howardb



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Hero MemberActivity: 574Merit: 500 If Bitcoin became the world (Reserve) currency June 10, 2014, 01:07:07 AM

Last edit: June 10, 2014, 04:19:35 PM by howardb #1 If you understand bitcoin, you have to acknowlege it's possible that one day national currencies will become a thing of the past, and the world will run on bitcoin.



So I found myself wondering how many bitcoin I would need tucked away in cold store to be wealthy in such a scenario.

There are different ways of calculating this:



BTC 21,000,000 Issued (eventually) / 7,200,000,000 people in the world = BTC 0.002916 average per head



But the world is not equal, the top 18% of the world currently own 82% of it, so what would I need to be in that top 18%?



21000000/(7200000000*.18) = BTC 0.016



I'm sure I can find BTC 0.016 to tuck away as a hedge for the distant future!



However, before this switch happens we are going to get degrees of moving away from fiat currency to bitcoin, so what might the value of bitcoin

be at different points on that ladder? Well if we base out calculations on M3 (broad money) of which there is currently about $100 trillion, we can peg out that ladder, and also infer by the current BTC price where we are currently on the ladder:



Transition

100% = (M3) 100,000,000,000,000/21,000,000 = $4,761,904 = BTC 1

10% = $476,190 = BTC 1

1% = $47,619 = BTC 1

0.1% = $4,619 = BTC 1

PASSED NOV 2013

0.01% = $476 = BTC 1

PASSED JUNE 2013

0.001% = $47 = BTC 1



So with:



i. About 30 of the worlds currencies having serious inflation problems (out of 180 ish) driving people to exchange their local currency for BTC to protect themselves from inflation.

ii. About 60,000 retailers accepting bitcoin now.

iii. VC Funds have already invested more than double they did last year in BTC projects (5 months in to year!)

iv. Legislaters starting to react to BTC



Who thinks it will take more than 12 months to reach the next level? $4619



I certainly don't!





haojiuruwui8849



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MemberActivity: 66Merit: 10 Re: If Bitcoin became the world currency June 10, 2014, 02:12:48 AM #9 Quote from: howardb on June 10, 2014, 01:07:07 AM If you understand bitcoin, you have to acknowlege it's possible that one day national currencies will become a thing of the past, and the world will run on bitcoin.



So I found myself wondering how many bitcoin I would need tucked away in cold store to be wealthy in such a scenario.

There are different ways of calculating this:



BTC 21,000,000 Issued (eventually) / 7,200,000,000 people in the world = BTC 0.002916 average per head



But the world is not equal, the top 18% of the world currently own 82% of it, so what would I need to be in that top 18%?



21000000/(7200000000*.18) = BTC 0.016



I'm sure I can find BTC 0.016 to tuck away as a hedge for the distant future!



However, before this switch happens we are going to get degrees of moving away from Fiat currency to bitcoin, so what might the value of bitcoin

be at different points on that ladder? Well if we base out calculations on M3 (broad money) of which there is currently about $100 trillion, we can peg out that ladder, and also infer by the current BTC price where we are currently on the ladder:



Transition

100% = (M3) 100,000,000,000,000/21,000,000 = $4,761,904 = BTC 1

10% = $476,190 = BTC 1

1% = $47,619 = BTC 1

0.1% = $4,619 = BTC 1

PASSED MAY 2014

0.01% = $461 = BTC 1





So with:



i. About 30 of the worlds currencies having serious inflation problems (out of 180 ish) driving people to exchange their local currency for BTC to protect themselves from inflation.

ii. About 60,000 retailers accepting bitcoin now.

iii. VC Funds have already invested more than double they did last year in BTC projects (5 months in to year!)

iv. Legislaters starting to react to BTC



Who thinks it will take more than 12 months to reach the next level? $4619



I certainly don't!





i wish this coin will be good in the future. i wish this coin will be good in the future.

. Vrom2F9cmaYwBX1DpaC54f4MB32CwEm1pe QORA | 2ND GEN | NEW SOURCE CODE | QMpiBQ6VhUn3vYcQ9s1bCgBDqu6skedb23 Bitnet . Vrom2F9cmaYwBX1DpaC54f4MB32CwEm1pe

Ron~Popeil



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Sr. MemberActivity: 406Merit: 250 Re: If Bitcoin became the world currency June 10, 2014, 02:34:17 AM #10 Quote from: haojiuruwui8849 on June 10, 2014, 02:12:48 AM Quote from: howardb on June 10, 2014, 01:07:07 AM If you understand bitcoin, you have to acknowlege it's possible that one day national currencies will become a thing of the past, and the world will run on bitcoin.



So I found myself wondering how many bitcoin I would need tucked away in cold store to be wealthy in such a scenario.

There are different ways of calculating this:



BTC 21,000,000 Issued (eventually) / 7,200,000,000 people in the world = BTC 0.002916 average per head



But the world is not equal, the top 18% of the world currently own 82% of it, so what would I need to be in that top 18%?



21000000/(7200000000*.18) = BTC 0.016



I'm sure I can find BTC 0.016 to tuck away as a hedge for the distant future!



However, before this switch happens we are going to get degrees of moving away from Fiat currency to bitcoin, so what might the value of bitcoin

be at different points on that ladder? Well if we base out calculations on M3 (broad money) of which there is currently about $100 trillion, we can peg out that ladder, and also infer by the current BTC price where we are currently on the ladder:



Transition

100% = (M3) 100,000,000,000,000/21,000,000 = $4,761,904 = BTC 1

10% = $476,190 = BTC 1

1% = $47,619 = BTC 1

0.1% = $4,619 = BTC 1

PASSED MAY 2014

0.01% = $461 = BTC 1





So with:



i. About 30 of the worlds currencies having serious inflation problems (out of 180 ish) driving people to exchange their local currency for BTC to protect themselves from inflation.

ii. About 60,000 retailers accepting bitcoin now.

iii. VC Funds have already invested more than double they did last year in BTC projects (5 months in to year!)

iv. Legislaters starting to react to BTC



Who thinks it will take more than 12 months to reach the next level? $4619



I certainly don't!





i wish this coin will be good in the future.

i wish this coin will be good in the future.

You and me both. Wealth, peace, and freedom. I believe it will happen. You and me both. Wealth, peace, and freedom. I believe it will happen. ▓▓▓ BITMIXER.IO ▓▓▓ ▓▓▓ High Volume Bitcoin MIXER ▓▓▓

howardb



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Hero MemberActivity: 574Merit: 500 Re: If Bitcoin became the world currency June 10, 2014, 02:14:42 PM #16 Quote from: lihuajkl on June 10, 2014, 01:52:42 AM Still need a few years to go. Not easy to become the world currency! When the price is down to a low level, I will buy more to save for the future.

You are deluding yourself if you think you are going to get them much cheaper than today. Yes volatility will remain really high in coming years, but the drops will be from much higher bases, I seriously doubt we will ever see $450 again! You are deluding yourself if you think you are going to get them much cheaper than today. Yes volatility will remain really high in coming years, but the drops will be from much higher bases, I seriously doubt we will ever see $450 again!