Welcome to the "Bitcoin Standard"

[bitbibit]

Welcome to the "Bitcoin Standard" - Blog on BTCXIndia
http://blog.btcxindia.com/after-1000s-of-years-enjoying-gold-standard-now-welcome-to-the-bitcoin-standard/

Great chat going on reddit about btcxindia blog... check out http://www.reddit.com/r/Bitcoin/comments/2wvjs6/after_1000s_of_years_enjoying_gold_standard_now/

[1714805010]

1714805010

[1714805010]

1714805010

[1714805010]

1714805010

[1714805010]

1714805010

[Beliathon]

Bitcoin Standard.

This is good, strong language is important so fiat-slaves learn their rightful place long before they come grovelling at our mathematically guaranteed feet.

[dollarneed]

a long time ago gold was a precious thing t and its a best way to invest yor money, gold was exist since period of moses till now,but now bitcoin is a precious thing to and its should have a standard like a gold i believe bitcoin more precious in 100 years latter,like gold

[tyrexs]

a long time ago gold was a precious thing t and its a best way to invest yor money, gold was exist since period of moses till now,but now bitcoin is a precious thing to and its should have a standard like a gold i believe bitcoin more precious in 100 years latter,like gold

are you sure what with your opinion? what the reason you think like that
i dont think bitcoin can change gold because bitcoin doesnt have physical like gold

[R2D221]

a long time ago gold was a precious thing t and its a best way to invest yor money, gold was exist since period of moses till now,but now bitcoin is a precious thing to and its should have a standard like a gold i believe bitcoin more precious in 100 years latter,like gold

are you sure what with your opinion? what the reason you think like that
i dont think bitcoin can change gold because bitcoin doesnt have physical like gold

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

[BillyBobZorton]

I agree with this view:

https://www.youtube.com/watch?v=yPIvqJsCOSo

Here the idea of Bitcoin Standard is nicely explained by the Xapo CEO. I strongly believe Gold has seen its better days already, it just has nothing to offer, it's increasingly more annoying to own and mine, and it's basically useless beyond people wanting to pay for it, it has not the endless new uses that Bitcoin has. It will take a decade or two for people to start grasping the concept tho, it's too mindbending for the traditional ones to think of Bitcoin as something more valuable than Gold.

[Dire]

i dont think bitcoin can change gold because bitcoin doesnt have physical like gold

Bitcoin actually has more uses than gold. The old argument was Bitcoin can't replace gold because gold has secondary use other than just store of value:

Jewelry

and,

industrial use in some technology.

But, due to the block chain which 'is' one of the same with Bitcoin, many other applications are possible, such as,

Property rights ledgers
Issuance of stocks/shares/derivatives
Digital rights assets
Company dividends
Set in stone contracts
Short information broadcasts that can never be deleted

There's a whole load of other stuff too which escapes me at the moment, but, essentially, the value of Bitcoin and the blockchain is far superior to gold, in a (long-term) mathematical sense, and of utility.

[BTCevo]

a long time ago gold was a precious thing t and its a best way to invest yor money, gold was exist since period of moses till now,but now bitcoin is a precious thing to and its should have a standard like a gold i believe bitcoin more precious in 100 years latter,like gold

Long time ago until now gold are still precious to me and there are a lot of investor that invest at there too. And now bitcoin thing pop up and still it never replace gold. Bitcoin will be one kind method of payment, not like gold, you can't use it as a payment you just invest there to get for the future

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

You can't send large ammount in that instant you always need confirmation to make sure that your bitcoin  will be send so it will take time

[R2D221]

Being not physical is actually better. You can instantly send a large amount across the world galaxy within seconds.

Fixed that for you. It's just information, it can be sent and received anywhere light can go. Intergalactic trade networks are now possible, should we meet another species adept in mathematics.

I would appreciate it if you don't put words in my mouth.

[R2D221]

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

You can't send large ammount in that instant you always need confirmation to make sure that your bitcoin  will be send so it will take time

Waiting for confirmation means the transaction has already propagated throughout all the nodes, which means sending it does take just seconds. Confirmation time ≠ Transaction time.

[pereira4]

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

You can't send large ammount in that instant you always need confirmation to make sure that your bitcoin  will be send so it will take time

Waiting for confirmation means the transaction has already propagated throughout all the nodes, which means sending it does take just seconds. Confirmation time ≠ Transaction time.

