What are bAnkers missing by not recognizing it yet, though?
Should they offer Btc denominated accounts, or something?
BTC denominated accounts won't be a reality until there is regulatory clarity. Banks have huge compliance departments and try to end on the right side of the law (although they do pay huge fines now and then). There will be a lot of questions raised - will these deposits be insured, who will insure them, etc. |
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People may not even notice this. There is nothing which stops them from imposing controls again, so it definitely will be off-radar for investors. |
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Each country's citizen regard their own currency to be the standard of value. This is a habit they learned from their childhood. When EURUSD exchange rate drops, Germans will think that USD's value increased, while US people will think that Euro depreciated. The price level domestically normally won't change following the exchange rate change, but it will cause a profit/loss for enterprises doing international trades
It depends on the country's trade deficit and how high the inflation is. If you have hyperinflation combined with high level of imports, the price increase will be transmitted to the local population at a fast rate. |
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In the future, if governments allow payments for services through bitcoins (there is already some talk regarding this), their holdings will increase.
Only if they decide to keep a balance in bitcoins... Yup. Since most governments run a deficit, it will only be rich governments which do this. If Bitcoin becomes some kind of a reserve currency, then most central banks will tend to hoard it.  |
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It's very clear from here that the fiat we are holding on is losing its value and if by definition, that the "real" money is supposed to hold it's worth, it's clearly nothing more than just a currency. Fiat gets printed and the same amount you are holding today will only be worth the fraction in years to come. btc on the other hand, strives to overcome this by introducing fixed amount, it doesn't get printed, nobody controls it, you need energy to mine new bitcoin, thus a value is always there.
I laughed at that part when you said "nobody controls it". Do you really think that? While it is not controlled by any central agency, bank or government it is being controlled by whales and by paranoia of small investors who will sell everything at the first sign of price drop. It is not controlled by whales/paranoia of small investors, but is influenced by them. They can't mimic the control of central banks/governments. |
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The question is more political than economical. Many countries don't want China to be more powerful than it already is.
by many countries you mean United States. China's neighbours too. China has border disputes with most of its neighbours and is perceived as a kind of bully in the region. |
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I dont think they own a single bitcoin. If a central bank buys something you would see obvious clues about that.
A central bank doesnt buy 1000$ worth of bitcoins, they buy them in billion $ quantities.
If they would be serious then the bitcoin market cap now would be like 1 trillion $ of which 98% would be from central banks.
If they are not serious , then they dont buy a single one because they got other things to worry about.
Central banks/governments do not have to buy bitcoins. Seized bitcoins (like Silk Road bitcoins) are included in their kitty too. In the future, if governments allow payments for services through bitcoins (there is already some talk regarding this), their holdings will increase. |
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Do you know what is probably the biggest obstacle in regards to mainstream adoption of bitcoin by the general public? it is conservatism towards money amongst a mass populace who do not appreciate the way 'the dollar in your pocket' has been successfully eroded by inflation, government debt and of course the massive madness of quantitative easing.
The problem is people are okay with a 1% decline in value over a year. They might not even notice it. But when they see that Bitcoin has lost 50+% of its value in a year, they are naturally reluctant to invest in it. |
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I'll buy at anything below 100$. Bitcoin's nature is the future of currencies, can't be duped and the transfers time is just too quick.
If you believe Bitcoin is the future of currencies, why wait till it goes to below $100?  Now might be as good a time to buy as any other time. |
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There are too many threads asking the consequences / warning about USD's collapse.
The collapse would be gradual, if at all. USD first has to lose the confidence of various nations and its status as a reserve currency. When crude is no longer denominated in USD, I would be worried.
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If lots of people were pushed to unemployment, and government don't provide them any kind of income, then they will form a small society and have their own economy, helping each other to produce food, cloth, housing etc...
Once they don't have any fiat money income, they will successfully get rid of the slavery of the existing fiat money system, they would start to use some community currency, bitcoin most likely
In effect, this trend of globalization would reverse. Already, countries are putting up barriers to trade. This would extend to local communities as well. |
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There are still very few people outside China having yuans in their wallet. I don't see this changing before years.
As long as central banks hold CNY as a reserve currency, it will be good enough. This move might cause a change. |
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Additionally, why didn't Satoshi empty his account during the $1,000+ price tag? And risk having his identity revealed? Not for a billion dollars. |
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Potential Greek exit would destroy the entire Eurozone.
Greece only makes up for ~3.4% of the Eurozone. For Americans: It's like New Jersey leaving the Federal Reserve System. Would it hurt? Yes. Would it destroy the system? Nope. The problem is not 3.4% of the GDP of Eurozone being removed. The problem is the chaos associated with a disorderly exit. Everything is interlinked and I am sure a 'contagion' is on everybody's minds. |
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I foresee when the collapse really took place, the whole world will accend to a total chaos. People would be buying bitcoin pushing the price upwards to an insane level. And from there the new economy where everything is priced solely in bitcoin becomes the new standard. I imagine it will be possible someday
If there is total chaos, people would be stocking up on food and gold, not bitcoins.  |
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Those are legit concerns, even tho i've read its not 51%, you would need more than it actually. We've had 51% scenareos before and nothing happened. My main concern is the transaction volume being too hardcore for the 1MB block size.
The block size is not set in stone. It can be modified if and when the need arises. |
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Now, Greece is the only country with problems. The rest of countries have lower bond rates Than USA.
Ten year yield rates (as of Feb-2015) Greece: 7.7% Cyprus: 6.0% Portugal: 4.9% Italy: 3.7% Spain: 3.6% http://www.ecb.europa.eu/stats/money/long/html/index.en.htmlCompare this with the US, which has less than 2%. |
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Many parts of the world will get really ugly and dangerous if/when paper money collapses into a huge pile of worthless debt.
Can Bitcoin spark a new economy that prevents the old one from crashing too hard?
Will there be enough new jobs for the majority of people to eat and have a place to live? (Feel free to post an educated guess)
I am guessing with so many QEs going around, the financial economy is due for a crash/correction, bitcoin notwithstanding. Bitcoin may just hasten things a bit. The early adopters might benefit, but I doubt it will create jobs for a majority of people. |
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So the criminals turned out to be criminals. I for one am shocked.
Not fair. Some time ago, there used to be honour among thieves. Hackers have never pledged allegiance to the cosa nostra... This wasn't a problem with hackers. It was the adminstration/escrow providers of Evolution who took off with the bitcoins. |
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Putting your men at the head of a company (or governmental agency, for that matter) is usually the best thing you could possibly do if you aim to control it. You may indeed have other ways to reach the same effect, but this one seems to be the most efficient and straightforward, without much beating about...
It doesn't necessarily mean that your aims will be opposite to those declared, though
They may have been your men in the past, but once appointed there is nothing that you can do to ensure that they toe your line. The very fact that they cannot be removed by the government unless they are ineffective ensures some independence. |
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