms of gold, do people buy gold in Kg? Hell no, ounces, and there's about 322 352.74 of them in 10 kilograms. Even at a bottom of ~$1000 an oz, that's $322,000 $352,740.

Ahhhh, you might say, but gold is also a commodity... well BTC is becoming one. As the blockchain is going to become used for smart contracts, etherium like programmability, bitcoins are being consumed by proof of burn to envalue tokens to use with these.

FTFY  -  Personally, I am NOT sure about whether the value of gold is a reliable comparison point for the valuation of BTC because BTC has so many other uses, beyond the uses of gold, but then again BTC has a variety of vulnerabilities too - including the fact that a variety of entities seem to want to sabotage BTC or to steal from it through very new and modern technological methods (though similar things have been happening with gold from a bit of a different angle). 

$352,740 per BTC would put market cap over $5 trillion, and surely that seems to be within reasonable levels of contemplation if BTC were to near the equivalent valuation of gold - depending on the level of competitiveness of various substitute value storage mechanisms.... including alt coins.

I am NOT going to hold my breath for $352,740 per BTC, but I might hold my breath for some smaller fraction of a price - maybe $3,527.40 per BTC within the next 1 month to 1 year (yes, since I am NOT a bot, I admit that I cannot hold my breath, even that long). Tongue Tongue

Flashman
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December 15, 2014, 12:12:19 AM
 #2286

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.

TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6

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December 15, 2014, 04:16:48 AM
 #2287

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.


Hehehehehehehe... I don't know any of those kinds of technicalities....  Wink Wink Cheesy

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December 15, 2014, 06:58:39 AM
 #2288

Why is the OP Anonymous? The account got banned and deleted?

Yes, it's been explained about 50 times in this thread! The OP was a disturbed 16-17 year old boy from Texas. He was one of those depressed type kids that probably had a bad family situation. He claimed he was a nihilist (probably because of a bad living situation) and bombed the forum with his tales of woe. His first nick here was Atlas. He would go to the SomethingAwful forum too, spout the same crap he did here and was publicly humiliated on that forum multiple times. He kept getting banned and coming back as a different character but was easy to spot because there was one common depressing theme to all of his posts. His depression finally caught up to him when he threatened to commit suicide. Shortly after that he was permanently IP banned. His posting name is now labeled Anonymous because he's no longer a member of this forum.

Sounds rough. Thanks for explaining again, from your response it seems like you have done it earlier.
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December 15, 2014, 07:17:38 AM
 #2289

People forget the numbers.  If everyone in New York state wanted to buy one bitcoin, they could not.  This is a world wide phenomenon and if this hyper-bitcoinization event does occur, it will be of epic proportions.

Go vertical baby....2017!     Cool

This is a really simple and powerful point. I may start thinking differently about the future of this thing.

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December 15, 2014, 07:57:46 AM
 #2290

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

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December 15, 2014, 08:10:23 AM
 #2291

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

Once a system is in use, its difficult to break out from it. Its a type of network effect.
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December 15, 2014, 08:48:50 PM
 #2292

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

Once a system is in use, its difficult to break out from it. Its a type of network effect.

As I understand it the federal government of the USA have already adopted the metric system, doesn't all government agencies use it? I know for sure that the military does.

Besides, if all the other countries on earth could change you would think that the USA would be able to as well. The network effect now works in favor of the metric system.

Demokrati: Två vargar och ett lamm röstar om lunchmenyn.      Democracy: Two wolfes and a lamb votes about the lunch menu.
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December 16, 2014, 07:49:38 AM
 #2293

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

Once a system is in use, its difficult to break out from it. Its a type of network effect.

As I understand it the federal government of the USA have already adopted the metric system, doesn't all government agencies use it? I know for sure that the military does.

Besides, if all the other countries on earth could change you would think that the USA would be able to as well. The network effect now works in favor of the metric system.

Do you have a link on the Federal G of the USA adopting the metric system?

The metric system makes more sense and will likely be the winning system within....100years.


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December 16, 2014, 07:56:25 AM
 #2294

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

Once a system is in use, its difficult to break out from it. Its a type of network effect.

As I understand it the federal government of the USA have already adopted the metric system, doesn't all government agencies use it? I know for sure that the military does.

