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I don't think it's possible to predict. Nothing like Bitcoin has ever happened before. If it works, and if it remains the leading cryptocurrency for a few years
by SwellJoe 13y ago
I don't think it's possible to predict. Nothing like Bitcoin has ever happened before. If it works, and if it remains the leading cryptocurrency for a few years, the upside is damned near limitless (I see a comparison to gold...but gold is such tiny percentage of the worlds transactions, and it sucks compared to the efficiency of Bitcoin). I can imagine people who would never consider gold (me, for example), using Bitcoin for everything.
I'm trying to visualize situations that would make me stop dealing in BTC (my companies both accept BTC now), and it pretty much boils down to: The government makes it illegal and puts stiff penalties on its use. I'd, obviously, have to stop accepting it for my businesses. But, it would be disastrous for the US economy to lose this innovation, so I'm betting it won't happen.
The other variable that is difficult to predict is other cryptocurrencies. They dilute the market, but not by a lot, so far. If a truly superior competitor to Bitcoin came along, it might dethrone BTC, and replace it...leaving BTC vastly less valuable.
Finally, if BTC gets broken. i.e. double spend becomes possible, mining exploits, etc. that can't be fixed without destroying existing coins...that would also cause a massive crash. I suspect we're past the point of that being a significant risk (so many eyes looking for holes, we'd probably see if by now).
So, I'm betting it's got a very big upside still.
- dllthomas 13y ago"double spend becomes possible" s/possible/practical/