Can Bitcoin Survive? Is It Legal? - Forbes - page 2.

MoonShadow

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Quote from: BitcoinPorn on June 28, 2011, 08:07:42 PM

Quote from: cmh on June 28, 2011, 08:02:36 PM

That's what is exciting... there is no way to stop it, but they have to try. Government has to because of taxes, finance has to try because of fees. It's on. It's going to make napster v. music look like a thumb wrestling match. IMHO

Realistically, nerds better get on telling their parents and grandparents about this funny money sooner than later, because once government informs an older person on how to think, it's pretty much done.

Till they die.

BitcoinPorn

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Quote from: cmh on June 28, 2011, 08:02:36 PM

That's what is exciting... there is no way to stop it, but they have to try. Government has to because of taxes, finance has to try because of fees. It's on. It's going to make napster v. music look like a thumb wrestling match. IMHO

Realistically, nerds better get on telling their parents and grandparents about this funny money sooner than later, because once government informs an older person on how to think, it's pretty much done.

cmh

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Quote from: BitcoinPorn on June 28, 2011, 07:58:50 PM

Quote from: cmh on June 28, 2011, 07:47:24 PM

It's definitely going to be a war to try and stop it.

It is one of those things that I wonder how they could try and contain things with how far stretched Bitcoins are networked wise, is there a global power switch?

That's what is exciting... there is no way to stop it, but they have to try. Government has to because of taxes, finance has to try because of fees. It's on. It's going to make napster v. music look like a thumb wrestling match. IMHO

BitcoinPorn

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Quote from: cmh on June 28, 2011, 07:47:24 PM

It's definitely going to be a war to try and stop it.

It is one of those things that I wonder how they could try and contain things with how far stretched Bitcoins are networked wise, is there a global power switch?

cmh

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It's definitely going to be a war to try and stop it.

cunicula

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Quote from: BitcoinPorn on June 28, 2011, 07:32:16 PM

From http://blogs.forbes.com/petercohan/2011/06/28/can-bitcoin-survive-is-it-legal/

Quote

But they never caught on because their marginal costs to consumers and merchants exceeded their marginal benefits. Simply put, there was no compelling reason for the key participants to adopt these new currencies.

Article is very good. Why is interest in addressing this issue so limited?

http://forum.bitcoin.org/index.php?topic=19130.0

BitcoinPorn

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From http://blogs.forbes.com/petercohan/2011/06/28/can-bitcoin-survive-is-it-legal/

Quote

...Mann pointed out that there have been many attempts at creating online currencies — including Digicash, Flooz, and Beenz. But they never caught on because their marginal costs to consumers and merchants exceeded their marginal benefits. Simply put, there was no compelling reason for the key participants to adopt these new currencies.

A historical look at currencies over the last 500 years reveals an interesting insight — a key limiting factor to adopting currencies has been the ability to make small change. Without small change, merchants could not use currencies to set precise prices. And until relatively recently over that 500 year sweep, governments did not produce enough small change to make currencies useful.

Quote

Bitcoin might survive as a currency if it can find a way to make consumers and merchants better off.

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Mann notes that Bitcoin’s ultimate ambition well might be illegal in any event. After all, he points out, there are federal statutes that make it illegal to produce a separate currency. Whether Bitcoin violates those statutes depends on how far it can go along the lines of becoming a true medium for exchange.

But unless it can find a way to get consumers and merchants to adopt it, Bitcoin is more likely to go the way of Flooz (bankrupt in August 2001) than to challenge the dollar as a means of payment.

Topic: Can Bitcoin Survive? Is It Legal? - Forbes - page 2. (Read 3212 times)