Bitcoins

Satoshi

citricsquid wrote: »

https://bitcointalk.org/index.php?topic=583.msg11405#msg11405

I am not that same Satoshi citricsquid.

Bitcoin is now hovering around alltime highs and it's hard to see any reason it will stop there. I recently commented to some friends that "Buying Bitcoin now feels a lot like buying Silver at $9 back in 2008. I knew it was the right thing to do then. I will sell on every peak and try to buy back on the dips all the way up to $1Million each BTC. But I think everything even loaves of bread will go to $1million as the temporary system from 71 ends.

Yes, there will be major setbacks on Bitcoin's rise to the heavens ($1M/coin or more:) but each and every one will be overcome and Bitcoin will move forward. The only thing that can stop Bitcoin now is a similar system backed by gold or silver...Hmmm. Its just a question of when?!

Until then Bitcoin will continue to rise and people will continue to tell me that I'm nuts.

Clif High has posted an article related to Bitcoin that I think everyone should read. It has to do with the REALITY that what we use as "money" is changing rapidly. It is my belief that this rapid change will be extremely beneficial to the price of silver going forward as all these "Bitcoin Knowledgeable" people also know the necessity of owning physical silver. They will become Bitcoin billionaires and those billions will flow freely into physical silver by the truck load as another hedge against the insanity of our Central Banking System.


Digital Humans
http://www.halfpasthuman.com/essays/digitalhumans.html

Bitcoin and systems like it may well be another excellent alternative to "People Controlled" money.

Satoshi

In the future how will prices for things be advertised? Say a billboard advert some new product or service? You cant say 0.00000099 BTC

What will be the abbreviation? Maybe 99s (99Staoshi's)?

[Deleted User]

Satoshi wrote: »

I am not that same Satoshi citricsquid.

:rotfl:

Satoshi wrote: »

In the future how will prices for things be advertised? Say a billboard advert some new product or service? You cant say 0.00000099 BTC

What will be the abbreviation? Maybe 99s (99Staoshi's)?

https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_of_bitcoin.3F

Satoshi

citricsquid wrote: »

:rotfl:



https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_of_bitcoin.3F

Its too complicated for the average person doing their shopping.

I can see smething similar coming after bitcoin, it will be easier to understand and price things.

Bitcoin is doing all the leg work then something almost exactly the same will come along but be easier to understand and price things and be less than 21million in supply. Then the smart ones will all sell bitcoin for the new competing currency system.

Once a version of btc is out there everyone will sell original btc and want to be early adopters of the new one.

BoracicLint

Satoshi wrote: »

Its too complicated for the average person doing their shopping.

I can see smething similar coming after bitcoin, it will be easier to understand and price things.

Bitcoin is doing all the leg work then something almost exactly the same will come along but be easier to understand and price things and be less than 21million in supply. Then the smart ones will all sell bitcoin for the new competing currency system.

Once a version of btc is out there everyone will sell original btc and want to be early adopters of the new one.

And you can almost guarantee it will be backed by a financial institution with the resources, the reputation and more importantly; the control of the mainstream media to make it the premier digital currency.

Side note: Bitcoin now trading at £600!

Satoshi

BoracicLint wrote: »

And you can almost guarantee it will be backed by a financial institution with the resources, the reputation and more importantly; the control of the mainstream media to make it the premier digital currency.

Side note: Bitcoin now trading at £600!

Or backed by something, anything that would prevent it from going to nothing. There is nothing to prevent bitcoin going to nothing. If it was backed by something with integral value then if ever that got too cheap there would be shortages so the price would have to go up. With bitcoin it has an integral value of nothing.

JohnRo

Bitcoin does have integral value, this theme you're pushing is a tad ridiculous. Repeating it over and over doesn't make it true either.

You don't get to decide what integral value is, the people using it do, the market does, and right now that value is rising at what may or may not be an unsustainable level.

DominicJ_2

If you removed the "mining" element, or kept it, but the founders had already premined everything, do you think that Bit Coins would have a value?

Does the fact that you can issue money from thin air make BitCoins more valuable? Why does the government being able to make Sterling from thin air not?

BoracicLint

DominicJ wrote: »

If you removed the "mining" element, or kept it, but the founders had already premined everything, do you think that Bit Coins would have a value?

Does the fact that you can issue money from thin air make BitCoins more valuable? Why does the government being able to make Sterling from thin air not?

The mining element adds value due to the energy expended by miners to validate the blockchain and generate coins. Without this, there would be no blockchain, and no Bitcoin.

So to answer your question, no it wouldn't have the same value.

Bitcoin are not issued from thin air, there will only ever be 21 Million in existence. The government on the other hand conjours Sterling from thin air thus increasing the total money supply and depreciating the value of Sterling.

DominicJ_2

The mining element adds value due to the energy expended by miners to validate the blockchain and generate coins.

How does that "add value"?
It adds cost, but printing sterling notes comes at a cost.
And the current market value of a bit coin far exceeds the processing costs does it not?

Bitcoin are not issued from thin air, there will only ever be 21 Million in existence. The government on the other hand conjours Sterling from thin air thus increasing the total money supply and depreciating the value of Sterling.

So if the British Government sent a final total for Sterling, Sterling would be more valuable?