Author Topic: Why bitcoin will fail as money  (Read 7860 times)

rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 3375
Re: Why bitcoin will fail as money
« Reply #30 on: January 25, 2017, 07:26:11 AM »
A comment on this :"because they won't be able to find them in sufficient quantities for everyday use."

Bitcoin is not like the coins you have in your pockets. You can divide them into very small parts. Someone here might now the exact number of decimals that can be handled, I just know it's many.

So when hoarding gives a value per bitcoin of a billion USD, you would still be able to pay the right amount for a beer.


Bitcoin currently has 8 decimal places.  The smallest possible unit, 0.00000001 BTC is called a Satoshi.  So if it really were to get to 1BTC = $1B, the smallest unit, a Satoshi would be worth about $10.  Long before you get to that point it would be required that bitcoin add a decimal place or two (or another 8), which can be done if 50+% of the mining power agrees to the change.  At 1BTC = $1M a Satoshi would be $0.01, any substantial BTC increase in value from there it would probably be prudent to add decimal places to the protocol.


rukawa

  • Hero Member
  • *****
  • Posts: 657
Re: Why bitcoin will fail as money
« Reply #31 on: December 03, 2017, 08:38:54 AM »
Thought I would revive this thread since it appears that things are preceding as I predicted. The rise in value of bitcoin is not a good thing for its use as a currency though people seem to think it is. And its already leading to an interesting problem...people are starting to regret spending bitcoins.

https://www.wired.com/2013/12/bitcoin-homeless-redux/

Aberhound

  • Sr. Member
  • ****
  • Posts: 319
Re: Why bitcoin will fail as money
« Reply #32 on: December 03, 2017, 09:53:31 AM »
Thought I would revive this thread since it appears that things are preceding as I predicted. The rise in value of bitcoin is not a good thing for its use as a currency though people seem to think it is. And its already leading to an interesting problem...people are starting to regret spending bitcoins.

https://www.wired.com/2013/12/bitcoin-homeless-redux/
Buffett regretted spending a nickel or a quarter when he was young because he realized it was the same as spending thousands of dollars. He knew the effect of exponential math. Now we have Bitcoin we all face Buffett's dilemma.

That is a good thing.

Now if you are an environmentalist you should be praying for the day that fiat is gone as once there is only appreciating cryptocurrencies the propensity to spend will be reversed. Fiat encourages wasteful spending. That is the design. It is designed to cause inflation. It is designed to constantly create new money for those close to the spigot so they can better fund wars etc.. Once you are able to end the power to create money and issue debt then governments lose that power.

This caused me to invest in cryptocurrencies because I realized that globalists like the Rothschilds etc. have been trying for decades to create a world government and now the major obstacle is national governments. I have always thought that the Rothschilds work for somebody else the same way that JP Morgan turned out to be a front for the Rothschilds. Accordingly I suspect the globalists created Bitcoin and the like to destroy the last remaining power of national governments to create money which is the power to sell debt. Taxation power and power to create money were already limited, the former by pushing it to the limit and the latter by agreement when the power was handed to the banks in most places in the early seventies when Bretton Woods collapsed. So we can predict that now all the banks which enable the Italian government and the like to continue to sell debt will now go bankrupt and soon the ECB will reach its limit to create money and to buy debt so the ESM will make a cash call to the national governments to recapitalize the ECB.

The Trump tax cut is likely designed to increase the pressure on EU national governments to hasten this collapse so I suspect it is US or UK based globalists who created Bitcoin.

Now after the world government exists the plan is likely to switch from a consumption society to a conserving society which means we will only have appreciating cryptocurrencies. It will be similar to the gold standard. People will hate it because economic growth becomes stagnant unless there is technological change or an increase in freedom. If we get cartels and restricted access to technological change it will be stifling. If we get freedom and free spread of knowledge and rapid technological change it will be wonderful. I am watching Randall Mills technology closely as cheap power has always been the key to prosperity.

John Hjorth

  • Hero Member
  • *****
  • Posts: 1137
Re: Why bitcoin will fail as money
« Reply #33 on: December 04, 2017, 12:36:40 PM »
... This caused me to invest in cryptocurrencies because I realized that globalists like the Rothschilds etc. have been trying for decades to create a world government and now the major obstacle is national governments. I have always thought that the Rothschilds work for somebody else the same way that JP Morgan turned out to be a front for the Rothschilds. Accordingly I suspect the globalists created Bitcoin and the like to destroy the last remaining power of national governments to create money which is the power to sell debt. Taxation power and power to create money were already limited, the former by pushing it to the limit and the latter by agreement when the power was handed to the banks in most places in the early seventies when Bretton Woods collapsed. So we can predict that now all the banks which enable the Italian government and the like to continue to sell debt will now go bankrupt and soon the ECB will reach its limit to create money and to buy debt so the ESM will make a cash call to the national governments to recapitalize the ECB. ...

Aberhound,

Pardon my ignorance here, what are you referring to here? The book by Mr. Dean Henderson? Other?
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai