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Author Topic: The Million Dollar Bitcoin (article, not speculation)  (Read 792 times)
jonald_fyookball
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June 05, 2017, 05:46:27 PM
 #1

https://medium.com/@zeptochain/the-million-dollar-bitcoin-4c108f3706b

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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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June 05, 2017, 08:49:02 PM
 #2

Sarcasm at its most extreme, for sure. But this will be prophetic:

Quote
We can then simply repeat the history of a gold-backed, commodity-based currency and create a global fiat currency that remains in the right hands.

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June 05, 2017, 08:52:10 PM
 #3

>Mentions "enlightened" individuals
>Claims that Bitcoin will be the biggest payment system in the world by 2021 with no basis except for past prices
>Cares about nothing except the price.

Is this satire or what?  I find it hard to believe that someone could be that dumb.

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June 05, 2017, 08:59:09 PM
 #4

If bitcoin will survive if dollar will crash,at 2021 eth price can be 2500$.Bitcoin and any other coin will be not global currency


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franky1
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June 05, 2017, 08:59:48 PM
 #5

>Mentions "enlightened" individuals
>Claims that Bitcoin will be the biggest payment system in the world by 2021 with no basis except for past prices
>Cares about nothing except the price.

Is this satire or what?  I find it hard to believe that someone could be that dumb.

^ this guy gets it.

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jonald_fyookball
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June 05, 2017, 09:16:08 PM
 #6

>Mentions "enlightened" individuals
>Claims that Bitcoin will be the biggest payment system in the world by 2021 with no basis except for past prices
>Cares about nothing except the price.

Is this satire or what?  I find it hard to believe that someone could be that dumb.

^ this guy gets it.


doesnt seem like you read the full article

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June 05, 2017, 11:04:02 PM
 #7

When people say "food for thought" this the type of article they're talking about.

The data Zeptochain uses to project the possibilities of price and growth going forward bring about a lot of wonderlust. Could growth really unfold in this exponential manner? If we've come this far at this rate why not continue at the same rate going forward?!

But Zeptochain contradicts himself too. Bitcoin can't become "the most important payment system" by 2020 if the price is going to grow as he predicts. No one would spend bitcoin on something today that will be cheaper in bitcoin tomorrow. The price growth rate will end the use of Bitcoin as a currency.

I think that's a perfect scenario!

The only certainty in investing, and therefore Bitcoin, is that the price growth won't continue at the same rate we've seen in the past 8 years. Past performance is never indicative of future results.

But his points on empowering those with capital (those with money now have the easiest opportunity to make more money tomorrow) and how "[bitcoin] denies leverage by third parties of the value they hold" is spot on. We should all be more concerned with how banks can get a piece of the action from us investors, right?

And I suppose I have to agree with him that constraining transaction throughput would be in the best interest of the good, warm smile that greats me at my corporate bank. I would miss that smile every day.

I think Zepto is on to something...collapse of the current financial system would be bad for everyone. Bitcoin's adoption should be kept at bay. Let's agree to tell everyone that the blockchain technology really is too complicated to explain..."you just wouldn't understand", that's what I'll tell my friends.

I'm starting to feel better about all of this. Really, I am.

TL,DR; Zepto just convinced me that a hard fork would be good for bitcoin...damn you Zepto, damn you.

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June 06, 2017, 12:12:07 AM
 #8

Bitcoin could easily be worth more than that. At the current rates of people buying it and hoarding the price will continue to steadily rise.

Eventually there will come a point where the only actual BTC available will be what the miners are selling and the fees they collect. At some point that will drive the demand up higher and higher while supply or available supply is limited.



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June 06, 2017, 12:17:05 AM
 #9

The math, in theory, is completely right, but it is more than highly unlikely that we're going to see anything like a million-dollar Bitcoin before 2030 simply because there won't be enough interest. Looking at the article it assumes constant growth at a constant rate (if I'm right, I'd have to check it over again) while disregarding the fact that people actually have to be able to buy these things. There isn't just a funnel of money leading from the bank to Bitcoin.
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June 06, 2017, 07:15:24 AM
 #10

Like all good writing, there's a healthy dose of pragmatism in this article, even if it requires a tongue firmly planted in cheek at times.

But while the already apparent capacity for maintaining positive daily growth is something that Bitcoin has (and the likelihood of which appears to grow with each ATH), the sustainability is something that logic demands evidence of. It cannot ever be provided, I feel, and there isn't really any precedent.

Still a lot of assumptions, if not outright speculation. Even if the price estimates prove accurate, will BTC be the most important payment method?

Still, an interesting if almost overt stab at LN=)

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