For some reason, people has a problem with waiting 10 minutes even if you just sent 100 million dollars in Bitcoin, vs what it would take to do this the traditional way. You don't even need to wait for a single confirmation tho, if you have set fees to automatic, it is I think safe to say that its impossible that a problem happens.

[Beliathon]

i dont think bitcoin can change gold because bitcoin doesnt have physical like gold

Not so long ago men said the same about oil. In the mid to late 1800s, oil was considered an expensive, dirty nuisance when mining for coal, which was valued highly at the time.

...it’s important to keep in mind that it takes time for the true market use case of a commodity to be developed. Standard Oil was founded in 1870, a full decade after the commercialization of oil extraction in Titusville, PA. At the time, kerosene was the valuable component of refined petroleum as the primary fuel for lanterns and heat. Gasoline was an unwanted byproduct and thought to have such little value it was simply dumped into rivers. The mass market for gasoline-powered cars didn’t really take off until the 1920s. A barrel of oil didn’t cross the $100 threshold until 2008.

Like oil, Bitcoin can be refined and put to use in novel and yet-to-be imagined ways. Bitcoin’s scripting language can be used to create transactions with multiple components (a standard bitcoin transfer needs just two things: (1) proof of bitcoin ownership by the sender and (2) the address of the recipient). Contracts can be designed and enforced that can require additional approvals, reference external facts, or even be timed to complete in the future. Because these conditions can be built directly into the Bitcoin protocol, this provides an interesting alternative to relying on (and paying!) banks, lawyers or other institutions regularly entrusted to help craft, facilitate and enforce transactions between private parties.

(...)

Why does it matter?

Businesses built around supporting transactions are increasingly competing with protocols and algorithms that can do the job more quickly, securely, reliably and without requirement of profit. By commoditizing transactions, Bitcoin offers this previously ‘expensive’ service to entrepreneurs without the risk of building and maintaining this capability themselves. For the first time in Internet history, settling transactions between multiple parties can be dictated and applied directly through open-source software and not through (largely) for-profit 3rd party institutions...

Read more about early oil history and how it relates to bitcoin here.

[TibanneCat]

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

You can't send large ammount in that instant you always need confirmation to make sure that your bitcoin  will be send so it will take time

Waiting for confirmation means the transaction has already propagated throughout all the nodes, which means sending it does take just seconds. Confirmation time ≠ Transaction time.

For some reason, people has a problem with waiting 10 minutes even if you just sent 100 million dollars in Bitcoin, vs what it would take to do this the traditional way. You don't even need to wait for a single confirmation tho, if you have set fees to automatic, it is I think safe to say that its impossible that a problem happens.

Exactly! Never in history has it been so easy to send ANY amount of money in a reliable way.
Anyone ever tried to sell (real) gold?? You reckon the verification process is gonna be under 10 minutes?
gold and fiat will still be around for some time, but it is clear that bitcoins will take an ever increasing slice of the market.

[Beliathon]

Exactly! Never in history has it been so easy to send ANY amount of money in a reliable way.
Anyone ever tried to sell (real) gold?? You reckon the verification process is gonna be under 10 minutes?
gold and fiat will still be around for some time, but it is clear that bitcoins will take an ever increasing slice of the market.

It's coming...

[Argwai96]

Exactly! Never in history has it been so easy to send ANY amount of money in a reliable way.
Anyone ever tried to sell (real) gold?? You reckon the verification process is gonna be under 10 minutes?
gold and fiat will still be around for some time, but it is clear that bitcoins will take an ever increasing slice of the market.

It's coming...

Nice graph, most of us are really excited to see a change on that billon marketcap, what would be the price of one btc if we hit a 1 trillion cap ?

[Beliathon]

Nice graph, most of us are really excited to see a change on that billon marketcap, what would be the price of one btc if we hit a 1 trillion cap ?

Approx. 60,000$ per BTC, but the potential market cap could just as easily be five or twenty times larger than that.

Ex-Facebook executive Chamath Palihapitiya wrote a Bloomberg opinion piece stating that bitcoin could become a "better version" of gold, or even a replacement for the precious metal. With all the gold in the world totalling around $8 trillion, Palihapitiya said, if bitcoin replaced gold as a store of value, each bitcoin would cost almost $400,000, once all 21m bitcoins have been mined ($8 trillion/21m BTC).

We just don't know how much of, or how quickly the planet's stored wealth will be swallowed up by the bitcoin black hole. The table below presents a list of companies in four sectors which Bitcoin and its surrounding ecosystem touch – payment processors, payment hardware, bank software, and money transfer and ATM outsourcing.

