Topic: The future of Bitcoin is illegal - page 2. (Read 20070 times)

Like many of you, I hold a substantial number of Bitcoins. I am interested in seeing the value of those coins go up vs. the USD so that I can sell my coins for USD in future. For me, there's no other reason to have them.

I actually think that the more able members of our society have a duty to help the weaker members, so I don't have any weird libertarian fantasies. I'm just in it for the money. The actual, folding, bank account, Visa card money.

So how can we push the price of Bitcoin up so that we can sell our coins for more? As everyone knows, in order to increase prices we need to spike demand. So why would anyone want a Bitcoin?

When Silk Road became popular last year, everyone saw how it pushed up the price of Bitcoin. I haven't actually seen many people on this forum acknowledge the fact that Silk Road is driving the Bitcoin economy. There's simply not much else to buy with Bitcoins, and unless you are a currency speculator or a Bitcoin devotee there is no other reason to turn your government backed cash into Bitcoins.

I sold a lot of coins last summer, and I made over $100,000 clear profit from an initial $1000 investment, and that was from only about half of the coins I bought for that $1000. I still have the rest. I am sure a lot of you cashed out too, for even bigger profits.

I am sure that the increase in price that I profited so much from is down, mostly, to demand spurred on by Silk Road.

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

I'd be interested to hear people's thoughts and ideas about this. I think that gambling in the USA is an untapped market but there may be other laws that we can help people break with Bitcoin too.

The question is, why bitcoin is illegal ? is that because peoples can gained much profit with bitcoin like you ?
price of bitcoin is decide by the market. so it is not our fault that bitcoin price is high and we sell it.

I don't think that's entirely true.  If you're a vendor on SR or BMR aren't there escrow mechanisms to prevent a "take the money and run"?

...the simple fact that it removes all risk on my part as a vendor. Once the payment is confirmed I have that coin.

And what if the value of bitcoin drops because of some speculations? You will lose that money. The bitcoin can't be taken seriously when it comes to commerce. I don't think anybody would agree to sell a product lower than it's value to get some coins, if you want coins you can simply buy it with money.

I tried to sell some products for bitcoins and guess what, nobody buys! This may be due to the prices which are a little bit higher than the price in dollars,

I think as you see even easier ways for everyone to buy btc - there will be an increase in fraud and scams until the percentages are close to normal. Right now we've got very little fraud because the market is small.

To me it's an expensive hassle to obtain BTC and through most paths I have to deal with entities who I don't trust (potentially including the likes of Dwolla, the various Bitcoin exchanges, my banks, and my government who is almost certainly logging all of my financial activity.)  To top it off, I am concerned that it will become even more difficult to obtain BTC going forward so the supply I hold currently exceeds the 'face value' in my mind.  That is why I have little or no interest in spending BTC when there are options.

Am I a bad person for failing to support the nascent economy?  Probably.  OTOH, I've not yet been ripped off either.  I consider the USD<->BTC hassles which currently exist to be something of a blessing insofar as it gives the solution an excuse to fail at the exchange level.  Perhaps the solution would not be so rife with bad apples absent the roadblocks to use which are currently in place.  I actually don't really believe that in a major way because the roadblocks are not that significant and the failures have been mostly associated with user error (aka, ignorance, greed, false mapping, etc) in my opinion.  But it makes a good story at least.