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porcupine87
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January 14, 2014, 04:34:51 PM |
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I have heard if BTC replaces all fiat money in the world, 1BTC would be worth approximately 1 million $ (I have also heard 2 million $, so maybe that 1 million is more on the lower side).
I have estimated that if BTC hits 1 million dollars in the next 3 years, mining will be so profitable that miners can spend up to 3.6$ billion every day in electricity. So there will be billions of dollars worth of Bitcoins hitting the exchanges every day. Exchanges? What exchanges? With being so expensive who would pay your super market, Amazon.com, your employees, your dentist, your mother with Bitcoin and only would receive Bitcoin. What exchanges? More interessting would be, how much electricity would get wasted and how many hardware. Bitcoin would be much more secure than it would be necessary... |
"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
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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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allthingsluxury
Legendary
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Activity: 1540
Merit: 1029
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January 14, 2014, 06:02:10 PM |
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I doubt anyone would be able to accurately predict this.
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Gold & Silver Financial News: Silver Liberation Army, Gold & Silver News, Geopolitical & Financial News, Jim Rickards Blog, Marc Faber Blog, Jim Rogers Blog, Peter Schiff Blog, David Morgan Blog, James Turk Blog, Eric Sprott Blog, Gerald Celente Blog |
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Dr Bloggood (OP)
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January 14, 2014, 07:29:32 PM |
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I have heard if BTC replaces all fiat money in the world, 1BTC would be worth approximately 1 million $ (I have also heard 2 million $, so maybe that 1 million is more on the lower side).
I have estimated that if BTC hits 1 million dollars in the next 3 years, mining will be so profitable that miners can spend up to 3.6$ billion every day in electricity. So there will be billions of dollars worth of Bitcoins hitting the exchanges every day. But there is always the same number of BTCs coming into existance every day, no matter what they are worth, right? So I don't see how spending more on mining brings more BTCs into existance. |
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pietje
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January 14, 2014, 07:34:02 PM |
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I have heard if BTC replaces all fiat money in the world, 1BTC would be worth approximately 1 million $ (I have also heard 2 million $, so maybe that 1 million is more on the lower side).
I have estimated that if BTC hits 1 million dollars in the next 3 years, mining will be so profitable that miners can spend up to 3.6$ billion every day in electricity. So there will be billions of dollars worth of Bitcoins hitting the exchanges every day. But there is always the same number of BTCs coming into existance every day, no matter what they are worth, right? So I don't see how spending more on mining brings more BTCs into existance. Yea true, actually it becomes smaller when block rewards half. But as bitcoin value is 1 million, the bitcoins going into the market are maybe worthmore then now. |
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Dr Bloggood (OP)
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January 14, 2014, 07:45:08 PM |
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I have heard if BTC replaces all fiat money in the world, 1BTC would be worth approximately 1 million $ (I have also heard 2 million $, so maybe that 1 million is more on the lower side).
I have estimated that if BTC hits 1 million dollars in the next 3 years, mining will be so profitable that miners can spend up to 3.6$ billion every day in electricity. So there will be billions of dollars worth of Bitcoins hitting the exchanges every day. But there is always the same number of BTCs coming into existance every day, no matter what they are worth, right? So I don't see how spending more on mining brings more BTCs into existance. Yea true, actually it becomes smaller when block rewards half. But as bitcoin value is 1 million, the bitcoins going into the market are maybe worthmore then now. Ok, I see. That's obvious though, and they will do much less to the market than they would do now. |
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mestar
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January 14, 2014, 08:42:24 PM |
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Exchanges? What exchanges? With being so expensive who would pay your super market, Amazon.com, your employees, your dentist, your mother with Bitcoin and only would receive Bitcoin. What exchanges?
More interessting would be, how much electricity would get wasted and how many hardware. Bitcoin would be much more secure than it would be necessary...
You got a point there. But, until you can pay your utility bills in Bitcoins, mining costs will push the price of Bitcoin down. |
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mestar
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January 14, 2014, 08:46:40 PM |
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I have estimated that if BTC hits 1 million dollars in the next 3 years, mining will be so profitable that miners can spend up to 3.6$ billion every day in electricity. So there will be billions of dollars worth of Bitcoins hitting the exchanges every day.
But there is always the same number of BTCs coming into existance every day, no matter what they are worth, right? So I don't see how spending more on mining brings more BTCs into existance. "Billions of dollars worth of Bitcoins" in this case does not mean more bitcoins. If one Bitcoin is selling for 1 million, then daily 3600 Bitcoins becomes $3.6 billion. |
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Zarathustra
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Activity: 1162
Merit: 1004
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January 15, 2014, 01:40:19 PM |
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Thanks for that post - now that's something to work with! The Gross World Product (GWP) is currently around 80 trillion US$. (That's a US trillion, a British billion.)
Wouldn't the GWP be all the money the world economy turned over in a given period of time? How is that related to M2, M3 or whatever? When you got some money on your account or under your mattress, it counts for the M's, but doesn't do anything, so doesn't count for the GWP. Worldwide money (which is debt) is 200 Trillion. |
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keithers
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Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
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January 15, 2014, 11:47:26 PM |
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Bitcoin will never replace fiat. Fiat will always be used for a large number of transaction, Bitcoin and other cryptos can strive to be the best alternative, but there is no way for a virtual currency to replace a physical currency, when not everyone on the planet has an internet connection.
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Dr Bloggood (OP)
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January 16, 2014, 12:30:03 AM |
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Thanks for that post - now that's something to work with! The Gross World Product (GWP) is currently around 80 trillion US$. (That's a US trillion, a British billion.)
Wouldn't the GWP be all the money the world economy turned over in a given period of time? How is that related to M2, M3 or whatever? When you got some money on your account or under your mattress, it counts for the M's, but doesn't do anything, so doesn't count for the GWP. Worldwide money (which is debt) is 200 Trillion. With "money" defined as what (M2, M3,...)? Source? |
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