Poll - What is your ultimate expectation for bitcoin?

[TraderTimm]

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.

I guess it all comes down to how governments and banks react to declining deposits and tax flows. They can either freak out and enact all kinds of laws that force bitcoin underground (much like torrents and other peer-to-peer activities) or they can embrace it, yet try to enforce some measure of control, at least on the taxation end.

I am not very optimistic about them adopting the technology, however. The more likely scenario is full-on freakout mode before the inevitable death of their archaic systems.

[cbeast]

When I first mentioned Bitcoin to a banker that worked in the development of Master Charge, he thought that Bitcoin might be what is needed next. The days of fractional reserve banking have already been replaced by insurance based derivatives. Bitcoin will add both transparency and efficiency to derivatives. There will be someting after Bitcoin, but it will be a self-aware currency that reads our minds about what we need rather than what stupid things we say we want.

[adamstgBit]

Maybe, Bitcoin will become a collectors item
The very first digital money that paved the way

Progress is sure to pop up a new protocol that improves on the bitcoin model, and this new protocol will be the one used to replace the current financial system

[cbeast]

Maybe, Bitcoin will become a collectors item
The very first digital money that paved the way

Progress is sure to pop up a new protocol that improves on the bitcoin model, and this new protocol will be the one used to replace the current financial system

Yeah I'm still waiting for a cheap and easy flying car promised in the 1930s. I'm waiting for Space 1999 type moon bases. All we really got was 1984. Fact is, we get what we get. We got Bitcoin, take it or leave it. Networks don't build themselves. There is barely any incentive to build Bitcoin, there certainly isn't any incentive to support another protocol with any serious commitment. It would be a lot cheaper to just buy bitcoins than build a competing network with no guarantee of success.

[justusranvier]

Credit and fiat currency will still be needed to support various social programs (gov't backed).

That's an assumption which may or may not hold up. Historically after countries reach peak government the social programs don't tend to last very long.

Not a difficult prediction to make because it's mathematically impossible for those programs to continue.

[Realpra]

With a swarm client handling the growing network and better physical payment solutions btc will take down the fiat and banking world.

I think it will surprise even bitcoiners.

[jjiimm_64]

It will become like gold, only electronic!

[istar]

In 40 years, it might have gone from illegal back to legal since it cant be stopped and is used all over the place.

Value will have exceeded $5000, atleast one extremely huge bubble will have passed with something like $100.000 or much more.

[DannyHamilton]

(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

Why? They don't fight the Dollar, Euro, or Yen.  Bitcoin is just another currency.  Why would the banks care if bitcoin succeeds or not?  If it succeeds they will use it and you will be able to deposit and withdraw bitcoin from your bank as easy as you can your local currency.  You will be able to write paper checks drawn on a bitcoin account. You will be able to take your bitcoin bank card to the local bitcoin grocery store and swipe it at the checkout line, drawing against your bitcoin account at the bank.  Just like any other currency. You can keep all your Dollars, Euro, or Yen at home, or you can deposit it with a bank.  The same will be true of your bitcoin.

[knight22]

(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

Why? They don't fight the Dollar, Euro, or Yen.  Bitcoin is just another currency.  Why would the banks care if bitcoin succeeds or not?  If it succeeds they will use it and you will be able to deposit and withdraw bitcoin from your bank as easy as you can your local currency.  You will be able to write paper checks drawn on a bitcoin account. You will be able to take your bitcoin bank card to the local bitcoin grocery store and swipe it at the checkout line, drawing against your bitcoin account at the bank.  Just like any other currency. You can keep all your Dollars, Euro, or Yen at home, or you can deposit it with a bank.  The same will be true of your bitcoin.

The fact that you may not understand is that all fiat currency is in total control of its private own central bank. With bitcoin, they loose part of their control on our method of exchange so you can be sure that they will not appreciate such a thing.

[cryptoanarchist]

I've always held that the monetary system dictates the political system. As long as the bitcoin network exists and functions properly, fiat money will eventually become obsolete - taking the state with it.

