Bitcoin is now more valuable than Disney or McDonald’s

[Ethereal]

Bitcoin is now more valuable than Disney or McDonald’s (https://www.yahoo.com/news/u-top-court-rejects-challenge-maryland-assault-weapons-145015614.html)

By David Gilbert Nov 27, 2017

The price of bitcoin is racing toward an all-time high of $10,000 and shows no sign of slowing down.

The price of one bitcoin on several exchanges reached more than $9,700, a new high, on Monday morning, marking a 15 percent rise in the price since Friday.

The total value of the 16.7 million bitcoin units in circulation has now smashed through $160 billion, which puts its market capitalization at more than IBM, McDonald’s, or Disney. Despite the sustained price rise for the last 12 months, however, multiple experts still believe bitcoin is nothing more than a bubble ready to burst.

https://twitter.com/charliebilello/status/934989211748524032/photo/1

The Chicago Mercantile Exchange’s (CME) decision in October to launch bitcoin futures in December gave bitcoin legitimacy as a tradeable asset, which analysts believe has helped accelerate the spike in bitcoin’s price. The digital currency is up 50 percent since the announcement.

Bitcoin has been going through the roof this year. Some of our more astute members may recall that I advised buying some a while back. The lesson is clear: Listen to Ethereal.

Also, Bitcoin is more than just a financial instrument, it is a political movement spearheaded largely by libertarians and anarchists. The original purpose of Bitcoin as a concept was to dethrone government banking, AKA, central banking. Looks like it's heading in the right direction. Somewhere, a statist shudders...

[jigglepete]

Bitcoin has been going through the roof this year. Some of our more astute members may recall that I advised buying some a while back. The lesson is clear: Listen to Ethereal.

Also, Bitcoin is more than just a financial instrument, it is a political movement spearheaded largely by libertarians and anarchists. The original purpose of Bitcoin as a concept was to dethrone government banking, AKA, central banking. Looks like it's heading in the right direction. Somewhere, a statist shudders...

Refresh my memory (if you can), wasn't Ron Paul (or another big name libertarian) minting his own silver currency before the government shut it down?

[Ethereal]

Refresh my memory (if you can), wasn't Ron Paul (or another big name libertarian) minting his own silver currency before the government shut it down?
I don't believe so. The only thing that comes to mind are Liberty Dollars and that guy wound up in federal prison forever or something like that. The government monopoly on money is absolutely essential to the oligarchic control of societies, so they will crush any attempt to compete with them. The problem is that there is no way for them to crush Bitcoin as it operates over a decentralized computer network.

[Grokmaster]

Pyramid scheme...

[Cthulhu]

Pyramid scheme...Scheme without a pyramid actually.

One you should really do some research on.

Sent from my evil cell phone.

[waltky]

Ethereal wrote: ... spearheaded largely by libertarians and anarchists.

Granny says, "Oh, my...

... sounds like a buncha lefty lib'rals...

... dey oughta sic the hounds on `em"

[Devil'sAdvocate]

Bitcoin has been going through the roof this year. Some of our more astute members may recall that I advised buying some a while back. The lesson is clear: Listen to Ethereal.

Also, Bitcoin is more than just a financial instrument, it is a political movement spearheaded largely by libertarians and anarchists. The original purpose of Bitcoin as a concept was to dethrone government banking, AKA, central banking. Looks like it's heading in the right direction. Somewhere, a statist shudders...
I'd say people should have a right to create competition systems of currency, rather than a state attempting to enforce a monopoly on its own; national currency is a modern invention anyway, states and private enterprises minted their own currencies for most of history.

[Ethereal]

Bitcoin 'Ought to Be Outlawed,' Says Joseph Stiglitz (https://www.msn.com/en-gb/money/video/bitcoin-ought-to-be-outlawed-says-joseph-stiglitz/vi-BBFUrS5)

Alleged economist, Joseph Stiglitz, parades his ignorance of Bitcoin while calling for it to be outlawed. Just more proof that the defenders of the statist status quo fear Bitcoin.

[Kacper]

Refresh my memory (if you can), wasn't Ron Paul (or another big name libertarian) minting his own silver currency before the government shut it down?

I have read of places trying to jumpstart economic velocity by having local alt-currency that certain businesses agreed to accept. Anyway, I think the future of alt-currency is probably going to end up being something more like ripple. Bitcoin will go the way of Napster in due course.

