Topic: I think it's better to let TPTB control Bitcoin (Read 709 times)
I like the idea of trading different crypto currencies without having to worry about a 'capital gains' tax on every transaction... for this reason I will always avoid established US exchanges that report transactions to the IRS... I loathe the complex tax code and having to log every buy and sell... if the process were more automated and simplified so that all gains and losses were automatically calculated and lumped together at one tax rate without all the BS I might consider trading stocks more frequently, but until that happens, crypto currency trading with no taxes FTW!
The ideal crypto-currency needs to be as decentralised as possible and it needs an unlimited fiat to crypto gateway.
1. Is Bitcoin really decentralised?
I think Asic mining and mining pools will make Bitcoin more and more centralised (controllable) over time.
I think the slow confirmation times, mean centralised (controllable) Bitpay type companies will always be needed.
2. Who controls that fiat gateway?
TPTB
______
Bitcoin makes a good Trojan Horse.
I think it will be another crypto-currency, crypto 'X' that solves those problems, (probably using POS mining with really fast confirmations.)
If you let TPTB modify BTC (which may not be defendable long-term anyway) into something they're more comfortable with,
they will build it up really quickly and open a $Trillon+ Fiat to Bitcoin gateway.
Now crypto 'X' which is more defendable also has a Fiat to Crypto gateway in the form of BTC
______
TPTB will at least have to hold to the 21 million BTC limit otherwise they will lose users, so for ordinary people even a watered down BTC will be a safer place then a traditional fiat bank and if they want more freedom and privacy they can switch to Crypto 'X' too, personally I think there will be a market for both.
1. Is Bitcoin really decentralised?
I think Asic mining and mining pools will make Bitcoin more and more centralised (controllable) over time.
I think the slow confirmation times, mean centralised (controllable) Bitpay type companies will always be needed.
2. Who controls that fiat gateway?
TPTB
______
Bitcoin makes a good Trojan Horse.
I think it will be another crypto-currency, crypto 'X' that solves those problems, (probably using POS mining with really fast confirmations.)
If you let TPTB modify BTC (which may not be defendable long-term anyway) into something they're more comfortable with,
they will build it up really quickly and open a $Trillon+ Fiat to Bitcoin gateway.
Now crypto 'X' which is more defendable also has a Fiat to Crypto gateway in the form of BTC
______
TPTB will at least have to hold to the 21 million BTC limit otherwise they will lose users, so for ordinary people even a watered down BTC will be a safer place then a traditional fiat bank and if they want more freedom and privacy they can switch to Crypto 'X' too, personally I think there will be a market for both.
Jump to: