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Author Topic: Fun Calculation For The Day  (Read 2470 times)
Jalum
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July 09, 2011, 06:28:12 PM
 #21

Isn't Bitcoin supposed to be a next gen currency?  I'm not understanding why it's being compared to a commodity.  

There are a few people who hope it one days becomes a currency.  Right now it's just a pump and dump.  Note all the threads that were talking about how boring it was when the price was "stable" for 2-3 days.  And the biggest activity in the marketplace subforum here are gambling ponzi schemes.

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Believing one Bitcoin will be at parity with 254 ounces of gold is beyond delusional.  

Whats the harm in promoting that a worthless set of characters in a text file will soon be able to buy you entire cities?  I mean, it's not like people bought $50,000 worth of hardware specifically to...oh nm.
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evoorhees
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July 09, 2011, 06:33:22 PM
 #22

So when will 1 BTC equal one BTC?

Shortly after the world finally realizes that credit cards should be abolished for the good of society. Smiley

Plastic is not the problem, fiat currency is. We'll still have credit cards in a bitcoin world - one will always be able to borrow now for higher repayment in the future. And a plastic card you can swipe at a store is extremely convenient, thus the market will demand it (unless mobile credit payments become easier which is very probable).
Jalum
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July 09, 2011, 06:35:48 PM
 #23

I am still trying to figure out how much a Bitcoin weighs... It's not in the wiki.

It weighs thousands of forumposts.
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July 09, 2011, 10:35:09 PM
 #24

I am still trying to figure out how much a Bitcoin weighs... It's not in the wiki.

It weighs thousands of forumposts.

Close. It weights the internet. Plus a few mining rigs.
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July 10, 2011, 12:20:44 AM
 #25


You all had some education at some point.  Did you skip out on critical thinking class?  You think it's reasonable for bitcoins to reach $200,000 each in ten years?
They are dreaming to get rich Smiley

everytime i look at your name i see "groinkoin". Cheesy  must be my twisted nature.
Yes, must be  Grin
Think of 'kloink!' every time a bitcoin enters my account.
'KLOINK'! There's another coin ('koln') Smiley

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anyways its doesn't hurt to dream!
Of course it doesn't, it's fun! And dreaming is necessary for a happy life.
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July 10, 2011, 12:52:50 AM
 #26

So, here's some more fun with the numbers...one post asked whether it's simply the amount of gold that determines its value...the answer is no, it's the amount of gold (the supply) as well as the demand.  Another post mentioned that the dollar would have a very different value in 10 years, but when we talk about a bitcoin being worth $200,000 in 10 years, we are talking about its purchasing power as measured in today's dollars.  So, that statement means that in 10 years you would be able to purchase with 1 bitcoin what can be purchased today for $200,000.

So, let's suppose that people did eventually come to value bitcoin similarly to gold (there are plenty of reasons one could argue that bitcoin is a pretty good gold substitute, but I won't here).  Based on the OP's numbers and assuming a worldwide population of 7 billion, the amount of gold held on average by each individual is ~0.76 ounces.  At $1500 that's a value of $1140.  If everyone we're to take half of that gold wealth and put it into bitcoin, that's $570 of gold and $570 of bitcoin on average for everyone on the planet.  $570 * 7,000,000,000 / 21,000,000 = $190,000.

So, yeah, I guess you're right, it probably won't be worth $200,000 in 10 years. Wink

(gasteve on IRC) Does your website accept cash? https://bitpay.com
adamstgBit
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July 10, 2011, 01:05:14 AM
 #27

if you assume it will replace all money....

this means
each bitcoin is worth ......... 1 / 21,000,000 of the worlds "money"

omg BUY BUY BUY

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July 10, 2011, 02:10:11 AM
 #28

Silver has been charted for the last 650 years, as a form of currency:
http://www.goldsilverchat.com/BBchat/viewtopic.php?f=23&t=9396&start=0

Before that, it was used for over 500 years by the Roman Empire as Denarius:
http://en.wikipedia.org/wiki/Denarius


So, for over a 1000 years, this amazing malleable metal has carried its precious weight in coinage. It has been very consistent throughout history in maintaining a monetary value of exchange, whether for bread, for timber, or for dollars.


As we enter into the virtual sphere of currency exchange, perhaps Bitcoin is the new Silver of the Millennium.


 
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