Bitcoin will die off because it has no economic back bone, the currency has no value since bitcoins aren't priced into anything. Like most publicly traded companies have petrodollars priced into their valuation for example.
Read my responses to Guerilla above. You're wrong.
A currencies valuation comes from the economy that, that currency is traded in.
A new economy (teh interwebz) has been created without a perfect currency.
Bitcoin was created specifically to be that currency, and nothing else even comes close to offering its' unique properties.
Bitcoins aren't legal tender, they're accepted almost no where.
That's the problem, for sure. It's a real catch-22 situation... You can't overthrow the powers that be without Bitcoin, but you can't use Bitcoin everywhere without overthrowing the powers that be.
What is happening now is inevitable, and will continue to be inevitable until 1 of 2 things happen:
1. More people want freedom and use BTC because it's all they've got...
2. Less people want freedom and shun BTC because they are sheeple and use USD instead.
Honestly I think #2 has the far stronger chance but forgive me if I don't want to help them go down that road!
Their valuation is built on the fact that just maybe you can convert them into a currency that does have real economic value.
For traders. Not for thousands upon thousands of people who use bitcoin for one of the pther purposes mentioned a couple posts back.
Stop thinking of BTC in pure market terms. The Fanaticism about it that created all the hundreds of BTC merchants and all the hundreds or thousands of BTC Miners is 100% about the cause.
It's only the pathetically few traders that seem to think that BTC is just another new option on their Forex radar.
Bitcoin market is doomed to fail.
If so, then so is the entire hope of liberty without an extremely bloody worldwide revolution. I hope you're wrong.
If bitcoins did take off, because more than 21 million coins can never exist, hyperinflation would take its toll. You'll have 7 billion people on this planet soon and 21 million bitcoins, if they really did become a safe place to stash cash people would drive the price up to the point of where the rich can only afford bitcoins, like $10,000+ a bitcoin.
This is an extremely silly argument. It shows you didn't start reading this thread from the top, where we talked about this point before.
BTC is divisible to the 8th place past the decimal point. That's a total of 21 Quadrillion units of currency. Pretty close to as many Pennies as we have in circulation today.
Not to mention that once it attracts the attention of wall street and the major investment banks like Goldman Sachs you're all totally fucked anyway.
They'll robbed you till you're all piss fucking poor, and there's nothing you'll be able to do about it.
Seems likely but what are their weapons?
How do these weapons fight against a headless, peer-to-peer adversary where there is complete anonymity in who is using these things?
It's like fighting a ghost. No matter how many tanks and bombers they've got, they can't shoot a damn ghost, bro!
No, I maintain that the only way those in power can fight the BTC is using propaganda on the masses to make them feel evil for touching it.
They'll say BTC can only be used for fraud, laundering, and to buy illegal goods. (Which is wrong.)
They'll say that BTC is going to ruin the economy. (As if they know how to help it anyway...)
They'll say that BTC is the primary way that sex slaves, large shipment of drugs, and even nuclear bombs are sold to TERRORISTS and that if you use BTC you're helping them do it.
They'll even appeal to the lower & middle classes of the world and say that BTC is a tool for the people who got rich by doing evil; basically defrauding them of their tax dollars through money laundering schemes.
The poor will hate the rich, the patriotic will hate everyone touching these things, and the people sympathetic to all of the individual causes that BTC can be used towards will be adamant about getting these users hunted down and imprisoned.
And the last chance for our freedom completely eradicated along with them.
Tom Jefferson would probably break down and cry at this point.
So mark my words; BTC is not out of this nor will it be soon. BTC will be a fringe topic for years not quite making it mainstream like Torrents did for years. Then once it is a problem for the powers that be that is finally too big for them to ignore, you can be sure that it will be Public enemy #1 on that day and they'll pull every stop to kill it.
It represents
that much power to them.
So all we can hope for is that too many people can appreciate it for them to stop by then.
