Bitcoin Holders Must Prepare For Mass Adoption

[DeathAndTaxes]

assuming Satoshi is US Gov and holding roughly 2% of btc, China just took the bait to trap anyone trying to flee from US currency.

That would be hilarious.  I would just have to say well played US Treasury, well played. 

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[bobdude17]

You probably do not fully understand China.

I definitely do not, I'm glad you posted. Awesome to have one of the actual people from the special here.

CCtv is not trying to give a positive impression, it just doesn't know what to say.

I am confused then about why they had to say anything? Overall Bitcoin is very unknown, there was no pressure to bring it into the spotlight.(or was there?)

[lixiaolai]

CCtv is not trying to give a positive impression, it just doesn't know what to say.

I am confused then about why they had to say anything? Overall Bitcoin is very unknown, there was no pressure to bring it into the spotlight.(or was there?)

My opinion? it seems reporters don't get the revolutionary impact of bitcoin on the Party.

[rpietila]

assuming Satoshi is US Gov and holding roughly 2% of btc, China just took the bait to trap anyone trying to flee from US currency.

That would be hilarious.  I would just have to say well played US Treasury, well played. 

How exactly will the trap play out? I don't see any realistic means of holding bitcoin down until the bubble towards $1-5M is played out.

[nicolazza]

maybe k300$ is too much but...consider for example k30$.
users with more than 10,000 BTC will have more than 300000000$.

is it right? so... 

[Bitcoinpro]

http://www.youtube.com/watch?v=aw3OSTkdE-s

is there an English translation out yet

[kiko]

If a week ago you had told me I had to choose between:

A: 30 minute news segment on Chinese TV.
B: Several of the biggest tech VC's including Ashton Kutcher and Kevin Rose declaring an interest in bitcoin; plus 2 of the world's most prominent investors name dropping it in their research notes/meetings.

And the most amazing thing: that both of the above happened and the price is still not skyrocketing.  Bitcoin rises from $80 to $250 for no apparent reason, but when Paypal and Western Union start talking about adopting Bitcoin, world-famous VCs rave about it, Bitcoin is featured on China's most popular finance show, and most important of all -- we're clearly on the verge of going mainstream! -- the price does...almost nothing.

Yet Ripple is going gangbusters.  Go figure.

Price matters. Just to hold steady at $110; the market must absorb $396,000 per day of new bitcoin supply.

[Morning]

"That's why they are close door meetings."

How do you know that - that is the question. I am afraid that making unjustified claims so easily makes me a bit skeptic about this all. Not saying is all a lie, not at all. But that then  its hard to now what is real and not real.

[Bitcoinpro]

If a week ago you had told me I had to choose between:

A: 30 minute news segment on Chinese TV.
B: Several of the biggest tech VC's including Ashton Kutcher and Kevin Rose declaring an interest in bitcoin; plus 2 of the world's most prominent investors name dropping it in their research notes/meetings.

And the most amazing thing: that both of the above happened and the price is still not skyrocketing.  Bitcoin rises from $80 to $250 for no apparent reason, but when Paypal and Western Union start talking about adopting Bitcoin, world-famous VCs rave about it, Bitcoin is featured on China's most popular finance show, and most important of all -- we're clearly on the verge of going mainstream! -- the price does...almost nothing.

Yet Ripple is going gangbusters.  Go figure.

1 btc =12,000 xrp

https://bitcointalk.org/index.php?topic=194880.0

https://ripple.com

http://en.wikipedia.org/wiki/Ripple_monetary_system

[Jobe7]

As in - officials in Washington DC are having frantic closed door meetings right now.

And you know this because...?

[Jobe7]

It is big news, yes, but not 300k by the end of the year news. That would mean that bitcoins has a market cap of 330 trillion. That's not delusional, its funny lol.

hmm.. Bitcoin has the potential to have a market cap of 21 quadrillion, currently 11 quadrillion. So, ye.. 330 trillion is very easily do'able with current amount of btc out there.

[Malawi]

Bitcoin will never replace USD or any other currencies(unless possibly for a small poorly governed country), it may take a little of the value out of it, but not much.
It's more like adding another radio-station, it's not that important for most people, but very important to those who finds a new station they enjoy.

