Rick Falkvinge - Bitcoin will hit $5 Million
8 years ago in #bitcoin by hilarski (76)
$62.25
- Past Payouts $62.25
- - Author $56.01
- - Curators $6.24
342 votes
- jamesc: $22.16
- rainman: $10.28
- riverhead: $5.21
- xeldal: $5.00
- enki: $3.08
- donkeypong: $1.57
- ramta: $1.06
- nanzo-scoop: $0.89
- benjojo: $0.83
- kevinwong: $0.68
- ericvancewalton: $0.53
- sochul: $0.53
- craig-grant: $0.40
- ozchartart: $0.37
- jrcornel: $0.34
- bobbylee: $0.33
- teamsteem: $0.31
- cryptoctopus: $0.27
- ajvest: $0.27
- fabio: $0.27
- and 322 more
I love your words of wisdom ending the article and, in retrospect of my experience with Bitcoin, this is exactly what I am doing, while creating content. Thanks for the words of wisdom and rather optimistic, yet realistic outlook on Bitcoin. Namaste :)
Wow! I received my first Bitcoin as a gift when it was worth $2.00!
When you consider that there will only ever be 21 million bitcoins his argument makes sense if we concede that there will be mass adoption.
@kus-knee (The Old Dog)
I'm letting my Steem (as SP) build up. I will only withdraw when there's enough to buy something I can't afford otherwise and a single week's power down will cover it.
I guess that if any cryptocurrency could increase the userbase by x100 then the value should increase massively, but I'm not expert on the economics. I'm just interested to see how it goes.
Same for me, I understand the basics of economics. I prefer to just let my Steem pile up. This could go huge or it could flop. The worst thing that could happen is that I just made a whole bunch of new friends.
Yeah, and who needs friends? ;)
I just can't resist playing with cool technology and Steemit has that aplenty. I will try to do some coding around the blockchain some time soon. Can't do that so easily with other social sites.
Good point. We don't know what any of these cryptomarkets will do in the coming decades. There's just no knowing so far.
I wouldn't want anyone to try "investing" in cryptocurrencies as a means of preserving value or gaining something without increased risk. The risk is there and we should be aware of it.
Well said! There are so many unknowns, it's nice to focus on all the growth and good in the community here.
wise words
WOW ! Lots of wisdom here
Thank you Mammasitta!
that would be a sight! hope it gets there soon! lol
When i saw 5 million i reloaded the page , i thought it was a typo
I like this one from your article
Exactly, as a Doctor you know what it took to finish University. Here on Steemit is is very similar. Put in the effort and you can harvest the rewards.
got it :) , actually you summarized how steemit work
Thank you
Ok as a crypto supporter I wish that Btc someday be worth 5 million$ but I think that's not anywhere in the near future. Keeping 1 Btc (1.000$) is a good idea if you are a passive investor but if you know what to do you'll probably earn more several other ways. Love your post anyway!
I for one am all excited about steem,btc and a few other fast horses.
It's great to see a fellow anarchically minded Swede and vissionary pierce through the veil to expose the vast possibilities. Would be great to have a conversation with you one day @Falkvinge
It's a brave new market is what it is. Not merely a new product in the market place.
The P2P economics, all of which I consider to be part of a Cooperative Agorist effort, will transform the financial landscape in ways that not even the presumably brightest minds can comprehend.
In fact it's already starting to do that and not even most crypto heads actually "get" what's happening. Not even most Steem users understand what a profound cage of limitations have been entirely obliterated.
Thank you for your input and for relaying the interview Randy!
You are welcome, Rick is one of my favorite Bitcoin visionaries.
But when bitcoin hits $1,000,000 per coin, what will a million USD buy?
You are insinuating that hyperinflation will hit the dollar? That is quite possible. If that happens the world will be in serious trouble.
I'm not insinuating nuthin! :-p
But, I am distancing myself from the USD, especially in my thinking.
How much angle-iron can I get with this btc? How many pounds of wheat can I get with STEEM?
Bitcoin is such a tiny market, that it could easily go to a million per bitcoin just with a couple of big investors. The first person that figures out how to put bitcoin into a 401k will get rich... right before they shut him down.
