5 ms·

> [...] But once Bitcoin penetration is significant [...] I think we passed that point, there is an adoption of bitcoin, but it will NEVER be used as a curren

by atmosx 13y ago

> [...] But once Bitcoin penetration is significant [...] I think we passed that point, there is an adoption of bitcoin, but it will NEVER be used as a currency IMHO. I really hope the price stops fluctuating so we can use it as a value storage medium, but even that can be disputed.

smtddr 13y ago
This might be me being hyper-pedantic, but I'd argue that not even USD is a particularly good store of value. If you have a significant amount of money it should probably be in at least low-risk stocks or re-estate. Not just sitting in a regular savings account in a regular bank. But, I do get the point that at least the USD dollar doesn't lose/gain 50% value in a few hours by wild speculation every month.
- atmosx 13y ago
  I wasn't thinking of USD, I was thinking more about something used for a couple of millenia as a value storage, but yes sure... Compared to today's BTC even the USD seems okay.
  - seabee 13y ago
    USD fluctuates a lot less than silver/gold, in case you are implying the opposite.
    - atmosx 13y ago
      Did the USD exist in 4th century BC[1]? Oh, sorry. I missed that one in the history course. [1] http://en.wikipedia.org/wiki/Gold#Cultural_history http://en.wikipedia.org/wiki/Gold#Cultural_history
  - XorNot 13y ago
    People do not live for millennia. Like, you do realize that no one in the history of mankind has a use for something which "stores value" for millennia right? And that timescale is so ridiculously huge that gold, silver and everything else does inflate away. We might be a type II Kardashev civilization in 1000 years. The volume of gold available will be absurdly large by then either way.
    - atmosx 13y ago
      I wrote 2 paragraphs but I erased them, I'm sure you understood what my exact point was, but since your comment is not constructive at all, making stupid assumptions, comparing possible Kardashev civilizations with history, I will just post a link[1]. If you care follow it, if not, I don't have anything more to add. [1] http://en.wikipedia.org/wiki/Gold#Cultural_history http://en.wikipedia.org/wiki/Gold#Cultural_history
reqres 13y ago
I hope so too - but I think it's unlikely because Bitcoin is decentralised by design. When money supply is controlled by central authority, it can be used as a tool to control prices and volatility. It's still early days but the inflation-targeting independent monetary policy experiment happening in some developed economies over the last 2 decades seems promising. I'd be interested if anyone were willing to start a "centralised" Bitcoin governed by benevolent dictators for life. I'd rather put my savings with people who understand monetary theory and how to use big data to inform supply decisions than a system prone to cycles.
pbreit 13y ago
I could see the opposite: use of bitcoins for transacting and some of the other interesting applications Marc mentions. But it strikes as being a horrible value store given the volatility and lack of any underlying value.
- arthurcolle 13y ago
  There is value in the network of people already using bitcoin, as well as the six years of existence backing up the fact that it works.
ftwinnovations 13y ago
There is no reason anyone would want a computer in their home. - Ken Olsen, 1977 I have traveled the length and breadth of this country and talked with the best people, and I can assure you that data processing is a fad that won’t last out the year. - Editor of Prentice Hall business books, 1957 There's no chance that the iPhone is going to get any significant market share. - Steve Ballmer, USA Today, April 30, 2007 I think there is a world market for maybe five computers. -- Thomas Watson, chairman of IBM, 1943
- haberman 13y ago
  I do not hesitate to forecast that atomic batteries will be commonplace long before 1980. - David Sarnoff, chairman of the Radio Corporation of America, 1955 Machines will be capable, within twenty years, of doing any work a man can do. - Nobel Prize winner Herbert Simon, 1956 By the turn of this century, we will live in a paperless society. - Roger Smith, chairman of General Motors, 1986 I believe OS/2 is destined to be the most important operating system, and possibly program, of all time. - Bill Gates, Foreword to the OS/2 Programmer's Guide, 1987 Segway will be to the car what the car was to the horse and buggy. - Dean Kamen, December 2, 2001 Also see: http://rationalwiki.org/wiki/Galileo_gambit http://rationalwiki.org/wiki/Galileo_gambit
- bushido 13y ago
  Quoting these statements are a little absurd. More so, when you consider that all of these statements are in the [their respective] present tense, and not making a declaration or prophecy of any kind. Let me rephrase some of these for you to illustrate: - There is no reason [in present time, that I know of as to why] anyone would want a computer in their home. - Ken Olsen, 1977 - I have traveled the length and breadth of this country and talked with the best people, and I can assure you that [from their current understanding of current applications of data processing that] data processing is a fad that won’t last out the year. - Editor of Prentice Hall business books, 1957 - There's no chance [that I am going to admit to my share holders] that the iPhone is going to get any significant market share. - Steve Ballmer, USA Today, April 30, 2007 - I think there is a world market for maybe five computers [currently/at this time]. -- Thomas Watson, chairman of IBM, 1943

by atmosx 13y ago

smtddr 13y ago

This might be me being hyper-pedantic, but I'd argue that not even USD is a particularly good store of value. If you have a significant amount of money it should probably be in at least low-risk stocks or re-estate. Not just sitting in a regular savings account in a regular bank. But, I do get the point that at least the USD dollar doesn't lose/gain 50% value in a few hours by wild speculation every month.

