Bitcoin will be bigger than Facebook

[keanbosch]

Winklevoss twins: Bitcoin will be bigger than Facebook. The brothers, two of the most influential players in a new generation of investors, say bitcoin will encourage financial openness.

http://www.ahametals.com/bitcoin-bigger-than-facebook/

[DannyElfman]

I think comparing bitcoin to facebook is kind of like comparing apples to oranges. Bitcoin is a P2P "currency" while Facebook is a social network. The uses of the two platforms are just too different

[EcuaMobi]

Do they mean Bitcoin's market cap will be greater than Facebook.

For it to reach 173 billions, each Bitcoin would need to be worth about $13k. That's entirely possible in a couple years.

[zubelutte]

Do they mean Bitcoin's market cap will be greater than Facebook.

Hopefully they mean popularity instead, I mean number of people using it. Is Bitcoin ready for Billion of users actively using it ?

[oXo]

I think comparing bitcoin to facebook is kind of like comparing apples to oranges. Bitcoin is a P2P "currency" while Facebook is a social network. The uses of the two platforms are just too different

I don't think they were comparing the two sites in that way. They meant how popular it got, once you heard about it you had to go make a facebook account, same as bitcoin, once you hear about it you have to own one.

Bitcoin is still in its early stages. 9 out of 10 people I ask (probably more like 99 out of 100) if they have heard about bitcoin and most say no. I have met very few people IRL that has never seen it on CNN or heard of it online. The majority of people that use it are the ones online on their computers, not the average person that works a 9-5.

[TaunSew]

Global remittance is $500 billion.  Investment Gold is $2 trillion.  Retirement funds are $20 trillion.  There's $97 trillion investments worldwide.  Derivatives are $400 trillion.

Dot.Com bubble of late 1990s was $7 trillion and created new billionaires like Mark Cuban overnight.

Housing Bubble of 2008 was $10 trillion.


It's far from bullish to suggest that Bitcoin or Crypto Currencies will be worth hundreds of billions.  Quite likely that crypto currencies will hit $1 to $10 trillion within our lifetimes (and not in some hyperinflation scenario    ).
 

[newIndia]

Do they mean Bitcoin's market cap will be greater than Facebook.

For it to reach 173 billions, each Bitcoin would need to be worth about $13k. That's entirely possible in a couple years.

Looks like they r comparing the market cap. But how did u calculate this 13k thing ? More bitcoin will be mined with time and it'll require less value to reach 173 Billion, whereas currently we are standing at around 7 Billion.

[Ron~Popeil]

The exciting aspect of bit coin is that it could happen rapidly or slowly. I don't think it is a question of if but when.

[EcuaMobi]

Do they mean Bitcoin's market cap will be greater than Facebook.

Hopefully they mean popularity instead, I mean number of people using it. Is Bitcoin ready for Billion of users actively using it ?

That'd be even more ambitious!

I hope Bitcoin will be more popular than Facebook in less than a few years. That's the idea.

I don't think the world is ready for this, but it will be eventually.

[EcuaMobi]

Do they mean Bitcoin's market cap will be greater than Facebook.

For it to reach 173 billions, each Bitcoin would need to be worth about $13k. That's entirely possible in a couple years.

Looks like they r comparing the market cap. But how did u calculate this 13k thing ? More bitcoin will be mined with time and it'll require less value to reach 173 Billion, whereas currently we are standing at around 7 Billion.

I just calculated it as 173 / 7.7 * 600 to get that market cap as today.

Yes of course, in the future when more Bitcoins are mined, a smaller price per coin will achieve that.

[CoinMode]

Is Bitcoin ready for Billion of users actively using it ?

No, bitcoin is nowhere close to being ready to handle the entire world economy in a way like Visa or Mastercard. We simply do not have enough payment processors or exchanges to make this feasible yet. It is very alarming how the Winklevii are putting all of their money into their ETF project and not giving anything to the bitcoin core development team. We need side chains and we need them fast if we want this to go global. It is such a disgrace that $200million in VC funding is there and they can't even spare a couple 100k dollars to hire a few more core developers.

[acs267]

Comparing a digital currency to a social media website. Damn that's so smart, bro! Nah, it's not. I think the Twins should be actually trying to get on good terms with Zucker. Together, they could become even bigger.

But, the more you don't know.

[newIndia]

Is Bitcoin ready for Billion of users actively using it ?

No, bitcoin is nowhere close to being ready to handle the entire world economy in a way like Visa or Mastercard. We simply do not have enough payment processors or exchanges to make this feasible yet. It is very alarming how the Winklevii are putting all of their money into their ETF project and not giving anything to the bitcoin core development team. We need side chains and we need them fast if we want this to go global. It is such a disgrace that $200million in VC funding is there and they can't even spare a couple 100k dollars to hire a few more core developers.

You are either Mike Hearn or inspired by him.

[cozk]

A very neutral source yes.

This has no credibility at all.

[CoinMode]

Is Bitcoin ready for Billion of users actively using it ?

No, bitcoin is nowhere close to being ready to handle the entire world economy in a way like Visa or Mastercard. We simply do not have enough payment processors or exchanges to make this feasible yet. It is very alarming how the Winklevii are putting all of their money into their ETF project and not giving anything to the bitcoin core development team. We need side chains and we need them fast if we want this to go global. It is such a disgrace that $200million in VC funding is there and they can't even spare a couple 100k dollars to hire a few more core developers.

You are either Mike Hearn or inspired by him.

You must not understand the transaction limit of the blockchain, or how side-chains would serve to fix this and allow hundreds of exchanges and payment processors to do the required number of transactions for a worldwide bitcoin economy.

[zimmah]

Do they mean Bitcoin's market cap will be greater than Facebook.

Hopefully they mean popularity instead, I mean number of people using it. Is Bitcoin ready for Billion of users actively using it ?

Not in the current state, but hopefully it is ready when it needs to be ready.

[Mikez]

Do they mean Bitcoin's market cap will be greater than Facebook.

Hopefully they mean popularity instead, I mean number of people using it. Is Bitcoin ready for Billion of users actively using it ?

What if they compare they're usefulness instead?
Either way, it's not quite a fair comparison. But I do hope Bitcoin will be bigger than Facebook in all three aspects.

[newIndia]

Is Bitcoin ready for Billion of users actively using it ?

No, bitcoin is nowhere close to being ready to handle the entire world economy in a way like Visa or Mastercard. We simply do not have enough payment processors or exchanges to make this feasible yet. It is very alarming how the Winklevii are putting all of their money into their ETF project and not giving anything to the bitcoin core development team. We need side chains and we need them fast if we want this to go global. It is such a disgrace that $200million in VC funding is there and they can't even spare a couple 100k dollars to hire a few more core developers.

You are either Mike Hearn or inspired by him.

You must not understand the transaction limit of the blockchain, or how side-chains would serve to fix this and allow hundreds of exchanges and payment processors to do the required number of transactions for a worldwide bitcoin economy.

Implementation of side chain has nothing to do with money flowing to Bitcoin core dev team. If they limit the team to a few selective people and dont open the door for worldwide devs... money wont flow in.

[tokeweed]

Winklevoss twins: Bitcoin will be bigger than Facebook. The brothers, two of the most influential players in a new generation of investors, say bitcoin will encourage financial openness.

http://www.ahametals.com/bitcoin-bigger-than-facebook/

coming from the winklevoss twins, that statement is lol.

[chaosPT]

Bitcoin cant be bigger than facebook .

Just like a USD are not the biggest in the whole world .