Parity Party!!!

[Veltas]

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.

I must admit I'm still worried about this problem.  We don't want to turn BTC into a bubble, waiting to burst.  BTC would see wild fluctuation in value for the ebb and flow of investors; this can make or break a project like this.

BTC needs to rely on a community worried about security and freedom, not value.  This would, ironically, increase its value in the long-term and make it more stable, but money-hungry investors buying into BTC even right now are going to sell out as soon as the going gets tough and the value looks like it's reached a turning point.

We're a growing economy but we're still susceptible.

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[Nefario]

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...

This post I made before.

http://bitcointalk.org/index.php?topic=3176.msg45221#msg45221

[jgarzik]

Bitcoin going mainstream means embracing government regulations.  Mt Gox has already started, by limiting withdrawals to $1000/person/day (or equivalent withdrawal in bitcoins).

Everyday consumers simply want an easy way to pay vendors.

[Nefario]

Bitcoin going mainstream means embracing government regulations.  Mt Gox has already started, by limiting withdrawals to $1000/person/day (or equivalent withdrawal in bitcoins).

Everyday consumers simply want an easy way to pay vendors.

I disagree with the need to embrace government regulations. But I think there will be two sides to the bitcoin economy. Some will want to follow government regulations and registrations etc. and they can do that. But there is also the side of the economy that will operate outside of government controls, and because of the nature of bitcoin, these two sides, legit and otherwise will be able to operate seamlessly with each other.

[Veltas]

Bitcoin going mainstream means embracing government regulations.  Mt Gox has already started, by limiting withdrawals to $1000/person/day (or equivalent withdrawal in bitcoins).

Everyday consumers simply want an easy way to pay vendors.

I think it's a very bad idea to go mainstream, simply because it will make it very easy for the government to control what we do and start refining our freedom by taxing transactions etc..  It's right to say that going mainstream will mean embracing government regulations.

I disagree with the need to embrace government regulations. But I think there will be two sides to the bitcoin economy. Some will want to follow government regulations and registrations etc. and they can do that. But there is also the side of the economy that will operate outside of government controls, and because of the nature of bitcoin, these two sides, legit and otherwise will be able to operate seamlessly with each other.

I would've thought 'going mainstream' implied a degree of registration with authorities, so I thought government regulations would be unavoidable if we went mainstream (which is why I'm against trying to go mainstream).

Talking of two sides to the bitcoin economy working seamlessly with each other though, I'm not so sure.  It sounds to me like the side that follows the rules would end up getting penalised for transactions with the side that didn't.

[Veltas]

Isn't the mainstream irrelevant as soon as I can convert bitcoins directly into goods reliably? Converting it into something else first, then yea, you have to take the pulse of the mainstream constantly.

I wish, but if the government attempts to regulate it (which is inevitable after being mainstream for long enough) then attempting to convert bitcoin into goods and such would be taxable.  If the government thinks Bitcoin is a mainstream commodity they can tax on it, because in any trade you stand to gain and anything you gain that the government recognises is taxable.  Although it would be easy to evaid the taxation in most cases, currently there is nothing wrong with giving and recieving whatever you want on Bitcoin and I for one would like to continue that luxury without breaking the law or having to pay taxes over transactions.

Please not mainstream.

[lumos]

SSATURDAAAY NITE GUNNA GET WAYSTED!!!!!!!!!!111111111111111111111111111111

[Timo Y]

These are all meaningless (especially USD parity).  

These milestones are meaningful from a psychological point of view, and by extention, from a PR point of view.

There are also meaningful for this forum. For several months there has been talk and anticipation about when parity would be reached. Now we can go back and see who made the best predictions. (It turns out that S3052 was spot on)

[Veltas]

These are all meaningless (especially USD parity).  

These milestones are meaningful from a psychological point of view, and by extention, from a PR point of view.

There are also meaningful for this forum. For several months there has been talk and anticipation about when parity would be reached. Now we can go back and see who made the best predictions. (It turns out that S3052 was spot on)

Sorry, what I mean is that this isn't a turning point for the currency, just something nice for us.

I know, I know most people get this but sometimes people start thinking that it has a monetary significance other than the parity itself, which it really doesn't.

[chris200x9]

wrote a little parity blurb here http://economicmadness.net/2011/02/09/bitcoin-over-the-parity-hill/ feel free to retweet it or digg it or whatever, the more we spred the word about bitcoins the more valuable they become

[americanpegasus]

Wow, Hal Finney getting all hot and bothered about the price of bitcoins tripling and hitting a full dollar.... 
 
Rest in peace, sweet prince. 
 
What parity comes next? 
 
When the total value of bitcoins exceeds gold?  M1?  Global Product? 
 
Just imagine going back to here and laughing at these guys.... "you guys realize that the price will boom and bust through a few cycles and hit over $1200 a coin, right?  Dollar parity is nothing..." 
 
That would have been ridiculous. 
 
And yet, here we are once again... nothing has changed, and in fact, things have gotten better.  And we are worried about bitcoin hitting $300 again?  That's *nothing* compared with what's coming in a few years.

[Beliathon]

When the total value of bitcoins exceeds gold?  M1?  Global Product? 

All of the above in rapid succession, probably at some point in the not too distant future.

[americanpegasus]

When the total value of bitcoins exceeds gold?  M1?  Global Product? 

All of the above in rapid succession, probably at some point in the not too distant future.

 
 
My bet is that bitcoin's eventual price graph looks something like the above, with '-1' representing 2009, and '1' representing a floating value that represents the underlying value that humanity places on itself. 
 
The exponential portion of the graph doesn't end suddenly; it just tapers off and 'returns' on savings diminish.

[unamis76]

What an incredible thread digging job

Makes us dream a bit and question which parity will we have next. Back in 2011 these guys were in it for a ride and they barely knew... I hope they're still Bitcoin wealthy, though

[amaclin]

When one Bitcoin reaches $1 we need to celebrate...

Bitcoin network can not live if 1btc=$1
Because there will be too many asics switched off and ready for doublespending attacks

[unamis76]

When one Bitcoin reaches $1 we need to celebrate...

Bitcoin network can not live if 1btc=$1
Because there will be too many asics switched off and ready for doublespending attacks

The post you quoted is very old, but... harder to go down I guess, there's many around who wouldn't let that happen

[bassclef]

When one Bitcoin reaches $1 we need to celebrate...

Bitcoin network can not live if 1btc=$1
Because there will be too many asics switched off and ready for doublespending attacks

Nope, mining would simply go back in time a few years.

[amaclin]

Nope, mining would simply go back in time a few years.

Yes. And all existing ASICs would transform to a ferrum and silicium also  
(Just imagine yourself in mid 2009 with an ASIC - what would you do? Mine from last block or mine from block height=1?)

[escalicha]

Getting place, legendary thread 

[goldkey0070]

love this thread if they only knew back then what was going to happen