Quote:
Originally Posted by cordoba
I think Bitcoin is worth a high-risk small investment bet even at this stage. In 20 years time I doubt very much it will be anything close to what it is now. Probably either little more than zero or considerably more than $100,000. The former is more likely, but the latter a good outside bet.
It's a bit like buying a lottery ticket for $1,000 knowing there are probably only 10 tickets and the winning ticket is worth a million dollars.
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there is no doubt that bitcoin is overheated through speculations and anonymous use of it.
the value is actually in the fact of the limitation and that the processing power is too small to hack it.
but what happens when the first quantum processors are here ?
the speed of them will be million times faster as the fastest computers exiting.
in less than a week such a computer would be able to hack the codes of all existing bitcoins in the world.
and bitcoin is either secured with productivity nor with gold or any other guarantees.
it just have value because people believe in it. in some indopacific islands they still pay with sea shells - and as long the people accept that as a currency it will work.
the biggest problem on bitcoin is that the concept is too easy to copy.
even when bitcoin is limited who says that 1000 other crypt-currencies will follow (there are already a few) and what do they represent?
money - whatever money it is - must be the equivalent to the goods you can buy with.
if there is more money than goods it will lose value.
the good thing on that is that this generation can learn and view the complete thousands of years evolution of money within a decade. and hopefully they will understand better what money is after the big bang.