I think you are frankly quite delusional if you think ANY government is going to do this.
Of course, it all depends on actual power structures and level of psychopathy. Good thing, Bitcoin does not care. If there's a fight against it, it'll only slow things down, not stop the process completely.
Say the Euro collapses. There are many countries who may suddenly decide it makes sense to switch to a new currency. Some may consider BitCoin. In the historical case of Europe, this is unlikely, but it could happen elsewhere.
BitCoin might be a harbor in the face of runaway inflation. Even the swings of BitCoin pale in comparison to periods of massive inflation in several countries.
It might be, but there's no inflation on the horizon anywhere. The Euro is edging ever closer to deflation.
Not really. That 1 small country can be pushed diplomatically until it gives up on Bitcoin all too easily.
As for the "$1,000,000" thing, LOL, it seems the tulip/gold rush/quick bucks from nothing dream will never dissapear.
The fact that tax havens like Monaco, Bahamas, Switzerland, etc still thrive prove that this is not the case.
> As for the "$1,000,000" thing, LOL, it seems the tulip/gold rush/quick bucks from nothing dream will never dissapear.
It might be worth considering that bitcoin has already multiplied in value by 1000 times several times, from $0.001 to $1 to $1,000.
I never made that argument. I am simply stating facts that one might want to consider before prophesizing with absolute certainty that a bitcoin will never be worth a million dollars.
Those tax heavens heavily benefit existing companies and rich individuals, that's why they are not affected -- they don't release alternative currencies threatening establishd states and the almighty dollar (and still, the IRS for example pushed them to give US citizens banking records and such).
>It might be worth considering that bitcoin has already multiplied in value by 1000 times several times, from $0.001 to $1 to $1,000.
A, like the tulips. A sure thing to wait for the $1,000,000 then. After all growth is unbounded...
That doesn't make another 1000x multiplication more likely. Quite the contrary.
Not trying to say btc will hit $1m... but it doesn't seem out of the realm of possibility, especially if it really takes off, which seems more and more likely.
Yes, until they are regulated.
Besides, there are far more places and people that will deal with you in gold directly, than with bitcoin.
I think that everything is possible now.
Considering if bitcoin goes mainstream the demand it will generate can easily take it above $100,000 at least. To give you an example, not a single non-techie friend of mine owns a bitcoin, even today.
1) Bitcoin alone has enough liquidity to handle $100,000/coin or even more and this would not affect its usability as people can still use the smallest denomination, a satoshi. So the finite supply is not a concern at even $1m/coin.
2) Global acceptance will have an important part in making it go mainstream. Right now, online/office vendors have started accepting bitcoins but thats too little, just like how paypal was in its initial days and compared to this, very very less business are accepting other crypto currencies. I know a lot of business who plan to start accepting crypto currencies soon and all of them mean bitcoin. So, why would other crypto currencies go mainstream when you can't actually use them around the Internet?
3) No one would mind buying bitcoins at a higher price, eliminating the need for other crypto currencies. This is so because all vendors peg the bitcoin with USD or some other currency. So if bitcoin prices soar, it really doesn't affect the new buyer much.
But people should'nt forget that bitcoin has thousands of GigaHashes per second pointed at the network and litecoin (nor any other altcoin) doesn't. Therefore, in the short term future (next 3-5 yrs) I would says that 25 percent of of the market cap will be altcoins and 75 percent will be bitcoin.
hell, $1/btc seemed too optimistic ;)
In other words, nobody will risk their career to push for it even if they thought it was a good idea.
Also, these recent price rises are nothing compared to what will hit when mass adoption happens in 2014. It's all about perspective. Try to ''zoom out'' when thinking about where bitcoin will go.
That's the thing -- I haven't formed a conclusive opinion on this yet. I was hoping that mining self-regulates to an extent that pools don't reach >50%, or that a majority pools is really transparent and trustworthy. GHash.io isn't.
I expect that until we reach a stable mining market when mining chips are deployed as soon as being produced, there will be quick accelerations in mining hashrate here and there. It'll be volatile like with BTC price. I take the risk that during such volatility there won't be a Big Evil guy to step on everyone's dreams, even if it causes big troubles only temporary.
we have a long history that shows how to change your fate and rock the boat without getting yourself killed/jailed. bitcoin doesn't seem to be capable of doing that.