Bitcoin Forum
December 11, 2017, 10:03:38 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Will we see the day...  (Read 2418 times)
deathcode
Sr. Member
****
Offline Offline

Activity: 392



View Profile
January 22, 2013, 06:34:51 PM
 #1

where owning 1 BTC will mean that you're rich?

Rich: Having a great deal of money or assets; wealthy.

With only 21 million BTC, it's not hard to predict that owning 1 BTC would be extremely hard and the decimal places will start to matter more and more.

How far are we of days where 1BTC will mean you are rich? I don't want to translate into $$$ amounts because maybe in 50 years one million dollars is what 50,000 dollars is today so. I just use the word "rich"


1513029818
Hero Member
*
Offline Offline

Posts: 1513029818

View Profile Personal Message (Offline)

Ignore
1513029818
Reply with quote  #2

1513029818
Report to moderator
1513029818
Hero Member
*
Offline Offline

Posts: 1513029818

View Profile Personal Message (Offline)

Ignore
1513029818
Reply with quote  #2

1513029818
Report to moderator
1513029818
Hero Member
*
Offline Offline

Posts: 1513029818

View Profile Personal Message (Offline)

Ignore
1513029818
Reply with quote  #2

1513029818
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513029818
Hero Member
*
Offline Offline

Posts: 1513029818

View Profile Personal Message (Offline)

Ignore
1513029818
Reply with quote  #2

1513029818
Report to moderator
1513029818
Hero Member
*
Offline Offline

Posts: 1513029818

View Profile Personal Message (Offline)

Ignore
1513029818
Reply with quote  #2

1513029818
Report to moderator
1513029818
Hero Member
*
Offline Offline

Posts: 1513029818

View Profile Personal Message (Offline)

Ignore
1513029818
Reply with quote  #2

1513029818
Report to moderator
SgtSpike
Legendary
*
Offline Offline

Activity: 1358



View Profile
January 22, 2013, 06:38:45 PM
 #2

I am very doubtful.  I think BTC could eventually be worth several hundred or even $1,000, but I don't think it will ever be as widely used as a government-issued currency.
deathcode
Sr. Member
****
Offline Offline

Activity: 392



View Profile
January 22, 2013, 06:44:22 PM
 #3

Well, define currency? I hardly use paper "cash" nowadays, my ATM is my wallet.
Also, remember the days of the Tape? or CD's? now it's all digital, even BluRay, I stream everything...
the MP3 changed the music industry, maybe BTC will do the same with government currency, who knows... early adpters will definitely have the advantage.
But I do see what you're saying.

Akka
Legendary
*
Offline Offline

Activity: 1162



View Profile
January 22, 2013, 06:47:35 PM
 #4

Haha, as always. Bitcoin Jumps a few dollars and this kind of threads are showing up.

Can't wait for the this is the End threads when it goes down a bit.

No, I really doubt it. I think a 1000 (nowadays value) is possible, but not in the next 10 Years.

Bitcoin will IMHO always be "border case" currency, used mainly by those that suffer restrictions from payment providers / governments.

It's about free money, not about creating a new financial elite. And IMO that's a good thing.

All previous versions of currency will no longer be supported as of this update
Luno
Sr. Member
****
Offline Offline

Activity: 476


Current balance: 00$$/00BTC


View Profile
January 22, 2013, 06:55:14 PM
 #5

Haha, as always. Bitcoin Jumps a few dollars and this kind of threads are showing up.

Can't wait for the this is the End threads when it goes down a bit.

No, I really doubt it. I think a 1000 (nowadays value) is possible, but not in the next 10 Years.

Bitcoin will IMHO always be "border case" currency, used mainly by those that suffer restrictions from payment providers / governments.

It's about free money, not about creating a new financial elite. And IMO that's a good thing.

i guess Bitcoin will create it's own financial elite. When mining was in the reach of the many and prices low, everyone could get in with the hardware they had and get some.

ASICS will be for the few. The rest of us has to buy so normal market dynamics apply!