atmosx 13y ago
I wasn't thinking of USD, I was thinking more about something used for a couple of millenia as a value storage, but yes sure... Compared to today's BTC even the USD seems okay.
- seabee 13y ago
  USD fluctuates a lot less than silver/gold, in case you are implying the opposite.
  - atmosx 13y ago
    Did the USD exist in 4th century BC[1]? Oh, sorry. I missed that one in the history course. [1] http://en.wikipedia.org/wiki/Gold#Cultural_history http://en.wikipedia.org/wiki/Gold#Cultural_history
- XorNot 13y ago
  People do not live for millennia. Like, you do realize that no one in the history of mankind has a use for something which "stores value" for millennia right? And that timescale is so ridiculously huge that gold, silver and everything else does inflate away. We might be a type II Kardashev civilization in 1000 years. The volume of gold available will be absurdly large by then either way.
  - atmosx 13y ago
    I wrote 2 paragraphs but I erased them, I'm sure you understood what my exact point was, but since your comment is not constructive at all, making stupid assumptions, comparing possible Kardashev civilizations with history, I will just post a link[1]. If you care follow it, if not, I don't have anything more to add. [1] http://en.wikipedia.org/wiki/Gold#Cultural_history http://en.wikipedia.org/wiki/Gold#Cultural_history

reqres 13y ago

I hope so too - but I think it's unlikely because Bitcoin is decentralised by design. When money supply is controlled by central authority, it can be used as a tool to control prices and volatility. It's still early days but the inflation-targeting independent monetary policy experiment happening in some developed economies over the last 2 decades seems promising. I'd be interested if anyone were willing to start a "centralised" Bitcoin governed by benevolent dictators for life. I'd rather put my savings with people who understand monetary theory and how to use big data to inform supply decisions than a system prone to cycles.

pbreit 13y ago

I could see the opposite: use of bitcoins for transacting and some of the other interesting applications Marc mentions. But it strikes as being a horrible value store given the volatility and lack of any underlying value.

arthurcolle 13y ago
There is value in the network of people already using bitcoin, as well as the six years of existence backing up the fact that it works.

ftwinnovations 13y ago

There is no reason anyone would want a computer in their home. - Ken Olsen, 1977 I have traveled the length and breadth of this country and talked with the best people, and I can assure you that data processing is a fad that won’t last out the year. - Editor of Prentice Hall business books, 1957 There's no chance that the iPhone is going to get any significant market share. - Steve Ballmer, USA Today, April 30, 2007 I think there is a world market for maybe five computers. -- Thomas Watson, chairman of IBM, 1943

haberman 13y ago
I do not hesitate to forecast that atomic batteries will be commonplace long before 1980. - David Sarnoff, chairman of the Radio Corporation of America, 1955 Machines will be capable, within twenty years, of doing any work a man can do. - Nobel Prize winner Herbert Simon, 1956 By the turn of this century, we will live in a paperless society. - Roger Smith, chairman of General Motors, 1986 I believe OS/2 is destined to be the most important operating system, and possibly program, of all time. - Bill Gates, Foreword to the OS/2 Programmer's Guide, 1987 Segway will be to the car what the car was to the horse and buggy. - Dean Kamen, December 2, 2001 Also see: http://rationalwiki.org/wiki/Galileo_gambit http://rationalwiki.org/wiki/Galileo_gambit
bushido 13y ago
Quoting these statements are a little absurd. More so, when you consider that all of these statements are in the [their respective] present tense, and not making a declaration or prophecy of any kind. Let me rephrase some of these for you to illustrate: - There is no reason [in present time, that I know of as to why] anyone would want a computer in their home. - Ken Olsen, 1977 - I have traveled the length and breadth of this country and talked with the best people, and I can assure you that [from their current understanding of current applications of data processing that] data processing is a fad that won’t last out the year. - Editor of Prentice Hall business books, 1957 - There's no chance [that I am going to admit to my share holders] that the iPhone is going to get any significant market share. - Steve Ballmer, USA Today, April 30, 2007 - I think there is a world market for maybe five computers [currently/at this time]. -- Thomas Watson, chairman of IBM, 1943