All these people claiming 1 BTC = 1 million+

[YogoH]

Is the internet old technology?

An open-source protocol like bitcoin will be built upon, not utterly replaced.

[JulieFig]

This is an extremely well-articulated and thought-provoking response. My hats off to you. You've given me much to contemplate and I envy anyone who has the chance to sit down with you and pick your brains further on this matter.

Thank you for the kind words. I've had some of the wisest mentors in the world. Please consider donating a beer if you feel generous.

If there's anything you want to ask, I will do my best to answer if I can. Maybe I can't and some one else can.
Either way, let's get a serious conversation going on this.

If you are talking about a serious conversation about the strength Bitcoin fundamentals, I fear my understanding may not even come close to your level! Do you mind me asking what sort of background you have?

[molecular]

1 BTC = $1,000,000 means 100 satoshi = $1.00. All Bitcoin submultiples could be finally put to use.

Satoshis foresight really is amazing, isn't it?

[joseph stalin]

maybe I did my math wrong, but I'm pretty sure that in order for bitcoin to reach $1,000,000 HALF THE WORLD would have to adopt bitcoin. Assuming there's 10.5 trillion dollars in circulation, divide by the million dollar mark of bitcoin, then divide by the 21 million bitcoin hard wire, and I got .5.

[boumalo]

maybe I did my math wrong, but I'm pretty sure that in order for bitcoin to reach $1,000,000 HALF THE WORLD would have to adopt bitcoin. Assuming there's 10.5 trillion dollars in circulation, divide by the million dollar mark of bitcoin, then divide by the 21 million bitcoin hard wire, and I got .5.

Not everyone use dollars and the amount of dollars in circulation is increasing way more than the amount of bitcoins in circulation

10.5trillions is M2 a year or 2 ago, M3 is not disclosed anymore but it is probably 16-17 trillions and increasing

so, what happens in 10 years when cryptographic technology is 100x what is today? Bitcoin will be like an old rotary telephone.

Bitcoin can adapt, Phone companies or internet companies don't automatically go bankrupt as soon as a new tech arrives, sometimes they grow bc of it

[softron]

Who would buy 1 bitcoin at 1mill.

[Spaceman_Spiff]

Who would buy 1 bitcoin at 1mill.

Rewind a year and people were saying the same thing about $1000.

I have to admit though that 1 bitcoin at 1M $ doesn't sound very plausible to me (or perhaps doable, but bubbly), at least compared to 2014 USDs (not taking into account loss of purchasing power of future dollars).  I am more of a 1 BTC =  +- $100k kind of guy    .

[Wekkel]

People generally have trouble seeing the bright future from the small world of today.

[boumalo]

People generally have trouble seeing the bright future from the small world of today.

I always hear people say the USD can't crash bc there would be dire consequences if it does, I was hearing everyone telling me that Poutine would never annex Crimée

People think nothing bad can happen?

Persons that have security and confortable life don't want things to change too much and there are defending the powerful state, they can have the luxury to eat very healthy too when the poor want things to change, if only they knew the state is not protecting them against the big corporations bc the state protects the big corporations; without a powerful states most of the evil corporations would disappear

[zimmah]

Who would buy 1 bitcoin at 1mill.

Rewind a year and people were saying the same thing about $1000.

I have to admit though that 1 bitcoin at 1M $ doesn't sound very plausible to me (or perhaps doable, but bubbly), at least compared to 2014 USDs (not taking into account loss of purchasing power of future dollars).  I am more of a 1 BTC =  +- $100k kind of guy    .

(almost) noone would buy 1 BTC for $1,000,000, but people will eventually buy 1mBTC for $1,000 or 1µBTC for $1

[boumalo]

Who would buy 1 bitcoin at 1mill.

Rewind a year and people were saying the same thing about $1000.

I have to admit though that 1 bitcoin at 1M $ doesn't sound very plausible to me (or perhaps doable, but bubbly), at least compared to 2014 USDs (not taking into account loss of purchasing power of future dollars).  I am more of a 1 BTC =  +- $100k kind of guy    .

(almost) noone would buy 1 BTC for $1,000,000, but people will eventually buy 1mBTC for $1,000 or 1µBTC for $1

If you are rich you will buy 1BTC for 1million bc you need some BTC and it is safer than fiat

1million $ will seem like a good deal when there is hyperinflation

[Ibian]

Who would buy 1 bitcoin at 1mill.

Rewind a year and people were saying the same thing about $1000.

I have to admit though that 1 bitcoin at 1M $ doesn't sound very plausible to me (or perhaps doable, but bubbly), at least compared to 2014 USDs (not taking into account loss of purchasing power of future dollars).  I am more of a 1 BTC =  +- $100k kind of guy    .

