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Thread: Bitcoin could go to $1 million

  1. #1

    Bitcoin could go to $1 million



    Published on May 26, 2017
    Henry Blodget discusses this week's bitcoin rally, and how the virtual currency could just as easily go to $1 million as it could fall to $0. Blodget has been covering bitcoin for several years, and has maintained the view that ultimately, it has no intrinsic value.

    Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.



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  3. #2

  4. #3

  5. #4
    If it went to $10 million (in today's dollars), the world would be a much freeer place without the constraints of the world banks.

    That is much more important to me than the fortune I would make if it does.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  6. #5
    $6,366. Almost there!
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  7. #6
    Quote Originally Posted by devil21 View Post
    $6,366. Almost there!
    a few years ago.. people were celebrating 1 usd dollars.

    in 6 years when Bitcoin inflation will be halved again.. i think Bitcoin will be very very valuable in USD.

  8. #7
    Quote Originally Posted by Mordan View Post
    a few years ago.. people were celebrating 1 usd dollars.

    in 6 years when Bitcoin inflation will be halved again.. i think Bitcoin will be very very valuable in USD.
    If bitcoin is ever $1,000,000 then gold is probably in that ballpark and a loaf of bread is $10,000 and we're all pretty much $#@!ed.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  9. #8
    Quote Originally Posted by devil21 View Post
    If bitcoin is ever $1,000,000 then gold is probably in that ballpark and a loaf of bread is $10,000 and we're all pretty much $#@!ed.
    No, the calculations are in today's dollars, not further inflated dollars.

    So if a loaf of bread is $10,000, a bitcoin would be worth $5 billion.

    And we won't be "$#@!ed" BECAUSE WE WILL HAVE BITCOIN. That is the whole point. In fact, having bitcoin markets in place would likely inhibit governments from destroying their currency because it would make people switch over to crypto that much faster and destroy their currency that much faster. But knowing them, they would probably do it anyway.. but bitcoin gives people a lifeline, a way to trade without a currency that is under dismantlement.

    That was the purpose of decentralized cryptos from the beginning, to allow people to transition off of fiat into something that is not corruptible.. the purpose was not your government white paper conspiracy.. that is ripple..
    Last edited by dannno; 08-17-2018 at 10:22 AM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  11. #9
    I would not want to be John McAfee's dick right now.
    There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.
    -Major General Smedley Butler, USMC,
    Two-Time Congressional Medal of Honor Winner
    Author of, War is a Racket!

    It is not that I am mad, it is only that my head is different from yours.
    - Diogenes of Sinope

  12. #10
    Quote Originally Posted by dannno View Post
    No, the calculations are in today's dollars, not further inflated dollars.

    So if a loaf of bread is $10,000, a bitcoin would be worth $5 billion.

    And we won't be "$#@!ed" BECAUSE WE WILL HAVE BITCOIN. That is the whole point. In fact, having bitcoin markets in place would likely inhibit governments from destroying their currency because it would make people switch over to crypto that much faster and destroy their currency that much faster. But knowing them, they would probably do it anyway.. but bitcoin gives people a lifeline, a way to trade without a currency that is under dismantlement.

    That was the purpose of decentralized cryptos from the beginning, to allow people to transition off of fiat into something that is not corruptible.. the purpose was not your government white paper conspiracy.. that is ripple..
    exactly. when Bitcoin is well known and easy to access everywhere in Turkey, Erdogan will be totally unable to inflate his currency (wishful thinking).

  13. #11
    Quote Originally Posted by Mordan View Post
    exactly. when Bitcoin is well known and easy to access everywhere in Turkey, Erdogan will be totally unable to inflate his currency (wishful thinking).
    Bitcoin will only work if it is the only currency. Just like communism it can not withstand close scrutiny from the competition. Thou shalt not ridicule criticize.

  14. #12
    Quote Originally Posted by Mordan View Post
    exactly. when Bitcoin is well known and easy to access everywhere in Turkey, Erdogan will be totally unable to inflate his currency (wishful thinking).
    Yet strangely he is encouraging his people to buy gold, not vaporware coins.

