Bitcoin will eventually be the world's 'single currency' says Twitter CEO

[koblongata]

What happens if there is a drastic increase in computing power, like a Quantum mining machine grid? And I think I have read somewhere; if one country or a collaboration of multiple countries works hard enough, they can actually control bit currency, and it will eventually become another currency warfare fought by using computing power.

 

[Urgelt]

In ten years' time, Bitcoin will be something you delete from your hard drive to make room for the next version of Grand Theft Auto.

Not me! It's never been on my computer.

 

[Reachable]

Eventually there will be 21 million Bitcoins, at which point it will be impossible to create any more. The total wealth of the world is estimated to be 280 trillion dollars (although it will be greater by the time the Bitcoin limit is reached.) Even assuming it stayed the same, if all the worlds' currency became Bitcoin, every Bitcoin will then be worth $13,333,333 dollars. No wonder Mr. Dorsey has feverish delusions!

If the Winklevoss twins hold onto their share they will be worth three trillion dollars.

 

[MaikuTech]

Eventually there will be 21 million Bitcoins, at which point it will be impossible to create any more. The total wealth of the world is estimated to be 280 trillion dollars (although it will be greater by the time the Bitcoin limit is reached.) Even assuming it stayed the same, if all the worlds' currency became Bitcoin, every Bitcoin will then be worth $13,333,333 dollars. No wonder Mr. Dorsey has feverish delusions!

If the Winklevoss twins hold onto their share they will be worth three trillion dollars. Doesn't that just warm your heart?

Money anything kills you especially when people find out you have way too much of it on hand or stored away somewhere.

 

[Urgelt]

Eventually there will be 21 million Bitcoins, at which point it will be impossible to create any more. The total wealth of the world is estimated to be 280 trillion dollars (although it will be greater by the time the Bitcoin limit is reached.) Even assuming it stayed the same, if all the worlds' currency became Bitcoin, every Bitcoin will then be worth $13,333,333 dollars. No wonder Mr. Dorsey has feverish delusions!

If the Winklevoss twins hold onto their share they will be worth three trillion dollars.

Faulty methodology. Very faulty. You are assuming that Bitcoin's value will be driven by the world's total wealth, which means you are assuming that no other currencies will survive and that you don't understand the enormous flex that exists between wealth and currency valuation.

In your 'what-if' projection, you are also assuming that Bitcoin's built-in flaws, which I explained, won't stop it from becoming the world's sole currency. Bad, bad assumption.

 

[Reachable]

Faulty methodology. Very faulty. You are assuming that Bitcoin's value will be driven by the world's total wealth, which means you are assuming that no other currencies will survive and that you don't understand the enormous flex that exists between wealth and currency valuation.

In your 'what-if' projection, you are also assuming that Bitcoin's built-in flaws, which I explained, won't stop it from becoming the world's sole currency. Bad, bad assumption.

No, you don't understand my intent

I think Jack Dorsey's prediction is ridiculous, and I made that clear in a previous post. The post you quote was just an illustration of its absurdity.

 

[Danny101]

Bitcoin is a preview of things to come, digital currency. Given that the U.S. debt load is 21 trillion dollars right now and not likely to be fixed, another crisis would precpitate a call for a different currency, digital currency. New World Order is edging closer.

 

[Urgelt]

No, you don't understand my intent

I think Jack Dorsey's prediction is ridiculous, and I made that clear in a previous post. The post you quote was just an illustration of its absurdity.

You're right, I didn't understand your post. My objection is withdrawn.

 

[wiyosaya]

What happens if there is a drastic increase in computing power, like a Quantum mining machine grid? And I think I have read somewhere; if one country or a collaboration of multiple countries works hard enough, they can actually control bit currency, and it will eventually become another currency warfare fought by using computing power.

In the case of a quantum crypto-mining machine, crypto currencies would, as I see it anyway, become worthless - especially if the promise of having every single solution available instantly from a quantum computer is ever realized and if quantum computers become readily available to the general public.

 

[Urgelt]

In the case of a quantum crypto-mining machine, crypto currencies would, as I see it anyway, become worthless - especially if the promise of having every single solution available instantly from a quantum computer is ever realized and if quantum computers become readily available to the general public.

That's a very big 'if.' Quantum computing remains in its infancy, and where it's headed, or what capabilities will arrive in consumers' hands, and when, remains to be seen.

But yeah, if the claimed potential for quantum computing is ever realized, most everything in cryptography will have to go through an overhaul to stay relevant.

 

[cliffordcooley]

You can tell this guy drinks the "Bitcoin Cool-aid".

 

[treetops]

While iv always liked bitcoin, this is laughable, espicially considering when any country imposes a rule on crypto bitcoin crashes, in the foreseeable future I will say these new laws will continue to cripple bitcoin, it will not die but will every time a new "sanction" happens will dip in value. If that was not the case this guy might have a leg to stand on. Newest examples, sc, facebook removing ads, twitter removing crypto ads.

 

[Rippleman]

First, there *must* be a finite supply of any currency.

No. No expansion, no growth.

Second, the supply of Bitcoins *is* expandable

No. 21 million is the limit. You are speaking of transactions.

 

[complexxL9]

I can't help but wonder those who publish articles with these kind of titles, are they buying bitcoin beforehand? Rhetorical question of course.

 

[senketsu]

Cyber currency is suited only for a cyber economy and certainly most improbable on the Serengeti, Gobi, Sahara & Patagonian to say the least. The Sudan, Yemen and Dominican Republic would have little use either.......

but, but, but, I'm told Musk is bringing the world global internet and it will benefit everyone! Confused

 

[Boilerhog146]

I can't help but wonder those who publish articles with these kind of titles, are they buying bitcoin beforehand? Rhetorical question of course.

No,but they probably have you mining for them in the background as you post and read about it.LoL.I'm sure that can't happen though.LoLz again

 

[Camikazi]

A guy who ran a company for more than a decade without turning a single cent of profit is definitely somebody your should listen to in matters of money and economy. Not.

He owns Bitcoins I think.

 

[captaincranky]

Or just maybe, the Twitter CEO is just like everyone else on Twitter, and simply likes to hear himself talk.