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Author Topic: Bitcoin Holders Must Prepare For Mass Adoption  (Read 18730 times)
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scab
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May 17, 2013, 03:03:37 AM
 #101


While I do think I grasp the overall idea planned by the designer(s), I can't help but thinking he might be wrong. There is a very good possibility society could slip into the sort of communal economic utopia that he had envisioned, but I think human nature will be expressed despite the fairness of the monetary system. There will be people with more and people with less, and people with more will have more power and options to tempt those with less. And should such a utopia be established, I have my doubts about the peace lasting after the first generation lives and dies.

I know where you are going with this, and I see it to be probable as well, but I just don't think it will hold. You are definitely correct that people will be awestruck by the first wave of developments.
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BitcoinAshley
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May 17, 2013, 04:18:31 AM
 #102

Quote from: scab
but I think human nature will be expressed despite the fairness of the monetary system.


"But... human nature" 

Human nature is a social construct.  Grin
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May 17, 2013, 07:21:46 AM
 #103

It isn't really that much of a surprise when you learn how astronomically screwed their current economy really is, and the Yuan is in line with the Euro and Dollar to fall hard in the near future. Due to the way they don't let citizens invest their money the way we can, they all went hip deep in funneling their new found wealth into housing as an investment, which has caused a bubble so big it escapes rational thought. Unfortunately these people bought into these ghost cities where no one lives. They have all wasted their life savings and don't even know it yet.

http://www.cnbc.com/id/100533574

http://www.forbes.com/fdc/welcome_mjx.shtml

Lots more articles like these around predicting the worst. This is not the housing boom of the US where they just overbuilt residental neighborhoods and business buildings. They are mass manufacturing entire citites at a debt. These cities add zero to their economy as they are just rotting in the sun now, useless.

Their entire economy is 100% fake, driven by frequent mass capital injections that keeps them building completely empty cities on credit (they build 12-24 new cities per year!) to keep the economy moving. Their middle class can't get enough credit, and the banks can't wait to give it to them. They are doing what the US did, but about 50% faster on the road to failure, it can't go on indefinitely. If China's economy tanks that little tantrum in 2008 will be a tiny footnote in history compared with the consequences of such a collapse of the world's second largest economy. Since the commodities markets would be wiped out along with it (that has been feeding China the materials for all of their insane building), all of the other major bubbles will implode immediately after around the world, causing a shockwave of systemic failure across the board, eventually burning down already shaky banks that are all hiding massive risky derivitives bombs of unfathomable amounts of money (Estimated at around $1.5 Quadrillion, 20x the worlds GDP, no one really knows since banks are not obligated to report to anyone). That means game over for the old economy and fiat currency. There is no amount of money anyone could print to fix it.

Grim, I know, but this is how the world really is right now. It's a house of cards. If you don't believe me I encourage you to start doing your own research and be shocked and disgusted by what you find like I was. We're on borrowed time as they keep inflating currency everywhere to stem the tide.



 If/When (pretty sure it is when at this point) fiat falls what do we do then? The problem can't be fixed with the problem. We will need a new money economy. Luckily, we already have one. Thy name is Bitcoin.

I have theorized as the economic damage gets worse that Bitcoin and its brethren could possibly overwrite the damage and the debt as it occurs. It is very easy to deploy and 100% free for the general populace to use, rapid adoption is totally possible. I'm prepared to watch BTC skyrocket when the next major bank or even a whole country bites the dust. Cyprus was just a taste of that scenario.

A point on mining that seems to escape many: even if the coins are a lot harder to mine in the future, even a slice of one when they are valued at say $1000 or more is still a significant sum. It won't stay at $100 forever while the difficulty and network hashpower ramps up with the Asicocalpse. Mining will still be profitable, possibly even more so if the price increase outpaces the network hashpower increase. We'll just have to wait and see what happens. The mining market and network will stabilize on its own, there is just a lot of hype built around these new ASICs and everyone wants in on the initial rush. It will pass. Those early to the table stand to make a small fortune, but won't be indefinite as ASIC tech becomes readily available.

To imagine the impact if 1/4 of the Earths population hopped on Bitcoin...I really can't wait to see where this is all going. It would be a smart move on their part to dump the Yuan before it dumps them.

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May 29, 2013, 04:22:44 PM
 #104


I as well, would not be surprised to reach 300k per coin by the end of this year. Perhaps higher. Gold rush, exponential adoption.
Cool, right? Very!


I'm sorry, but...
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May 29, 2013, 04:29:44 PM
Last edit: May 29, 2013, 06:09:19 PM by tycoonUA
 #105

and how exactly one does prepare for mass adoption of btc? should they hold near themselves a bottle of champaign just in case? is that enough to be prepared for mass adoption of bitcoin? or should they stock up a huge pile of cocain and hookers?
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May 29, 2013, 04:31:02 PM
 #106

and how exactly one does prepare for mass adoption of btc? should they hold near themselves a bottle of champaign just in case? is that enough to be prepared for mass adoption of bitcoin? or should they shock up a huge pile of cocain and hookers?

Both?

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November 17, 2013, 08:37:15 PM
 #107

Seems more relevant now.
jinni
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December 17, 2013, 11:17:58 PM
 #108

Seems more relevant now.
I would say more relevant is an understatement. Many people who where reading this thread in May have already made significant gains by holding Bitcoin.

The Chinese gambling culture prediction for sure kicked in; it is just a matter of time before the you-will-be-hacked prediction kicks in. But prediction is the wrong word, it is inductive reasoning. However the message is clear, this is getting more serious, faster than you could imagine.

Next in line for further build-ups is Japan and India, as well as Wall Street and further layers of Western society.
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December 17, 2013, 11:49:06 PM
 #109

Seems more relevant now.

Go any more Bitcoin insights?

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