Bitcoin Ecosystem - Comparable Company Market Caps ($s millions)

(...) analysts Gil Luria and Aaron Turner see intrinsic value of bitcoin as a conduit in a new global crowd-funded open-source payment network. "Among other facets, we believe Bitcoin and its associated technology represent a potentially game-changing disruption to our covered payments companies," they said.

The analysts observe three key sources of demand for Bitcoin - 1. as a disruptive payment network technology, 2. an alternative uncorrelated asset class, 3. and a safe haven currency. However, they believe the payment network capabilities are the key to the sustainability of crypto currency, with Bitcoin the early leader.

(...)

The key to Bitcoin's success so far, and significant promise going forward, is in crowd-funding the development of the first new global payment network in decades, the analysts explain.

They see some evidence for this in the willingness of key countries (Germany, USA, China) to regulate, not shut down Bitcoin, in spite of the perceived risk to their sovereign currency. "More importantly in our mind is that with a decentralized structure even if a small number of countries choose not to interfere or are not able to interfere, Bitcoin's technologies are likely to thrive," they said.

They do believe there is a meaningful probability Bitcoin may not succeed, but this will most likely be a result of the emergence of a better crypto currency, they said.

Based on the order of magnitude of the overall opportunity and some very rough calculations they also believe scenarios exist by which a Bitcoin could be valued 10-100x its current price. "We believe rising Bitcoin prices help build the network thus entrenching its value, especially vis-à-vis other alternative coins/conduits. Based on this framework, we would postulate that current Bitcoin prices reflect a peak penetration of 1% of total potential demand in 10 years," they said.

Sources:

1. http://www.streetinsider.com/Analyst+Comments/Bitcoin+Could+Be+Worth+10-100x+Current+Price+-+Analyst/8936836.html

2. http://www.coindesk.com/could-bitcoin-surpass-google-market-cap/

[kazuki49]

I reject the Bitcoin standard, it favours the system too much, has no privacy.

bitcoin reminds me like email and monero is like pgp

the majority used the normal email today, almost no one used the pgp

hmmm... Bitcoin is NOT like email:

email:
private password => you can receive and send your emails in your email account
public email address => you can send email to this email account


bitcoin:
private key => you can send your bitcoins
public key => you receive the bitcoins and send bitcoins to this address. Aditionally, everybody can see the bitcoins sitting at the address

Bitcoin seems more like a transparent safety deposit box


monero:
private (spend) key => you can receive and send your moneroj in your monero account
private (view) key =>you can see the moneroj in this account
public (view+spend) key => you can send moneroj to this account

so monero is more like email!
And you can even use the private view key for the things that bitcoin can do, but in a more private way

[hayabusa911]

This is just... I love BTC as much as the next guy but to compare it to gold is just plain ridiculous.
BTC will continue to rise and fall just like it always has. The only difference is gold will never be worthless. I can't say the same about BTC. Can you? Just my opinion! 

[cryptojumper]

a long time ago gold was a precious thing t and its a best way to invest yor money, gold was exist since period of moses till now,but now bitcoin is a precious thing to and its should have a standard like a gold i believe bitcoin more precious in 100 years latter,like gold

are you sure what with your opinion? what the reason you think like that
i dont think bitcoin can change gold because bitcoin doesnt have physical like gold

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

Guys don't forget that gold is precious at least partly because it has value as a material used in electronics, jewelry etc. It's not only that people agree to use it as currency/asset, but there is real demand for it to be used in manufacturing.

[lihuajkl]

a long time ago gold was a precious thing t and its a best way to invest yor money, gold was exist since period of moses till now,but now bitcoin is a precious thing to and its should have a standard like a gold i believe bitcoin more precious in 100 years latter,like gold

are you sure what with your opinion? what the reason you think like that
i dont think bitcoin can change gold because bitcoin doesnt have physical like gold

Being not physical is actually better. You can instantly send a large amount across the world within seconds.

Guys don't forget that gold is precious at least partly because it has value as a material used in electronics, jewelry etc. It's not only that people agree to use it as currency/asset, but there is real demand for it to be used in manufacturing.

Yes, I admit gold is still the useful industrial materia and used to be popular currency. However, it is no longer used as a circulating currency for our everyday. There are reasons behind it, such as the weight. It is now replaced  by cash notes. Ppl now tend to use cards now in stead of cash notes. So now the internet money is the future.