Parity Party!!!

[bitdragon]

Yes, but the question is really - will it stay above dollar parity or not?

Chances are high that the next quantitative easing will happen in USD or Euro rather than Bitcoins.

http://hubpages.com/hub/US-Dollar-Purchasing-Power

"At this point in time, there are discussions regarding the inflation - deflation possibilities. With fiat money, there can be ups and downs in actual purchasing power over short time periods. However, as any study of purchasing power of currencies show, fiat currencies always trend down. In fact, there is no fiat currency which has survived the test of time. Although some of us hope that the US dollar will be the first in history to maintain purchasing power over a significant period of time, the trend over the past century isn't encouraging."

To steadily stay below parity is going to need alot of effort, and more and more as well.

[1713862908]

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[1713862908]

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[gigitrix]

You are going to see another 'Slashdot effect' type thing from this week's Security Now, which was just filmed live.

[mikegogulski]

Awesome!

Who's with me for hookers and cocaine?

[tcatm]

Fixed Sirius' picture:

[kiba]

Holy Macaroni Cow!

[grondilu]

To celebrate this day, I suggest we all donate 1 BTC to our favorite organisation.

Personnaly I'll give one to EFF and one for Hayek's institute.

[dingus]

Fixed Sirius' picture:

  hey that's me pointing to the monitor!

[imanikin]

Congratulations, Everyone!  Now on to the next target - the Euro, the Pound, gAu, and beyond... 

[jimbobway]

Everyone go grab a friend, call up an ex, and take them out for a drink!  Time to celebrate!!!

[marcus_of_augustus]

Did anyone forward a piece to Tyler Durden and get it up on zero hedge www.zerohedge.com ?

They would be interested I think.

[JohnDoe]

Submitted a link to hacker news:

http://news.ycombinator.com/item?id=2200290

Apparently I can't reply to my own submission to provide context and more links.

[kiba]

And it got killed on first sight.

[Veltas]

No one is selling beer for bitcoins, so until then, no party .

That said, I disagree that we'll have meaningful parity at BTC/USD=1. We'd have to wait until the number of bitcoins in circulation equals the value of the US dollars in circulation. If that happened to day, 1 BTC would trade for about 390 000 USD, I think. For that number, I divided the monetary base by the present amount of bitcoins.

These are all meaningless (especially USD parity).  Bitcoin's worth as much as we want it to be and until we get that very simple idea into our heads, we're not going to be able to comprehend when we really should be celebrating.

For one thing I guarantee that it will continue soaring up and won't stop at USD parity, or GBP parity.  Nope, it's gonna continue for a very long time.

The only good thing about this is your current BTCs are worth much more than they were before, well done; you're all slightly richer.

The bad news is I bet your bottom dollar you don't have the share of BTC you want yet, and although you never will, it's going to be harder to get BTC with inflation.

This is all really simple stuff, BTC parity with USD is about as special as BTC's birthday; celebrate it if you will but don't take any heed.

And yes, "the number of bitcoins in circulation equals the value of the US dollars in circulation" is also not special, since that is down to the value behind the money and even then it all boils down to which one's more stable.  So again, stop trying to find value in numbers that mean very little and can help us with not very much.

[Nefario]

No one is selling beer for bitcoins, so until then, no party .

That said, I disagree that we'll have meaningful parity at BTC/USD=1. We'd have to wait until the number of bitcoins in circulation equals the value of the US dollars in circulation. If that happened to day, 1 BTC would trade for about 390 000 USD, I think. For that number, I divided the monetary base by the present amount of bitcoins.

These are all meaningless (especially USD parity).  Bitcoin's worth as much as we want it to be and until we get that very simple idea into our heads, we're not going to be able to comprehend when we really should be celebrating.

For one thing I guarantee that it will continue soaring up and won't stop at USD parity, or GBP parity.  Nope, it's gonna continue for a very long time.

The only good thing about this is your current BTCs are worth much more than they were before, well done; you're all slightly richer.

The bad news is I bet your bottom dollar you don't have the share of BTC you want yet, and although you never will, it's going to be harder to get BTC with inflation.

This is all really simple stuff, BTC parity with USD is about as special as BTC's birthday; celebrate it if you will but don't take any heed.

And yes, "the number of bitcoins in circulation equals the value of the US dollars in circulation" is also not special, since that is down to the value behind the money and even then it all boils down to which one's more stable.  So again, stop trying to find value in numbers that mean very little and can help us with not very much.

You seem new to the party (forum), so I think you have just learned about bitcoin and are very excited about it. Welcome to the forum. In answer to what you said, yes bitcoin is worth whatever we think it is, and the collective belief of everyone buying or selling bitcoin is the market value.

Yes it doesn't really mean anything that we have hit dollar parity but it is a mental thing, I think more of a mental barrier that has been broken. Bitcoin is bitcoin.

[JohnDoe]

And it got killed on first sight.

Yeah, probably cause I just created my account and just linked to bitcoincharts. Someone who's been there longer should try.

[kiba]

We humans like neat number.

[Nefario]

And it got killed on first sight.

Yeah, probably cause I just created my account and just linked to bitcoincharts. Someone who's been there longer should try.

I have a friend who uses that site, I'm chatting to them. What is the link and title and I will get it posted.
I think the same can be done for reddit. So link please.

[Veltas]

Thanks for the warm welcome...

Yes it doesn't really mean anything that we have hit dollar parity but it is a mental thing, I think more of a mental barrier that has been broken. Bitcoin is bitcoin.

Really I was directing my attention to the people posting about technical values like totalling the worths of bitcoin and USD and such, trying to make a point that at the end of the day that's not what gives a currency strength.

Even so, for anyone who has bitcoin they'll be getting richer every minute, and I feel that the inflation will continue for a long while and stabilise.  We just need to get the community expanding and get investors interested and continue mining, all of which are happening.  This will continue to cause the apparant inflation.  It will level out when the community reaches a limit (only so many people will be interested in bitcoin) and we reach our generation limit (mining won't produce infinite money).  In order to keep it stable we would need an active community that buys and sells bitcoins for goods and also for other currencies.

My concern is that when it levels out people will 'jump ship' and no longer see bitcoin as a good investment, and it will quickly lose worth.  That's why we shouldn't be encouraging bitcoin to investors, but instead people who will benefit from a free currency.  Otherwise when the investors suddenly leave they will have created a bubble and it will burst destroying what the free community were working towards (or at least setting us back a great deal).  They will leave as soon as the inflation shows any sign of levelling out, and when any amount leaves they'll all quickly follow suit.

If people who invest in bitcoin do so to use a free P2P currency with no tax or control by the government then it will grow slower but grow nonetheless and won't suffer a sudden burst.  Then we just need to worry about what happens when interest inevitably decreases and alternatives are found.  This will cause severe deflation but I admit I'm still lost as to how to solve that one... working on it!

[Nefario]

I'm worried about two things, the exchanges being shut down by the authorities, and there not being enough goods and services offered for bitcoin.

Problem 2 is easier to solve and once it does it will guarantee that the value of bitcoin will continue to rise, after all there will always be an increasing number of goods and services in a growing economy.

Problem 1 is going to be more difficult, I've already proposed a solution but there doesn't seem to be much enthusiasm for it.

[Veltas]

I've already proposed a solution but there doesn't seem to be much enthusiasm for it.

I'm prepared to be enthusiastic, if you'd fill me in at least...