In Montreal, we have the Blockstream team which is pioneering sidechains technology to extend the usability of the block chain for different economic scenarios. The team is composed of a lot of bitcoin core contributors. Reid Hoffman, the founder of LinkedIn and a current partner at Greylock, recently gave them $21 million. Here's his thinking, I think it will help sharpen the discussion in this thread. http://www.wired.co.uk/magazine/archive/2015/06/features/bitcoin-reid-hoffman Those VCs don't care about the current price of bitcoin. For them, it's the open-source platform that matters and specifically the applications that can be built on top of a peer-to-peer, distributed network of trust-clearing mechanisms. It should be pointed out that these are applications that don't require financial intermediaries to regulate trust/financial transactions (READ: NO BANKS NEEDED). This led Jamie Dimon to opine the following: http://americasmarkets.usatoday.com/2015/04/09/jp-morgan-warns-silicon-valley-is-coming/ The blockchain is like mobile technology before somebody found an edge case for a better, cloud-based notes application (Evernote), a GPS-based meter for taxi hailing (Uber), and mobile gaming (Zynga/Supercell)--all billion-dollar ideas. Developments in creating a peer-to-peer bitcoin based protocol for anonymous, distributed transactions (OpenBaazar), mobile banking (bitcoin wallets), digital voting, and authentication promise so much more. quick example of how it could form an important authentication layer in the machine-to-machine communication protocols that will form the basis of the Internet of Things. http://www.coindesk.com/ibm-sees-role-block-chain-internet-things/ People arguing about the current price of bitcoin are missing the larger picture of why the blockchain matters.
"People arguing about the current price of bitcoin are missing the larger picture of why the blockchain matters." 10 more pages down in this thread we will be arguing the same **** with the same ppl you can lead a horse to the water but...
No offense, but I don't think you're understand how valuation works in a market. If people are just transacting, the market cap only needs to be what is being transacted at any given moment, and trillions of dollars are not being moved at any given second. Trillions of dollars in daily transactions could be handled by a tiny fraction of that in Bitcoin market cap. The current ~$3 billion marketcap can easily handle many trillions of dollars in transactions daily. There's a reason that all the announcements of places accepting bitcoins over the last year hasn't shifted prices at all. Understood. We remember the Ciscos of the world because they were the "winners", but plenty of companies involved in the hardware/infrastructure side went by the wayside too.
Let's say there was a group of banks using coin for settlement infrastructure Hundreds of millions daily.. they would either need to buy and hold the coins to conduct the settlements amongst their enterprise wallets or buy and sell but either way the demand is going up...
Keep taking pot shots (no pun intended). Trading encompasses many different time frames. Also, you still haven't provided any reason why Bitcoin should be given this valuation. Major is making points about why Bitcoin doesn't need to have a titanic market cap to handle a titanic amount of money flow. Since you are the expert on Bitcoin tell me what amount of dollars could reasonably be transferred a day with this current market cap? Is there any analysis on some sort of market cap multiplier number for that?
Considering that today 0 is transferred/settled by banks using bitcoin and the mkt cap is ~250/coin It would definitely go up if they were to start. Not sure what's hard to understand. Sorry that you went to school for all this and now it's shattering your world
Well you didn't answer my question but it's ok. I'll do research and try to figure it out when I'm bored. And I'm not sure why you get so offended and attack me when I ask questions. I was a history major after burning out of engineering in case you are wondering what I studied at UT.
It's funny that you say good posts are being made.. when it's the same rehashed bs from 10 pages ago.
It's also funny that you take being obsessed as a negative.. Pretty sure most people that do things to a high level are obsessed with their craft/subject/domain
