As of today, the entire Bitcoin market is worth $31 million USD. When you consider how many potential applications there are for Bitcoin, that is a shockingly low valuation.
What if, for example, the Team Fortress 2 hat economy was Bitcoin-driven (which it should be, to save people from PayPal and credit card fees). You might find this incredible, but the Team Fortress 2 hat economy, alone, is worth $52.7 million.
If it was purely Bitcoin-driven, Bitcoins would be worth $6.64 a piece. Don't even get me started on pants...
Holy snap! $52 mil is pocketchange when you consider how much money is in the world. That having been said, once this is realized I see the bitcoin values skyrocketing.
ReplyDeleteAnd yes, TF2 hats should definitely be bitcoin-enabled! As if they use paypal!
The mount of time required to calculate a single bitcoin on a 4ghz I7 is about 1 bit coin every few months of processing. (the coins are earned by hundreds of thousands of computers that are doing the computations, live) When a computer finds a solution its actually just a share, or a fraction of a whole bitcoin. IT takes a 4ghz pc a week or so to find a share, and today the share is worth 0.0163 % of a bitcoin. The computer power required to calculate that share was about 1 week at 600 watt, 24-7. Thats about $5.04 in usd.
ReplyDeleteTo collect enough shares to make a whole bitcoin, .... Then each coin should be around $100+