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Printing the keys and sticking them a safe would have done the trick - but you'd need the foresight to know that not touching it for 10 years is the plan.

by mc3 7y ago

genidoi 7y ago
That's the gotcha. If bitcoin hits $1M by 2030, the people reading your comment from the 2030 repost of this thread will have a good snicker. Bitcoin's entire value, literally all of it, is just an index for how widely and strongly felt HODLology is across the globe. The sale of a bitcoin is a cult member leaving, the purchase is a baptism, however transiently intended the purchase is, because the purchase represents the new recruits own belief in HODLology.
- WA 7y ago
  Ok I make a prediction here for 2030: Bitcoin won't be at $1M at all, very far from it. Bitcoin will be between $0 and the cost of mining a single coin. Right now, this is around $7,000. Could be similar or less in 2030. I don't expect it to go anywhere. It seems to have a niche purpose, but will never gain mass adoption. I make another prediction: By 2030 not a single cryptocurrency will be used mainstream / have replaced fiat currency. The strongest will still be Bitcoin, but it'll be as weak or non-existent for normal people like it is now.
  - sodafountan 7y ago
    That's a bold prediction, I predict that gaming could see a huge uptick in crypto-currency usage. Could you imagine a game like Grand Theft Auto or World of Warcraft utilizing a crypto-currency rather than an in-game artificial currency? You could create entire in-game economies with real life value. People could actually make a living by playing games full time as scary as that sounds. Could you imagine the moral implications of someone robbing you of crypto-currency in a game like GTA or some survival game? I just think there's some very creative use-cases for crypto-currency that will pop up over the next decade.
    - umanwizard 7y ago
      As for most proposed cryptocurrency use cases, it's unclear why your example couldn't just be a number in a database maintained by the game's producers. BTW, people already do make real-world money grinding for WoW gold.
  - mc3 7y ago
    That is the wrong way around. The cost of mining a coin is influenced by it's market value, due to economics and the difficulty adjustments. If BTC becomes worthless, it won't cost anything to mine a coin.
- mc3 7y ago
  Probably a good strategy is sell when you can retire off of it. Having $10m but not having gambled it for $1bn isn't a loosing position to be in, IMO. Alternatively you could have 4 allocations, sell one in 2020, 2030, 2040, 2050. Or 10 going over the next 100 years (pass them down to kids).

Printing the keys and sticking them a safe would have done the trick - but you'd need the foresight to know that not touching it for 10 years is the plan.

by mc3 7y ago

Printing the keys and sticking them a safe would have done the trick - but you'd need the foresight to know that not touching it for 10 years is the plan.

genidoi 7y ago

That's the gotcha. If bitcoin hits $1M by 2030, the people reading your comment from the 2030 repost of this thread will have a good snicker. Bitcoin's entire value, literally all of it, is just an index for how widely and strongly felt HODLology is across the globe. The sale of a bitcoin is a cult member leaving, the purchase is a baptism, however transiently intended the purchase is, because the purchase represents the new recruits own belief in HODLology.

WA 7y ago
Ok I make a prediction here for 2030: Bitcoin won't be at $1M at all, very far from it. Bitcoin will be between $0 and the cost of mining a single coin. Right now, this is around $7,000. Could be similar or less in 2030. I don't expect it to go anywhere. It seems to have a niche purpose, but will never gain mass adoption. I make another prediction: By 2030 not a single cryptocurrency will be used mainstream / have replaced fiat currency. The strongest will still be Bitcoin, but it'll be as weak or non-existent for normal people like it is now.
- sodafountan 7y ago
  That's a bold prediction, I predict that gaming could see a huge uptick in crypto-currency usage. Could you imagine a game like Grand Theft Auto or World of Warcraft utilizing a crypto-currency rather than an in-game artificial currency? You could create entire in-game economies with real life value. People could actually make a living by playing games full time as scary as that sounds. Could you imagine the moral implications of someone robbing you of crypto-currency in a game like GTA or some survival game? I just think there's some very creative use-cases for crypto-currency that will pop up over the next decade.
  - umanwizard 7y ago
    As for most proposed cryptocurrency use cases, it's unclear why your example couldn't just be a number in a database maintained by the game's producers. BTW, people already do make real-world money grinding for WoW gold.
- mc3 7y ago
  That is the wrong way around. The cost of mining a coin is influenced by it's market value, due to economics and the difficulty adjustments. If BTC becomes worthless, it won't cost anything to mine a coin.
mc3 7y ago
Probably a good strategy is sell when you can retire off of it. Having $10m but not having gambled it for $1bn isn't a loosing position to be in, IMO. Alternatively you could have 4 allocations, sell one in 2020, 2030, 2040, 2050. Or 10 going over the next 100 years (pass them down to kids).