What is the deal with hoarding?

[dacoinminster]

Bitcoin is unlikely to achieve a stable value in the foreseeable future, but that doesn't matter. Bitcoin is not destined to be used directly in ordinary commerce. Think about how HTTP is built on top of TCP/IP. In the same way, we will build new, stable currencies on top of bitcoin. They will be pegged to dollars, gold, oil, and anything else your heart desires.

I wrote a paper about this future, and if you come to the bitcoin conference in San Jose in May, you can hear me talk about it and ask questions at the "Bitcoin in the Future" panel.

The take-away is that buying bitcoins now is the best way to bet that these "child currencies" will be successful. They depend on bitcoin, and if they are successful, bitcoin values will go up.

[1715493604]

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[1715493604]

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[yvv]

Early adopters are going to get rich because late adopters are going to loose money.

I really wish that people would stop talking about loosing money. I, for one, intend to tighten my money. If it gets loose I'll use some duct tape.

Thanks for correction. English is not my first language, and this is were spell checker does not help.

[johnyj]

With inflative fiat and ever degrading physical goods, there is no way to store value, bitcoin was created to fill this demand vacuum, not to compete with fiat currency in payment function, its price will always rise, indicating a good store of value

There is a false education in economy school saying that people saving now for future spending, but I've seen many rich families saving their wealth now to be transfered to generation after generation, especially those banking families

[herzmeister]

Bitcoin is unlikely to achieve a stable value in the foreseeable future, but that doesn't matter. Bitcoin is not destined to be used directly in ordinary commerce. Think about how HTTP is built on top of TCP/IP. In the same way, we will build new, stable currencies on top of bitcoin. They will be pegged to dollars, gold, oil, and anything else your heart desires.

I wrote a paper about this future, and if you come to the bitcoin conference in San Jose in May, you can hear me talk about it and ask questions at the "Bitcoin in the Future" panel.

The take-away is that buying bitcoins now is the best way to bet that these "child currencies" will be successful. They depend on bitcoin, and if they are successful, bitcoin values will go up.

how does your approach compare to Ripple?

[dg2010]

how does your approach compare to Ripple?

I think what he is describing is exactly what Ripple is....

Ie. Someone can have a ripple account backed by BTC, with the transactions happening in ripples and but ultimately guaranteed by bitcoins.

The beauty of that is we can be free to have a hundred different payment systems off the back of Bitcoin. And they can all be the best at what they do and we can fill lots of different niches in the best possible way.

Think of Bitcoin like the gold standard.