Saving Bitcoin increases the value of a person's time.
Let's say you bought 10 Bitcoin when you were 30 years old back in 2010. This means you have about 50 years left to live before you die, give or take. This means that back in 2010, the value of the rest of your life per year priced Bitcoin terms was 1/5. If you saved all 10 Bitcoin from 2010 to 2020, then that means the value of your rest of your life per year in Bitcoin terms is 1/4. This means that the value of your time increased by 25% by simply saving and deferring gratification.
If Bitcoin 10x its value and governments become interested in saving and trading in bitcoin. Some might redirect there nuclear plants to mining . There can even be attacks on power stations for rival countries. A distributed AI system would eventually figure out a strategy to get 51%.
We have realized that encyclopedias will soon be the most valued collectible. We've sold off our bitcoins, and have visited every used book sale we can to ensure a financially stable future for our son. This room holds everything we have saved for his college admissions!
03-06 10:54 - 'So flippening comes faster, hope BTC will be valued high enough so one who did not change its mind in time have savings for living' by /u/bitcoinhalvening removed from /r/Bitcoin within 0-8min
The argument that Bitcoin saves the user from fiat inflation is a "Store of Value" argument. There already exists many far superior stores of value in S&P 500/Real Estate/Gold. The only reasonable argument for Bitcoin as a "Means of Exchange" is that it saves the user from extortion (censorship).
The future of my life savings in order to payback a loan, and my curiosity of the value of gold and silver & Bitcoin in the next 50 to 100 years also how long the Vatican will be around for!
OK, thank you for your precious time Mr Bitcoin Time Traveller, firstly DOES GOLD AND SILVER remain valuable, i know bitcoin is meant to be the greatest performing investment of the world, but does gold and silver retain its value until the year 2050 or beyond? The prices for Gold and Silver are critical for my wealth and my families, but i also need bitcoin's prices for the next couple of decades, since i have a loan to pay back, but the loan doesnt have a payback date since its from on of my friends. Does Trump get re-elected in 2020, does the USA keep borrowing money or does it stop eventually? Does Iran end up fighting with the USA or what? In which years does time travel become available to the pulbic? Does yolanda renee king become president and the last in 2030? Is THEIR a last POPE? Or are there any more Pope's in the Vatican in your time? Does DESUTCHE Bank collapse? In which year does the USD collapse/Banks collapse, or do the banks collapse? IF GOLD AND SILVER REMAIN VALUABLE, please list the prices in USD for every year leading up to 2050 or beyond. E.g. 2019 - Price for GOLD & SILVER 2020 - " 2021 - " and so on, im very concerned if gold and silver remain "God's Money", as I dont feel comfortable keeping all my wealth in just Cryptocurrency. I desperately need to know if Gold and Silver ever become easy to artificially produce or become SIGNFLICATLY less rare or valuable, for this reason I NEED to know the prices for the next couple of decades, becuase i want to keep a percentage of my wealth in something other than bitcoin or crypto. IS A TREZOR safe to keep your cryptos? correct me if i am wrong but this is how it is for BITCOIN, 2019 - 100K 2020 - Bear market leads to bitcoin low of 20K or 15K briefly 2021 - 1 MIL is broken 2022-2024 - ? 2025 - 1 MIL is broken again and doesnt ever go below 1 MIL ever again 2028 - 10 MIL broken 2030 - 100 MIL is broken 2031 - 10 MIL is final low 2032+ - ??? Is XRP still valuable or does it go to 0? DO THE ALTCOINS RALLY IN 2019??? What are the prices for the altcoins high in 2019? Which altcoins actually survive and become very expensive to purchase? Thank you for your valuabke and precious time, may you be blessed with a great life.
PSA: Bitcoin (BCH) is the best money because it's both the best cash AND the best store of value. So don't go around telling people not to save it.
