Bitcoin - Currency of the future?

Drakan wrote:As you see, those three lines represent expected outcomes, there are three possibilities, the red is the exponential increase which seems the most sensible out of all as it is already going in the path it is supposed to, the orange being a plateau doesn't seem reasonable, and the green of the world population falling will not occur. It seems out of the question, as that is only possible if 1 billion people were to die, which seems quite impossible within the span of a year.

<sarcasm>Yeah, you're right. The United Nations is incapable of making population predictions, and only their highest estimates seem reasonable.</sarcasm> The plateau actually does seem fairly reasonable due to resource limitations. This is, however, a completely different debate.

Drakan wrote:If a rich tycoon, or a group of rich people cannot control a currency, or own a dominant part of it, then they will simply refuse to use it, and if they refuse, then their company will likely also refuse, and this will tell the majority of the population to reject the currency is most businesses do not accept it.

They wouldn't be able to simply refuse to use it, as it would mean the end of their business. If 95% of the population is using bitcoins, the "elite" 5% with business powers would be forced to conduct business with bitcoins or face the loss of their fortune. Also, the idea that this currency must be accepted by the top companies and acceptance would trickle down is completely opposite to the truth. Bitcoin started at the bottom and is working its way up. At first, it was used between friends to pay for a pizza. Then, certain black market traders incorporated bitcoin as a currency. Next came the gray-market gambling websites. Now, thanks to businesses like Bitpay that make accepting bitcoins easy, businesses such as Wordpress and Reddit are accepting them. It will continue working its way into more and more "legitimate" business usage.

Drakan wrote:A "predictable rate" is highly ignorant of the unexpectancy of the human population. Anything can happen.

That statement was actually ignorant. The predictable rate I am talking about is the issuance of bitcoins. They are issued at a highly predictable rate and always will be. This has nothing to do with human population which, again, is off topic.

Medo wrote:All fine and dandy to talk about Bitcoins now, but as for a global currency for the future..... impossible. Like I said before, 2/3 of the world does not have consistent electricity and or computers..... not to mention education, basic knowledge of healthcare and so on. now think about what that actually means.... then we can talk about a "global currency" that depends on computers.

So how exactly do you think the global market works now? A lot of the 3rd world countries that don't have internet to the average citizen, have governments that do receive funding from the US/other countries at times, or do importing/exporting. How do you think this is done? Air drop $$$?

No, many of the bulk transactions are done via online transactions of "credit," and sometimes other goods. Either way, the stuff funding that is just a valuation of "credit" of the forex ratios... which is almost solely done and existing online. We just don't have a single currency, it's all about the "ratio" at the time of the incoming $ to the transacted $.

In the case of a global currency, it'd be a ratio of incoming $ to the bitcoin, which actually already exists aswell.

Don't have the time or will to inform people. Its all good though I got some great info and feedback for my projects.

Medo wrote:

Don't have the time or will to inform people. Its all good though I got some great info and feedback for my projects.

Huh?

I highly doubt that a new currency in this day are world is going to stand a chance of making it recognizable on a global scale, maybe one day when this economy fixes up but now no.....

Honestly I don't see your point here, Bitcoin isn't even stable it's value can decrease or increase very easily, it's bullshit, printing money without a value it's like printing money without using the gold to add the value... it's printing money and all you have to do is sit on your ass at a computer. I don't know why companys even accept it.

Owner Tank wrote:Honestly I don't see your point here, Bitcoin isn't even stable it's value can decrease or increase very easily, it's bullshit, printing money without a value it's like printing money without using the gold to add the value... it's printing money and all you have to do is sit on your ass at a computer. I don't know why companys even accept it.

Very Valid point and.....Do you accept monopoly money?

Medo wrote:

Don't have the time or will to inform people. Its all good though I got some great info and feedback for my projects.

So not only does this look like a major excuse, which it is, let me entertain it real quick:

Your motives for discussion here are entirely selfish.

You seem like a great guy man. I bet those projects are gonna be epic.

Owner Tank wrote:Honestly I don't see your point here, Bitcoin isn't even stable it's value can decrease or increase very easily, it's bullshit, printing money without a value it's like printing money without using the gold to add the value...

The value of bitcoins is very volatile because it's a young currency with tons of speculation. I agree, currencies should not be volatile. But in the future, Bitcoin will have stabilized. As for your "gold to add the value" comment, you couldn't be farther from the truth. There is no modern currency backed by gold. They are all fiat currencies and can be printed at will of the government. While bitcoins are not backed by gold either, they have no central bank and are limited to an eventual circulation of 21,000,000 bitcoins.

Owner Tank wrote:it's printing money and all you have to do is sit on your ass at a computer.

Competitively mining for Bitcoins is costly and requires a decent initial investment. Do some research. https://en.bitcoin.it/wiki/Mining

Owner Tank wrote:I don't know why companys even accept it.

Because it has value. Because it's easy to accept. Unlike credit cards, there's no transaction fee. It's fast. It's easy.