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General Category => General Discussion => Topic started by: state hater on July 26, 2013, 03:08:32 PM



Title: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: state hater on July 26, 2013, 03:08:32 PM
(1)  At the present value of one bitcoin, the fundamental unit, the satoshi (10^-8 BTC), has a value that is so small (around 10^-4 cent) that there is no practical use for said unit.  Clearly, Bitcoin was not designed to have such an overly fine granularity.  If one assumes, a priori, that a satoshi was intended to be about one cent, then one bitcoin was intended to be around one million FRNs.

(2)  The total number of bitcoins in circulation is approaching 21 million.  At one million USD/BTC, the total market capitalization of Bitcoin would be 21 trillion USD, which very closely corresponds to the total value of all international trade in one year, most of which happens to use FRNs as an intermediary.

(3)  It is often said that the journalist who finds the man who chose the pseudonym Satoshi Nakamoto and interviews him will certainly win a Pullitzer Prize.  Obviously, this individual (or perhaps group of individuals) does not want to be found.  Either this man is very modest, or he doesn't want to be murdered by statist psychopaths working for the CIA or some similar organized crime group. 

It is evident that Bitcoin was designed such that one bitcoin would be around one million FRNs, thereby unseating the USD as the world's reserve currency, and thereby doing tremendous damage to the USD and the other fiat currencies.   :)
















Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: Seth King on July 26, 2013, 03:25:29 PM
My prediction is that in 6.5 years Bitcoin will be what the entire world is using and fiat will be completely dead.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: state hater on July 26, 2013, 04:34:18 PM
If you're correct, then one bitcoin will be equivalent to more than one million FRNs (in the neighborhood of three to four million FRNs). 


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: Seth King on July 26, 2013, 05:02:04 PM
If you're correct, then one bitcoin will be equivalent to more than one million FRNs (in the neighborhood of three to four million FRNs). 

I've long said I think the value will be about 3 million dollars per bitcoin, in today's purchasing power. Of course, by the time they get to that point the dollar will cease to exist.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: state hater on July 26, 2013, 05:21:34 PM
Perhaps it will be a bit less if other crypto-currencies, such as Litecoin, and things like e-gold take some of the share (though I would expect Bitcoin to take most of it).


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: Seth King on July 26, 2013, 05:28:55 PM
Perhaps it will be a bit less if other crypto-currencies, such as Litecoin, and things like e-gold take some of the share (though I would expect Bitcoin to take most of it).

e-gold doesn't exist anymore.

There is a new coin called Primecoin which actually uses all of that mining hashing power to discover real math problems, instead of doing nothing "productive", like Bitcoin. I think that one has a chance to get popular. And I think other alt-coins could come up with other methods of doing something "useful."

But Bitcoin has a 4 year advantage. So, even if these coins do take off, they'll likely be where bitcoin is now in four years, and bitcoin will be waaaaayyyy more popular and established 4 years from now than it currently is.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: state hater on July 26, 2013, 05:35:02 PM
I meant e-gold as in the generic concept. 

What measures do you expect governments to take to protect fiat between now and the beginning of 2020 (e.g., the end of the 6.5 year period that you cited)?


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: MAM on July 26, 2013, 06:58:01 PM
Bitcoin is much more than a fiat alternative.

It kills banking, expands the drug industry, and gives us the opportunity to abolish the State.

The internet will be the end of the State, bitcoin is just one attempt at it.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: state hater on July 26, 2013, 07:17:31 PM
I completely agree. 

As but one example, Bitcoin and 3D printing could eventually completely undermine anti-gun laws.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: Syock on July 26, 2013, 08:40:00 PM
Bitcoin is much more than a fiat alternative.

It kills banking, expands the drug industry, and gives us the opportunity to abolish the State.

The internet will be the end of the State, bitcoin is just one attempt at it.

I don't think it actually achieves any of those.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: MAM on July 26, 2013, 10:05:37 PM
Bitcoin is much more than a fiat alternative.

It kills banking, expands the drug industry, and gives us the opportunity to abolish the State.

The internet will be the end of the State, bitcoin is just one attempt at it.

I don't think it actually achieves any of those.

It hasn't yet just give it time.


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: Syock on July 27, 2013, 05:08:59 AM
Bitcoin is much more than a fiat alternative.

It kills banking, expands the drug industry, and gives us the opportunity to abolish the State.

The internet will be the end of the State, bitcoin is just one attempt at it.

I don't think it actually achieves any of those.

It hasn't yet just give it time.

There are and always will be banking, even around bitcoin.  The drug industry does just fine with cash, and other barter items.  The state could always just start accepting taxes in bitcoin.  People will continue to fear it, and pay up. 


Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: MAM on July 27, 2013, 10:35:59 AM
Bitcoin is much more than a fiat alternative.

It kills banking, expands the drug industry, and gives us the opportunity to abolish the State.

The internet will be the end of the State, bitcoin is just one attempt at it.

I don't think it actually achieves any of those.

It hasn't yet just give it time.

There are and always will be banking, even around bitcoin.  The drug industry does just fine with cash, and other barter items. The state could always just start accepting taxes in bitcoin.  People will continue to fear it, and pay up. 


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There are and always will be banking, even around bitcoin.
Yes but bitcoin gives us the opportunity to limit the power of the banking cartel.

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The drug industry does just fine with cash, and other barter items.
It will do better with the internet.

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The state could always just start accepting taxes in bitcoin.
They could and some would pay I'm sure but the anonymity of Bitcoin makes it to where you don't have to.

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People will continue to fear it, and pay up.
Some will I'm sure I won't be one of them though.







Title: Re: It's clear that Bitcoin was designed to go for fiat's jugular (especially USD)
Post by: state hater on July 27, 2013, 01:27:42 PM
Does anyone have any predictions on when people will commonly speak and deal in mBTC (and when will that give way to micro)?