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Author Topic: So in a few years when bitcoin hits $100 a coin ...  (Read 1981 times)
bbit
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July 19, 2012, 06:53:20 PM
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........and the $$/fiat is worthless how the hell are we going to cash out if we so choose to  Huh
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July 19, 2012, 06:58:37 PM
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Some people don't realize that the extent to which Bitcoin succeeds is the extent to which "cashing out" becomes meaningless. You don't need/want to cash out if Bitcoin is accepted all over the place.

Or to think of it another way... I cashed out of USD into Bitcoin. I don't necessarily intend to go back.
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July 19, 2012, 07:03:53 PM
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........and the $$/fiat is worthless how the hell are we going to cash out if we so choose to  Huh

IF BTC is $100 USD then USD isn't worthless it is worth 1/100th BTC. Smiley

If USD was truly worthless then the exchange rate would be infinite USD : 1 BTC.  At which point why would you want to cash out? 
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July 19, 2012, 07:05:46 PM
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........and the $$/fiat is worthless how the hell are we going to cash out if we so choose to  Huh

IF BTC is $100 USD then USD isn't worthless it is worth 1/100th BTC. Smiley

If USD was truly worthless then the exchange rate would be infinite USD : 1 BTC.  At which point why would you want to cash out? 


Good point ;-) I just had a spasm post haha...
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July 19, 2012, 07:08:17 PM
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Well until the utility bills and other necessities can be paid with bitcoin, cashing out for USD is going to be required for a while Sad

This is why I am trying to find jobs that pay in BITCOIN and I keep it as bitcoin and jobs that pay in USD and use that for my USD bills.

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July 19, 2012, 07:31:30 PM
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All great posts, I also love this thread title because it's much more realistic than the typical "million dollar" expectations (which probably won't happen because when it gets that valuable, a better competing currency will be created by the free market).

I too have "cashed out" of USD in principle, but I do not believe for a second that native currencies will be replaced with Bitcoins (My utility bills in South Korea will probably always need to be paid in KRW) that the world will have a "world currency", not even to mention bitcoin's scalability issues. Rather, I find it likely that bitcoin will be used in the background to power services like western union etc. I'm homeschooled and even I know that not all country's economies are equal.

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July 19, 2012, 07:50:33 PM
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Well until the utility bills and other necessities can be paid with bitcoin, cashing out for USD is going to be required for a while Sad


If you're in the US, you'll be paying your bills with BTC within a few months  Wink
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July 19, 2012, 07:54:29 PM
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........and the $$/fiat is worthless how the hell are we going to cash out if we so choose to  Huh

Buy gold/silver for BTC.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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July 19, 2012, 07:56:10 PM
 #9

Well until the utility bills and other necessities can be paid with bitcoin, cashing out for USD is going to be required for a while Sad


If you're in the US, you'll be paying your bills with BTC within a few months  Wink

*swoons*

This is awesome.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
waspoza
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July 19, 2012, 08:48:35 PM
 #10

All great posts, I also love this thread title because it's much more realistic than the typical "million dollar" expectations (which probably won't happen because when it gets that valuable, a better competing currency will be created by the free market).

Yeah, just like second facebook, second ebay, etc, right? Its not that easy, my friend.
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July 19, 2012, 09:16:09 PM
 #11

Or you could say...

"If bread ends up costing $100 per loaf, how the hell do we cash out if we choose to?"

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
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July 19, 2012, 09:26:35 PM
 #12

Or you could say...

"If bread ends up costing $100 per loaf, how the hell do we cash out if we choose to?"

so will cheddar be bitcoin?  will moola be cheddar?  What are eggs?

CampBX for buying BTCs, Coinbase for selling BTCs or Vircurex or Cryptsy for trading alternate cryptocurrencies like DOGEs

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Traktion
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July 19, 2012, 09:26:56 PM
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All great posts, I also love this thread title because it's much more realistic than the typical "million dollar" expectations (which probably won't happen because when it gets that valuable, a better competing currency will be created by the free market).

Never underestimate the power of the exponential! Wink

http://www.youtube.com/watch?v=F-QA2rkpBSY

With 20% growth per month, the price doubles in less than 4 months. If the price continues to grow at the current rate*, $100 Bitcoins will arrive in about a year.


* Over the last 8 months, the price has more than doubled twice.
nedbert9
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July 19, 2012, 09:28:25 PM
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All great posts, I also love this thread title because it's much more realistic than the typical "million dollar" expectations (which probably won't happen because when it gets that valuable, a better competing currency will be created by the free market).

I too have "cashed out" of USD in principle, but I do not believe for a second that native currencies will be replaced with Bitcoins (My utility bills in South Korea will probably always need to be paid in KRW) that the world will have a "world currency", not even to mention bitcoin's scalability issues. Rather, I find it likely that bitcoin will be used in the background to power services like western union etc. I'm homeschooled and even I know that not all country's economies are equal.

I have mixed feelings about this.  Who's to say that Bitcoin couldn't adapt to meet market needs?  One of my concerns is the voluntary nature of the Bitcoin infrastructure ie full clients.   I've heard many times here on the forum that the voluntary nature of the infrastructure is the first and biggest obstacle to change in Bitcoin.

At what point does this voluntary, loose association/coordination become a negative that allows (necessitates) competing digital currency with tightly coordinated infrastructure that addresses whatever market needs of the day to gain favor?


Does a tightly controlled infrastructure necessarily mean giving up control of said infrastructure to the Illuminati?  You get my point.
Matthew N. Wright
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July 19, 2012, 09:38:40 PM
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Excellent point nerdbert, and a difficult question indeed.

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July 19, 2012, 10:44:19 PM
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Bitcoin will never succeed. It's simply impossibly impractical. I think Bitcoin may see a huge run soon. At that point I would suggest you cash out all your profits and literally cash out on your fiat cash currency because holding cash would be just as risky as holding Bitcoin. Both are doomed. Physical assets, mainly land, are your best investment in the physical world. Or you could sell everything and follow God because all this is temporary.
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July 19, 2012, 10:52:58 PM
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Bitcoin will never succeed. It's simply impossibly impractical. I think Bitcoin may see a huge run soon. At that point I would suggest you cash out all your profits and literally cash out on your fiat cash currency because holding cash would be just as risky as holding Bitcoin. Both are doomed. Physical assets, mainly land, are your best investment in the physical world.

I disagree. Yes, cash will crash, but I believe that that very fact will only strengthen Bitcoin. Without the normal fiat electronic banking systems being worth anything, the world will be crying out for some form of electronic commerce. And since we've allowed the governments of the world (ok, mainly the U.S.) to suppress gold-backed and silver-backed electronic commerce, Bitcoin will be the #1 substitute.


Quote
Or you could sell everything and follow God because all this is temporary.

Yes, it is all temporary. Have you sold everything yet?

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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July 19, 2012, 10:58:48 PM
 #18

Well until the utility bills and other necessities can be paid with bitcoin, cashing out for USD is going to be required for a while Sad


If you're in the US, you'll be paying your bills with BTC within a few months  Wink

Are you buying the bitbills domain? :p

Don't use BIPS!
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July 19, 2012, 11:03:24 PM
 #19

........and the $$/fiat is worthless how the hell are we going to cash out if we so choose to  Huh

Buy gold/silver for BTC.


This
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July 19, 2012, 11:08:17 PM
 #20

Some people don't realize that the extent to which Bitcoin succeeds is the extent to which "cashing out" becomes meaningless. You don't need/want to cash out if Bitcoin is accepted all over the place.

Or to think of it another way... I cashed out of USD into Bitcoin. I don't necessarily intend to go back.

Sometimes the best place to keep things safe is under your mattress. Are we always going to rely on some company to keep our assets safe and secure? I would certainly want and need the option to "cash out" with something like this.

It is a little funny. Cash out your bitcoin then take it to your local bank to store it in a safety deposit box. I know all roads don't lead to Rome, but what else is safer then a deposit box at a federally insured bank?

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