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To: Errant
Looks to me like each of your points are incorrect.

I believe them to be correct, of course. But if I am wrong you are always welcome to counter them, point by point. For example, you can say that in the latest poll by Gallup 97.3% of US residents (100,000 polled) reported that they know about Bitcoin. In reality, of course, not more than 1% have such knowledge, per my own, informal observations. To compare, about 100% are aware of existence of the US Dollar.

Your link leads to a website of a Bitcoin exchange, which is hardly an unbiased observer. It would be the last place to go to if you want an independent opinion.

Personally, some of my observations are based on my technical knowledge about the Bitcoin protocol. Other are based on known, immutable facts about the Bitcoin ecosystem. For example, the total number of Bitcoins in existence is 21 million. This is what this company derives their expected future value from - simply divide the global money supply in some future year by the projected Bitcoin supply.

10 posted on 04/03/2014 7:51:28 PM PDT by Greysard
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To: Greysard
More work than I feel like tonight after a long day, maybe later...

The site I gave you contains facts, there might be a wee bit of bias but it would be minimal.

Truthfully, there are too many variables to make the prediction the author has that Bitcoin could hit 1 million. If the dollar goes the way of the Zimbabwean dollar, it'll be worth a lot more than that! ;)

I'll counter a couple of your points just for fun:

Convenience of use.

I've personally made several purchases from Overstock. They were the easiest/simplest online purchases I've ever made.

Insurance of accounts

Read the OP, the author is in the business of insuring crypto currency vaults,

Guarantee of convertibility

The many numerous exchanges means you can convert Btc into any currencies or other cryptocurrencies.

Government oversight to prevent shenanigans

The Bitcoin community is self-regulation, but that doesn't mean government doesn't play a part, as we're seeing with the courts involved with the Mt. Gox fiasco.

Stable value

Check Btc's chart against the dollar's chart since its introduction.

Paper trail and reversibility of transactions

Paper trail is contained within the public distributed ledger. Businesses will reverse your transactions if you are not satisfied (see Overstock's return policy).

Acknowledged security of the entire mechanism

The system is very secure compared to CCs and other means of conducting transactions.

Public awareness

Growing exponentially!

Popularity

Growing exponentially!

Purpose

?

Hey, I believe that's all of them...

14 posted on 04/03/2014 8:17:06 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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