[knight22]

We can be sure of one thing, no matter what will be the issue, bitcoin will make history!

[DannyHamilton]

The fact that you may not understand is that all fiat currency is in total control of its private own central bank. With bitcoin, they loose part of their control on our method of exchange so you can be sure that they will not appreciate such a thing.

Banks have existed and happily worked with many forms of currency long before fiat currency came along.  There was a time not that long ago when currency was backed by gold.  At that time, banks still existed and happily provided gold certificate services.

Right now, I can walk into a store and hand someone a $5 bill to pay for a can of soda.  That store will then hand me back 4 $1 bills as change.  Later they can use that $5 bill to pay the guy who washes their windows.  He will take it down to the local bar and buy a few beers with that same $5 bill.  The bar will pass it off to the guy washing dishes in the back room, and he will lose it to another person in a game of poker.

Explain to me how these transactions are "in total control of its own central bank".

[AmazonStuff]

BTC will become No.1 international money transfer currency (service)

[knight22]

Banks have existed and happily worked with many forms of currency long before fiat currency came along.  There was a time not that long ago when currency was backed by gold.  At that time, banks still existed and happily provided gold certificate services.

Right now, I can walk into a store and hand someone a $5 bill to pay for a can of soda.  That store will then hand me back 4 $1 bills as change.  Later they can use that $5 bill to pay the guy who washes their windows.  He will take it down to the local bar and buy a few beers with that same $5 bill.  The bar will pass it off to the guy washing dishes in the back room, and he will lose it to another person in a game of poker.

Explain to me how these transactions are "in total control of its own central bank".

Please take a time and watch this:

http://vimeo.com/2244372
http://vimeo.com/6822294

Or read the "Modern Money Mechanics" from the Federal Reserve Bank of Chicago

You will understand their range of control and how they are working hard everyday to get more of it.

[Boussac]

Maybe, Bitcoin will become a collectors item
The very first digital money that paved the way

Progress is sure to pop up a new protocol that improves on the bitcoin model, and this new protocol will be the one used to replace the current financial system

IMHO it's quite possible to improve the bitcoin protocol incrementally through BIPs.
There is no such thing as web 2.0 in spite of the marketing hype so why would we need bitcoin 2.0 ?

[doobadoo]

Right now, I can walk into a store and hand someone a $5 bill to pay for a can of soda.  That store will then hand me back 4 $1 bills as change.  Later they can use that $5 bill to pay the guy who washes their windows.  He will take it down to the local bar and buy a few beers with that same $5 bill.  The bar will pass it off to the guy washing dishes in the back room, and he will lose it to another person in a game of poker.

Explain to me how these transactions are "in total control of its own central bank".

Seems like you have decent knowledge of history.  Banks issued paper notes that were supposedly backed by coin on deposit.  Banks literally created credit at a whim.  But there were bank runs and bubbles caused by this issuance of 'discount notes.'  With the implementation of a central bank, banks could issue more and more levels of credit and have that credit covered by central bank issuance.

In short, your deposit at the bank earns crap, b/c the central bank is constantly shuffling freshly printed money into the interbank market.  This lowers their costs (interest paid to depositors) and reduces default losses on secured loans, given the steady debasement.   I don't know how old you are, but when i was a kid a cola cost 50 cents.  Its hard to find a can for just a dollar where i am these days.  

They control more than you understand.

[Chaz]

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.

This gave me quite the chuckle as its my favourite movie 

[AbsoluteZero]

IMHO If the problems to scale up bitcoin are resolved, Bitcoin will continue to grow.
Also the price will go up.

UNTIL It grows so much that governments see It as a threat and kill the whole thing.

But, there is an opportunity to make a ”ton” of money while It lasts.

I would love It if this becomes the next reserve currency, but there is no Way countries will allow It.

They would kill the entire internet or even the Electric grid before they allow this.

[Saturn7]

1µ BTC = $1.00