Quote:
Originally Posted by crucifissio
BTC @100k and let's say 15mil bitcoins mined by then, dictates a market cap of 1.5trillion $
Some will want to cash out...live the baller life...0.1% in that case is a billion $...just 0.1% at the same time...
You guys really think the exchangers have a billion? 0.1% is a very conservative figure considering the highly speculative nature of BTC...then there's the domino effect...
Just one wallet with 1000 BTC cashed out would bankrupt the whole system...
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Yeah, there's things about Bitcoin I don't understand, although Economics is not my strong point.
I mean, one bitcoin is worth $7k now and people are talking about it going up to $100k. But it was worth 1 cent only a few years ago, when thousands of people were talking it up online, including here.
So there must be thousands and thousands of 'Bitcoin millionaires' now. If it goes up to $100k, then thousands and thousands of Bitcoin billionaires. But this is just money out of thin air. It's all nominal value built on trust, above all the trust that other Bitcoin owners wont cash in and sell all of theirs. All this Bitcoin wealth if it was converted to real wealth would cause the value of Bitcoin to plummet to zero. So all the value of Bitcoin is truly virtual. Or to put it another way, one huge bubble that requires only a pinprick to burst.