Bitcoin does it really depends on government's blessing ?

Nicolas Dorier

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Quote from: ljudotina on June 12, 2014, 06:56:15 PM

Quote from: boraf on June 12, 2014, 05:41:55 PM

Peer to peer music and video sharing are still alive and well after being threatened to shut down for so many years.

Yes, but they did not evolve into wha they coud have (peer to peer youtube service etc.). It took much much longer to get to this stage where they are working on exactly that...peer to peer watching movies and music. Kunda Youtube but peer to peer. If it had goverment blessing, we would have it already and noone would know what youtube is.
Good example is torrent add-on for XBMC. Fir eup program, type in something and play directly from internet if it's found. Pick option to save to disk or not. Cool stuff.
But that's XBMC add-on. Torrent guys are working on something similar but on torrent protocol level.

If we extrapolate to bitcoin (xbmc), some private companies will develop their own centralized crypto. (youtube)
Not an appealing future for sure...

ljudotina

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Quote from: boraf on June 12, 2014, 05:41:55 PM

Peer to peer music and video sharing are still alive and well after being threatened to shut down for so many years.

Yes, but they did not evolve into wha they coud have (peer to peer youtube service etc.). It took much much longer to get to this stage where they are working on exactly that...peer to peer watching movies and music. Kunda Youtube but peer to peer. If it had goverment blessing, we would have it already and noone would know what youtube is.
Good example is torrent add-on for XBMC. Fir eup program, type in something and play directly from internet if it's found. Pick option to save to disk or not. Cool stuff.
But that's XBMC add-on. Torrent guys are working on something similar but on torrent protocol level.

boraf

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Peer to peer music and video sharing are still alive and well after being threatened to shut down for so many years.

ljudotina

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Price surely depends on that will it be blessed or not. If it's blessed, price will be higher than if it's not. That's about it. Making it illegal all over the world would drop the price, but it wouldnt kill it.

Pente

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They are selling seized coins. Guess they are admitting it has value.

Nicolas Dorier

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There is two kind of point of view on the subject about Bitcoin and the power the government will have on it.

One side of the story comes from Milton Friedman in 1999 https://www.youtube.com/watch?v=fYD17h6hlCs
He expected that what he calls "e-cash" but what we now call "crypto" will shrink government power by making it harder to collect taxes. He is delighted of it, he is libertarian.

On the other side Martin Armstrong thinks Bitcoin will not survive http://armstrongeconomics.com/2013/11/20/the-bitcoin-hearing/, because government will not use allow it if they can't taxe it.
Armstrong believes we will suffer from deflation crisis, thus, pushing people to buy bitcoin is acting like a pump of $, which will provoke, along with taxes, a shortage of $.

However, I think that despite the $ deflation caused by taxes, I think people will be incentived to use BTC, and not $ as a medium of exchange. And that, despite of any $ deflation.
Sadly, Armstrong does not elaborate very deeply into this subject, nor why he thinks the gov can stop bitcoin.

Sure I expect government to protect their eggs. But I don't think that any of their regulation can influence bitcoin on the long term.
Provoking a $ deflation would plumb Bitcoin's value, but I don't think this will offset the incentive of the benefit of trading without a tax middle man.

What do you think ?

Topic: Bitcoin does it really depends on government's blessing ? (Read 673 times)