[Ethereal]

Bitcoin will go the way of Napster in due course.

Do you mean that Bitcoin will be forced out by the government or that it will just fade away organically?

[Ethereal]

Pyramid scheme...

You're giving yourself away as an old guy... :wink:

[Ethereal]

I'd say people should have a right to create competition systems of currency, rather than a state attempting to enforce a monopoly on its own; national currency is a modern invention anyway, states and private enterprises minted their own currencies for most of history.

I would agree with everything except the statement about national currency being a modern invention. The Chinese invented paper FIAT money in the 11th century and it was an imperial monopoly on the issuance of such monies in China, which is effectively the same as a national currency. The idea that our national monetary system is "modern" is actually one of the myths that defenders of central banking like to trot out when discussing alternatives like a gold standard. Gold standards are old and dusty, they claim, unlike our shiny, modern central bank. Only, there is nothing shiny or modern about centralized control over money and banking. In fact, it's positively ancient, and it's one of the first things ruling classes try to regulate and control after they come into power.

[Kacper]

Do you mean that Bitcoin will be forced out by the government or that it will just fade away organically?

Probably some of both globally. I think one of the more interesting things about ripple is the ability to readily exchange things like airlines miles, etc. in addition to the ability to bypass the bank manipulated exchange rates.

[Ethereal]

Probably some of both globally. I think one of the more interesting things about ripple is the ability to readily exchange things like airlines miles, etc. in addition to the ability to bypass the bank manipulated exchange rates.
I've read a little about ripple. I vaguely remember liking the concept.

But I have to disagree with you on Bitcoin. Governments cannot really regulate it because it is so decentralized and its brand recognition essentially ensures that it will remain in the mix indefinitely. It may come to pass that another electronic money surpasses Bitcoin's market share or capitalization, but I would be very surprised to see Bitcoin fade into virtual nothingness the way Napster did. What I think is more likely to happen is that Bitcoin will become like the Ford or McDonald's of electronic money.

[Cannons Front]

So, just asking but what can you buy with Bitcoin? The list I have found so far does not make me run out and get any.


1. Lasers (http://bitlasers.com/catalog/)
They offer custom orders if you can't find the laser you're looking for on their website.

2. Apartment rentals in Lithuania (http://www.tanie-noclegi.lt/)
If you're looking for an apartment in the largest of the Baltic states (fun fact!) then this might be your place...or maybe it's not... it's probably not.

3. Ladyboysinc.com
What looks like sexy Asian ladies soon turns into sexy Asian lady faces on young boy bodies. If that's your thing and you have the Bitcoins to afford it, enjoy!

4. Truenudists.com
Exactly what it sounds like.

5. Chinese herbal medicine (http://bitherbs.com/)
This is the "natural contribution to the Bitcoin economy..."

6. Politically incorrect T-shirts (http://www.7bucktees.com/)

Let's just say a lot of these shirts aren't appropriate for every occasion. Like their "It's because I'm Black isn't it? Fight AR-15 Semi-Auto Discrimination" T-shirt, which features a stencil of a rifle.

7. Pick locks (http://www.bumpmylock.com/) The internet has become a place of virtual hackers, and now one of the few places accepting virtual currency happens to be to hack into people's real life.

8. A rock & roll shaman (http://rocknrollshaman.com/)
Her credentials include the Laughing Rainbow Mystery School -- great to know -- and under "What I Do" she includes "Mediumship -- yes, I see dead people". If I had Bitcoins this is the first place I'd use them.

9. "Point Break"wetsuits
This is the best designed site on the list. It is a wetsuit-wear website in Australia that has been around for three years and now accepts Bitcoin. Nothing weird to see here unless you really want a wetsuit. (How did this get on the list?)

10. Dental services in the UK (http://pennymeadowdental.co.uk/)
They're modern in that they accept Bitcoin and have a live dental Twitter feed on their page, but then they include a link to Wikipedia's definition of "dentistry" at the bottom.


11. Fresh beef from Australia (http://www.honestbeef.com.au/)
The "Order Cycle" page is a little confusing, but other than that everything on this site makes perfect sense if you want to order beef from Australia online.


