Bitcoin market cap will easily be worth in the trillions of dollars

September 10, 2017 at 9:40 am | Posted in Uncategorized | Leave a comment

I have been a big bitcoin proponent for quite some time. The current market cap of bitcoin is currently 70 billion dollars  – a lot of money to me and you but a pittance in terms of the world economy. I often wonder when this growth will slow down. I recently read an insightful post on reddit remarking on how far it can go. Was written by ZenoOnTheMoon, but re-posted here for convenience:

It’s quite easy to imagine a 2.6 trillion dollar market cap for bitcoin.

The current market value of Gold is 6.5 trillion dollars. The gold used in industry, jewelry and grills accounts for somewhere between 5 and 10 percent of the total supply, The rest of it’s value is essentially speculation on it’s ability to store value.

The perception of gold’s ability to store value, I would argue, is fundamentally based on 2 things. First, it’s relatively scarce, and second, it’s historical precedence as an accepted form of money.

To contrast this first point, scarcity, with bitcoin, I would argue that bitcoin’s scarcity is much more assured than gold’s. It’s assured digitally, in fact. Gold’s scarcity is assured only based on the fact that people think most of the easy-to-mine gold in the world has been found and mined.

To contrast the second point, historical precedence, with bitcoin, i would argue that historical precedence always gives way to technical advance. Unless there’s a mad-max scenario, the world is not going to go back to using precious metals as money. The conveniences brought about by the technological advance of bitcoin, in particular it’s uncounterfeitability, it’s perfect fungability, and it’s almost non-existent friction, are just too many.

So, the mad-max scenario aside, bitcoin could take a huge portion of that 6.5 trillion dollar gold market.

But bitcoin really goes beyond this. It’s a currency that has purposefully combined the most desirable properties of gold, and the most desirable properties of fiat (which i admit, there are not many!). Why on earth would it NOT dominate the currency market? Everything else being equal, exactly who would choose to save their money in a currency that not only could be slowly inflated into oblivion, but also had an undeniable historical precedence for being inflated into oblivion?

There are four trillion dollars changing hands every day in the forex markets. Hundreds of billions of which is just people speculating on which government is going to debase their currency fastest.

There’s at least 40 trillion dollars (USD equivalent) in government issued fiat currency, in the world, plus 7 trillion dollars worth of precious metals. Is it realistic that the greatest form of money the world has ever seen will have a 2.6 trillion dollar market cap? No, that figure is WAY TOO LOW.

It is going to crush the fiat currency markets and precious metals markets like the internal combustion engine crushed the horse and buggy, and talking about the dollar value of bitcoin will be as cute and antiquated as measuring how powerful a car’s engine is in terms of horses.


The Unabomber’s take on SJWs

September 5, 2017 at 9:38 pm | Posted in Uncategorized | Leave a comment

Every now and then I read something that completely encapsulates how I feel about a particular subject. The Unabomber just described SJW’s perfectly:

12. Those who are most sensitive about “politically incorrect” terminology are not the average black ghetto- dweller, Asian immigrant, abused woman or disabled person, but a minority of activists, many of whom do not even belong to any “oppressed” group but come from privileged strata of society. Political correctness has its stronghold among university professors, who have secure employment with comfortable salaries, and the majority of whom are heterosexual white males from middle- to upper-middle-class families.

13. Many leftists have an intense identification with the problems of groups that have an image of being weak (women), defeated (American Indians), repellent (homosexuals) or otherwise inferior. The leftists themselves feel that these groups are inferior. They would never admit to themselves that they have such feelings, but it is precisely because they do see these groups as inferior that they identify with their problems. (We do not mean to suggest that women, Indians, etc. ARE inferior; we are only making a point about leftist psychology.)

14. Feminists are desperately anxious to prove that women are as strong and as capable as men. Clearly they are nagged by a fear that women may NOT be as strong and as capable as men.

15. Leftists tend to hate anything that has an image of being strong, good and successful. They hate America, they hate Western civilization, they hate white males, they hate rationality. The reasons that leftists give for hating the West, etc. clearly do not correspond with their real motives. They SAY they hate the West because it is warlike, imperialistic, sexist, ethnocentric and so forth, but where these same faults appear in socialist countries or in primitive cultures, the leftist finds excuses for them, or at best he GRUDGINGLY admits that they exist; whereas he ENTHUSIASTICALLY points out (and often greatly exaggerates) these faults where they appear in Western civilization. Thus it is clear that these faults are not the leftist’s real motive for hating America and the West. He hates America and the West because they are strong and successful.

While I disagree with the unabomber on a some obvious key points, his manifesto does make for good reading.

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