    Quick back of the envelope math says bitcoin at $1m means $21T is in bitcoin. Pretty much everything. I hate to think what kinds of events would have to be cooked up to facilitate the entire US national debt moved into a single cryptocurrency. I'm thinking HODLing wouldn't be your biggest concern at that point...never mind the power still being on.
    Last edited by devil21; 08-17-2018 at 02:19 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  15. #13
    Quote Originally Posted by timosman View Post
    Bitcoin will only work if it is the only currency. Just like communism it can not withstand close scrutiny from the competition. Thou shalt not ridicule criticize.
    I would say the opposite is true - bitcoin is much better than the competition (govt. fiat), with the exception of gold, of which is not so much a competitor but something to work alongside with. They both have pro's and cons.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  16. #14
    Quote Originally Posted by dannno View Post
    I would say the opposite is true - bitcoin is much better than the competition (govt. fiat), with the exception of gold, of which is not so much a competitor but something to work alongside with. They both have pro's and cons.
    I would like to have Gold Cons for $2000.

  17. #15
    Quote Originally Posted by timosman View Post
    I would like to have Gold Cons for $2000.
    1. If I have a gold coin in my pocket and a thief steals it, then I have lost my gold and the thief now owns it. If I have my bitcoin wallet in my pocket and a thief steals it, they cannot access my bitcoin. I can go get another wallet and access my bitcoin.

    2. If I have a gold coin and I drop it into the ocean, I have lost my gold forever. If I have my bitcoin wallet in my pocket and I drop it into the ocean, I can get another wallet and access my bitcoin.

    3. If I want to send gold to somebody in China, it will take several days to get there. If I want to send bitcoin to somebody in China, it is instantaneous.

    4. If I want to send gold to somebody in China, I have to physically send the gold which can be monitored by the shipping company and government agencies. It can be stolen en route. If I want to send bitcoin to somebody in China, it can be sent electronically and it cannot be stolen.

    5. If I want to give somebody a half of a gold coin, or some portion of a gold coin, this can be a challenge. Sending a portion of bitcoin is not a challenge at all.

    You can send the $2,000 to me in bitcoin to my wallet, I will PM you the address
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  18. #16
    Quote Originally Posted by dannno View Post
    1. If I have a gold coin in my pocket and a thief steals it, then I have lost my gold and the thief now owns it. If I have my bitcoin wallet in my pocket and a thief steals it, they cannot access my bitcoin. I can go get another wallet and access my bitcoin.

    2. If I have a gold coin and I drop it into the ocean, I have lost my gold forever. If I have my bitcoin wallet in my pocket and I drop it into the ocean, I can get another wallet and access my bitcoin.

    3. If I want to send gold to somebody in China, it will take several days to get there. If I want to send bitcoin to somebody in China, it is instantaneous.

    4. If I want to send gold to somebody in China, I have to physically send the gold which can be monitored by the shipping company and government agencies. It can be stolen en route. If I want to send bitcoin to somebody in China, it can be sent electronically and it cannot be stolen.

    5. If I want to give somebody a half of a gold coin, or some portion of a gold coin, this can be a challenge. Sending a portion of bitcoin is not a challenge at all.

    You can send the $2,000 to me in bitcoin to my wallet, I will PM you the address
    You think the discussion is over because bitcoins are indestructible, anonymous and can not be stolen?



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  20. #17
    Quote Originally Posted by timosman View Post
    You think the discussion is over because bitcoins are indestructible, anonymous and can not be stolen?
    The discussion is never over, I'm just saying there are pros and cons to gold, and pros and cons to bitcoin. The pros and cons are not the same, they are different. That makes them complimentary. I can use gold in some cases, and bitcoin in other cases.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  21. #18
    Quote Originally Posted by dannno View Post
    The discussion is never over, I'm just saying there are pros and cons to gold, and pros and cons to bitcoin. The pros and cons are not the same, they are different. That makes them complimentary. I can use gold in some cases, and bitcoin in other cases.
    Find one con gold has bitcoin doesn't have. Please do not use end of the world scenarios if possible.

