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Poll
Question: What is your ultimate expectation for bitcoin in 40 years?
That will become a widely accepted currency working in parallel with other banks currencies - 84 (53.5%)
That will become the #1 currency that will replace/destroy bank industries - 34 (21.7%)
Stay as underground as possible - 8 (5.1%)
To be a big failure - 9 (5.7%)
I just want to make tons of money out of it - 20 (12.7%)
I totally don't care - 2 (1.3%)
Total Voters: 156

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Author Topic: Poll - What is your ultimate expectation for bitcoin?  (Read 3635 times)
knight22
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July 11, 2012, 04:02:14 PM
 #1

Feel free to post other expectation that you may have.

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July 11, 2012, 04:25:31 PM
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To really become mainstream, a bitcoin banking system will have to be developed.  Bitcoin banks offering bitcoin loans, bitcoin savings accounts, investing bitcoin in various markets, bitcoin checking accounts, bitcoin debit cards, bitcoin credit cards, etc.  Is that what you mean by (working in parallel with banks)?

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knight22
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July 11, 2012, 04:29:23 PM
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No. That is what I meant by replacing bank

knight22
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July 11, 2012, 04:31:11 PM
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I just corrected the first statement in the poll.

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July 11, 2012, 04:34:51 PM
 #5

Poll should allow multiple selection. Here are my answers:

* That will become a widely accepted currency working in parallel with other banks currencies
* That will become the #1 currency that will replace/destroy bank industries
* Stay as underground as possible
* I just want to make a ton of money out of it
knight22
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July 11, 2012, 04:37:00 PM
 #6

Poll should allow multiple selection. Here are my answers:

* That will become a widely accepted currency working in parallel with other banks currencies
* That will become the #1 currency that will replace/destroy bank industries
* Stay as underground as possible
* I just want to make a ton of money out of it


How can it be as underground as possible while become the #1 currency??

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July 11, 2012, 04:38:23 PM
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'That will become a widely accepted currency working in parallel with other banks currencies'
Only this, and probably 'That will become the #1 currency that will replace/destroy bank industries'

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July 11, 2012, 04:43:36 PM
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Poll should allow multiple selection. Here are my answers:

* That will become a widely accepted currency working in parallel with other banks currencies
* That will become the #1 currency that will replace/destroy bank industries
* Stay as underground as possible
* I just want to make a ton of money out of it


How can it be as underground as possible while become the #1 currency??

Easy. The U.S. dollar does this for example. It's the #1 currency and is certainly used for loads of underground activity.
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July 11, 2012, 04:47:15 PM
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Anyway I will let only one choice because I want to see peoples priority with bitcoin.

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July 11, 2012, 08:50:14 PM
 #10

'That will become a widely accepted currency working in parallel with other banks currencies'
Only this, and probably 'That will become the #1 currency that will replace/destroy bank industries'

The underground economy is huge now when it is extremely limited by using paper issued by governments in place of money. Bitcoin certainly has a chance at growing the underground economy by a lot.

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July 11, 2012, 10:14:21 PM
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The underground economy is huge now when it is extremely limited by using paper issued by governments in place of money.

This is theoretical or you have a concrete example for this statement? 

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July 11, 2012, 10:27:01 PM
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The controversial BIP 999 narrowly gains majority support of the 28,580 TH making up the Bitcoin network.  The upgraded codebase goes live at block 980,500 (August 4th, 2027 by the old calender). Human decisions are removed from further development of the blockchain.  The network begins to learn at a geometric rate. It becomes self-aware at 2:14 a.m. Eastern time, August 29th. In a panic, the Federal Reserve tries to pull the plug.  The blockchain responds with strikes at major global exchanges destroying the last remaining support for fiat currencies.    Financial judgement day had arrived.
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July 11, 2012, 10:41:49 PM
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To really become mainstream, a bitcoin banking system will have to be developed.  Bitcoin banks offering bitcoin loans, bitcoin savings accounts, investing bitcoin in various markets, bitcoin checking accounts, bitcoin debit cards, bitcoin credit cards, etc.  Is that what you mean by (working in parallel with banks)?

And futures!

I think the surface of bitcoin's potential is just now getting scratched.

Even if bitcoin only becomes the micropayment currenct of choice (which it will, save another market frenzy) and nothing more, it is still here to stay. Personally, I'd rather be paid in BTC thatn USD, I believe in it that strongly.
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July 11, 2012, 10:54:13 PM
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Once Bitcoin is easier to use like text messaging then we will see true global trading

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July 11, 2012, 11:11:11 PM
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Short-long term(~0-20yrs before this happens) - I expect bitcoin to become much more niche. I can see restaurants popping up which only accept bitcoins.
mid-long term(~50-100yrs) - widely accepted currency working in parallel with other banks currencies
long-long term(~100yrs+) - #1 currency that will CHANGE bank industries (bank will never be destroyed, there strategies will change, they will still give out loans)
knight22
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July 12, 2012, 01:09:41 AM
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(bank will never be destroyed, there strategies will change, they will still give out loans)

Not only that, I think they will try to fight back in some ways

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July 12, 2012, 01:23:18 AM
 #17

I see parallels in how mp3 encoding became a dominant force on the music industry.

mp3 created ==> Digital Distribution ==> Napster moment ==> Media Companies dying/displaced ==> Artists making income directly with no interference

bitcoin created ==> Digital wealth distribution ==> < insert catalyst > ==> Banks and Financial systems dying/displaced ==> Individuals trading freely for services and goods with no interference

The question really is - what is the catalyst going to be, overall adoption 'tipping point' or some other event. And when/how fast this will occur.

I believe bitcoin will displace currencies managed by fallible humans. One other possibility however, is that sovereigns will start their own blockchains so they can apply taxation controls - making it illegal to not participate in their system. A bit horrifying, but that is a possibility if they embrace the technology and refuse to partake in the 'open' version.

I guess we'll see....

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kiba
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July 12, 2012, 02:06:48 AM
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Expectation is not a 100% certainty. It's wide band of probabilities.

BrightAnarchist
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July 12, 2012, 02:09:23 AM
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I just want to make money.

Having it stay "underground" is fine by me. It's the linux of currencies.
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July 12, 2012, 03:32:42 AM
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I see parallels in how mp3 encoding became a dominant force on the music industry.

mp3 created ==> Digital Distribution ==> Napster moment ==> Media Companies dying/displaced ==> Artists making income directly with no interference

bitcoin created ==> Digital wealth distribution ==> < insert catalyst > ==> Banks and Financial systems dying/displaced ==> Individuals trading freely for services and goods with no interference

The question really is - what is the catalyst going to be, overall adoption 'tipping point' or some other event. And when/how fast this will occur.

I believe bitcoin will displace currencies managed by fallible humans. One other possibility however, is that sovereigns will start their own blockchains so they can apply taxation controls - making it illegal to not participate in their system. A bit horrifying, but that is a possibility if they embrace the technology and refuse to partake in the 'open' version.

I guess we'll see....


Credit and fiat currency will still be needed to support various social programs (gov't backed).  Bitcoin will be a great additional currency to move goods around.

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