Using it as cash, merchant adoption, etc, leads to people considering using it as a store of value. So one could say the use as cash is the foundation, and the use as store of value comes later. BTC killed its use as cash. So now it's just a declining store of value, because its foundation is gone. Merchants keep abandoning it because it has no utility for them. BCH kept its use as cash. So it's both cash and store of value. The best money ever. Censorship-resistant, permissionless, for all humanity, like Satoshi wanted. Therefore, focusing on adoption is great. But don't forget the next step is what makes the price go up: people using it as a store of value, or even as an investment. So don't shoo away savers/investors (some call them "speculators" which I think is derogatory). They are the ones who drive the price up, which then makes Bitcoin show up on the news, which brings more awareness and adoption, and so on. Also, the higher the price and liquidity, the more wealth you can insert into the system without moving the price, which enables even more use cases (without this, it has no utility for millionaires or corporations who need to move money around the globe). Just like anyone on the planet can use Bitcoin to buy things without asking for permission, anyone is also free to save it for harsher times, or to get a well deserved cut of the global economic growth (instead of having it stolen by the government through inflation). Imagine a world where Bitcoin has already taken over and everyone is using it for trading and saving. When the global economy grows say 3%, everyone becomes a little wealthier automatically. Instead, in the current world dominated by fiat, what happens is the government says "Oh look, the economy grew 3%. Let's print 3% more fiat because... Hmm.. stability and... Economy stuff that nobody will bother checking, because they trust us" (I oversimplified it obviously. Governments do this based on their country's growth, not the global growth, because every country has their own separate fiat money. But Bitcoin could end up simplifying it to the point where we switch to caring about the global growth, not the local growth)
Aug. 15, 2010: Bitcoin Network Hard Forked To Erase Transactions Generating Billions Of Fraudulent Bitcoins. Very Few Even Remember This Now, No Harm Was Done, The Same Will Be True Here
Many of you are up in arms that hard fork to install a contract that will allow the return of the stolen DAO funds will destroy the network. This is not true. Very few people remember when BTC hard forked to preserve the value of everyone's bitcoins and prevent the market being flooded with billions of fraudulent coins (https://en.m.wikipedia.org/wiki/History_of_bitcoin). Just as that hard fork did not undermine bitcoin (despite many people saying the same thing then, as they are now that the network will be doomed and untrusted), a hard fork to return stolen money from a criminal will not undermine ethereum. You can say this was a network issue for BTC and the DAO's issue is not a network issue for ethereum -- that is only superficially true. The fact that professional security audits and hundreds of the best minds in ethereum did not catch the issue makes this, for all practical purposes, equally as much a network issue as a poor code issue. Bitcoin was opensource afterall, why didn't everyone just say SFYL you should have found the bug in the bitcoin code if you were going to use bitcoin. The similarity is a large scale software issue that affects nearly everyone on the network, not a protocol vs non protocol issue. This is also unlike Mt. Gox in that we know exactly where the stolen money is, and it's fixed in place -- there was no possible programmatic solution to Mt. Gox, here there is. This is much more like the hard fork from 2010 that saved bitcoin's value. Now, we can either devolve in a toxic group of individuals sniping insults at each other, much like the blocksize debate as done to bitcoin, let that toxic environment cripple the network, or we can remain a cohesive community and fight the criminal. We can let everyone from the non-crypto world more steadfast in their disapproval of us all and let them say this was a huge quarter billion dollar mess-up proving crypto is bad, or we can come together as a community and show that the crypto community has real-world solutions when bad things happen, and it's not just a big huge SFYL. In the end a hard fork needs consensus, and is simply another example of the network working as programmed. If it gains enough consensus from miners and the community, then the system worked -- it's not a failure of any sort.
09-16 19:03 - 'I'm planning on moving back to USA as South Africa is really starting to fall apart. I haven't gotten much savings to pay for the plane ticket Any advice or small donations would be great value to me... Bitcoin...' (i.redd.it) by /u/warrenfatema removed from /r/Bitcoin within 25-35min
Roger Ver early 2017: "The reason Bitcoin has value is because of the people who save it not because of the people who spend it"
The full quote: "The reason Bitcoin has value is because of the people who save it not because of the people who spend it and the reason people save it is because they think they'll be able to spend it in the future, but it's the savers of Bitcoin that give it value, not the spenders of Bitcoin" The link: https://www.youtube.com/watch?v=JarEszFY1WY&feature=youtu.be&t=1421 Looks like the narrative has changed a bit in the last year.
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