It is unclear whether or not you also believe that USD and other fiat currencies will last far into the future? It's important to note that fiat currencies are theoretically unsustainable. If one person or institution has the power to print unlimited currency, eventually we reach a point where that institution realizes its almighty power and destroys itself by debasing the currency to a point where people just stop using it. Did you read that book "If you give a mouse a cookie" when you were a kid?

It starts like this:
If you give a mouse a cookie (Give a central bank power to print money)
He's going to want a glass of milk (The central bank will gradually become more and more corrupt and print money as a band-aid to poor fiscal policy, debasing the currency until it inflates to nothingness.)
We're in the middle of that right now. Currently, global monetary policy coordination involves the speed at which various currencies are debased. Right now JPY appears to be taking the lead (in terms of planned printing), much to the chagrin of other Central Banksters. If any one country prints significantly more than the others, it will achieve significant trade advantage in terms of its exports vs. those of other countries. So it's like a "race to the bottom" where each of the central banksters doesn't want to let any one of the others get too much of a lead, but really hopes to get a lead him/herself.

Now, Bitcoin itself may not specifically replace USD when USD(/JPY/GBP/EUR/etc.) fails (because it's not a question of IF.) It may be a combination of precious metals, notes tied to them, Real Bill-type systems, various cryptocurrencies, barter, scrip, local economy, etc. We live in an interesting world and people are very adaptable. There is not one answer to such a complex problem. So I agree that Bitcoin will not replace it solely; I just don't live in the fantasy world where Fiat currencies go on living happily ever after and things like PMs and cryptocoins and Real Bill systems (and localized freeconomies) take a tiny piece of the pie.

Fiat currencies are a failed experiment in economic history 
PMs we can say are a success, because even after modern culture removing most of their utility as currency partly due to the "nix"ing of the gold standard, they still have significant value which has outperformed any and all fiat currencies in existence. Even taking into account storage costs, theft risk, selling 20% below spot, etc - they STILL outperform the dollar in the long term by a long shot.
Digital P2P Cryptocurrencies are still being tested; you are one of the test subjects

Yes USD and other FIAT currencies will last far into the future. There have been examples of currencies that crash (like germany and Zimbabwe), but still they don't get replaced by something completely different, they gets replaced by another FIAT or less money is printed.

I'd say that if I give a mouse a cookie, I might get a cookie from that mouse when I got the munchies.

If a country prints a lot of notes, the notes gets cheaper and they can export more, but it also means that it costs more to buy stuff from abroad. It's a two-sided story.
Now figure another country, and do this in reverse - what if they only print a few coins - that surely means that they have to be extremely valuable, and hence they can buy the rest of the world as long as their currency is small enough....

Without FIATs or some other reliable mode of transferring value, there would have been far less international trade, and everything you own would have cost you a lot more to buy (IOW - you would have had less.)
There sure are flaws to many FIATs, but they have been around for hundreds of years, and will stay for hundreds of more years.

It seems like what you are trying to describe is the collapse of national states. It's hard to say that it cannot happen, but I strongly doubt it. Hey - even Bitcoinia is a national state.

[tvbcof]

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Yes USD and other FIAT currencies will last far into the future.
...

Calling bobdude17!  Please censor this if you will.  It clearly does not align with your thoughts and the goals you would like to achieve with this thread.

[bobdude17]

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Yes USD and other FIAT currencies will last far into the future.
...

Calling bobdude17!  Please censor this if you will.  It clearly does not align with your thoughts and the goals you would like to achieve with this thread.

I am sorry I upset you by deleting your earlier post. I have not tried to censor anyone's opinion, I have left plenty of posts up that blatantly dismiss what I say. That's fine, I was looking to promote a discussion no matter what your opinion on the topic is. I have only attempted to streamline this thread from posts that did not make a point in either direction.

I even deleted some posts of people who just told me they liked the thread, not because I don't appreciate their feedback, just trying to keep the discussion readable and the page count down. Malawi's latest post will obviously not be deleted cuz he offers a point in the discussion. Feel free to do the same.


-- Just so you know, I might end up deleting your last post and my response to it.

