Imahara (OP)
Member
Offline
Activity: 61
Merit: 10
|
|
April 03, 2014, 01:08:19 PM |
|
You only own 10% of the world if you can actually buy it with the money you have.
Comparing the money supply with everything you could buy with money, you will find that these numbers are a factor 1000 different.
Bootstrapping a new currency like Bitcoin where everyone got a little would have been nice. But while the imperfect distribution of the nascent bitcoin money may mean some lucky guys get 'unfairly' rich, it really doesn't mean there will be zillionaires that determine our future if bitcoin becomes de facto money.
|
|
|
|
|
|
|
|
|
It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
pandher
Legendary
Offline
Activity: 952
Merit: 1000
Stagnation is Death
|
|
April 03, 2014, 01:36:11 PM |
|
Incorrect
|
|
|
|
roslinpl
Legendary
Offline
Activity: 2212
Merit: 1199
|
|
April 03, 2014, 01:47:41 PM |
|
Not correct this is not just so simple ...
|
|
|
|
Erdogan
Legendary
Offline
Activity: 1512
Merit: 1005
|
|
April 03, 2014, 07:29:35 PM |
|
You only own 10% of the world if you can actually buy it with the money you have.
Comparing the money supply with everything you could buy with money, you will find that these numbers are a factor 1000 different.
Bootstrapping a new currency like Bitcoin where everyone got a little would have been nice. But while the imperfect distribution of the nascent bitcoin money may mean some lucky guys get 'unfairly' rich, it really doesn't mean there will be zillionaires that determine our future if bitcoin becomes de facto money.
Correct, there is no connection between the value of money and what there is in the world to buy, or what is produced for that matter. The value depends only on what value the owners of money want to hold for day to day consumption or to hold for a rainy day.
|
|
|
|
SlipperySlope
|
|
April 03, 2014, 10:07:30 PM |
|
Just suppose . . .If all the world's currencies and bank accounts were replaced with bitcoin, then an implied price of bitcoin is determined by dividing M2 by the number of bitcoin available for transactions. It is assumed here that 80% of bitcoin will used as a relatively permanent store of value. Coinbase has found that about 80 percent of its bitcoin wallet customers are viewing bitcoin as an investment. $61,000,000,000,000 world monetary base M2 20,500,000 estimated maximum bitcoins - 21M less those lost 20% estimated fraction of bitcoin available for transactions $14,878,049 implied price per bitcoin
|
|
|
|
twiifm
|
|
April 03, 2014, 10:44:39 PM |
|
You only own 10% of the world if you can actually buy it with the money you have.
Comparing the money supply with everything you could buy with money, you will find that these numbers are a factor 1000 different.
Bootstrapping a new currency like Bitcoin where everyone got a little would have been nice. But while the imperfect distribution of the nascent bitcoin money may mean some lucky guys get 'unfairly' rich, it really doesn't mean there will be zillionaires that determine our future if bitcoin becomes de facto money.
Correct, there is no connection between the value of money and what there is in the world to buy, or what is produced for that matter. The value depends only on what value the owners of money want to hold for day to day consumption or to hold for a rainy day. Then what's the point of money if you can't buy anything with it?
|
|
|
|
Erdogan
Legendary
Offline
Activity: 1512
Merit: 1005
|
|
April 04, 2014, 07:09:05 AM |
|
You only own 10% of the world if you can actually buy it with the money you have.
Comparing the money supply with everything you could buy with money, you will find that these numbers are a factor 1000 different.
Bootstrapping a new currency like Bitcoin where everyone got a little would have been nice. But while the imperfect distribution of the nascent bitcoin money may mean some lucky guys get 'unfairly' rich, it really doesn't mean there will be zillionaires that determine our future if bitcoin becomes de facto money.
Correct, there is no connection between the value of money and what there is in the world to buy, or what is produced for that matter. The value depends only on what value the owners of money want to hold for day to day consumption or to hold for a rainy day. Then what's the point of money if you can't buy anything with it? You can buy anything with it. That is the point. It is the most sellable good on the market. You can not aggregate everything of value in the real world, and think that there must be money to buy everything. There is no such relation. The aggregate value of money is different from the aggregate value of things to buy. The aggregate value of money is the aggregate of what value each participant wants to have in reserve.
|
|
|
|
twiifm
|
|
April 04, 2014, 03:11:57 PM |
|
You can buy anything with it. That is the point. It is the most sellable good on the market. You can not aggregate everything of value in the real world, and think that there must be money to buy everything. There is no such relation. The aggregate value of money is different from the aggregate value of things to buy. The aggregate value of money is the aggregate of what value each participant wants to have in reserve. I agree. My comment is directed at hoarding bit coins
|
|
|
|
|