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  1. #2836
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    Quote Originally Posted by dobby41 View Post
    Exactly, so the absolute number of Bitcoins doesn't matter
    Of course it matters. Its fixed suppy makes it deflationay, too much and your going to create inflation.
    It wouldn't work if it wasn't divisible.

  2. #2837
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    Quote Originally Posted by GTM 3442 View Post
    If bitcoin's going to have any significant impact or utility as a currency, then USD100k is mindbogglingly undervalued.
    21m bitcoin x $US100k = $US 2,100,000,000

    7.8billion people on the planet means the amount of bitcoin available for each is the equivalent of:

    $2.1b /7.8b = US27c each

    That might cut it in Bangladesh where people survive on a tablespoon of rice per day. But the rest of the world might have a problem. They might need another cryptocurrency to survive with the bitcoins available only priced at $100k each. So I now get why some see $US100k per bitcoin as just a staging point.

    Looking at existing currencies around the world though, there are plenty of them. There is no global move to have just one. Most nations likes to have their own. So why do Bitcoin followers think there will only be one functional cryptocurrency in the future? Or maybe they don't?

    SNOOPY
    Last edited by Snoopy; 21-01-2020 at 08:07 PM.
    Industry shorthand sees BNZ employees still called 'bankers' but ANZ employees now called 'anchors'. Westpac has opted out of banking industry shorthand...

  3. #2838
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    I think you have to work up toward bitcoin, rather than down from bitcoin.

    Just as a US dollar is divisible into 100 cents, so a bitcoin is divisible into 100 million satoshis. Now just as we currently see things (exchange rates for example) priced to fractions of a cent, so we will see things priced to fractions of satoshis.

    For the sake of arithmetical convenience, let's assume that the smallest whole units of each currency have an equivalent value, whereby a satoshi is equivalent to one US cent. Or in our exchange rate example, a hundredth of a US cent.

    So what does that make a bitcoin worth? USD100,000 looks like an absolute bargain!
    Last edited by GTM 3442; 21-01-2020 at 09:08 PM.

  4. #2839
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    Quote Originally Posted by Snoopy View Post
    21m bitcoin x $US100k = $US 2,100,000,000

    7.8billion people on the planet means the amount of bitcoin available for each is the equivalent of:

    $2.1b /7.8b = US27c each

    That might cut it in Bangladesh where people survive on a tablespoon of rice per day. But the rest of the world might have a problem. They might need another cryptocurrency to survive with the bitcoins available only priced at $100k each. So I now get why some see $US100k per bitcoin as just a staging point.

    Looking at existing currencies around the world though, there are plenty of them. There is no global move to have just one. Most nations likes to have their own. So why do Bitcoin followers think there will only be one functional cryptocurrency in the future? Or maybe they don't?

    SNOOPY
    I don't know if Satoshi did create Bitcoin to be a in to be "the" global currency.

    "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." - Satoshi, Bitcoin Whitepaper.

    He was disillusioned with the with way the financial system was operating and wanted to create a trust less peer to peer electronic cash system. Solving the double spend issue was key to achieving this.

    The Blockchain is the starting point of a whole new financial universe that we have barely scrapped the surface of. Sure there is plenty of crap among the thousands of cryptos, there is also an Amazon, Google and Apple.

    It's secure, fluid, easily transportable and has a limited and diminishing supply. I see Bitcoin as a store of value.
    Last edited by Paddles; 21-01-2020 at 10:04 PM.

  5. #2840
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    Great great post paddles...
    >>>http://www.coinmarketcap.com
    <<<
    The fastest growing asset class the world has ever seen

  6. #2841
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    I have been fomoing out of this world... so ive been buying more and more crypts...
    >>>http://www.coinmarketcap.com
    <<<
    The fastest growing asset class the world has ever seen

  7. #2842
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    Quote Originally Posted by Paddles View Post
    I don't know if Satoshi did create Bitcoin to be a in to be "the" global currency.

    "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." - Satoshi, Bitcoin Whitepaper.

    He was disillusioned with the with way the financial system was operating and wanted to create a trust less peer to peer electronic cash system. Solving the double spend issue was key to achieving this.

    The Blockchain is the starting point of a whole new financial universe that we have barely scrapped the surface of. Sure there is plenty of crap among the thousands of cryptos, there is also an Amazon, Google and Apple.

