Come on people a 50k bitcoin would make crypto bigger than the gold market while there is only limited usage of blockchain today in the real world. If there would be mass creation of usefull applications 50k would be very stretch.
I really wonder if people jumping into crypto have any clue at all of what they are doing and at which level we are already...
Hello @sbrys
Do not worry about people, get used to it
You will be convinced bitcoin is a safe haven for saving.
I wish you luck and success.
Calling Bitcoin a safe have is quite strange no ? Value changes day by day. It can be a good investment on that I agree. It can also be a very bad one :)
For this reason, the investor should invest for a medium-term or long-range, To avoid mistakes during trading.
"According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion."
At 50K per bitcoin it would be at less than 1 trillion market cap plus it's a lot easier to loose your bitcoin wallet than a gold coin with over 4million BTC being predicted as being lost.
Last I read gold was at 3 Trillion but indeed several sources for that. Bitcoin going to 50k would also impact the rest of crypto I think so it would be coming quite close.
But anyway macro economical this would be absolutely crazy. For storage of value ? Everything is possible but feels very unlikely to me...
thinking more along the lines of stock market and derivatives market that is 4 or 5 times the size of the worlds economy it's a store of value in terms of bitcoin trading it for something else is the fun part but the tech is pretty cool so I see no reason why blockchain technology can't get to a few trillion as it is useful!
Can you give 1 real usefull application that is not situated in the crypto world itself ? Apart from Steemit (that is still very techy) I don't know any.
https://steemit.com/beyondbitcoin/@safetony/healthcare-and-the-blockchain
Ok this looks like an interesting idea for blockchain. But why does the coin/token behind it need a 'value' ? I was not stating it right before. blockchain itself can be very usefull but why is the intrinsic value needed of the chain itself ?
Electricity and good internet cost money I think you need to incentivise people to secure the network and to process the data.
With the value of bitcoin coming from the proof of work and how secure the network is.
If you wanted to have a private block chain you wouldn't need to have a $ value but then it wouldn't be as good.
Think internet or intranet
Gold is a barbarous relic with no real world use cases outside industrial applications.
No but in essence everything is useless :) I can understand how people attribute value to gold. It's the rarest metal on earth. Bitcoin can be copied overnight to serve the same purpose.
I really believe in blockchain tech I just dont understand the value attribution. I also never get any arguments about it. People just shout I will see the value after a while :)