12. A windshield Replacement site in Utah
This place is literally called A Windshield Replacement. Examples of awkward sentence structure on their website include: "70% of the Windshields and Auto Glass parts installed by A Windshield Replacement are made in the United States of America." "Here at A Windshield Replacement your satisfaction and safety is our primary concern." "A Windshield Replacement can handle all of your automotive glass needs."
But better than the strange name is the homepage photo. It's kind of exactly what you'd picture from a windshield repair website from Salt Lake City that accepts Bitcoins. It's five blond kids
(one shirtless) and their parents holding up a sign for their repair service. One kid holding a pink cup looks mad as hell to be there, and the kid next to him is picking his nose.



13. Porn

[rcfieldz]

Bitcoin will fail and be revealed as a fraud. It has tried to mimic S & H Green stamps and Blue Chip stamps on an internet level. But I don't see it being real unless they bail the way these stamp companies did.

https://en.wikipedia.org/wiki/S%26H_Green_Stamps

https://en.wikipedia.org/wiki/Blue_Chip_Stamps

[Cannons Front]

I've read a little about ripple. I vaguely remember liking the concept.
But I have to disagree with you on Bitcoin. Governments cannot really regulate it because it is so decentralized and its brand recognition essentially ensures that it will remain in the mix indefinitely. It may come to pass that another electronic money surpasses Bitcoin's market share or capitalization, but I would be very surprised to see Bitcoin fade into virtual nothingness the way Napster did. What I think is more likely to happen is that Bitcoin will become like the Ford or McDonald's of electronic money.

I do not see that happening unless they can grow acceptance rather than lose it.
"The price of bitcoin (http://markets.businessinsider.com/currencies/btc-usd) is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.
A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation.
According to the bank, last year bitcoin was accepted at five of a group of 500 top online merchants. Today, only three of those merchants accept bitcoin as a form of payment." http://www.businessinsider.com/bitcoin-price-rises-but-retailers-wont-accept-it-7-2017

[rcfieldz]

So, just asking but what can you buy with Bitcoin? The list I have found so far does not make me run out and get any.


1. Lasers (http://bitlasers.com/catalog/)
They offer custom orders if you can't find the laser you're looking for on their website.

2. Apartment rentals in Lithuania (http://www.tanie-noclegi.lt/)
If you're looking for an apartment in the largest of the Baltic states (fun fact!) then this might be your place...or maybe it's not... it's probably not.

3. Ladyboysinc.com
What looks like sexy Asian ladies soon turns into sexy Asian lady faces on young boy bodies. If that's your thing and you have the Bitcoins to afford it, enjoy!

4. Truenudists.com
Exactly what it sounds like.

5. Chinese herbal medicine (http://bitherbs.com/)
This is the "natural contribution to the Bitcoin economy..."

6. Politically incorrect T-shirts (http://www.7bucktees.com/)

Let's just say a lot of these shirts aren't appropriate for every occasion. Like their "It's because I'm Black isn't it? Fight AR-15 Semi-Auto Discrimination" T-shirt, which features a stencil of a rifle.

7. Pick locks (http://www.bumpmylock.com/)The internet has become a place of virtual hackers, and now one of the few places accepting virtual currency happens to be to hack into people's real life.

8. A rock & roll shaman (http://rocknrollshaman.com/)
Her credentials include the Laughing Rainbow Mystery School -- great to know -- and under "What I Do" she includes "Mediumship -- yes, I see dead people". If I had Bitcoins this is the first place I'd use them.

9. "Point Break"wetsuits
This is the best designed site on the list. It is a wetsuit-wear website in Australia that has been around for three years and now accepts Bitcoin. Nothing weird to see here unless you really want a wetsuit. (How did this get on the list?)

10. Dental services in the UK (http://pennymeadowdental.co.uk/)
They're modern in that they accept Bitcoin and have a live dental Twitter feed on their page, but then they include a link to Wikipedia's definition of "dentistry" at the bottom.


11. Fresh beef from Australia (http://www.honestbeef.com.au/)
The "Order Cycle" page is a little confusing, but other than that everything on this site makes perfect sense if you want to order beef from Australia online.


