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Liquid (OP)
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October 28, 2013, 03:07:14 AM |
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Bitcoin will show the world what hard money really is.
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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btcbible
Full Member
 Offline
Activity: 143
Merit: 100
Coinality.com
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October 28, 2013, 03:28:04 AM |
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Elwar
Legendary
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Activity: 3598
Merit: 2386
Viva Ut Vivas
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October 28, 2013, 07:18:25 AM |
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When the price was low I bought the domain name 2bitstore.com
The plan was to have a daily product (like w00t.com) that 'only' cost 2 bitcoins.
At the time it would have been $20 products. Now there would be some very expensive items.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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rampalija
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October 28, 2013, 06:45:15 PM |
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Evwrything that worth 1 btc  |
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tonto
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October 28, 2013, 08:42:35 PM |
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If you like guns, btc are now worth something that you can start looking at and buying guns for 1btc. You'll be looking at cheaper brands, such as Hi-Point, but one btc could buy you one right now. Maybe a little bit more for shipping. There's a user on here (SphereScape Corp) with an FFL license who can likely get one for you. And, of course, as btc goes up in value, more options are available to you in terms of higher quality/value guns. Hi Points are OK, however, don't let the "cheaper" fool you. I've shot my brother's 9mm hi point, and it felt really good in my hands. Go to a local dealer to hold some, and then send this guy a message. Tell him I sent you! I've bought two firearms from him already https://bitcointalk.org/index.php?action=profile;u=142696 |
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ekiro
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October 29, 2013, 12:59:31 AM |
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Ummm... Whatever ~$200 USD can buy?? |
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aminorex
Legendary
Offline
Activity: 1596
Merit: 1029
Sine secretum non libertas
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October 29, 2013, 02:41:34 AM |
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I'm more interested in what it can buy, and when, in the future. I'm always puzzled when people construct fanciful theories as to how the fundamental value of bitcoin is to be derived. I consider these to be relatively simple things to analyze, albeit with both alleatory and epistemic unknown model parameters:
Bitcoin derives value from demand. Demand may be collectible, speculative, investment, or monetary. Initially collectible demand dominated. Today, speculative demand dominates. In the future investment demand will dominate for an epoch. Ultimately, monetary demand will determine value. Monetary demand is described by Fisher's quantity theory of money: PQ = MV. This is a tautology. As such it is not up for debate, or suitable quarter for partisanship. V is and will always be roughly 6. In the long run M = 21mm BTC. To determine the value of a bitcoin in any future year, determine the value of the goods, services, &c, transacted in BTC during that year, and divide by 72mm. To be more accurate, reduce that 72mm to the number in circulation during that year while withholding lost, dead, or future mining coins. This will increase the estimated value, of course.
The long-term valuation of bitcoin, the attractor to which it must asymptote, is simply PQ/n for n < 72mm. If PQ = 2tln USD2013, i.e. the current UN estimated global black market, then 1 BTC =~ 27777 USD2013. If PQ = wGDP = 70tn USD2013, then 1 BTC =~ 1mm USD2013. If the whole of global wealth were to turn over in 1 year and every bitcoin be used only once, 10mm USD. You might consider that last number to be a sort of speed of light figure -- a will-not-exceed figure, which can only be approached asymptotically with infinite difficulty.
Another way of estimating the order of magnitude of long-term bitcoin value is to place it at parity with gold. This provides a figure which is almost certainly wrong: Either bitcoin becomes pervasive, and its features make it preferrable to physical gold for all uses, or it fails to achieve that degree of penetration and its value remains forever far less than global gold. But if all monetary-eligible gold is 2.8 bn oz, then this repulsive valuation is 133.33 troy oz Au, or ~175k USD2013. This is consistent with the notion that at maximal conceivable penetration BTC should be about 1mm USD2013.
For a lower bound, assume silkroad numbers forever. That's the failure scenario.
Either it fails, or it becomes much more valuable. While it is young, the perceived risk of failure is much greater, and non-monetary value is collectible or speculative. As it ages, the perception of stability increases, and the non-monetary value becomes investment, looking forward to future increases in PQ. These non-fundamental factors are social and depend on chaotic social dynamics which are exceedingly difficult to model effectively, but should eventually submit to various forms of inductive technical analysis.
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Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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aminorex
Legendary
Offline
Activity: 1596
Merit: 1029
Sine secretum non libertas
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October 29, 2013, 02:45:33 AM |
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Returning to the OP's original intent:
In 1985 Oxfam International estimated that it cost 20 USD to save a human life, on average, if applied to a well-managed intensive remedial nutrition program in a famine region.
With improvements in technology, inflation, and reduced frequency of large-scale famine, let us estimate that today it costs $50 to save a human life with high probability.
1 BTC = 4 human lives.
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Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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theonewhowaskazu
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October 29, 2013, 03:02:01 AM |
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1 BTC = 4 human lives.
And now I feel really important.  |
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rampalija
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October 31, 2013, 09:50:28 PM |
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Returning to the OP's original intent:
In 1985 Oxfam International estimated that it cost 20 USD to save a human life, on average, if applied to a well-managed intensive remedial nutrition program in a famine region.
With improvements in technology, inflation, and reduced frequency of large-scale famine, let us estimate that today it costs $50 to save a human life with high probability.
1 BTC = 4 human lives.
someday it will be 1 btc 40 human lifes |
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Patel
Legendary
Offline
Activity: 1321
Merit: 1007
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October 31, 2013, 10:01:53 PM |
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Nice Amazon referral link OP
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fiddelingones
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October 31, 2013, 10:06:09 PM |
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1 BTC = 4 human lives.
Given the number of Bitcoins in circulation, we can save only 50 million human lives. Not much given how many more need it |
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Radelderth
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November 01, 2013, 12:41:15 AM |
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1 BTC = 30 USB ERUPTERSS...
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joesmoe2012
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November 01, 2013, 12:58:04 AM |
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3 Blowjobs in the redlight district.
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