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RE: You gotta admire a man who will stick to his word...
It will be a massively useless store of wealth by then. I can't even imagine what transaction fees will be... do you really think it will be functional?
Think bigger otage. Think like you are a person with $10 million in assets. Do you care about a $1000 transaction fee that might hit you once a year? or once a month?
BTC wasnt meant for you, if you have less than $10 million. But you can still benefit from it, if you stop thinking small.
I agree with you if I hung on to 10 BTC until it was 10 million dollars and the blockchain was still able to function as a store of wealth even after mass adoption it would be the best investment ever and fees wouldn't matter at all. Crypto currency dreams give way to a greedy reality. It just feels like a bit of a ponzi scheme when one of the defining values from inception, ease of transaction, becomes no longer valid.
Who knows. Probably be a ton of forks by then, so it's impossible to know what the tech will be behind it. I wonder if his bet will include all the off shoots of bitcoin as well?
Yes that is a very valid point the offshoots will add up!
"Massively Useless" Ya ok....
As a currency.
How often do you transact from your "store of wealth"? I assume you must have at least $10 million in gold bullion stockpiled in your private safe.
How often do you transact from that pile of $$? When you do a transaction once a year to get your annual walking around spending money, do you care if it costs you $100?
One of the wealthiest people on the earth is Queen of England. Look at her assets. Do you think that $100 or $1000 transaction fee is even a remote consideration in her mind??