Quote:
Originally Posted by fizzwont
We agree to disagree then. I doubt much can be done from a government level, except to people stupid enough to run public exchanges in the US (without following kyc, FinCEN, and sanctions rules to the letter)
I'm not saying it will take over the world, but even as a 'niche currency' - it has near global reach, provides efficiencies no other currency can - and i'd expect the market cap/GDP of that economy to be well over 100MM USD.
But hey, I guess I'll keep quoting the .70 guy
I'm not for/against BTC... just running thought experiments.
When engineers are charged they will be facing 20 year terms...
This will be much more serious than running poker sites...
****ing with a country's Monetary System is MAX serious.
And encryption is already illegal in places like Russia...
The Web Money market there is controlled by Russian mafia...
Your biggest concern would be 2 shots in the head.
Also, let's assume BitCoin reaches a $100 million market cap...
The Pro Forex Manipulators will move in long before that...
With zero costs they will extract more wealth by cheating...
Than the entire amount of "commercial activity" in BitCoin.
Soros manipulated and crushed the British Pound...
But this never even occurred to the BTC designers.
Because BTC will be a publicity-driven Bubble for a while...
People do not realize that, eventually, the BTC exchange market...
Will be comparable to a poker site where collusion is OK.
But then, most fish don't understand why collusion is bad.
Any serious approach to trading BTC = collusion strategies...
The current players like Mt Gox are not Eagle Scouts.
Argument that BTC will be supported in 3rd World is weak...
Everything about BTC is designed to appeal to young Western geeks...
90% of nodes are in the USA + EU.
http://maps.google.com/maps?q=https:...ts/bitcoin.kml
I'm waiting for the next crypto-currency to pop up...
There will probably be dozens 1-2 years from now.
The first crypto-currency...
That allows a man to buy a loaf of bread at local bazaar...
Is the one to watch explode...
Survival vs Convenience.