Topic: Bitcoin's Biggest Downfall - page 3. (Read 9359 times)
Brian Adams I think?
wasn't that a song by Regina Spektor?
quite beautiful, actually...
quite beautiful, actually...
Why would the Fed shut down an account? Bitcoins are traceable through the blockchain. Unless you are laundering that is, bitcoins or cash. Laundering is illegal, be that bitcoins or cash. You should be able to proof easy enough from the blockchain where you got your bitcoins from.
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But you must convert to dollars to pay for electric and hardware.
Not for hardware. There are people who already will purchase things from Amazon and NewEgg for you, in exchange for Bitcoins. Plato is travelling the U.S. using only Bitcoins.It's a little bit of a pain at the moment, but as Bitcoins gain popularity more and more stores will accept them as a form of payment right along-side credit cards and PayPal.
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The break down is where the crypto currency gets converted into real currency. These places are easy to shut down.
See Bitcoin-OTC, which is an Over The Counter market. Trades from one person to another, and only centralized in the sense that they all need a place to meet (IRC). 
i thought it was
- Lack of physical possession(thus, MUST NEED OTHERS)
- small transaction are "stress"
- quantum computing breaks public-private crypto
If you want to spend your bitcoins you need to convert them into some recognizable currency, which means you need a bank to do so, which can and will be shut down by the feds.
See the case of E-Gold for a similar comparison. E-Gold was doing something very similar: letting people transfer money anonymously and untraceably, but backing it with real gold in a vault so that it had some legitimate worth. The feds shut them down.
I know I know, Bitcoin is different.....There is no vault.
But you must convert to dollars to pay for electric and hardware.
The break down is where the crypto currency gets converted into real currency. These places are easy to shut down.
A solution to this could be a Sun Powered Data center. In addition the Open source hardware movement needs to build and offer their hardware in bitcoins.
Open Source Ecology is working on low cost electric production technologies using the sun and there is a good amount of backing.
Lets show them some support and donate some coins. The future of mining is sun powered.
Also a company offering technology like this exclusively in bitcoins would be huge!!!!!!
Access to cheap production materials only through bitcoin.
http://openfarmtech.org/wiki/Crash_course_on_OSE
http://openfarmtech.org/wiki/Open_Source_Ecology
http://openfarmtech.org/wiki/Donate
See the case of E-Gold for a similar comparison. E-Gold was doing something very similar: letting people transfer money anonymously and untraceably, but backing it with real gold in a vault so that it had some legitimate worth. The feds shut them down.
I know I know, Bitcoin is different.....There is no vault.
But you must convert to dollars to pay for electric and hardware.
The break down is where the crypto currency gets converted into real currency. These places are easy to shut down.
A solution to this could be a Sun Powered Data center. In addition the Open source hardware movement needs to build and offer their hardware in bitcoins.
Open Source Ecology is working on low cost electric production technologies using the sun and there is a good amount of backing.
Lets show them some support and donate some coins. The future of mining is sun powered.
Also a company offering technology like this exclusively in bitcoins would be huge!!!!!!
Access to cheap production materials only through bitcoin.
http://openfarmtech.org/wiki/Crash_course_on_OSE
http://openfarmtech.org/wiki/Open_Source_Ecology
http://openfarmtech.org/wiki/Donate
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