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How Much Should A Bitcoin Be?

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#16 D. S.

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Posted 11 April 2014 - 08:43

It should be indexed to the price of meth in an area since, exactly like meth, you shouldn't touch it. Not even once!




#17 OP Turk.

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Posted 11 April 2014 - 08:56

1 Bitcoin = $1, gradually becomes the 'dollar'?.

#18 Stokkolm

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Posted 11 April 2014 - 09:12

It should be whatever the market sets it at. There are a finite amount of bitcoins in the world, so it solves a lot of issues with inflation. Once all the coins are mined there are no more to be created, so it becomes stable at that time. We're not there yet, so expect it to continue to drop for a while. 



#19 Praetor

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Posted 11 April 2014 - 10:56

how much a dollar should be worth? and how much a euro or other currency should be worth?



#20 Stokkolm

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Posted 11 April 2014 - 11:14

how much a dollar should be worth? and how much a euro or other currency should be worth?

I understand what you mean; however they aren't really comparable due to there being a finite number of total BitCoins and the infinite number of dollars and euro's. This automatically makes BitCoin a much more stable form of currency.



#21 Torolol

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Posted 11 April 2014 - 11:57

other problem that 'solved' with cryptocurrencies is that each addition into circulation doesn't creates debts for other entities, which is in contrast with virtually all government fiat monies.

 

i said in quotes ( '' ) because other see it as potential threat to their existing monetary system.



#22 HawkMan

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Posted 11 April 2014 - 12:07

It should be whatever the market sets it at. There are a finite amount of bitcoins in the world, so it solves a lot of issues with inflation. Once all the coins are mined there are no more to be created, so it becomes stable at that time. We're not there yet, so expect it to continue to drop for a while. 

 

 

It'd not the mining that's making it unstable now. and mining doesn't unstable it anyway, not to this degree. look at the dollar or any other currency, more is made every day yet they're "stable"



#23 Praetor

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Posted 11 April 2014 - 12:34

I understand what you mean; however they aren't really comparable due to there being a finite number of total BitCoins and the infinite number of dollars and euro's. This automatically makes BitCoin a much more stable form of currency.

 

yes but like other currencies it depends on markets and value; normal currencies are just paper and metal in physical form but the perceived value they hold is much more; crypto currencies like bitcoin share that same principal.

 

edit: spelling.


Edited by Praetor, 11 April 2014 - 12:35.


#24 Stokkolm

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Posted 11 April 2014 - 12:42

yes but like other currencies it depends on markets and value; normal currencies are just paper and metal in physical form but the perceived value they hold is much more; crypto currencies like bitcoin share that same principal.

 

edit: spelling.

Yes, but they degrade over time due to inflation. This happens because more is constantly being added to the pool. This cannot happen with BitCoin once they are all mined.

 

It'd not the mining that's making it unstable now. and mining doesn't unstable it anyway, not to this degree. look at the dollar or any other currency, more is made every day yet they're "stable"

I'm not arguing that mining makes them unstable, just that the floor hasn't been set yet due to ongoing mining. What I am saying though, is that due to their finite nature they will be more stable without any outside interference. The only reason government currencies are relatively stable is because they are constantly managed (through inflation and rate manipulation) to ensure that they stay that way (that and people still believe they are worth something).



#25 Javik

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Posted 11 April 2014 - 12:48

A Bitcoin in theory is a piece of data. So again in theory, it shouldn't be worth anything as it isn't something physical, it has no value.

 

95% of the currency you hold in your bank accounts is only data as well, if everyone requested the contents of their bank accounts in cash there would be trouble.



#26 Raa

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Posted 11 April 2014 - 23:58

if everyone requested the contents of their bank accounts in cash there would be trouble.

I would have no problem with this. One day it will happen. One day...



#27 Lord Method Man

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Posted 12 April 2014 - 00:08

1/8 of a bytecoin.



#28 xendrome

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Posted 12 April 2014 - 00:22

So anything with no physical attribute, especially data and information, should have no value? You just thrashed the whole education system where you pay for knowledge and tutoring with no physical attribute.

 

You can educate people all day, that doesn't mean they will actually use it for anything productive.



#29 Praetor

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Posted 12 April 2014 - 00:26

1/8 of a bytecoin.

 

/thread.