Bitcoin Forum

Mike Hearn, Chirs Odom, Michael Gronager, J.R. Willet, Jeff Garzek

I missed the first 5 minutes.

Jeff: The future is adding layers onto bitcoin.  Layers such as: credit cards, bonds, stocks, etc.  A particular bitcoin would represent a stock share, or a bond.

J.R.: Backward compatibility is important for software, alt chains are not backward compatible.  Use layers.

Jeff:  Merged mining is a good way to anchor new currencies. Everyone is nodding to the concept of other currencies that are based on bitcoin.

Chirs - Talking about capital gains tax on gold as an issue with its use. Taking about color coins. 

J.R. - But how to invest in color coins?

a color coin is when an issuer declares that a particular bitcoin or satoshi represents another asset, a dollar, an ounce of gold, etc.

Chirs - trust is something to consider with a color coin

--- side note - over 200 people in room ---

Mike - Legal impication of color coins?

Jeff - that would invite regulation.  we need derivatives, shorting, options to stabilize that market

Chris - bitcoin big in africa.  will leapfrog stable fiat currencies their, just as cell phones skipped the landline phase.  point being that those governments are really bad a regulation

Mike - tax implications?

Michael - the same as cash

income tax discussion.

Chris - bitcoin will have implications for income tax, but tax will survive.  Taxes will focus on the physical

scalability discussion

Mike: Will bitcoin look like visa card in use

J.R.: yes

Discussion continuing, live blog over.  I need some coffee.

CE.What was the consensus from the scalability discussion?
(Also, need to change title: protocol)

Thanks for covering it! I can't believe not a single tech blog is doing it. Maybe in the future!  :D

The discussion was somewhat fractured and I might be confusing ideas from Gavin and the devs at other discussions, but I think the consensus is that scaling is going to happen.  Micro transactions probably be handled off chain.