There's a cyberpunk novel called "A Lodging of Wayfaring Men" that parallels what's going on with Bitcoin. It's not the best novel I've read but the author's plot involves the invention of a crypto currency that's gradually adopted by ordinary people. The gubment of course sees it as a danger and tries to stop it but it's too late by the time they start cracking heads.
BitCoin - Intellectual Fraud or a Stunning Idea??
- Thread starter gmst
- Start date
Achilles made a key point: BT is decentralized. Someone else followed up with: the cat is out of the bag.
Yes.
Just like with bittorrent, you can't shut it down. The concept of decentralization is ... well, if you really think about it, awesome.
You can chase it, prosecute it, vilify it, call it the spawn of Satan, but in the end it will still exist. Somewhere. And actually, everywhere.
This is why I think the Fed needs to pay attention. Not so as to kill it, but to have contingencies to deal with it once it becomes a viable contender. And that, my friends, I have no doubt about.
/Wulfrede
Yes.
Just like with bittorrent, you can't shut it down. The concept of decentralization is ... well, if you really think about it, awesome.
You can chase it, prosecute it, vilify it, call it the spawn of Satan, but in the end it will still exist. Somewhere. And actually, everywhere.
This is why I think the Fed needs to pay attention. Not so as to kill it, but to have contingencies to deal with it once it becomes a viable contender. And that, my friends, I have no doubt about.
/Wulfrede
How does the Government ban Bitcoins, or any cryptocurrency, for that matter? How does the Government define a bitcoin, for legal purposes?
You've seen the light
I'm off to the gym for a bit, guys. Check out some of the largest transactions recorded over the past 10 hours.... really something.....
http://blockchain.info/largest-recent-transactions
All they can do to "ban" BTC is to shut down the exchanges and stores that accept them. That only stops the centralized businesses that they can lay their jack boots on.
There's no way to stop individuals from exchanging BTC for USD or goods or services in face to face cash transactions.
True, but aren't the advantages of bitcoin secrecy and anonymity? Not to mention easy transfer?
I know, if I ever get into the kidnapping (or any blackmailing) business I will LOVE bitcoins. Just think about it, what is the biggest challenge in those criminal acts? The exchange of money. Bitcoin nicely solved that...
By the way I love nobody addressed my 3 points earlier....
Simple. Govt says its illegal to transact in any crccy. They define crccy in some way. So, any business or any bank or any website who does exchange bitcoins with you can be prosecuted and sent to jail for say 5 years.
In this situation, yes you will be able to send me your bitcoins over the internet but i won't have much use for it and vice versa.
Many emerging markets and other societies outside of Western Europe and US impose capital controls. It is illegal for most people in these countries to buy or sell their own currencies say against US dollar. Banks refuse to do business with you if you want to buy/sell currencies.
Well sure they'll be busting an individual every now and then. But they can't stop the whole thing, especially if it turns us into a nation of felons.
Think of income taxes in Italy. Nobody pays income taxes and it's unenforceable beause nobody pays attention to the occasional high-profile bust.