Besides, if all the other countries on earth could change you would think that the USA would be able to as well. The network effect now works in favor of the metric system.

We are still using 24 hours a day, 60 minutes a second, 60 seconds a minute. If changing was this easy then we would be having them in multiples of 10.
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December 16, 2014, 10:09:29 AM
 #2295

Derp

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December 16, 2014, 10:25:39 AM
 #2296

Thanks for the correction, but you should have been correcting me on failing to mention that I used the troy ounce, which is standard for gold weight, which is about 10% bigger than a standard imperial ounce.
Why can't we just use the metric system all along?
I mean seriously? When someone says "ounce", you can't even be sure, about which ounce he is talking about?

Once a system is in use, its difficult to break out from it. Its a type of network effect.

As I understand it the federal government of the USA have already adopted the metric system, doesn't all government agencies use it? I know for sure that the military does.

Besides, if all the other countries on earth could change you would think that the USA would be able to as well. The network effect now works in favor of the metric system.

We are still using 24 hours a day, 60 minutes a second, 60 seconds a minute. If changing was this easy then we would be having them in multiples of 10.

24H for 24 stars :

"During the era when sundials were first used, however, Egyptian astronomers also first observed a set of 36 stars that divided the circle of the heavens into equal parts. The passage of night could be marked by the appearance of 18 of these stars, three of which were assigned to each of the two twilight periods when the stars were difficult to view. The period of total darkness was marked by the remaining 12 stars, again resulting in 12 divisions of night (another nod to the duodecimal system). During the New Kingdom (1550 to 1070 B.C.), this measuring system was simplified to use a set of 24 stars, 12 of which marked the passage of the night."

60minutes and 60seconds : not sure why :

"Hipparchus and other Greek astronomers employed astronomical techniques that were previously developed by the Babylonians, who resided in Mesopotamia. The Babylonians made astronomical calculations in the sexagesimal (base 60) system they inherited from the Sumerians, who developed it around 2000 B.C. Although it is unknown why 60 was chosen, it is notably convenient for expressing fractions, since 60 is the smallest number divisible by the first six counting numbers as well as by 10, 12, 15, 20 and 30."


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December 16, 2014, 11:04:03 AM
 #2297


We are still using 24 hours a day, 60 minutes a second, 60 seconds a minute. If changing was this easy then we would be having them in multiples of 10.

I also don't like the idea that there are 360 degrees in a circle. Let's change that to 1000 metric degrees. Then we'd be free to change the latitude and longitude system of the globe into something involving multiples of 10.
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December 16, 2014, 11:33:10 AM
 #2298


We are still using 24 hours a day, 60 minutes a second, 60 seconds a minute. If changing was this easy then we would be having them in multiples of 10.

I also don't like the idea that there are 360 degrees in a circle. Let's change that to 1000 metric degrees. Then we'd be free to change the latitude and longitude system of the globe into something involving multiples of 10.

What has become common and widely accepted will remain even if there are easier alternatives. Troy ounce is used and works well in the head of all those using and will remain.
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December 16, 2014, 02:14:33 PM
 #2299


We are still using 24 hours a day, 60 minutes a second, 60 seconds a minute. If changing was this easy then we would be having them in multiples of 10.

I also don't like the idea that there are 360 degrees in a circle. Let's change that to 1000 metric degrees. Then we'd be free to change the latitude and longitude system of the globe into something involving multiples of 10.

What has become common and widely accepted will remain even if there are easier alternatives. Troy ounce is used and works well in the head of all those using and will remain.

I believe their were 360 days in a year back when giants walked the earth.
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December 16, 2014, 02:28:32 PM
 #2300


We are still using 24 hours a day, 60 minutes a second, 60 seconds a minute. If changing was this easy then we would be having them in multiples of 10.

I also don't like the idea that there are 360 degrees in a circle. Let's change that to 1000 metric degrees. Then we'd be free to change the latitude and longitude system of the globe into something involving multiples of 10.

What has become common and widely accepted will remain even if there are easier alternatives. Troy ounce is used and works well in the head of all those using and will remain.

It will remain until a dictator forces everyone to change or a smart trusted group change the rule.


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