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What happens if Bitcoin succeeds?

• f430 6y ago
  It won't
• jfengel 6y ago
  "Success" for bitcoin would be reaching a stable state. It would act as if people just discovered gold and said, "Oooh, shiny. Please sell me some." Eventually all of those people have spent as much as they want to spend on shiny, and it reaches a rough equilibrium. The more people buy into bitcoin, the more people say "Yeah, I guess it's not going away, I should get some too." Eventually that'll max out, and the price will be "the total number of dollars they're willing to spend" divided by "the total number of bitcoins in the universe". I have no idea what figure is, but it could easily be ten times the current price. Conceivably it could crash when people realize that it has stopped appreciating, but that doesn't happen to gold. Lots of people believe that gold is "real money", for no reason whatsoever except that other people believe it, too. And then it'll continue to trade slowly, like gold (i.e. not fast, like currency). And that's it.
  • nabla9 6y ago
    Gold price has never stabilized. Gold Fixing Price percent change from year ago: https://fred.stlouisfed.org/graph/?g=BzwR https://fred.stlouisfed.org/graph/?g=BzwR 40% change in a year is not good thing for money.