2013-03-06 MONEY.CNN.COM Why cyber currency bitcoin is trading at an all-time hi

nevafuse

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Quote from: dree12 on March 06, 2013, 07:35:36 PM

People who know it for what it is do not fear it. There are several reasons for this:

Bitcoin can be controlled. It is just like cash, subject to regulation as any other. See any large exchange for their AML policy. There is no reason Bitcoin can't be controlled.
Bitcoin does not need to be controlled. There is no harm that can be done with Bitcoin. Buying drugs and evading taxes with Bitcoin are just as, if not more, dangerous and easy to detect as with cold, hard, cash.
Control is not necessarily a good thing. There are many things that should not be controlled. That's why we have freedom of thought, conscience, expression, and association. People are not afraid of them. Like thought, conscience, and expression, financial freedom is beneficial, not detrimental, to society as a whole. Bitcoin decentralizes the banks, which have done little good for society. People fear banks, and Bitcoin helps save the day.

And I agree with you 100%. But that doesn't mean our opinions match with the majority. I believe it is a legitimate concern to be worried about how the government may react to bitcoin. They could easily convince banks to stop transfers to mtgox just like they did with wikileaks. Two US senators already have a negative opinion of bitcoin. France is trying to restrict cash transactions.

I really hope you are right that my fears are irrational. A government attempt to stop bitcoin would definitely set it back a few years if not more. Regardless, I'm in it for the long haul & believe even a government crackdown won't stop it. And maybe others will find a way to lessen the effects of this hopefully worse case scenario.

dree12

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Quote from: nevafuse on March 06, 2013, 06:13:10 PM

Quote from: dree12 on March 06, 2013, 05:57:37 PM

Bitcoin does not support gambling, drugs, or tax evasion. That is a complete myth. I ran some numbers, and drugs and gambling combine for approximately 10% of the network. That's about as much as it is for regular fiat.

The people on Bitcointalk have an irrational fear of government, believing it to be more than what it is—an association of people help organize society. Yes, it is power-hungry; and yes, it makes mistakes—but there is zero reason to believe it will attack a currency that benefits its own people.

Obviously bitcoin doesn't support anything, it's a protocol. But its lack of regulation, allows it to facilitate a lot of things people frown upon. Prescriptions make the price of obtaining legal drugs more expensive, but the public interest still supports it because a few may abuse it. The price of healthcare is even a huge issue, yet the idea of making all drugs over the counter is never discussed. The same people that follow that logic will use it campaign against bitcoin. Despite all the good bitcoin can do, the fact that it can't be controlled is something people fear.

Citation needed.

People who know it for what it is do not fear it. There are several reasons for this:

Bitcoin can be controlled. It is just like cash, subject to regulation as any other. See any large exchange for their AML policy. There is no reason Bitcoin can't be controlled.
Bitcoin does not need to be controlled. There is no harm that can be done with Bitcoin. Buying drugs and evading taxes with Bitcoin are just as, if not more, dangerous and easy to detect as with cold, hard, cash.
Control is not necessarily a good thing. There are many things that should not be controlled. That's why we have freedom of thought, conscience, expression, and association. People are not afraid of them. Like thought, conscience, and expression, financial freedom is beneficial, not detrimental, to society as a whole. Bitcoin decentralizes the banks, which have done little good for society. People fear banks, and Bitcoin helps save the day.

nevafuse

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Quote from: dree12 on March 06, 2013, 05:57:37 PM

Bitcoin does not support gambling, drugs, or tax evasion. That is a complete myth. I ran some numbers, and drugs and gambling combine for approximately 10% of the network. That's about as much as it is for regular fiat.

The people on Bitcointalk have an irrational fear of government, believing it to be more than what it is—an association of people help organize society. Yes, it is power-hungry; and yes, it makes mistakes—but there is zero reason to believe it will attack a currency that benefits its own people.

Obviously bitcoin doesn't support anything, it's a protocol. But its lack of regulation, allows it to facilitate a lot of things people frown upon. Prescriptions make the price of obtaining legal drugs more expensive, but the public interest still supports it because a few may abuse it. The price of healthcare is even a huge issue, yet the idea of making all drugs over the counter is never discussed. The same people that follow that logic will use it campaign against bitcoin. Despite all the good bitcoin can do, the fact that it can't be controlled is something people fear.

imanikin

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Quote from: puck2 on March 06, 2013, 06:03:50 PM

Quote from: imanikin on March 06, 2013, 05:59:46 PM

The link looks dead now. I think they were just joking. Cheesy

The link is back up: http://money.cnn.com/2013/03/06/technology/innovation/bitcoin/

Does it look like they changed anything in the article from the original?

Stapleddiet

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The link works for me.

imanikin

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Quote from: wtfvanity on March 06, 2013, 02:08:26 PM

But we have a bunch of people that don't want to change the maximum block size, so one day it will be similar to a wire transfer free. Currently 2 cents, in the future? Maybe not. Contact your local Bitcoin Foundation representative today.

There is LiteCoin, which might be even better for large-volume, small transactions, and Bitcoin can just handle the big stuff.