But still, the elephant is how much food will a dollar buy?
You already can put Bitcoin in an IRA. I have friends that have been doing it with Self-Directed IRA's.
IRAxs yes, 401ks no.
I would never have a 401k, however, this person has a good idea what to do with one.
Letting Uncle Sam and Your Company Pay for Your Metal's Hedge
None of it matters in short term as the cyrptos are a long term hold.
I am addicted to blogging so for me being rewarded in a tangible... no matter how little is of value to me.
And if you are here you are of higher intellect than those on facebook that still refuse to be here... for whatever reason... noy a heck of a lot of smarts in giving it all away.
But with continued support and concerted efforts, Steem will rise...I only see one competitor, but they are still on the horizon.
It will be a while before a legitimate competitor arises. I welcome other players. Competition is a good thing. All we can do is to continue writing daily.
Does Falkvinge believe this because the Dollar will tank, Zimbabwe style? At $5 million, the current market cap of BTC would be over $80 trillion.
He also mentions that BTC is a "transactional" currency. But it actually is not performing as such. It's mostly being held as a speculative asset, like pretty much all cryptos. Except BTC has been around for over 8 years now - which is an eternity in the digital world. Still, it hasn't made much of a dent in merchant markets and most people don't really spend their BTC - they hold it or they trade it on exchanges.
Now, there are many "competitors" in the space that are actually improving on BTC, but most crypto enthusiasts still believe that BTC is the king and will be in the future. And while these newer blockchains are being created and improved upon, BTC gets more bloated, transaction times are still relatively slow compared to new crypto-coins and may be becoming slower, and higher fees are starting to creep in.
It actually seems like BTC is becoming the "dinosaur" of crypto and those heavily invested in it are unwilling to recognize the improving blockchains and technology. Bitcoin may have been first, but that doesn't mean much when the tech can be easily duplicated. Without the ability and willingness to evolve and adapt, you'll get left behind.
So...$5 million per BTC? I don't think so. At this point, $5000 seems unlikely. I think there are/will be better options for both transactions and storage.
I think what we are talking about here is the potential, if developement continues, stability increases with growing market volume and use for ordinary transactions follow. I can agree that's a big "if". But what's huge is all of the barriers that have been removed that would otherwise make all of this impossible anyways.
My view is quite the opposite. I think developement is continuing pretty much as I had imagined early on. However, I never thought bitcoin would go as far as it did last bubble and I didn't know it would even survive the crash.
That's the key right there. The blockchain needs to continue adapting new ideas and survive in large due to its higher capitalization. The less valid new implemented improvements, the heavier the dependance on market stability.
That is quite possible. This interview was made during the first exponential rise of Bitcoin. Transactional has suffered but we will see what happens with SEGWIT and the Lightning network. I also consider it the dinosaur of Crypto. As long as Altcoins are less than 20% of the market Bitcoin will keep its position of top dog. When that drops hold on tight.
Dinosaurs may be slow and heavy, but they sure are deadly...
What am I doing here? Talking about dinosaurs like they were still around.
The risk should not be minimized, but neither should the upside(s) of this technology.
This is a great forum for savings. I have absolutely no idea what any of this means, so I can't spend any money. I just keep writing, commenting and upvoting things I like and my cryptobankaccount grows! Who knows??? By the time I die, I might be able to pay for my funeral lol!
Don't worry Rich, just hanging out with the Crypto pack you will eventually pick up the skills needed to spend your earnings. Just keep on Steemin.
I'm writing as we speak lol!
Great article. Great vision and great guidance.
Totally on board with you. Happy steeming.
Solid post. Nice to see I'm not the only one who thinks like this. The current total market cap of all cryptos might seem high but blockchain is here to stay and will involve all our lives. I do see a bright future for everyone that's hold's their coins with a long term vision. I really advice people to take a look at: https://www.coincheckup.com I don't know any other site that gives such good inisghts in the team, the product, advisors, community, the business and the business model, etc. Check: https://www.coincheckup.com/coins/Bitcoin#analysis To check Bitcoin Indepth analysis
Fantastic post! Im thinking along the same lines as you are. :D
That's nice, but I don't hold any ken with USD
What is the price of BTC per STEEM
^_^