Topic: Need some Crowd sourced answers (Read 1518 times)
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My Views:
1. What is the balanced way to exit the current system? Timing ? How much ?
There cannot be a balance with this exit. The system has to report in to Bitcoin/ Cryptos or fall. Could be 3-4 years maximum for an effected change. Late adopters will have to pay a price - Some may face up to 80%+ devaluation of current wealth.
2. What is the impact analysis ? (law / regulatory reporting).
None. Bitcoin's distributed nature allows for drop down reporting, but does not allow for regulation unless based out of a Trusted service provider.
1. What is the balanced way to exit the current system? Timing ? How much ?
There cannot be a balance with this exit. The system has to report in to Bitcoin/ Cryptos or fall. Could be 3-4 years maximum for an effected change. Late adopters will have to pay a price - Some may face up to 80%+ devaluation of current wealth.
2. What is the impact analysis ? (law / regulatory reporting).
None. Bitcoin's distributed nature allows for drop down reporting, but does not allow for regulation unless based out of a Trusted service provider.
The whole idea of Bitcoin is to avoid the bounds of tradition law and regulatory system, as soon as there is someone regulating this - no matter how trusted - the whole freedom aspect of bitcoin will be affected -- To many BTC users the freedom they get with this currency is what attracts them here.
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3. Eco System acceptance ?
That is inevitable. Banks have screwed themselves through inflation. If the media bangs in Bitcoin for the next year, it is enough for a healthy economy to fall into place.
That is inevitable. Banks have screwed themselves through inflation. If the media bangs in Bitcoin for the next year, it is enough for a healthy economy to fall into place.
The media has already blown the whistle. I think we need a celebrity supporter/user a, 'FACE' to the bitcoin world, someone who'll blow the Trumpets !
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4. What should be the pace ? How long ?
Pace is determined by the amount of noise that can be created. 1yr - 3 yrs.
Anything that rises too fast also falls too fast, I m not an expert to judge what the correct momentum/pace should be and I agree with Benson's estmate of 1 - 3 years maybe 4.
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5. What about the interim ?
Interims have already been created with newer payment technologies that are not affiliated to the bank. We need to watch for these. We are already quite comfortable with online payments.
Interims have already been created with newer payment technologies that are not affiliated to the bank. We need to watch for these. We are already quite comfortable with online payments.
No idea as to what referred here as 'Interim' :/
My Views:
1. What is the balanced way to exit the current system? Timing ? How much ?
There cannot be a balance with this exit. The system has to report in to Bitcoin/ Cryptos or fall. Could be 3-4 years maximum for an effected change. Late adopters will have to pay a price - Some may face up to 80%+ devaluation of current wealth.
2. What is the impact analysis ? (law / regulatory reporting).
None. Bitcoin's distributed nature allows for drop down reporting, but does not allow for regulation unless based out of a Trusted service provider.
3. Eco System acceptance ?
That is inevitable. Banks have screwed themselves through inflation. If the media bangs in Bitcoin for the next year, it is enough for a healthy economy to fall into place.
4. What should be the pace ? How long ?
Pace is determined by the amount of noise that can be created. 1yr - 3 yrs.
5. What about the interim ?
Interims have already been created with newer payment technologies that are not affiliated to the bank. We need to watch for these. We are already quite comfortable with online payments.
1. What is the balanced way to exit the current system? Timing ? How much ?
There cannot be a balance with this exit. The system has to report in to Bitcoin/ Cryptos or fall. Could be 3-4 years maximum for an effected change. Late adopters will have to pay a price - Some may face up to 80%+ devaluation of current wealth.
2. What is the impact analysis ? (law / regulatory reporting).
None. Bitcoin's distributed nature allows for drop down reporting, but does not allow for regulation unless based out of a Trusted service provider.
3. Eco System acceptance ?
That is inevitable. Banks have screwed themselves through inflation. If the media bangs in Bitcoin for the next year, it is enough for a healthy economy to fall into place.
4. What should be the pace ? How long ?
Pace is determined by the amount of noise that can be created. 1yr - 3 yrs.
5. What about the interim ?
Interims have already been created with newer payment technologies that are not affiliated to the bank. We need to watch for these. We are already quite comfortable with online payments.
I was speaking with a friend about Bitcoin recently, and this was his reply.
Most of my answers feel too radical for a smooth transition.
Was hoping for some random answers here to understand the storm a bit better.
Most of my answers feel too radical for a smooth transition.
Was hoping for some random answers here to understand the storm a bit better.
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Well....
Sometimes, when you have a hammer in your hand....everything looks like a nail.....
Money was invented to facilitate the exchange of goods and services......
Its a medium......
Mediums come and go......
The fundamental need remains......the need to exchange.....
Given the very concepts / foundations of something like Bitcoin there cannot also be ONE ubiquitous solution...
Even if there is.....
1. What is the balanced way to exit the current system? Timing ? How much ?
2. What is the impact analysis ? (law / regulatory reporting).
3. Eco System acceptance ?
4. What should be the pace ? How long ?
5. What about the interim ?
Sometimes, when you have a hammer in your hand....everything looks like a nail.....
Money was invented to facilitate the exchange of goods and services......
Its a medium......
Mediums come and go......
The fundamental need remains......the need to exchange.....
Given the very concepts / foundations of something like Bitcoin there cannot also be ONE ubiquitous solution...
Even if there is.....
1. What is the balanced way to exit the current system? Timing ? How much ?
2. What is the impact analysis ? (law / regulatory reporting).
3. Eco System acceptance ?
4. What should be the pace ? How long ?
5. What about the interim ?
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