If bitcoin ever goes mainstream

[tspacepilot]

Yes, I think it's pretty hard to see into the future.  But for the present, bitcoin is working well and changing the game in a good way, I think.

[picolo]

I would say it's already gone mainstream.   

Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.

I'm excited about the future of bitcoin and or cryptocurrencies.

When you can buy gas with it bit coin has arrived.

Why would you want to spend your bitcoins when the price is going to (maybe) increase 10 fold in 2015.

[rayhan]

I would say it's already gone mainstream.   

Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.

I'm excited about the future of bitcoin and or cryptocurrencies.

When you can buy gas with it bit coin has arrived.

Why would you want to spend your bitcoins when the price is going to (maybe) increase 10 fold in 2015.

maybe he needed that money
we know the plans sometimes do not match the reality

[BitNerd]

...  fiat currency won't lose value.

Fiat currency has been losing value since it was created and will continue to do so.

[ronaldo40]

Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.

noooooooo, bitcoin will never go away, and will always remain 

[zimmah]

i am not sure about prosperity and equality, but it will bring a more fair system of money.

right now, the richest people are rich because of a scam.

the few in power can print money, or better yet, they can claim money that was never theirs.

Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.

In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).

Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.

[thejaytiesto]

Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.

noooooooo, bitcoin will never go away, and will always remain 

Lol can you read, he said he would take 3 decades to reach mainstream status.
Its bullshit tho, it will arrive in 10 years. If it takes more then its a fail.

[pitham1]

i am not sure about prosperity and equality, but it will bring a more fair system of money.

right now, the richest people are rich because of a scam.

the few in power can print money, or better yet, they can claim money that was never theirs.

Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.

In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).

Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.

I would say it is only a matter of time before there are "Bitcoin banks".
If you go back 50 years in time, there was a gold standard. Didn't stop banks expanding the money supply though.

[Trading]

Yes, banks can also apply the  fractional reserve system to bitcoin. Actualy, there are already people accepting deposits in bitcoin and lending them. Some exchanges probably also live on a fractional system, lending bitcoins they don't have for people to short bitcoin.

[Trading]

More comments from the Bank of England on Bitcoin: http://www.coindesk.com/bank-of-england-digital-currency-revolutionise-payments/

[CtrlAltBernanke420]

I would say it's already gone mainstream.   

Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.

I'm excited about the future of bitcoin and or cryptocurrencies.

When you can buy gas with it bit coin has arrived.

No, bitcoin is already here. Granted I know what your saying.. will it become a gold like global currency or will it have the value of fiat...

[Q7]

Unless there is inflation in technical sense (that is, increase on the general level of prices), fiat currency won't lose value. It's not relevant if the monetary mass created by the central bank (M1) increases if the general monetary mass (so called M3, that includes money created by banks, that is the huge part of money) decreases because of a credit crunch, as was seen since 2008-2009. The main point of the QE is to avoid a decrease of the general monetary mass, because this would create deflation and a general depression. So, M1 is created to avoid a decrease of M3 caused by the banking credit crunch.

But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.

Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.

I'm not sure how you come to the conclusion that fiat has not been losing value. Other than measured in inflation terms which basically is the purchasing power to buy a certain amount of goods, the value should also be in relation to other factors like how it stands and measured against a basket of other currencies.

[AnalizeSituation]

this be very popular and more  capitaliszation i think in practic

[OpenOcean]

Dude, your model sort of assumes the price will go up over-night.

It probably won't happen like that. The price will rise, people will get out at 5x, then 10, then etc. No one single person is going to horde all the benefit, and the banks taking using bitcoin in their lending activities will also increase from the increase in this price (assuming it does increase).

The volatility will depend on how many people adopt it. Banks having it in their systems alone should halt some of the volatility if they are consistently making lending options and congruent prices. Again, this assumes the technology will get adopted after a bullish rush, which is hard to say with any credibility beforehand.

[havecoch]

Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.

noooooooo, bitcoin will never go away, and will always remain 

I think the definition of mainstream has to  be defined. Usually, you could already assume it to be widely adopted. Mainstream doesn't actually means it will replace fiat.

[Trading]

The idea is simple: as more people adopt bitcoin, the price will keep going up and up on the long term (with short and median term major crashes). At some point, this is going to start to affect fiat value too.

[tspacepilot]

The idea is simple: as more people adopt bitcoin, the price will keep going up and up on the long term (with short and median term major crashes). At some point, this is going to start to affect fiat value too.

I guess I more or less agree with this.  There is the question of what is meant by "adopt".  That is, someone might adopt bitcoin as a long-term investment savings, buying bitcoins and holding them for years.  Someone else might adopt bitcoin as a payment method for stuff they buy every month.  These two different types of adoption have different ramifications for bitcoin price, I think.

[randy8777]

The idea is simple: as more people adopt bitcoin, the price will keep going up and up on the long term (with short and median term major crashes). At some point, this is going to start to affect fiat value too.

how will it affect the value of fiat. can't see bitcoin causing that kind of an effect to fiat.

[Trading]

The first post is based on the so-called Gresham's Law. When there is a strong currency (bitcoin, even if not currently) and a weak currency (fiat), everyone keeps the first and dumps (exchange or spend) the second. It's more or less what is happening on Venezuela, with people keeping the USD and dumping the Bolivar. When this trend of dumping the weak currency is generally adopted, it can cause major depreciations of the weak currency. This might happen one day with bitcoin versus fiat, starting with bolivar and other very weak currencies.

[Btcvilla]

There's a bit of a superiority complex building for those that do "get it" and have a vision to get outside of the govt created box of institutional slavery.

How can we help but feel superior? Looking around at a world of blinded slaves who believe they're free, and one can only feel pity, sadness, and compassion.

It will make us bitcoiners rich, but it will be at the expenses of fiat holders.

Love it, anyone to ignorant to not use btc now deserves to have their fiat devalued.