$10,000 when?

[newflesh]

Why do people think that it's impossible for BTC to reach there? Not only limited to such factors as %s of gold, forex, stocks, equities, etc., but we must not forget that whenever the stagnancy of either miners or BTC will take place, some huge longs or shorts will take place for sure...

Even I hate it when someone says it's impossible as I'm too a firm believer that it will reach that for sure... Winklevoss brothers ain't much fools to say that BTC will be $1,00,000 one day...

I think Bitcoin will easily reach $10,000 one day, may not be for a few years as nobody can predict when mass adoption will occur. The only way btc wont reach the moon is if it's succeeded by a superior crypto currency (not very likely imho).

[gentlemand]

Why do people think that it's impossible for BTC to reach there? Not only limited to such factors as %s of gold, forex, stocks, equities, etc., but we must not forget that whenever the stagnancy of either miners or BTC will take place, some huge longs or shorts will take place for sure...

Even I hate it when someone says it's impossible as I'm too a firm believer that it will reach that for sure... Winklevoss brothers ain't much fools to say that BTC will be $1,00,000 one day...

Because the folks who think that way are down in the trenches watching all the day to day dumps and rises and find it very easy to forget there's a big, wide world out there that might just wake up to what they're obsessing over.

[labsbitforum]

Why do people think that it's impossible for BTC to reach there? Not only limited to such factors as %s of gold, forex, stocks, equities, etc., but we must not forget that whenever the stagnancy of either miners or BTC will take place, some huge longs or shorts will take place for sure...

Even I hate it when someone says it's impossible as I'm too a firm believer that it will reach that for sure... Winklevoss brothers ain't much fools to say that BTC will be $1,00,000 one day...

I think Bitcoin will easily reach $10,000 one day, may not be for a few years as nobody can predict when mass adoption will occur. The only way btc wont reach the moon is if it's succeeded by a superior crypto currency (not very likely imho).

I would argue that it is very likely that bitcoin will be succeeded by a superior crypto currency.  Its a questions of when not if.  Everything evolves and I cant think of a single thing that was not replaced by a 2.0.  If "Satoshi" was still actively developing bitcoin I would expect it to retain its dominate position for quite some time.  He is not.  And he left pretty early after its birth.  I don't think bitcoin is addressing its fundamental issues quick enough to not be replaced in the not so distant future.

[brg444]

Why do people think that it's impossible for BTC to reach there? Not only limited to such factors as %s of gold, forex, stocks, equities, etc., but we must not forget that whenever the stagnancy of either miners or BTC will take place, some huge longs or shorts will take place for sure...

Even I hate it when someone says it's impossible as I'm too a firm believer that it will reach that for sure... Winklevoss brothers ain't much fools to say that BTC will be $1,00,000 one day...

I think Bitcoin will easily reach $10,000 one day, may not be for a few years as nobody can predict when mass adoption will occur. The only way btc wont reach the moon is if it's succeeded by a superior crypto currency (not very likely imho).

I would argue that it is very likely that bitcoin will be succeeded by a superior crypto currency.  Its a questions of when not if.  Everything evolves and I cant think of a single thing that was not replaced by a 2.0.  If "Satoshi" was still actively developing bitcoin I would expect it to retain its dominate position for quite some time.  He is not.  And he left pretty early after its birth.  I don't think bitcoin is addressing its fundamental issues quick enough to not be replaced in the not so distant future.

What fundamental issues?

You are greatly underestimating the force of network effect and protocols.

TCP/IP is one thing that has yet to be replaced by a 2.0.

[gkv9]

I would argue that it is very likely that bitcoin will be succeeded by a superior crypto currency.  Its a questions of when not if.  Everything evolves and I cant think of a single thing that was not replaced by a 2.0.  If "Satoshi" was still actively developing bitcoin I would expect it to retain its dominate position for quite some time.  He is not.  And he left pretty early after its birth.  I don't think bitcoin is addressing its fundamental issues quick enough to not be replaced in the not so distant future.

Yes, you're right that Satoshi ain't developing it coz he gave birth to Bitcoins and we, the common people have adopted, developed and are running it currently... So, backed by people like us only, we need to take the responsibility of either having BTC as the number one cryptocurrency as it's the "PARENT" of all that are coming currently, or will need something more out of the code Satoshi gave us, with some different value of the same thing...

We need to make it possible for each and every person in the world know and adopt this protocol in their lives and take advantage of it.

[labsbitforum]

Why do people think that it's impossible for BTC to reach there? Not only limited to such factors as %s of gold, forex, stocks, equities, etc., but we must not forget that whenever the stagnancy of either miners or BTC will take place, some huge longs or shorts will take place for sure...

Even I hate it when someone says it's impossible as I'm too a firm believer that it will reach that for sure... Winklevoss brothers ain't much fools to say that BTC will be $1,00,000 one day...

I think Bitcoin will easily reach $10,000 one day, may not be for a few years as nobody can predict when mass adoption will occur. The only way btc wont reach the moon is if it's succeeded by a superior crypto currency (not very likely imho).

I would argue that it is very likely that bitcoin will be succeeded by a superior crypto currency.  Its a questions of when not if.  Everything evolves and I cant think of a single thing that was not replaced by a 2.0.  If "Satoshi" was still actively developing bitcoin I would expect it to retain its dominate position for quite some time.  He is not.  And he left pretty early after its birth.  I don't think bitcoin is addressing its fundamental issues quick enough to not be replaced in the not so distant future.

What fundamental issues?

You are greatly underestimating the force of network effect and protocols.

TCP/IP is one thing that has yet to be replaced by a 2.0.

A few of the more serious issues are:
Evolving away from Peer to Peer.  The trend to larger and larger ASIC farms increasingly controlled by a fewer and fewer.
Block Chain Size
Transactions per second

Do you Mean TCP/IP V4 or TCP/IP V6?

Quoted from this site.  http://www.tcpipguide.com/free/t_InternetProtocolVersion6IPv6IPNextGenerationIPng.htm

"Since 1981, TCP/IP has been built on version 4 of the Internet Protocol. IPv4 was created when the giant, world-wide Internet we take for granted today was just a small experimental network. Considering how much the Internet has grown and changed over the course of two decades, IPv4 has done its job admirably. At the same time, it has been apparent for many years that certain limitations in this venerable protocol would hold back the future growth of both Internet size and services if not addressed.

Due to the key role that IP plays, changing it is no simple feat. It means a substantial modification to the way that nearly everything in TCP/IP operates. However, even though we find change difficult, most of us know that it is necessary. For the last several years, development of a new version of IP has been underway, officially called Internet Protocol version 6 (IPv6) and also sometimes referred to as IP Next Generation or IPng. IPv6 is poised to take over from IPv4, and will be the basis for the Internet of the future."

[NotLambchop]

...
What fundamental issues?

-difficult to use for non-techies
-obscenely high block reward (inflation rate)
-slow confirm time necessitating cludgy workarounds
-blockchain bloat

Just to name a few.

You are greatly underestimating the force of network effect and protocols.

TCP/IP is one thing that has yet to be replaced by a 2.0.

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  Huge now, but it doesn't own the sourcecode/Bitcoin protocol.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

[brg444]

...
What fundamental issues?

-difficult to use for non-techies
-obscenely high block reward (inflation rate)
-slow confirm time necessitating cludgy workarounds
-blockchain bloat

Just to name a few.

You are greatly underestimating the force of network effect and protocols.

TCP/IP is one thing that has yet to be replaced by a 2.0.

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  It's huge now, but it doesn't own the sourcecode.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

Doesn't take much foresight to imagine all those problems being solved in due time. You people sound like those who were saying the internet would never scale in 1992.

[labsbitforum]

Doesn't take much foresight to imagine all those problems being solved in due time. You people sound like those who were saying the internet would never scale in 1992.

I never said the internet would never scale in 1992...

[brg444]

Doesn't take much foresight to imagine all those problems being solved in due time. You people sound like those who were saying the internet would never scale in 1992.

I never said the internet would never scale in 1992...

I never said you did.

I'm arguing that your claim will appear similar in hindsight 10-20 years from now.

[piramida]

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  Huge now, but it doesn't own the sourcecode/Bitcoin protocol.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

Oh no, you are confusing idea with an implementation. There were hundreds network protocol implementations, anybody can take the idea of "how do I package the data and send it over the wire", but only one is the true king; others found their niches. It applies to bitcoin perfectly - there will be only one true blockchain, and there will be many niche cryptos, but it is already impossible to dethrone bitcoin - it has rooted too deep.

AOL had nothing to do with tcp/ip or internet, it was a user-facing service built on top of the protocol. Say MtGox or coinbase.

[NotLambchop]

...
What fundamental issues?

-difficult to use for non-techies
-obscenely high block reward (inflation rate)
-slow confirm time necessitating cludgy workarounds
-blockchain bloat

Just to name a few.

You are greatly underestimating the force of network effect and protocols.

TCP/IP is one thing that has yet to be replaced by a 2.0.

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  It's huge now, but it doesn't own the sourcecode.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

Doesn't take much foresight to imagine all those problems being solved in due time. You people sound like those who were saying the internet would never scale in 1992.

You asked about fundamental issues.  I gave you a list.
The correct response would be to thank me, but instead you chose to avoid the issue by claiming that they'll be addressed in due time.

[piramida]

and btw, tcp/ip v4 has the fatal flaw too, namely extremely inadequate addressing space, known since 30 years ago. you know what? we learned to live with that instead of replacing it with a superior tech. because expensive to replace everything. with every passing day, it is less and less likely that bitcoin will ever be replaced.

[NotLambchop]

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  Huge now, but it doesn't own the sourcecode/Bitcoin protocol.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

Oh no, you are confusing idea with an implementation. There were hundreds network protocol implementations, anybody can take the idea of "how do I package the data and send it over the wire", but only one is the true king; others found their niches. It applies to bitcoin perfectly - there will be only one true blockchain, and there will be many niche cryptos, but it is already impossible to dethrone bitcoin - it has rooted too deep.