Ultimately, i think it will all unify in Ripple, which may be best!

puck2

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Quote from: imanikin on March 06, 2013, 05:59:46 PM

The link looks dead now. I think they were just joking. Cheesy

The link is back up: http://money.cnn.com/2013/03/06/technology/innovation/bitcoin/

imanikin

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The link looks dead now. I think they were just joking. Cheesy

dree12

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Quote from: nevafuse on March 06, 2013, 05:44:50 PM

Quote from: dree12 on March 06, 2013, 03:56:20 PM

You worry too much about government. No matter how many mistakes it makes, it still acts in public interest. Public interest is to embrace a new revolutionary financial technology, not to ban it.

The same public interest that embraces gambling, drugs, and tax evasion? People like having control over other people. Bitcoin removes that control. I disagree that the public interest is behind bitcoin, but I really hope the government is too slow to really inflict any real damage. Regardless, I plan & recommend on not poking the bear.

Bitcoin does not support gambling, drugs, or tax evasion. That is a complete myth. I ran some numbers, and drugs and gambling combine for approximately 10% of the network. That's about as much as it is for regular fiat.

The people on Bitcointalk have an irrational fear of government, believing it to be more than what it is—an association of people help organize society. Yes, it is power-hungry; and yes, it makes mistakes—but there is zero reason to believe it will attack a currency that benefits its own people.

Raoul Duke

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Quote from: dree12 on March 06, 2013, 03:56:20 PM

Quote from: TraderTimm on March 06, 2013, 02:39:04 PM

This is major, but I have to admit I'm a little worried.

While the government already knows about bitcoin from other publicity, CNN just puts it right out front and in their face. I hope they don't decide to enact anything stupid on that basis.

I guess we'll see, just flagging a concern.

You worry too much about government. No matter how many mistakes it makes, it still acts in public interest. Public interest is to embrace a new revolutionary financial technology, not to ban it.

I don't know how it is in other countries, but at least around here they are starting to see that the financial system is not a friend of governments at all and (very)slowly acting on it. All they want is to enslave people. Even politicians will realise it sooner or later. Wink

nevafuse

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Quote from: dree12 on March 06, 2013, 03:56:20 PM

You worry too much about government. No matter how many mistakes it makes, it still acts in public interest. Public interest is to embrace a new revolutionary financial technology, not to ban it.

The same public interest that embraces gambling, drugs, and tax evasion? People like having control over other people. Bitcoin removes that control. I disagree that the public interest is behind bitcoin, but I really hope the government is too slow to really inflict any real damage. Regardless, I plan & recommend on not poking the bear.

dree12

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Quote from: TraderTimm on March 06, 2013, 02:39:04 PM

This is major, but I have to admit I'm a little worried.

While the government already knows about bitcoin from other publicity, CNN just puts it right out front and in their face. I hope they don't decide to enact anything stupid on that basis.

I guess we'll see, just flagging a concern.

You worry too much about government. No matter how many mistakes it makes, it still acts in public interest. Public interest is to embrace a new revolutionary financial technology, not to ban it.

Deafboy

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This was the first really GOOD ARTICLE in mainstream media about bitcoin. I was not expecting this.

Gabi

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If you want to walk on water, get out of the boat

Great article. Explain everything in a concise and good way!

21after2

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Read this at work today. CNN has been a lot more civil with Bitcoin articles than most major publications. Nice to have some decent publicity out there.

TooCasual

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You can't be Serious?!?

Nah, all the government employees and congress individuals will be getting in on the action. Cheesy

hehe.

TC.

TraderTimm

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This is major, but I have to admit I'm a little worried.

While the government already knows about bitcoin from other publicity, CNN just puts it right out front and in their face. I hope they don't decide to enact anything stupid on that basis.

I guess we'll see, just flagging a concern.

klaus

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Quote from: DeathAndTaxes on March 06, 2013, 01:58:21 PM

Game. set. match.

excellent summary!

same here ... I cant believe what i'm reading from CNN (!). Is 'bitcoin' lately a add-customer or still WU like the last years?

ROFL ROFL ROFL

wtfvanity

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WTF???

Quote from: DeathAndTaxes on March 06, 2013, 01:58:21 PM

Quote

One deal chronicled on the bitcoin data site BlockChain involved a transfer worth nearly $80,000. The processing fee was 1.8 cents. Beat that, Western Union.

Game. set. match.

To the (often uninformed) people say Bitcoin has no "intrinsic value" ... what would you value an open transparent network with barriers or restrictions that allows anyone to send $80,000 anywhere in the world for less than 2 cents? $100M? $1B? $10B? The network IS the "intrinsic value".

But we have a bunch of people that don't want to change the maximum block size, so one day it will be similar to a wire transfer free. Currently 2 cents, in the future? Maybe not. Contact your local Bitcoin Foundation representative today.

Technomage

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Affordable Physical Bitcoins - Denarium.com

Quote from: DeathAndTaxes on March 06, 2013, 01:58:21 PM

To the (often uninformed) people say Bitcoin has no "intrinsic value" ... what would you value an open transparent network with barriers or restrictions that allows anyone to send $80,000 anywhere in the world for less than 2 cents? $100M? $1B? $10B? The network IS the "intrinsic value".

Exactly. As surprising as it is, I think that people might be starting to finally get it.

Topic: 2013-03-06 MONEY.CNN.COM Why cyber currency bitcoin is trading at an all-time hi (Read 2750 times)