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If bitcoin WAS accepted by everyone, every governemnet and every corporation and took over and all other currencies were replaced- approximately what would be the market cap of bitcoin?

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Posted by bhcohen1
Posted on 01/02/2017 3:16 PM
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Well, this would require the govt to accept Bitcoin as a form of tax payment. And that would require govt oversight as to how Bitcoin is used which is fundamentally at odds with the way Bitcoin operates. So it will never happen.

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Cullen Roche Posted by Cullen Roche
Answered on 01/02/2017 3:51 PM
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    Yes I agree. However, in theory, if it did happen- what would it be worth? I guess it would be about 8T since that’s the total market cap of gold. Any thoughts?

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    Posted by bhcohen1
    Answered on 01/02/2017 5:38 PM
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      Well, the govt would want to fix the price of it so it’s redeemable at a certain value. It’s impossible to say what that value would be and it’s ludicrous to even try because Bitcoin is based on a decentralized system.

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      Cullen Roche Posted by Cullen Roche
      Answered on 01/02/2017 6:36 PM
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        My main gripe with bitcoin is that it is not “unique”. Unlike the precious metals, anyone with a computer can create an “altcoin” with exactly the same properties as bitcoin.

        Furthermore, bitcoin is now totally controlled by a small group of Chinese miners. Its main use is for corrupt Chinese to send their money overseas. (source: Zerohedge)

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        Posted by FUЯ ION
        Answered on 01/03/2017 11:31 AM
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          Seriously? You think the Average Wang that wants or needs to circumvent capital controls and other financial transaction restrictions as decreed by a small cabal of Communist politicians is “corrupt” when it is prudent for long-term financial safety? Zerohedge is hardly an authoritative or factual source of anything other than doom porn propaganda.

          Bitcoin has first mover advantage and the network effect. Nothing else will come close ever again unless the Bitcoin consensus refuses to adopt blockchain enhancements and improvements to thorny growing issues (which can be a problem with Chinese pools owning the majority of the mining power as they’re not necessarily interested in reform vs just mining for profit). Just creating your own cryptocurrency doesn’t give it value anymore than “printing money” does. It has to be backed by something other than limited supply and electrical energy. There’s literally hundreds of me too cryptocurrencies out there with little to no value that no one really cares about.

          We’ll have to see what happens after China regulates Bitcoin because the cat is out of the bag. People are dumping the yuan en masse and Trump may start a trade war and depress it further.

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          Posted by MachineGhost
          Answered on 01/13/2017 5:37 PM
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