Bitcoin Magazine - Why Bitcoin Is Just Getting Started by Trace Mayer

[mestar]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

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[smoothie]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

Perhaps you can do a cost per day for ALL gold and silver miners to operate? Oh an the operating cost to have the DOLLAR guarded in all banks, transported, printed, shipped etc etc etc

THEN COME BACK AND COMPARE THE TWO NUMBERS AND SEE HOW RETARDED YOU LOOK. 

[oakpacific]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

Of course they would cost so much to produce when their total value is on the same scale as the world's GDP(70 trillion dollars).

And it probably says something about the honesty of bitcoin as money.

[mestar]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

Perhaps you can do a cost per day for ALL gold and silver miners to operate? Oh an the operating cost to have the DOLLAR guarded in all banks, transported, printed, shipped etc etc etc

But what those costs have to do with price of bitcoin?  At least by looking at the power costs, we get some sensible limits on bitcoin prices.  That is what this forum totally lacks. 

As for ridiculous, saying that bitcoin will go to 1,000,000 is indirectly the same as saying: "Bitcoin will grow until it uses third of world's electric power!"

[Gordonium]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

Do you think that Ben and co. are printing money with no energy costs? I am pretty sure that Bitcoin is one of the most efficient currencies when it comes to energy costs to run the whole system.

[Anon136]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

Perhaps you can do a cost per day for ALL gold and silver miners to operate? Oh an the operating cost to have the DOLLAR guarded in all banks, transported, printed, shipped etc etc etc

But what those costs have to do with price of bitcoin?  At least by looking at the power costs, we get some sensible limits on bitcoin prices.  That is what this forum totally lacks. 

As for ridiculous, saying that bitcoin will go to 1,000,000 is indirectly the same as saying: "Bitcoin will grow until it uses third of world's electric power!"

the cost of energy is marginal, that is to say each additional unit costs more than the previous unit. And the dificulty of the proof of work algorythm can adjust down as well as up. What this means is that with each aditional unit of capitalization in the bitcoin market would increase the total energy consumption of the bitcoin network less than the previous unit of capitalization. You would have a curve that dropped off, a curve that looked very similar to the graph that shows the rate of release of new coins into the bitcoin economy.

[Crypt_Current]

For every practical purpose you can say that Bitcoin price can go up forever. Just think if al lthe money now in gold and tax haven accounts would come to Bitcoin. Bitcoin price would expolode to almost unimanigably heights.

That's not the problematic part to imagine, the problem is imagining the energy needed to run the network.

$ price - $ estimated energy costs (per day)

100 - 0.2 million
1000 - 2 million
10,000 - 20 million
100,000 - 200 million

and at the magic price of 2,760,000 bitcoin uses the total electric power generated in the world. ($0.1 per kWh, 2.3 TW total world electric power usage)


At this point we are probably building bitcoin miners directly at the top of oil rigs.

Do you think that Ben and co. are printing money with no energy costs? I am pretty sure that Bitcoin is one of the most efficient currencies when it comes to energy costs to run the whole system.

Exacly.

I've said it before, in different words, but many different times:
Bitcoin has implemented the concept of sound money, and now this physically instantiated concept will facilitate the largest transfer of wealth in human history, which THEN (combined with other "advanced, futuristic" [read: available now, just really expensive tech -- an example of which being new methods of human resuscitation that make standard CPR look like caveman voodoo] technologies will spurn the new 0.01% into some new species which is decidedly not human.

All this is of course just speculation.

[sunnankar]

will facilitate the largest transfer of wealth in human history

Is this fun or what? And being right makes it even sweeter!