Bitcoin - A new kind of singularity

7 months ago

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Attribution

$10,000,000 Bitcoin

An interesting transition occurred in my mind as I realized that the confluence of economic forces currently at play could easily give rise, in time, to the $10,000,000 Bitcoin. Read that again : 10 million USD per Bitcoin.

Bitcoin appreciated between October 5, 2009 and December 18, 2017 by 2,5 billion % or 2,552,429,162 %

Bitcoin was listed at 1,309.03 BTC to one U.S on October 5, 2009 when New Liberty Standard opened trade.

Bitcoin reached just below $20,000 to 1 Bitcoin on December 18, 2017. Quite the reversal.

With the obvious failure of FIAT currency to serve world economic demands, the limited quantity of Bitcoin, i.e. 20 million coins(approximately), could well propel it into worldwide dominance.

The aspects of FIAT which essentially precipitate its demise are :

Its separation from commodity backing (Gold)
Privately owned Central Banking (The FED and like institutions), which have countries borrowing money (printed paper since it represents no value or Backing), from private entities, to be repaid with interest (Enslavement through Debt since it cannot all be repaid with interest)
Fractional Reverse policy, implemented to ensure that the value of FIAT consistently decreases, in the interest of the super wealthy, who can buy up all assets at cents on the Dollar/Pound/Euro when the inevitable cyclic economic collapses correct the inordinately high valuations of the vastly inflated currencies.

If Bitcoin has a finite quantity, i.e. 20,000,000 or so, then through the failures of FIAT alluded to above, and the obvious benefits of Blockchain Technology, including distributed ledger, phenomenal security, relative transaction speed and independence of banking controls and tariffs, then it will continue in a long-term overall upward trend.

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FIAT will continue on its path to oblivion while Bitcoin could become the token representative of all value on the planet. That value, when divided by the total number of Bitcoin, would be approximately $10,000,000 per Bitcoin.

Is this really so hard to imagine ?

Did the FIAT fraternity not ridicule Bitcoin and its potential to reach $1000 let alone $20,000 ?

My son mined Bitcoin in 2011 and by the time he lost his wallet credential and access to the fund, it was worth $14. That $14 worth would have risen to $560,000 at the time of Bitcoin's peak value.

I recall Germany's largest bank( Bundesbank) chairman saying that Bitcoin was not worthy of investment and we should invest in 'real money'. Yet as he spoke, I realized that while every FIAT currency is in consistent overall decline due to inflation, Bitcoin is on an overall steady path of appreciation, leaving aside the fluctuations born of opportunism.

Raise any logical counter arguments to these assertions to assist people in assessing the phenomenal implications of these trends.

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Sources :

Author's opinion
Complete Bitcoin History
Central Bank opposition to Crypto threat to their domination
How the block-chain will radically transform the economy | Bettina Warburg
$10'000'000 Bitcoin Prediction from 2009

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