 
 
           ▄████▄
         ▄████████▄
       ▄████████████▄
     ▄████████████████▄
    ████████████████████      ▄█▄                 ▄███▄                 ▄███▄                 ▄████████████████▀   ▄██████████

  ▄▄▄▀█████▀▄▄▄▄▀█████▀▄▄▄     ▀██▄             ▄██▀ ▀██▄             ▄██▀ ▀██▄             ▄██▀                   ██
▄█████▄▀▀▀▄██████▄▀▀▀▄█████▄     ▀██▄         ▄██▀     ▀██▄         ▄██▀     ▀██▄         ▄██▀        ▄█▄          ▀██████████████▄
████████████████████████████       ▀██▄     ▄██▀         ▀██▄     ▄██▀         ▀██▄     ▄██▀          ▀█▀                        ██
 ▀████████████████████████▀          ▀██▄ ▄██▀             ▀██▄ ▄██▀     ▄█▄     ▀██▄ ▄██▀                                       ██
   ▀████████████████████▀              ▀███▀                 ▀███▀       ▀█▀       ▀███▀      ▄███████████████████████████████████▀
     ▀████████████████▀
       ▀████████████▀
         ▀████████▀
           ▀████▀
║║


║║
.
.

║║
██
║║
.
.

║║
██
║║
.
║║


║║
RodeoX
Legendary
*
Offline Offline

Activity: 2478


The revolution will be monetized!


View Profile
January 22, 2013, 06:58:32 PM
 #6

Grandpa, Is it true that you own a whole bitcoin?!?  Cheesy

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
deathcode
Sr. Member
****
Offline Offline

Activity: 392



View Profile
January 22, 2013, 07:18:46 PM
 #7

Well, this kind of threads show up all the time regardless of the price of BTC. It just happens there's a rally now that's all, and I totally disagree with BTC to be a border currency. BTC adoption is increasing and when developers get more into it and make it simpler for common people (not just CS majors, mathematicians, IT people, etc) then BTC will explode and adoption will grow exponentially.
I keep comparing this to MP3s... I remember when I used MP3s back in the early 90's and I showed people that I could put 150 songs in a CD and they would tell me that I can only play the CD in a computer, not in a car, or not in a discman, etc, etc... Look at what MP3 did for the music business once we saw developers and engineers creating mp3 players, cars with CDs that can play MP3, iTunes, etc, etc..
Only time will tell.

Kupsi
Legendary
*
Offline Offline

Activity: 1191


9.9.2012: I predict that single digits... <- FAIL


View Profile
January 22, 2013, 08:26:51 PM
 #8

Look at the potensial in comparison to other data points in this brilliant article:

http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
xxjs
Sr. Member
****
Offline Offline

Activity: 280


View Profile
January 22, 2013, 11:55:25 PM
 #9

Grandpa, Is it true that you own a whole bitcoin?!?  Cheesy
Not any more, I traded it for an oil tanker.
evolve
Hero Member
*****
Offline Offline

Activity: 700


daytrader/superhero


View Profile
January 22, 2013, 11:57:12 PM
 #10

where owning 1 BTC will mean that you're rich?

no.
mb300sd
Legendary
*
Offline Offline

Activity: 1260

Drunk Posts


View Profile WWW
January 23, 2013, 12:00:42 AM
 #11

1, possibly
10, probably
100, definitely

1D7FJWRzeKa4SLmTznd3JpeNU13L1ErEco
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
January 23, 2013, 12:05:38 AM
 #12

1, possibly
10, probably
100, definitely

I'm definitely going to be rich!

 Grin Grin Grin

that is if smoking doesn't kill me b4...  Undecided

nobbynobbynoob
Hero Member
*****
Offline Offline

Activity: 756


Annuit cœptis humanae libertas


View Profile WWW
January 23, 2013, 12:10:27 AM
 #13

If the global bitcoin economy is roughly the size of Salt Lake City, there is a fair chance the exchange price will be well above $1000 per BTC in today's fiat terms. Mt Gox (if it's still going!) may quote prices per mBTC/BTM instead of per BTC.

Notice how all the online games have already standardised the BTM? Very forward-thinking. Bitcoin does not have to get anywhere close to critical mass to justify an exchange price above $1000. But we are a long way away yet, and as that guy at the '11 Bitcoin Conference pointed out, there are lots of serious payment systems used on smartphones and Bitcoin can only really go big when it penetrates that market. But Bitcoin does not necessarily have to get that big to justify a price of $1k/BTC. In five years, I'll hazard a guess that BTC1 will either be worth >>$1000 or pretty much nothing. But what do I know? It's pure speculation, by any of us. Look how Bitcoin has developed over the past four years, though...

