I think bitcoin will succeed, as even if it's only traded by a slowly growing population of Klingon-speaking bitcoin-geeks, it'll still by definition of what it is be an effective way of storing and transporting wealth. Because of this definitave fact it won't remain of interest to only Klingon-speakers... btc has a natural tendency toward expanding use is my point. And besides scammers are already trying to steal the things, there can be no greater endorsement of value in my opinion than theives thinking a thing is worth stealing. If Jack (of beantsalk fame) having exchanged the family cow for Magic Beans had been on his way home when suddenly bandits jumped out and demanded "Gimme all the beans bitch or we'll cut ya!" then well... that would cast the Magic Beans in a whole new light is what I'm saying.
So, at some point bitcoins will be brisquely traded all over the world, ok they already are but even more brisquely, first among even more Klingon-speakers but then among even more people just wanting to store and transport value. In this case bitcoin will tend towards being the worlds first form of Global Money. In economics is a concept called
Purchasing Power Parity. Here's a map of PPP...
Abit outdated as Ireland still has red purchasing power in terms of the dollar, which I suspect is no longer the case.
But what do you think the consequences might be when people in the UK, Russia, China, Madagascar, Bolivia, Cuba and the United States, all across the world can all use the same money? At first it'll be a matter of exchange rate with bitcoin, so slowly, abit like the story about Brazils "Real" other currencies will start to be measured against bitcoins. What will be the effect of this on economies, will bitcoin end the world somehow?
