4 ms·

Why is the price guaranteed to increase forever (or at least until it reaches 1200)?

by kansface 12y ago

deleted 12y ago
[deleted]
jasonisalive 12y ago
Eventually when no one will accept fiat currencies anymore it will be worth infinite [pick your fiat currency]
- vectorpush 12y ago
  I hope that's a joke, because it doesn't seem like a very reasonable expectation.
  - jasonisalive 12y ago
    It seems utterly reasonable to me. What could be more reasonable than wanting your medium of exchange to be out of the control of incompetent, corruptible governments? What could be more reasonable than wanting your medium of exchange to be based upon open-source, community-edited code, that anyone can review, contribute to, and build on top of? What could be more reasonable than wanting your medium of exchange to be available to anyone, anywhere, anytime, regardless of political orientation, without asking anyone's permission? Sorry but fiat currencies possess no advantages other than incumbent localised network effects. The world needs a true global currency and Bitcoin is it.
    - tonysuper 12y ago
      Until somebody invents a quantum computer with a sufficiently large number of Qbits. Then they can completely destroy the blockchain. Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem. Or you could switch to Bitcoin before realizing that currencies which deflate in value are a terrible idea. (For the record, I support cryptocurrency. I just think Bitcoin has too many issues to be viable long-term. Nice proof of concept, but it needs to be refined).
      - evanb 12y ago
        | Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem. It seems more likely to me that in a few hundred years, several hundred terabytes will come in your mobile implant than for hundreds of terabytes to be a storage problem.
        tonysuper 12y ago
        There is a limit on information to area in space. Eventually, bitcoin is going to be impractical to store even if you have a very large storage device at absolute maximum capacity.
        celticninja 12y ago
        bitcoin will not be impractical to store, the blockchain maybe, but clients like electrum allow you to store bitcoin without the blockchain.
        Pr0methean 12y ago
        The blockchain length is only growing linearly with time, but that's because it can only process O(1) transactions per hour. It'd be growing exponentially if either the monetary velocity or the size of the real economy was growing exponentially.
      - celticninja 12y ago
        >Until somebody invents a quantum computer with a sufficiently large number of Qbits. Then they can completely destroy the blockchain. That wont be developed overnight, by the time it is a possibility people will be working on solutions. a quantum computer would impact a lot more than bitcoin, all cryptography would become useless. >Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem. With the cost of storage rapidly reducing then that probably wont be an issue in a few hundred years. >Or you could switch to Bitcoin before realizing that currencies which deflate in value are a terrible idea. Currencies that inflate have had their share of problems and we certainly have not found a way to solve those problems or the issue of inflation/hyper-inflation. Any problems with delfationary currencies (which you do not detail) are merely hypothetical as no real deflationary currency has existed before.
    - deleted 12y ago
      [deleted]
- Pr0methean 12y ago
  Infinity times nothing is still nothing... oh wait, it's NaN.
- kansface 12y ago
  This is an issue that only a small percentage of people will ever care about as long as the system works well enough (eg annual inflation circa 3%). Even if people were to care, why is Bitcoin guaranteed the victor?

Why is the price guaranteed to increase forever (or at least until it reaches 1200)?

deleted 12y ago

[deleted]

jasonisalive 12y ago

Eventually when no one will accept fiat currencies anymore it will be worth infinite [pick your fiat currency]

vectorpush 12y ago
I hope that's a joke, because it doesn't seem like a very reasonable expectation.
- jasonisalive 12y ago
  It seems utterly reasonable to me. What could be more reasonable than wanting your medium of exchange to be out of the control of incompetent, corruptible governments? What could be more reasonable than wanting your medium of exchange to be based upon open-source, community-edited code, that anyone can review, contribute to, and build on top of? What could be more reasonable than wanting your medium of exchange to be available to anyone, anywhere, anytime, regardless of political orientation, without asking anyone's permission? Sorry but fiat currencies possess no advantages other than incumbent localised network effects. The world needs a true global currency and Bitcoin is it.
  - tonysuper 12y ago
    Until somebody invents a quantum computer with a sufficiently large number of Qbits. Then they can completely destroy the blockchain. Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem. Or you could switch to Bitcoin before realizing that currencies which deflate in value are a terrible idea. (For the record, I support cryptocurrency. I just think Bitcoin has too many issues to be viable long-term. Nice proof of concept, but it needs to be refined).
    - evanb 12y ago
      | Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem. It seems more likely to me that in a few hundred years, several hundred terabytes will come in your mobile implant than for hundreds of terabytes to be a storage problem.
      - tonysuper 12y ago
        There is a limit on information to area in space. Eventually, bitcoin is going to be impractical to store even if you have a very large storage device at absolute maximum capacity.
        celticninja 12y ago
        bitcoin will not be impractical to store, the blockchain maybe, but clients like electrum allow you to store bitcoin without the blockchain.
      - Pr0methean 12y ago
        The blockchain length is only growing linearly with time, but that's because it can only process O(1) transactions per hour. It'd be growing exponentially if either the monetary velocity or the size of the real economy was growing exponentially.
    - celticninja 12y ago
      >Until somebody invents a quantum computer with a sufficiently large number of Qbits. Then they can completely destroy the blockchain. That wont be developed overnight, by the time it is a possibility people will be working on solutions. a quantum computer would impact a lot more than bitcoin, all cryptography would become useless. >Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem. With the cost of storage rapidly reducing then that probably wont be an issue in a few hundred years. >Or you could switch to Bitcoin before realizing that currencies which deflate in value are a terrible idea. Currencies that inflate have had their share of problems and we certainly have not found a way to solve those problems or the issue of inflation/hyper-inflation. Any problems with delfationary currencies (which you do not detail) are merely hypothetical as no real deflationary currency has existed before.
  - deleted 12y ago
    [deleted]
Pr0methean 12y ago
Infinity times nothing is still nothing... oh wait, it's NaN.
kansface 12y ago
This is an issue that only a small percentage of people will ever care about as long as the system works well enough (eg annual inflation circa 3%). Even if people were to care, why is Bitcoin guaranteed the victor?