From wikipedia: Remittances totaled US$414 billion in 2009.
You know how much Western Union charges? At what rates?
There are whole countries living of providing the service Bitcoin provides. People actually fly to this places to store their money.
From wikipedia: Tax havens have 1.2% of the world's population and hold 26% of the world's wealth, including 31% of the net profits of United States multinationals.
Someone, somwhere, will allow you to exchange Bitcoins. Be it in Japan, Switzerland, Isle of man, or Sealand. It will boom and crash, but it's too convenient to completely fail. It just must fly under the radar long enough.
Topic: What happens when Bitcoins are illegalized in the whole world? - page 3. (Read 6997 times)
Let's say they're determined to close it down. They could port scan every IP in the US and put people running the software in jail. Then you switch from raw TCP connections to Tor or something like that. The Government would need to be extremely repressive in order to stop BitCoin. As in putting people in Jail, for running some software.
That's the nice thing about being decentralized. At most they can close Mt. Gox, but then another mtgox will open somwhere else. In fact, Mt Gox is the Achilles' heel at the moment.
That's the nice thing about being decentralized. At most they can close Mt. Gox, but then another mtgox will open somwhere else. In fact, Mt Gox is the Achilles' heel at the moment.
What happens when Bittorrent is illegalized in the whole world?
I highly doubt they will be flat-out illegal to possess or use. Barter is 100% legal in the United States. They will certainly never be illegal worldwide. In the US, at worst, they may become illegal to purchase or sell with bank transfers or credit cards, a la internet poker. Or, even more likely, you'll see people prosecuted for not paying taxes owed on Bitcoin income. But you will still have people willing to exchange goods and services for them.
Being the extreme realist, if not pessimist, I believe that Bitcoins will be made illegal sooner rather than later. It will obviously be hard to enforce this. However, the fact still remains: it's ILLEGAL. You wont be able to buy or sell your Bitcoins through bank transfers and webpages cannot legally accept payments in Bitcoins.
My thought was that I could buy some Bitcoins today and cash out in the future (hopefully x100 the value
), but I have no intent in doing anything illegal.
So in one year (or however long time it takes) will I be sitting with a 1000 Bitcoins that have no (legal) value? What are your thoughts? Am I completely wrong here or what?
also, first post!
My thought was that I could buy some Bitcoins today and cash out in the future (hopefully x100 the value
), but I have no intent in doing anything illegal. So in one year (or however long time it takes) will I be sitting with a 1000 Bitcoins that have no (legal) value? What are your thoughts? Am I completely wrong here or what?
also, first post!
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