    It's secure, fluid, easily transportable and has a limited and diminishing supply. I see Bitcoin as a store of value.
    My brief Google search suggests that it is 'facebook' that is most advanced in creating their own cryptocurrency called 'libra'. Amazon, Google and Apple are touted as possible adopters of cryptocurrency but are well behind where facebook is. The proposal for 'libra' is to link its value to a basket of international currency. But apparently the Swiss national bank was left out of this currency basket.

    https://www.bloomberg.com/news/artic...-swiss-hurdles

    "Swiss National Bank President Thomas Jordan voiced those concerns in a speech in September, without mentioning Libra explicitly. “If stable coins pegged to foreign currencies were to establish themselves in Switzerland, the effectiveness of our monetary policy could be impaired.”

    'Stable' is my bold. It looks like 'facebook' will not adopt a cryptocurrency unless it is stable, so that rules bitcoin out, for now at least. I suspect for the same reason Amazon, Google and Apple would try to create their own cryptocurrencies. So it looks like bitcoin will face a marginalised future, locked out of global trading platforms. And even then it won't be adopted widely until it has settled down. 'Settled down' means that speculators will have to be driven from the market. The only way for that to happen is a global loss of confidence in the future of capital gain from bitcoin. That could still be years away, so maybe money is to be made in the interim. But to truly drive speculators out they would have to lose almost everything - by that I mean bitcoin would have to lose around 95% of its value. That sounds brutal, but it is probably what is required for bitcoin to be accepted as a global, albeit marginalised, currency alternative.

    SNOOPY
    Last edited by Snoopy; 23-01-2020 at 06:43 AM.
    Industry shorthand sees BNZ employees still called 'bankers' but ANZ employees now called 'anchors'. Westpac has opted out of banking industry shorthand...

  8. #2843
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    Libra is already failing with the big partners pulling out - https://www.theverge.com/2019/10/11/...cryptocurrency

    Besides who wants Zukerberg having control over their money? Imagine it, FB doesn't like a post you make and blocks access your funds for 24 hours.

    The two fundamental difference between Bitcoin and the likes of Libra as I see it is:

    1. No single person or organisation is in control. There is no Fed to manipulate or print more BTC, no Zuckerberg directing the ship or overzealous staff blocking your funds on a whim.

    2. Decentralization: It is secure and immutable. If you manage your private keys correctly it can't be hacked or stolen. Nobody but you can access your money.

    If you can remember a sequence of 24 words you can store it in you memory with no trace of it online. It doesn't get much more secure than that.
    Last edited by Paddles; 22-01-2020 at 08:39 AM.

  9. #2844
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    Quote Originally Posted by Shrewd Crude View Post
    Great great post paddles...
    Good onya mate! Hope your having fun carving up the tables at the Aussie Millions. I'll see you on the felt next year in the hi/lo!

  10. #2845
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    Quote Originally Posted by Paddles View Post
    Libra is already failing with the big partners pulling out - https://www.theverge.com/2019/10/11/...cryptocurrency

    Besides who wants Zukerberg having control over their money? Imagine it, FB doesn't like a post you make and blocks access your funds for 24 hours.

    The two fundamental difference between Bitcoin and the likes of Libra as I see it is:

    1. No single person or organisation is in control. There is no Fed to manipulate or print more BTC, no Zuckerberg directing the ship or overzealous staff blocking your funds on a whim.

    2. Decentralization: It is secure and immutable. If you manage your private keys correctly it can't be hacked or stolen. Nobody but you can access your money.

    If you can remember a sequence of 24 words you can store it in you memory with no trace of it online. It doesn't get much more secure than that.
    This just popped up on my feed - Vodafone are the latest to pull out of Libra
    https://www.cnbc.com/2020/01/21/voda...book%7Ccrypto+

  11. #2846
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    Hey Balance,
    After you diabolical rants, u owe us some answers!
    What price was bitcoin when you first heard about it?
    ...
    >>>http://www.coinmarketcap.com
    <<<
    The fastest growing asset class the world has ever seen

  12. #2847
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    Quote Originally Posted by Shrewd Crude View Post
    Hey Balance,
    After you diabolical rants, u owe us some answers!
    What price was bitcoin when you first heard about it?
    ...
    For me it was back in 2011 sometime, at something about USD25.

    And you, Shrewd?

  13. #2848
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    Tulips were pretty cheap in 1636 too ...
    ... and at least you could eat them.

  14. #2849
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    $300us buddy
    >>>http://www.coinmarketcap.com
    <<<
    The fastest growing asset class the world has ever seen

  15. #2850
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    Quote Originally Posted by dln View Post
    Tulips were pretty cheap in 1636 too ...
    ... and at least you could eat them.
    Given that tulips have never been grown as a food crop, one suspects that their edibility may well be significantly over-rated

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