(almost) noone would buy 1 BTC for $1,000,000, but people will eventually buy 1mBTC for $1,000 or 1µBTC for $1

If you are rich you will buy 1BTC for 1million bc you need some BTC and it is safer than fiat

1million $ will seem like a good deal when there is hyperinflation

That's not how it works. If the dollar loses 99% of its current purchase value then the price of bitcoin in dollar will rise 100 times. Meanwhile if, for example, the euro maintains its purchasing power in this scenario then the euro price for bitcoin will remain what it was.

[boumalo]

Who would buy 1 bitcoin at 1mill.

Rewind a year and people were saying the same thing about $1000.

I have to admit though that 1 bitcoin at 1M $ doesn't sound very plausible to me (or perhaps doable, but bubbly), at least compared to 2014 USDs (not taking into account loss of purchasing power of future dollars).  I am more of a 1 BTC =  +- $100k kind of guy    .

(almost) noone would buy 1 BTC for $1,000,000, but people will eventually buy 1mBTC for $1,000 or 1µBTC for $1

If you are rich you will buy 1BTC for 1million bc you need some BTC and it is safer than fiat

1million $ will seem like a good deal when there is hyperinflation

That's not how it works. If the dollar loses 99% of its current purchase value then the price of bitcoin in dollar will rise 100 times. Meanwhile if, for example, the euro maintains its purchasing power in this scenario then the euro price for bitcoin will remain what it was.

If the USD loses 99% of its value the Bitcoin price will probably rise more than 100times bc people will expect more inflation and will want to protect their purchasing power

The EU will probably monetize its debt so the EURO will fall as well

BTC will gain purchasing power not only nominal value with the increasing adoption, security and solidity of the protocol

[g4c]

so, what happens in 10 years when cryptographic technology is 100x what is today? Bitcoin will be like an old rotary telephone.

Nothing overly exciting or dramatic, old source downoads will exist for geeks with an interest in the history.

Bitcoin can simply have a new hash function dropped in.

A quote from @Satoshi on this board:

SHA-256 is very strong.  It's not like the incremental step from MD5 to SHA1.  It can last several decades unless there's some massive breakthrough attack.

If SHA-256 became completely broken, I think we could come to some agreement about what the honest block chain was before the trouble started, lock that in and continue from there with a new hash function.

If the hash breakdown came gradually, we could transition to a new hash in an orderly way.  The software would be programmed to start using a new hash after a certain block number.  Everyone would have to upgrade by that time.  The software could save the new hash of all the old blocks to make sure a different block with the same old hash can't be used.

https://bitcointalk.org/index.php?topic=191.msg1585#msg1585

[molecular]

I always hear people say the USD can't crash bc there would be dire consequences if it does, I was hearing everyone telling me that Poutine would never annex Crimée

People think nothing bad can happen?

Persons that have security and confortable life don't want things to change too much and there are defending the powerful state, they can have the luxury to eat very healthy too when the poor want things to change, if only they knew the state is not protecting them against the big corporations bc the state protects the big corporations; without a powerful states most of the evil corporations would disappear

quoted for truth and relevance.

let's disconnect the state from money, that'll solve some problems.

[boumalo]

I always hear people say the USD can't crash bc there would be dire consequences if it does, I was hearing everyone telling me that Poutine would never annex Crimée

People think nothing bad can happen?

Persons that have security and confortable life don't want things to change too much and there are defending the powerful state, they can have the luxury to eat very healthy too when the poor want things to change, if only they knew the state is not protecting them against the big corporations bc the state protects the big corporations; without a powerful states most of the evil corporations would disappear

quoted for truth and relevance.

let's disconnect the state from money, that'll solve some problems.

Thank you, my eyes opened after I read/listened Schiff (https://www.youtube.com/user/SchiffReport) and Molyneux (https://www.youtube.com/user/stefbot)

They just made me understand what I actually knew all along but it is hard to follow your instincts when everyone is telling you the state is here to provide security

Stealing is bad but taking 50% of someone's income is good? The state is suppose to help the poor but it is taking 20-30% of their income and sometimes not allowing them to build a business or get a job for their own good
Always beware of those who want to control your life, don't give away your freedom for a feeling of security because you will lose both your freedom and your security

[molecular]

I always hear people say the USD can't crash bc there would be dire consequences if it does, I was hearing everyone telling me that Poutine would never annex Crimée

People think nothing bad can happen?

Persons that have security and confortable life don't want things to change too much and there are defending the powerful state, they can have the luxury to eat very healthy too when the poor want things to change, if only they knew the state is not protecting them against the big corporations bc the state protects the big corporations; without a powerful states most of the evil corporations would disappear

quoted for truth and relevance.

let's disconnect the state from money, that'll solve some problems.

Thank you, my eyes opened after I read/listened Schiff (https://www.youtube.com/user/SchiffReport) and Molyneux (https://www.youtube.com/user/stefbot)

They just made me understand what I actually knew all along but it is hard to follow your instincts when everyone is telling you the state is here to provide security

Stealing is bad but taking 50% of someone's income is good? The state is suppose to help the poor but it is taking 20-30% of their income and sometimes not allowing them to build a business or get a job for their own good
Always beware of those who want to control your life, don't give away your freedom for a feeling of security because you will lose both your freedom and your security

hehe, we've got another one.

[Vigil]

Why is it so unbelievable? As long as bitcoin gains mainstream adoption, 1mil (of purchasing power) per bitcoin is inevitable.

1. The ~10 minute confirmation time
2. The reliance on set encryption protocols which could be broken in the future (EC and SHA256). For something to become as big as a world currency, it needs to be trusted that the technology would last hundreds of years.
3. The blockchain size.
4. The amount of resources that the client uses on a device.
5. Other scalability issues, such as the amount of transactions which can be handled per minute.
6. Irreversibility of transactions.
7. The extreme ease of the average person losing coins due one of many vectors of mistakes and hardware failures, or hackers.
8. The technical difficulty for the average user trying to even use it.
9. Bitcoin commerce and usage has mostly formed within centralized entities even though it is supposed to be decentralized.
10. There are still humans who ultimately control Bitcoin and who must be trusted by its users, even though the system is supposed to be decentralized.
11. Volatility - it is not an attractive store of value for someone who just wants to use it as a store of value or a currency and isn't into investing or speculating.
12. The present distribution of wealth.
13. The reliance on the internet in order to function.
14. Also, what happens if the internet is split apart due to government firewalls.
15. Governments, corporations, and hackers could ultimate control and restrict Bitcoin usage if they really wanted. And mass adoption will not be reached when users have to do it illegally, run tor, and run checks on every client they download to make sure it isn't a hacked client. Even tor traffic or bitcoin traffic over tor could be blocked too by smart routers.
16. Some of the worlds most powerful contries have already banned or restricted it.

** add more here ** - anyone else is welcome

TERA, Wow. I am completely baffled by the intelligence you show in investing and chart trending, yet the complete ignorance of bitcoin itself. Most if not all these points you bring up could be debunked by a mere novice.

[windjc]

Why is it so unbelievable? As long as bitcoin gains mainstream adoption, 1mil (of purchasing power) per bitcoin is inevitable.

1. The ~10 minute confirmation time
2. The reliance on set encryption protocols which could be broken in the future (EC and SHA256). For something to become as big as a world currency, it needs to be trusted that the technology would last hundreds of years.
3. The blockchain size.
4. The amount of resources that the client uses on a device.
5. Other scalability issues, such as the amount of transactions which can be handled per minute.
6. Irreversibility of transactions.
7. The extreme ease of the average person losing coins due one of many vectors of mistakes and hardware failures, or hackers.
8. The technical difficulty for the average user trying to even use it.
9. Bitcoin commerce and usage has mostly formed within centralized entities even though it is supposed to be decentralized.
10. There are still humans who ultimately control Bitcoin and who must be trusted by its users, even though the system is supposed to be decentralized.
11. Volatility - it is not an attractive store of value for someone who just wants to use it as a store of value or a currency and isn't into investing or speculating.
12. The present distribution of wealth.
13. The reliance on the internet in order to function.
14. Also, what happens if the internet is split apart due to government firewalls.
15. Governments, corporations, and hackers could ultimate control and restrict Bitcoin usage if they really wanted. And mass adoption will not be reached when users have to do it illegally, run tor, and run checks on every client they download to make sure it isn't a hacked client. Even tor traffic or bitcoin traffic over tor could be blocked too by smart routers.
16. Some of the worlds most powerful contries have already banned or restricted it.

** add more here ** - anyone else is welcome

TERA, Wow. I am completely baffled by the intelligence you show in investing and chart trending, yet the complete ignorance of bitcoin itself. Most if not all these points you bring up could be debunked by a mere novice.

That's TERA for you. Habitually depressed.

[jubalix]

The sum of all bitcoin would reach 21 Trillion USD

Google 21 Trillion, that's about how much USD is supposedly hidden away for tax evasion.

I know isnt this great......we are in the process of vacuuming up all this wealth, as they are forced into BTC as we devalue their FIAT holdings or other assets

Can you imagine what going to go to happen to some of the laggards to btc, they will be used to be wealthy