  22. #19
    Quote Originally Posted by timosman View Post
    Find one con gold has bitcoin doesn't have. Please do not use end of the world scenarios if possible.
    I already listed 5 cons that gold has that bitcoin doesn't have that are totally unrelated to end of the world scenarios.

    In an end of the world scenario, gold would be preferable. Gold will be around longer than bitcoin.

    Bitcoin may help prevent the end of the world.

    Quote Originally Posted by dannno View Post
    1. If I have a gold coin in my pocket and a thief steals it, then I have lost my gold and the thief now owns it. If I have my bitcoin wallet in my pocket and a thief steals it, they cannot access my bitcoin. I can go get another wallet and access my bitcoin.

    2. If I have a gold coin and I drop it into the ocean, I have lost my gold forever. If I have my bitcoin wallet in my pocket and I drop it into the ocean, I can get another wallet and access my bitcoin.

    3. If I want to send gold to somebody in China, it will take several days to get there. If I want to send bitcoin to somebody in China, it is instantaneous.

    4. If I want to send gold to somebody in China, I have to physically send the gold which can be monitored by the shipping company and government agencies. It can be stolen en route. If I want to send bitcoin to somebody in China, it can be sent electronically and it cannot be stolen.

    5. If I want to give somebody a half of a gold coin, or some portion of a gold coin, this can be a challenge. Sending a portion of bitcoin is not a challenge at all.

    You can send the $2,000 to me in bitcoin to my wallet, I will PM you the address
    Last edited by dannno; 08-17-2018 at 03:09 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  23. #20
    Quote Originally Posted by dannno View Post
    I already listed 5 cons that gold has that bitcoin doesn't have that are totally unrelated to end of the world scenarios.

    In an end of the world scenario, gold would be preferable. Gold will be around longer than bitcoin.

    Bitcoin may help prevent the end of the world.
    Your arguments don't make sense. We can trade in fractions of gold certificates so the whole physical angle is bogus. Nobody advocates using physical gold to settle transactions.

  24. #21
    Quote Originally Posted by timosman View Post
    Your arguments don't make sense. We can trade in fractions of gold certificates so the whole physical angle is bogus. Nobody advocates using physical gold to settle transactions.
    First of all, that was half of one of the five reasons. That means you only argued against 10% of what I said. Then you pretended like that was 100% of my argument. What gives?

    Second, gold certificates are not gold. They are gold certificates. Would you like a list of gold certificate cons in addition?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  25. #22
    Quote Originally Posted by dannno View Post
    1. If I have a gold coin in my pocket and a thief steals it, then I have lost my gold and the thief now owns it. If I have my bitcoin wallet in my pocket and a thief steals it, they cannot access my bitcoin. I can go get another wallet and access my bitcoin.

    2. If I have a gold coin and I drop it into the ocean, I have lost my gold forever. If I have my bitcoin wallet in my pocket and I drop it into the ocean, I can get another wallet and access my bitcoin.

    3. If I want to send gold to somebody in China, it will take several days to get there. If I want to send bitcoin to somebody in China, it is instantaneous.

    4. If I want to send gold to somebody in China, I have to physically send the gold which can be monitored by the shipping company and government agencies. It can be stolen en route. If I want to send bitcoin to somebody in China, it can be sent electronically and it cannot be stolen.

    5. If I want to give somebody a half of a gold coin, or some portion of a gold coin, this can be a challenge. Sending a portion of bitcoin is not a challenge at all.

    You can send the $2,000 to me in bitcoin to my wallet, I will PM you the address
    Bitcoins CAN be stolen. You CAN lose your code to access your bitcoins. If power is off, you cannot access any bitcoins. If you have gold in your pocket, you can exchange that for goods and services.

    https://www.cnbc.com/2017/12/20/man-...-him-look.html

    Man accidentally threw away $127 million in bitcoin and officials won't allow a search

    James Howells, an IT worker living in the United Kingdom, knows exactly where his misplaced 7,500 bitcoins are but the city council where he lives won't let him retrieve them. They say it's against the law.