AOL had nothing to do with tcp/ip or internet, it was a user-facing service built on top of the protocol. Say MtGox or coinbase.

The analogy Bitcoin/AOL is certainly better than Bitcoin/TCP/IP one.  Comparing Bitcoin to TCP/IP implies that other coins (providers) can't use TCP/IP (the Bitcoin protocol).
The fact of the matter is they can and do

[NotLambchop]

and btw, tcp/ip v4 has the fatal flaw too, namely extremely inadequate addressing space, known since 30 years ago. you know what? we learned to live with that instead of replacing it with a superior tech. because expensive to replace everything. with every passing day, it is less and less likely that bitcoin will ever be replaced.

Are you suggesting that Crypto 2.0 will be IPv6?  Sure.

[brg444]

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  Huge now, but it doesn't own the sourcecode/Bitcoin protocol.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

Oh no, you are confusing idea with an implementation. There were hundreds network protocol implementations, anybody can take the idea of "how do I package the data and send it over the wire", but only one is the true king; others found their niches. It applies to bitcoin perfectly - there will be only one true blockchain, and there will be many niche cryptos, but it is already impossible to dethrone bitcoin - it has rooted too deep.

AOL had nothing to do with tcp/ip or internet, it was a user-facing service built on top of the protocol. Say MtGox or coinbase.

The analogy Bitcoin/AOL is certainly better than Bitcoin/TCP/IP one.  Comparing Bitcoin to TCP/IP implies that other coins (providers) can't use TCP/IP (the Bitcoin protocol).
The fact of the matter is they can and do

 

Other coins are not providers.

What other coin use Bitcoin?

[brg444]

and btw, tcp/ip v4 has the fatal flaw too, namely extremely inadequate addressing space, known since 30 years ago. you know what? we learned to live with that instead of replacing it with a superior tech. because expensive to replace everything. with every passing day, it is less and less likely that bitcoin will ever be replaced.

Are you suggesting that Crypto 2.0 will be IPv6?  Sure.

No, he's suggesting that Bitcoin v. x.xx will be IPv6

[NotLambchop]

Bitcoin (the blockchain you're invested in) is not TCP/IP, it's more like America Online.  Huge now, but it doesn't own the sourcecode/Bitcoin protocol.  Just like other service providers started using TCP/IP, other coins can use the Bitcoin protocol.

Oh no, you are confusing idea with an implementation. There were hundreds network protocol implementations, anybody can take the idea of "how do I package the data and send it over the wire", but only one is the true king; others found their niches. It applies to bitcoin perfectly - there will be only one true blockchain, and there will be many niche cryptos, but it is already impossible to dethrone bitcoin - it has rooted too deep.

AOL had nothing to do with tcp/ip or internet, it was a user-facing service built on top of the protocol. Say MtGox or coinbase.

The analogy Bitcoin/AOL is certainly better than Bitcoin/TCP/IP one.  Comparing Bitcoin to TCP/IP implies that other coins (providers) can't use TCP/IP (the Bitcoin protocol).
The fact of the matter is they can and do

 

Other coins are not providers.

What other coin use Bitcoin?

Don't make me explain what the long word "analogy" means.  It certainly doesn't mean "identical" or "equal."
Bitcoin protocol is not your blockchain.  Bitcoin protocol is a convenient name for the protocol devised by Satoshi, used by SHA256 clonecoins. 
Are you intentionally being obtuse?

[NotLambchop]

and btw, tcp/ip v4 has the fatal flaw too, namely extremely inadequate addressing space, known since 30 years ago. you know what? we learned to live with that instead of replacing it with a superior tech. because expensive to replace everything. with every passing day, it is less and less likely that bitcoin will ever be replaced.

Are you suggesting that Crypto 2.0 will be IPv6?  Sure.

No, he's suggesting that Bitcoin v. x.xx will be IPv6

Bitcoin is still at V0.xxx, AFAIK.  Way to stay in beta for half a decade.  Much rapid development.  Very problem-solving

[piramida]

and btw, tcp/ip v4 has the fatal flaw too, namely extremely inadequate addressing space, known since 30 years ago. you know what? we learned to live with that instead of replacing it with a superior tech. because expensive to replace everything. with every passing day, it is less and less likely that bitcoin will ever be replaced.

Are you suggesting that Crypto 2.0 will be IPv6?  Sure.

ipv6 is the "soft fork" of ipv4, superior, exists for many years, and still only like 3% use it. if bitcoin is ever hard-forked in a way that renders all existing infrastructure obsolete (and that's what an "altcoin successor" can be seen as), the resistance will be huge, and the new fork/altcoin will die quick death because it will be unsupported by any invested parties.

Any evolution in bitcoin will happen gradually, with changed behavior co-existing with the old one, just like ipv4 coexists with v6 today.

And no, bitcoin is not in alpha. You can send a million dollars worth of bitcoin to Uruguay today and with a 99.99(alot of nines)% chance it will be there in an hour. Unlike any existing banking system, where manual labour will be involved often to see your transaction goes through all the routing hoops successfully.