12. A windshield Replacement site in Utah
This place is literally called A Windshield Replacement. Examples of awkward sentence structure on their website include: "70% of the Windshields and Auto Glass parts installed by A Windshield Replacement are made in the United States of America.""Here at A Windshield Replacement your satisfaction and safety is our primary concern.""A Windshield Replacement can handle all of your automotive glass needs."
But better than the strange name is the homepage photo. It's kind of exactly what you'd picture from a windshield repair website from Salt Lake City that accepts Bitcoins. It's five blond kids
(one shirtless) and their parents holding up a sign for their repair service. One kid holding a pink cup looks mad as hell to be there, and the kid next to him is picking his nose.



13. Porn


Why did you not explain the Porn connection. Could you elaborate. My server blocks most porn sites.

[Ethereal]

You can buy anything with Bitcoin, so long as someone is willing to accept it as payment.

Overstock is probably the biggest enterprise to start accepting Bitcoins as payment: https://www.overstock.com/bitcoin

But if I'm being perfectly honest, Bitcoin's biggest value is in buying illegal drugs and hiding your assets from governments. That is, of course, a big reason why governments are terrified of Bitcoin, because it enables people to engage in truly free trade.

[Cannons Front]

The list said no explanation needed, sorry

[Ethereal]

Bitcoin will fail and be revealed as a fraud.

People have been saying that for years.

[Ethereal]

I do not see that happening unless they can grow acceptance rather than lose it.
"The price of bitcoin (http://markets.businessinsider.com/currencies/btc-usd) is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.
A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation.
According to the bank, last year bitcoin was accepted at five of a group of 500 top online merchants. Today, only three of those merchants accept bitcoin as a form of payment." http://www.businessinsider.com/bitcoin-price-rises-but-retailers-wont-accept-it-7-2017

The success of Bitcoin does not rely on the adoption of big merchants. It has grassroots, democratic support instead, which is why it is so successful. Its transaction volume has been growing since its inception.

[Kacper]

I've read a little about ripple. I vaguely remember liking the concept.

But I have to disagree with you on Bitcoin. Governments cannot really regulate it because it is so decentralized and its brand recognition essentially ensures that it will remain in the mix indefinitely. It may come to pass that another electronic money surpasses Bitcoin's market share or capitalization, but I would be very surprised to see Bitcoin fade into virtual nothingness the way Napster did. What I think is more likely to happen is that Bitcoin will become like the Ford or McDonald's of electronic money.
We will see, but I think bitcoin has too many issues and not being pegged to accountable parties (i.e. people you can serve warrants on) is going to increase pressure on it.

[Cthulhu]

We will see, but I think bitcoin has too many issues and not being pegged to accountable parties (i.e. people you can serve warrants on) is going to increase pressure on it.Honestly, of the government wanted to shutdown Bitcoin, they would buy them all and take them out of circulation.

But there is litecoin, Ethereum, ripple, Dash...

Crypto currency isn't going away. It is just beginning.

Sent from my evil cell phone.

[Kacper]

Honestly, of the government wanted to shutdown Bitcoin, they would buy them all and take them out of circulation.

But there is litecoin, Ethereum, ripple, Dash...

Crypto currency isn't going away. It is just beginning.

Sent from my evil cell phone.
Bit coin would just issue new ones. That is part of its accountability problem. There is nothing that prevents them from issuing tons of new coins. They just use the 10 a day mining thing in incentivize people spending a lot of money and energy running their network for them.

[Mini Me]

Alleged economist, Joseph Stiglitz, parades his ignorance of Bitcoin while calling for it to be outlawed. Just more proof that the defenders of the statist status quo fear Bitcoin.

I will take the word of Stiglitz over yours any day of the week!I have read his books and he is right on!
Try to spend your bitcoin and see how far it takes you!

[Mini Me]

About Joeseph Stiglitz;

From Wiki;