    According to a report published in The Telegraph, Howells began mining bitcoin on his personal laptop in 2009. In 2013, though, "after I had stopped mining, the laptop I had used was broken into parts and sold on eBay," Howells tells The Telegraph.

    He kept the drive he used to collect the bitcoins, "so if bitcoin did become valuable one day, I would still have the coins I mined."

    But, while cleaning his home in 2013, he mistakenly put it into a waste bin at his local landfill site in Newport, South Wales, where it got buried.
    http://fortune.com/2017/11/25/lost-bitcoins/

    Nearly 4 Million Bitcoins Lost Forever, New Study Says



    Just as gold bars are lost at sea or $100 bills can burn, bitcoins can disappear from the Internet forever. When all 21 million bitcoins are mined by the year 2040, the actual amount available to trade or spend will be significantly lower.

    According to new research from Chainalysis, a digital forensics firm that studies the bitcoin blockchain, 3.79 million bitcoins are already gone for good based on a high estimate—and 2.78 million based on a low one. Those numbers imply 17% to 23% of existing bitcoins, which are today worth around $8,500 each, are lost.

    While others have speculated about the number of lost bitcoins, the Chainalysis findings are significant because they rely on a detailed empirical analysis of the blockchain, where all bitcoin transactions are recorded.
    https://www.telegraph.co.uk/news/201...oint-transfer/

    Bitcoin heist as trader forced at gunpoint to transfer cyber currency

    rmed robbers broke into the family home of a city financier turned Bitcoin trader and forced him to transfer the digital currency at gunpoint, in what is believed to be the first heist of its kind in the UK.

    Four robbers in balaclavas forced their way into the home of Danny Aston, 30, who runs a digital currency trading firm, before reportedly tying up a woman and forcing Mr Aston to transfer an unknown quantity of the cryptocurrency.

  26. #23
    Quote Originally Posted by Zippyjuan View Post
    Bitcoins CAN be stolen. You CAN lose your code to access your bitcoins. If power is off, you cannot access any bitcoins. If you have gold in your pocket, you can exchange that for goods and services.
    Strawman...

    I didn't say there is no way your bitcoin can be stolen, I said that if somebody steals your bitcoin wallet they cannot access your bitcoin, and you can buy a new wallet and access your bitcoin. If you lose your bitcoin wallet, your bitcoins are secure, you can buy a new wallet and access your bitcoin.

    I also said there are pros and cons for gold and bitcoin. If the electricity goes out, gold is a better option. If you need to send currency to someone outside of a 20 mile radius, bitcoin is better. If you want your currency secure, bitcoin in most cases is better.

    Gold will ultimately last longer than bitcoin. That is a "pro".

    See? Pros and Cons on both sides - and being that they are different pros and cons, this makes them highly complimentary.

    Over time, there will be less bitcoins "lost" because a lot of the bitcoins that have been lost were lost when they were not as valuable. If somebody loses an ounce of silver when it is $16, then silver goes to $500, they still lost $16. If they lost the silver when it was worth $500 then they lost $500. Most bitcoins were lost when they were very low value.
    Last edited by dannno; 08-17-2018 at 04:08 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  27. #24
    Quote Originally Posted by Zippyjuan View Post
    Bitcoins CAN be stolen.
    Can't a lot of things in this world be stolen? Cars. Jewelry. Passwords. Ideas. Land. Dope. Livestock. Girlfriends. Mail. Store goods.



    You CAN lose your code to access your bitcoins.
    You can lose your password, lock combination, car keys, etc.



    If power is off, you cannot access any bitcoins.
    If the power is off, then you can't access your computer, your electronic accounts, your lights, etc. The food in your refrigerator could go bad.





    `
    Quote Originally Posted by TheCount View Post
    ...I believe that when the government is capable of doing a thing, it will.
    Quote Originally Posted by Influenza View Post
    which one of yall fuckers wrote the "ron paul" racist news letters
    Quote Originally Posted by Dforkus View Post
    Zippy's posts are a great contribution.




    Disrupt, Deny, Deflate. Read the RPF trolls' playbook here (post #3): http://www.ronpaulforums.com/showthr...eptive-members



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