Bitcoin simply cannot replace fiat

[qwerty555]

http://bitcoinrichlist.com/top500

Using the top 500 address list there are a number of wallets with no activity since 2010 and 2011. The probability that these are LOST addresses is high as is the value.

Anyone want to work out the % of coins involved?

On another thread this was calculated at 463k coins in 115 wallets in the top 500 which is 3.8% of 12M coins potentially dead/lost

[pand70]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

[b!z]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

Bitcoin is worth more than gold already, apparently. :-)

[pand70]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

Bitcoin is worth more than gold already, apparently. :-)

Actually no because gold's price is per kg or gram or ounce and you can't weigh bitcoins anyway 

[bryant.coleman]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

Bitcoin is worth more than gold already, apparently. :-)

Compare the $13 billion market cap of BTC to the estimated total net worth of all the gold ever mined on earth (some 200,000 tonnes, worth $9 trillion).

[pand70]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

Bitcoin is worth more than gold already, apparently. :-)

Compare the $13 billion market cap of BTC to the estimated total net worth of all the gold ever mined on earth (some 200,000 tonnes, worth $9 trillion).

Ok what will happen if do that comparison? Something that will actually make sense?
The comparison of the price of 1 bitcoin with the price of 1 ounce of gold is meant for pr buzz reasons and holds no other value whatsoever.

[User_513]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

Bitcoin is worth more than gold already, apparently. :-)

Compare the $13 billion market cap of BTC to the estimated total net worth of all the gold ever mined on earth (some 200,000 tonnes, worth $9 trillion).

Ok what will happen if do that comparison? Something that will actually make sense?
The comparison of the price of 1 bitcoin with the price of 1 ounce of gold is meant for pr buzz reasons and holds no other value whatsoever.

The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.

[deisik]

The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.

Though technically I have no objection to what you just said (less bitcoins per capita driving prices up and all that), but I still have a kind of anxiety, or rather uneasy consideration, which is not emotional in nature (I don't have that much to lose and already profited handsomely), that Bitcoin should soon crash into the ground even if people are trying to withhold it. I would call that Bitcoin singularity (the end of this) when a constantly increasing price comes along with an ever increasing volatility and yet lower volume is causing still more extreme changes of price. A feeling that something is terribly wrong with Bitcoin...

[Coinseeker]

http://letstalkbitcoin.com/bitcoin-simply-cannot-replace-fiat/#.UpmkkcRpmEw

Yes or no? What do you think?

Bitcoin won't replace fiat but crypto-currency certainly will.  It's a better form of money, hands down.  I suspect we'll see many different cryptos utilized all over the world.  Just like we have many different government fiats around the world.  

The thinking that banks or countries will buy Bitcoin to use as currency, is really absurd.  They'll just create their own.  I think some people forget the code is open sourced and there is no benefit to banks, governments or even the Paypal/Amazons of the world, buying a crypto just to make current holders richer, when they can just create a new one and make themselves rich.  

[mymenace]

Are we talking global replacement of fiat

if we are I cannot see the 4 billion people who are poor and do not have a smart phone or pc being able to use a crypto currency

[bryant.coleman]

Are we talking global replacement of fiat

if we are I cannot see the 4 billion people who are poor and do not have a smart phone or pc being able to use a crypto currency

Not in the near future. But how can you be so sure that by AD 2100, not everyone will have access to internet?

Also, if BTC becomes mainstream, third party companies will spring up (just like today's banks) who will make the transactions easier.

[jballs]

Are we talking global replacement of fiat

if we are I cannot see the 4 billion people who are poor and do not have a smart phone or pc being able to use a crypto currency

Not in the near future. But how can you be so sure that by AD 2100, not everyone will have access to internet?

Also, if BTC becomes mainstream, third party companies will spring up (just like today's banks) who will make the transactions easier.

http://techcrunch.com/2013/10/07/itu-6-8b-mobile-subs-by-end-of-2013-nearly-as-many-people-as-there-are-on-earth-2-7b-on-any-kind-of-internet/


we are all here now.

[YayaToure]

IMV, Bitcoin/CC  is only necessary because of the existence of fiat legal tender. If the government didn't hold a monopoly on money I wouldn't put so much hope into CC. If we had private competing currencies there'd be little need for CC, tho, of course, it could still be very useful and perhaps still quite profitable.

In short, I don't particular want BTC to replace fiat, I just want non governmental currencies.

[Mjbmonetarymetals]

"replacing fiat" is a lofty idea, one that bitcoin doesn't need to attain to at all in order to be successful. The "currency" aspect of Bitcoin maybe the most exciting thing to talk about but it's Bitcoin the "protocol" where the real action is.

Bitcoin isn't best decribed as a currency at all really, a better discription might be "fluid commodity" 

[Bitventurer]

"bitcoin for fiat , is like MP3 for CD .. "

  ~Max Keiser

[btchaver]

http://letstalkbitcoin.com/bitcoin-simply-cannot-replace-fiat/#.UpmkkcRpmEw

Yes or no? What do you think?

bitcoin does work thats it none uses it to buy things with the value goes up and down you could not set a constant rate so obviosly if you have to use it to send money either your going to win or loose its not static its fluctuant its not meant to be a fiat its made to do hashing work for processing information so why try to mislead people into thinking its a fiat.  Are you for real or not be real to others and you will be real to yourself.  Dont think speak from the heart its the best.

[pand70]

Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.

Bitcoin is worth more than gold already, apparently. :-)

Compare the $13 billion market cap of BTC to the estimated total net worth of all the gold ever mined on earth (some 200,000 tonnes, worth $9 trillion).

Ok what will happen if do that comparison? Something that will actually make sense?
The comparison of the price of 1 bitcoin with the price of 1 ounce of gold is meant for pr buzz reasons and holds no other value whatsoever.

The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.

While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense.

[deisik]

The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.

While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense.

Value as such is meaningless, for there is no such thing as objective value in itself and by itself. It exists only in our heads, and our conceptions about it differ at any given time (that's what makes exchange of goods possible). Whether you like or not, people will compare the price of a bitcoin with that of an ounce of gold because it is the subjective value that matters...

[pand70]

The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.

While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense.

Value as such is meaningless, for there is no such thing as objective value in itself and by itself. It exists only in our heads, and our conceptions about it differ at any given time (that's what makes exchange of goods possible). Whether you like or not, people will compare the price of a bitcoin with that of an ounce of gold because it is the subjective value that matters...

Actually no they will not. Some people will use it as a pr buzz but most of us understand that means nothing. Of course retards will compare it but it can't be helped anyway.

[lindatess]

Value isn't meaningless. It's who gives it value, and whether it is supported that is relevant.

Apparently bitcoin has no support whatsoever, and it is represented in it's volatility index. You need "collective" acceptance.

Toilet paper has good value, it has a relatively constant and stable value. Every year, year round, it only rises in price a small amount.