Joseph Eugene Stiglitz (/ˈstɪɡlɪts/ (https://en.wikipedia.org/wiki/Help:IPA/English); born February 9, 1943) is an American economist and a professor at Columbia University (https://en.wikipedia.org/wiki/Columbia_University). He is a recipient of the Nobel Memorial Prize in Economic Sciences (https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences) (2001) and the John Bates Clark Medal (https://en.wikipedia.org/wiki/John_Bates_Clark_Medal) (1979).[3] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-3)[4] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-4) He is a former senior vice president and chief economist (https://en.wikipedia.org/wiki/World_Bank_Chief_Economist) of the World Bank (https://en.wikipedia.org/wiki/World_Bank) and is a former member and chairman of the (US president's) Council of Economic Advisers (https://en.wikipedia.org/wiki/Council_of_Economic_Advisers).[5] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-5)[6] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-6) He is known for his support of Georgist (https://en.wikipedia.org/wiki/Georgist) public finance theory[7] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-7)[8] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-8)[9] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-9) and for his critical view of the management of globalization (https://en.wikipedia.org/wiki/Globalization), of laissez-faire (https://en.wikipedia.org/wiki/Laissez-faire) economists (whom he calls "free market fundamentalists (https://en.wikipedia.org/wiki/Market_fundamentalism)"), and of international institutions such as the International Monetary Fund (https://en.wikipedia.org/wiki/International_Monetary_Fund) and the World Bank (https://en.wikipedia.org/wiki/World_Bank).
In 2000, Stiglitz founded the Initiative for Policy Dialogue (https://en.wikipedia.org/wiki/Initiative_for_Policy_Dialogue) (IPD), a think tank (https://en.wikipedia.org/wiki/Think_tank) on international development based at Columbia University. He has been a member of the Columbia faculty since 2001, and received that university's highest academic rank (university professor (https://en.wikipedia.org/wiki/University_Professor_%28Columbia%29)) in 2003. He was the founding chair of the university's Committee on Global Thought. He also chairs the University of Manchester (https://en.wikipedia.org/wiki/University_of_Manchester)'s Brooks World Poverty Institute (https://en.wikipedia.org/wiki/Brooks_World_Poverty_Institute). He is a member of the Pontifical Academy of Social Sciences (https://en.wikipedia.org/wiki/Pontifical_Academy_of_Social_Sciences). In 2009, the President of the United Nations General Assembly (https://en.wikipedia.org/wiki/President_of_the_United_Nations_General_Assembly) Miguel d'Escoto Brockmann (https://en.wikipedia.org/wiki/Miguel_d%27Escoto_Brockmann), appointed Stiglitz as the chairman of the U.N. Commission on Reforms of the International Monetary and Financial System, where he oversaw suggested proposals and commissioned a report on reforming the international monetary and financial system.[10] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-10) He served as chair of the international Commission on the

[Ethereal]

I will take the word of Stiglitz over yours any day of the week!I have read his books and he is right on!
Try to spend your bitcoin and see how far it takes you!

People spend Bitcoin all the time. Much like your hero Stiglitz, you know almost nothing about Bitcoin.

[Ethereal]

About Joeseph Stiglitz;

From Wiki;

Joseph Eugene Stiglitz (/ˈstɪɡlɪts/ (https://en.wikipedia.org/wiki/Help:IPA/English); born February 9, 1943) is an American economist and a professor at Columbia University (https://en.wikipedia.org/wiki/Columbia_University). He is a recipient of the Nobel Memorial Prize in Economic Sciences (https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences) (2001) and the John Bates Clark Medal (https://en.wikipedia.org/wiki/John_Bates_Clark_Medal) (1979).[3] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-3)[4] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-4) He is a former senior vice president and chief economist (https://en.wikipedia.org/wiki/World_Bank_Chief_Economist) of the World Bank (https://en.wikipedia.org/wiki/World_Bank) and is a former member and chairman of the (US president's) Council of Economic Advisers (https://en.wikipedia.org/wiki/Council_of_Economic_Advisers).[5] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-5)[6] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-6) He is known for his support of Georgist (https://en.wikipedia.org/wiki/Georgist) public finance theory[7] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-7)[8] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-8)[9] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-9) and for his critical view of the management of globalization (https://en.wikipedia.org/wiki/Globalization), of laissez-faire (https://en.wikipedia.org/wiki/Laissez-faire) economists (whom he calls "free market fundamentalists (https://en.wikipedia.org/wiki/Market_fundamentalism)"), and of international institutions such as the International Monetary Fund (https://en.wikipedia.org/wiki/International_Monetary_Fund) and the World Bank (https://en.wikipedia.org/wiki/World_Bank).
In 2000, Stiglitz founded the Initiative for Policy Dialogue (https://en.wikipedia.org/wiki/Initiative_for_Policy_Dialogue) (IPD), a think tank (https://en.wikipedia.org/wiki/Think_tank) on international development based at Columbia University. He has been a member of the Columbia faculty since 2001, and received that university's highest academic rank (university professor (https://en.wikipedia.org/wiki/University_Professor_(Columbia))) in 2003. He was the founding chair of the university's Committee on Global Thought. He also chairs the University of Manchester (https://en.wikipedia.org/wiki/University_of_Manchester)'s Brooks World Poverty Institute (https://en.wikipedia.org/wiki/Brooks_World_Poverty_Institute). He is a member of the Pontifical Academy of Social Sciences (https://en.wikipedia.org/wiki/Pontifical_Academy_of_Social_Sciences). In 2009, the President of the United Nations General Assembly (https://en.wikipedia.org/wiki/President_of_the_United_Nations_General_Assembly) Miguel d'Escoto Brockmann (https://en.wikipedia.org/wiki/Miguel_d'Escoto_Brockmann), appointed Stiglitz as the chairman of the U.N. Commission on Reforms of the International Monetary and Financial System, where he oversaw suggested proposals and commissioned a report on reforming the international monetary and financial system.[10] (https://en.wikipedia.org/wiki/Joseph_Stiglitz#cite_note-10) He served as chair of the international Commission on the
I know who Stiglitz is. He's just another establishment hack who promotes big government socialism and makes stupid proposals like outlawing Bitcoin. His long list of fancy titles and credentials are impressive only to dupes.