Earn Free Bitcoins!   Earn bitcoin via BitcoinGet
BTC tip: 1PKkvuwC24Vqjv9odigXs1QVzE66jEJqmb (if <200 µBTC, please donate to charity)
LTC tip: LRqXaNdF79QHvhPpS5AZdEJZnLiNnAkJvq (if <Ł0,05, please donate to charity)
lebing
Legendary
*
Offline Offline

Activity: 1288

Enabling the maximal migration


View Profile
January 23, 2013, 05:46:38 AM
 #14

If we are still using an exchange named after magic the gathering when the price is 1000usd to 1 btc


Bro, do you even blockchain?
-E Voorhees
nobbynobbynoob
Hero Member
*****
Offline Offline

Activity: 756


Annuit cœptis humanae libertas


View Profile WWW
January 23, 2013, 02:25:02 PM
 #15

If we are still using an exchange named after magic the gathering when the price is 1000usd to 1 btc



LOL!

bitcointip lebing +BTC0,01

Earn Free Bitcoins!   Earn bitcoin via BitcoinGet
BTC tip: 1PKkvuwC24Vqjv9odigXs1QVzE66jEJqmb (if <200 µBTC, please donate to charity)
LTC tip: LRqXaNdF79QHvhPpS5AZdEJZnLiNnAkJvq (if <Ł0,05, please donate to charity)
flipperfish
Sr. Member
****
Offline Offline

Activity: 338


Dolphie Selfie


View Profile
January 24, 2013, 12:39:19 PM
 #16

Will we see the day...

I think that depends on how old you are now.  Grin

But seriously, I think it's possible within the next 20 years. The alterantive would imply IMO, that the fiat-system has been "fixed" (if that's even possible) or replaced by something else, which is regarded as more "fair".
meebs
Hero Member
*****
Offline Offline

Activity: 588



View Profile
January 24, 2013, 01:06:15 PM
 #17

Well, define currency? I hardly use paper "cash" nowadays, my ATM is my wallet.

USD, EUR, CAD etc etc...


1 USD = 1 USD, doesnt matter if it is pennies, nickels, a dollar bill or a debit card swipe.

That is why the method used to exchange USD is mostly irrelevant (except for security and convenience).

    ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄   
   ████████████████████████████████   
     ▀██████████████████████████▀     
        ▀████████████████████▀       
          ████████████████▀         
            █████████████           
            ▀████████████▀           
             ▀██████████▀             
              ██████████             
               ████████               
               ▀██████▀               
                ██████               
                  ▀                   
.
.trade.io.
██████
██████
███
███
███
███
███
███
███
███
███
██████
██████

▄██████████████████▄
███       ▀███████
███       █████████
███       █████████
███       █████████
███              ██
███   ▄▄▄▄▄▄▄▄   ███
███   ▄▄▄▄▄▄▄▄   ███
███              ███
███▄▄▄▄▄▄▄▄▄▄▄▄▄▄███
██████████████████▀

▄██████████████████▄
███████████▀ ███████
█████████▀   ███████
███████▀     ██▀ ███
███ ▀▀       █▄▄████
███          █▀▀▀▀██
███ ▄▄       ███████
██████▄     █▄ ▀███
█████████▄   ███▄███
███████████▄ ███████
▀██████████████████▀

▄██████████████████▄
████████████████████
███████████████▀▀ ██
█████████▀▀     ███
████▀▀     ▄█▀   ███
███▄    ▄██      ███
█████████▀      ▄██
█████████▄     ████
█████████████▄ ▄████
████████████████████
▀██████████████████▀
██████
██████
   ███
   ███
   ███
   ███
   ███
   ███
   ███
   ███
   ███
██████
██████
.
.Join the Trading Revolution.
nobbynobbynoob
Hero Member
*****
Offline Offline

Activity: 756


Annuit cœptis humanae libertas


View Profile WWW
January 24, 2013, 01:13:12 PM
 #18

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

Smiley

Earn Free Bitcoins!   Earn bitcoin via BitcoinGet
BTC tip: 1PKkvuwC24Vqjv9odigXs1QVzE66jEJqmb (if <200 µBTC, please donate to charity)
LTC tip: LRqXaNdF79QHvhPpS5AZdEJZnLiNnAkJvq (if <Ł0,05, please donate to charity)
notme
Legendary
*
Offline Offline

Activity: 1848


View Profile
January 24, 2013, 06:32:45 PM
 #19

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

Smiley

I'm not sure 100 million inputs would fit in a block.  It would certainly require a very large fee.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
SgtSpike
Legendary
*
Offline Offline

Activity: 1358



View Profile
January 24, 2013, 06:37:38 PM
 #20

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

Smiley

I'm not sure 100 million inputs would fit in a block.  It would certainly require a very large fee.
New self-challenge: Create a transaction larger than 1MB.  See if Bitcoin network esplodes itself.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!