Today is a non working day where I live and, although I do have work to do for my remote day job, I have this strange feeling that winter holiday is already here. Streets are empty, I have less than a quarter of my coworking colleagues around and you can hardly see anyone on the streets.
So, taking advantage of this sudden bubble in my personal space, I found myself rambling about utopian financial scenarios.
Everybody and their mother is asking themselves these days how high Bitcoin can (still) go. And what the usefulness of such a token would eventually be.
As I was thinking about this, I hit a very practical roadblock: what is the smallest denomination unit for a currency? Well, for USD, it's the cent. And for Bitcoin, it's the 8th digit after the point, or, as we call it, the "satoshi". You can't split a Bitcoin lower than a satoshi.
So what if the two currencies will "get even"? What it would happen if a cent would equal a satoshi? Like in a scenario where Bitcoin would actually replace the USD in the current day to day operations, you know....
Well, first of all, the actual value of one Bitcoin would be $1,000,000.
Stop for a second and try to digest this...
That's basically double than the "dick cutting wage" John McAffee poised to, a few months ago. If you don't know what I mean, then allow me to update: in a public tweet, John McAffee waged that Bitcoin will reach $500,000 by the end of 2020, otherwise, he will eat his dick on public television.
Belive it or now, there is now a website for that. If you click on that link you will see wether or not John (whom I had the honor to meet and chat with this year) will actually sacrifice a fundamental part of his body. If you didn't click that yet, I'm going to show you what you will see there (today):
Ups! John already updated his wage. So it's already poised to be $1,000,000 in less than 3 years.
Good.
Suppose it will be like that.
If the gap between all the other crypto currencies will maintain at the current level, here's what you'll see:
1 ETH would equal (roughly) 0.05 Bitcoin, or $50,000
1 STEEM would equal (roughly) 0.0001 Bitcoin, or $100
I'm just gonna leave this here. And, if the STEEM blockchain will still be around in 3 years, we can look back and assess wether I was right or wrong.
At which point we will also have a clearer status on John McAffee's dick too.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
I hope John is right :-).
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@dragosroua I think that $100.00 STEEM would be fabulous. Heck I think $10.00 STEEM would make everyone very happy................
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Prediction time....
It won't hit 500K. He'll lose but he won't eat it.
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Beware: whatever you write will stay on the blockchain immutably :))
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If btc were just competing with fiat; absolutely.
Bitcoin is useful and finite, which is why it's valuable.
But 'useful' is relative.
A lot of Alts are substantially more useful than bitcoin and still finite.
I can see its cc market dominance starting to slip in the next 6-12 months.
Once its firmly below 40% a lot of people are going to assume its heading for zero.
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👍
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1 sat = 1 USD cent, the world cannot handle so many millionaires.
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tomorrow is my non working day in my country
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OKay, plan to get out of STEEM before 2020. Got it!
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Neah. Just thinking in scenarios...
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Let's see how many more "pay for upvote" bots run off with the loot and we'll get back to this.
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i love non working day & i hate working day & in my country only one nonworking day & 6 working day
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These numbers are massive and seem that way now, but are highly likely as fiat currencies continually lose faith from the masses.
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Nobody knows for sure. That what makes the whole thing so entertaining, IMHO :)
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Exactly!! I 100% agree with you!!
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It's been amazing and interesting to watch the rise of Crypto. The whole decentralized basis has so much allure, but also so much potential for volatility. People can be fickle and centralized power is traditionally much more of a force of change.
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well! Bitcoin is unpredictable it Can go anywhere
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The McAfee bet, is he talking about bitcoin or bitcoin cash? In his original tweet announcing the bet, he stressed it was Jihan's coin.
https://twitter.com/BashCo_/status/887073033491365888
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BTC is on fire but i pray for steem to be like bitcoin. i want one Steem will be equal to at least $500. then this will be real fun for every steemer
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I hope so but bitcoin is un predictable @dragosroua
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check the math on BTC at 0.01 per satoshi. satoshi IS at around .01 now so 1 million of them = $10,000 (the rate that 1 BTC has been and is trying to maintain now). So 1 satoshi is 1 cent basically RIGHT NOW.
Prediction: 1 BTC will break through $19,000 before December 31 2017. Who is HODLing.
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OK My math is very wrong...nobody noticed though.
1000 Satoshi is about USD $0.17 (17 cents).
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this is really unpredictable could crash too in a matter of seconds
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