[Cthulhu]

Bit coin would just issue new ones. That is part of its accountability problem. There is nothing that prevents them from issuing tons of new coins. They just use the 10 a day mining thing in incentivize people spending a lot of money and energy running their network for them.If memory serves, the way the algorithm is setup there will be a maximum number of 21 million bit coins. Once they have all been mined - that's it.

Are you saying that people can forge new coins? Or after you referring to the mining process? Because presently I think there are about 16 million coins in existence right now. Mining them is becoming less and less practical.

Sent from my evil cell phone.

[Kacper]

If memory serves, the way the algorithm is setup there will be a maximum number of 21 million bit coins. Once they have all been mined - that's it.

Are you saying that people can forge new coins? Or after you referring to the mining process? Because presently I think there are about 16 million coins in existence right now. Mining them is becoming less and less practical.

Sent from my evil cell phone.

Algorithms can be changed. When the world ran out of IP addresses, they just added more.

[Ethereal]

$15,000 per Bitcoin.

Wow.

[Peter1469]

APMEX now accepts bitcoin for the purchase of gold and silver.

[Cthulhu]

Algorithms can be changed. When the world ran out of IP addresses, they just added more.But then we're back to the original problem - Fiat currency. I don't think they can add new bitcoins, but that isn't too say they can't have multiple currencies based off the same algorithm - they already have them in circulation.

Case in point is litecoin, and fckbankscoins(actual name). Same algorithm but the maximum was altered.

Sent from my evil cell phone.

[Kacper]

But then we're back to the original problem - Fiat currency. I don't think they can add new bitcoins, but that isn't too say they can't have multiple currencies based off the same algorithm - they already have them in circulation.

Case in point is litecoin, and fckbankscoins(actual name). Same algorithm but the maximum was altered.

Sent from my evil cell phone.
If there are no more bitcoins to be mined, then people stop mining, the entire framework falls apart, and bitcoin becomes a financial collapse with no recourse for the losers. They will release more bitcoin in time. They have to. In the meantime, people are already taking note of the massive amount of energy being consumed by the whole mining thing.

[Peter1469]

If there are no more bitcoins to be mined, then people stop mining, the entire framework falls apart, and bitcoin becomes a financial collapse with no recourse for the losers. They will release more bitcoin in time. They have to. In the meantime, people are already taking note of the massive amount of energy being consumed by the whole mining thing.


That is how inflation happens.

When gold and silver were currency we had a set amount in circulation.

[Kacper]

That is how inflation happens.

When gold and silver were currency we had a set amount in circulation.
When one transaction uses more energy than a household in a week, bitcoin's fate is going to be more shortlived than gold http://www.motherjones.com/environment/2017/12/climatedesk-bitcoin-is-really-bad-for-the-environment/

[Peter1469]

When one transaction uses more energy than a household in a week, bitcoin's fate is going to be more shortlived than gold http://www.motherjones.com/environment/2017/12/climatedesk-bitcoin-is-really-bad-for-the-environment/
I doubt it.