[ExI] What happens when Bitcoin goes to a million bucks?

[Mirco Romanato]

Il 07/11/2013 07:10, Max More ha scritto:
> Brent: You say that "Everyone should have at least one Bitcoin". I don't
> pretend to have a good understanding of bitcoins, despite having read
> (lightly) many posts here and some articles (such as the helpful one by
> Keegan Macintosh in the November issue of /Cryonics/), but I do have the
> strong feeling that I really ought to have a few of these peculiar
> things. However, my impression is that it's now too late -- that you can
> only generate new bitcoins if you have some fairly serious computing power.

Max generating bitcoin to own them or spend them is like mining gold to
own gold or spend gold coin. It is not for all of us, just for a
specialized few able to be very efficient at it (and it is not the most
efficient and cheap way to procure bitcoin).

What matter is not the price now, but the price in the future.
If, in any reasonable outcome, the price is a lot higher than now, some
funds should be stored in Bitcoin and Bitcoin accepted as payment/gift.

> Is this right? If so, are there any reasonably non-speculative ways to
> acquire bitcoins?

The same as any other form of money, like selling goods and services.

> My question is not just from a personal perspective. Several people
> would like to pay for their some part of their cryopreservation (or gift
> Alcor) using Bitcoins, so I would like to understand the situation better.

Alcor could simply accept Bitcoin using Bitpay and having the desired %
of bitcoin (from 0 to 100%) converted immediately in cash ($).
Bitpay service cost 1% of the transaction (max) or could be a flat fee
of 30-3000 $ (depend on service) per month. IMHO 30$/month would be
perfect for Alcor needs if you have more than 3000$ in revenues every
month in bitcoin.

What is more important is to secure the cold wallet(s) where to store
the coins.

In the last few days, we had Silk Road 2.0 (and a new Dread Pirate
Roberts), 7.000 restaurants/takeaway in Europe added Bitcoin as a
payment method, the price spike to >300$.

IMHO, Alcor should have assets stored in many very conservative ways, as
to be able to save purchasing power for the foreseeable future and be
safe against government debasing the currency and banks stealing the
funds (in legal ways, of course).

Mirco