The Bitcoin Singularity is Near

[Bit_Happy]

Bitcoins are probably a great long-term 'investment', but...

1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.

...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...

Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.

[notme]

Bitcoins are probably a great long-term 'investment', but...

1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.

...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...

Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.

Haven't logged into my MtGox account in over a year.  I've bought and sold many bitcoins in that time and find the alternatives to be quite good.  I don't see how not trusting MtGox is a huge problem.  I hope they lose more trust and marketshare.

[fivemileshigh]

Haven't logged into my MtGox account in over a year.  I've bought and sold many bitcoins in that time and find the alternatives to be quite good.  I don't see how not trusting MtGox is a huge problem.  I hope they lose more trust and marketshare.

just curious, did you use the mtGox price as a baseline? thanks.

[CurbsideProphet]

Bitcoins are probably a great long-term 'investment', but...

1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.

...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...

Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.

Haven't logged into my MtGox account in over a year.  I've bought and sold many bitcoins in that time and find the alternatives to be quite good.  I don't see how not trusting MtGox is a huge problem.  I hope they lose more trust and marketshare.

I hope they lose marketshare too, they control way too much of BTC's trade at the moment.  Until that changes, I agree with Bit_Happy.

[Monster Tent]

Bitcoin hasnt increased in value fiat has dropped in value 

[Zomdifros]

Bitcoin hasnt increased in value fiat has dropped in value 

The thing is, this is actually true. Of course the effect of Bitcoin on the value of fiat is still insignificant, but I can imagine a future where Bitcoin becomes a serious competing currency.

I don't believe this will be a zero-sum game since the technological advantages of Bitcoin will be good for the economy and thus create wealth in itself, but I have to admit that most of the wealth we as early adopters gain, will be at a cost to all the fiat money in the world. However, since there is so much of it, I doubt anybody will notice. And fiat has a long history of becoming worth less every year anyway.

[BitcoinRate.com]

Bitcoins are probably a great long-term 'investment', but...

1) Many people have good reason to not trust MtGox.
2) Go back to #1, it's a huge problem.

...
When we look at Bitcoin in terms of expected value, the odds are thus astronomical. The only reason Bitcoins don't trade for 100k USD right now is because...

Some of us remember May/June/July 2011, so it's a wise idea to sell some into big rallies, or BETTER yet, spend some BTC and/or help build the economy with useful projects.

It's perfectly possible to do wihtout MtGox in my opinion. Hope the competition keeps growing.

[notme]

Haven't logged into my MtGox account in over a year.  I've bought and sold many bitcoins in that time and find the alternatives to be quite good.  I don't see how not trusting MtGox is a huge problem.  I hope they lose more trust and marketshare.

just curious, did you use the mtGox price as a baseline? thanks.

Nope, I base my prices on what I can replace them for on the markets I do use.

[xxjs]

What is a fucking singularity anyway?

There seems to be multiple definitions.

This is also the normality.

[realityfalacy]

What is a fucking singularity anyway?

There seems to be multiple definitions.

This is also the normality.

I was under the impression singularity meant stabilization? I have been wrong before though

[mb300sd]

As you approach a singularity, value approaches infinity.

[Mike Christ]

In other words, Bitcoin will eventually be worth more than any amount of fiat currency in the world combined?

[mb300sd]

In other words, Bitcoin will eventually be worth more than any amount of fiat currency in the world combined?

x/0 = ∞

[SaintFlow]

you all might be posting in a sockpuppet thread.

you know the guy who posted that a graphic that included
"the new paradigm" comes before "big selloff"

OR

its just my usual paranoia.


Anyway
Bitcoin Singularity
is an anagram for
sin city abultion rig
which clearly refers to the end of fed-printed money
by butterfly laps (pun)asics - could it be anymore clear?

[Offthechain]

I think there will be a correction before we hit infinity.

[SaintFlow]

I think there will be a correction before we hit infinity.

made my day

[mb300sd]

The singularity is not the value of bitcoins being infinite in real terms, it is the value of a bitcoin approaching infinity in terms of fiat, since the value of fiat approaches zero over time.

[Zomdifros]

What is a fucking singularity anyway?

There seems to be multiple definitions.

This is also the normality.

I used the term singularity to compare the future of Bitcoin with a technological singularity, where increased (artificial) intelligence leads to an acceleration in technology. For Bitcoin, the singularity is point at which Bitcoin becomes mainstream, which could end in a price explosion much greater and much faster than is currently expected.
 
I don't know for certain when or even if this is going to happen, but I do believe it is a plausible scenario due to the fact that most people simply follow the herd and don't want to be left behind. And because we haven't reached that point yet we are either the lucky few who got a first class ticket on the greatest ride ever in financial history or we will simply lose a lot of money.

[xxjs]

What is a fucking singularity anyway?

There seems to be multiple definitions.

This is also the normality.

I used the term singularity to compare the future of Bitcoin with a technological singularity, where increased (artificial) intelligence leads to an acceleration in technology. For Bitcoin, the singularity is point at which Bitcoin becomes mainstream, which could end in a price explosion much greater and much faster than is currently expected.
 
I don't know for certain when or even if this is going to happen, but I do believe it is a plausible scenario due to the fact that most people simply follow the herd and don't want to be left behind. And because we haven't reached that point yet we are either the lucky few who got a first class ticket on the greatest ride ever in financial history or we will simply lose a lot of money.

Thanks for that explanation.

We used "Paradigm shift" in the day. I'm getting old.

[Zomdifros]

What is a fucking singularity anyway?

There seems to be multiple definitions.

This is also the normality.

I used the term singularity to compare the future of Bitcoin with a technological singularity, where increased (artificial) intelligence leads to an acceleration in technology. For Bitcoin, the singularity is point at which Bitcoin becomes mainstream, which could end in a price explosion much greater and much faster than is currently expected.
 
I don't know for certain when or even if this is going to happen, but I do believe it is a plausible scenario due to the fact that most people simply follow the herd and don't want to be left behind. And because we haven't reached that point yet we are either the lucky few who got a first class ticket on the greatest ride ever in financial history or we will simply lose a lot of money.

Thanks for that explanation.

We used "Paradigm shift" in the day. I'm getting old.

Well it is a paradigm shift as well, obviously. The trouble with using terms like singularity, paradigm shift, black swan and tipping points is that I'm going to sound like the Pointy-haired Boss from Dilbert