[Malawi]

I even deleted some posts of people who just told me they liked the thread, not because I don't appreciate their feedback, just trying to keep the discussion readable and the page count down. Malawi's latest post will obviously not be deleted cuz he offers a point in the discussion. Feel free to do the same.
-- Just so you know, I might end up deleting your last post and my response to it.

But the post where I pointed out your tinfoil-view of the world in your opening posts were deleted.....

[rpietila]

I even deleted some posts of people who just told me they liked the thread, not because I don't appreciate their feedback, just trying to keep the discussion readable and the page count down. Malawi's latest post will obviously not be deleted cuz he offers a point in the discussion. Feel free to do the same.
-- Just so you know, I might end up deleting your last post and my response to it.

But the post where I pointed out your tinfoil-view of the world in your opening posts were deleted.....

Yes. There is not so much point to litter other people's rooms, is there? The OP probably knows that there are many forum accounts who disagree with him, that alone is not a reason to post.

Go make your own thread if the only thing you have to say is to ridicule the host!

[bobdude17]

I even deleted some posts of people who just told me they liked the thread, not because I don't appreciate their feedback, just trying to keep the discussion readable and the page count down. Malawi's latest post will obviously not be deleted cuz he offers a point in the discussion. Feel free to do the same.
-- Just so you know, I might end up deleting your last post and my response to it.

But the post where I pointed out your tinfoil-view of the world in your opening posts were deleted.....

Give me your reasons that my point of view is on par with wearing a tin-foil hat and I will be happy to leave it up.

[bobdude17]

I think a wave of digital cash hitting the internet will only spawn more hackers. Surely not all of them have Bitcoins, and will not get paid off during a mass adoption transition. More and more will come out the woodworks. Which I understand, because to be honest, the whole idea sounds like a lot of fun.

The intelligent people in this world are not so many, 95% of them already know about bitcoins, and a great number of them have bitcoins by now. As the rest or the intelligentsia buys into bitcoins sub-$100k (and they generally have the means to buy a good chunk of them), and price shoots to $millions, they will be awestruck with the developments, quit their work, thief will steal no more, etc.

Gitmo inmates will be set free this year, because the administration have bought bitcoins and do not care to run a prison any more. Any evil c&c structure becomes paralyzed after the 1% in control of it buy bitcoins.

Soon, for evil to have any presence at all in this world, it is required that possessing bitcoins will need to be made punishable by death. (This will be rather arbitrary in case of multisig, but since when has logic been any detriment of evil..   )

And it will not even help. French revolution outlawed the use of gold as a quote currency in 1792. United States outlawed the use of gold as quote currency in 1933. Outlawing bitcoins is exceedingly more difficult, and it is hard to lead an organization of evil, when your staff quit en masse after having bought bitcoins. But they will try

While I do think I grasp the overall idea planned by the designer(s), I can't help but thinking he might be wrong. There is a very good possibility society could slip into the sort of communal economic utopia that he had envisioned, but I think human nature will be expressed despite the fairness of the monetary system. There will be people with more and people with less, and people with more will have more power and options to tempt those with less. And should such a utopia be established, I have my doubts about the peace lasting after the first generation lives and dies.

I know where you are going with this, and I see it to be probable as well, but I just don't think it will hold. You are definitely correct that people will be awestruck by the first wave of developments.

[Malawi]

I even deleted some posts of people who just told me they liked the thread, not because I don't appreciate their feedback, just trying to keep the discussion readable and the page count down. Malawi's latest post will obviously not be deleted cuz he offers a point in the discussion. Feel free to do the same.
-- Just so you know, I might end up deleting your last post and my response to it.

But the post where I pointed out your tinfoil-view of the world in your opening posts were deleted.....

Give me your reasons that my point of view is on par with wearing a tin-foil hat and I will be happy to leave it up.

You are exaggerating the importance of BTC and that CCTV airing way to much.

Also you highly exaggerated the censorship of non-political stuff in China. This is viewed as an economic subject and are not censored in the same way. I'm pretty sure there have been plenty of programs about stocks that skyrockets etc.

And last but not least - you think the US government is shitting their pants because of that 1/2 hrs show and fears that BTC is going to make the dollar more or less obsolete.

[bobdude17]

http://www.thegenesisblock.com/bitcoin-the-newest-tool-in-chinas-currency-war-chest/