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Silly dreams. I haven't watched the video, a smart guy wouldn't make such a claim. Nation states can live without any kind of income tax. As long as there are land owners and people willing to pay to make sure streets are safe and clean, the nation state's future is safe.
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It's been said before that the best thing about BTC is that it's not related to any nation state. Since most countries have bad economic policies, the local currency suffers, something which can't happen with BTC.
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Knew BTC in 2010, and wanted to invest nearly $1000 when the price was just $10 per BTC, but my dad didn't show interest and so, I decided not to stretch the talks like a gum, and left it... Regret I didn't get it... I forgot about it afterwards, as I thought that I should not see it back or else my mind will just addict me towards it... So, till Sept. 2013, I was unaware whether this thing was still alive or gone? Hate myself, why didn't I fight with dad when the price was damn cheap during those days...
Check your sources, my friend. BTC wasn't worth a dollar in 2010, and BTC was exactly $14 two years ago. |
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I say that was a theft. It's a strong reminder that you shall not leave any money at an exchange. I'm stunned that many people still do. |
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In terms of security, Blockchain.info kind of in between online wallets and offline wallets. They're not as bad as inputs.io was because you can control your own private keys.
For example, a journalist who travels around the world and visits dangerous places might not want to keep their bitcoins locally in case their computer goes missing. Even paper wallets could be stolen.
That's what I am, though I don't travel to war zones, and I don't see why I should use a bank for my bitcoins. It just takes some organization. I have encrypted back-ups in several places, and I can switch to a new computer in a few minutes if something happens to my laptop. I had to change computers twice last year, and BTC is quick. The biggest problem is to install the software I'm used to, and all my various settings. This takes more than a day! So I take it you store your bitcoins on the cloud? No, but I guess I could. |
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Since he deals with visitors from around the world it is easier for him to take BTC than other currencies. He spends them online to buy things that are hard to get in Jordan, things like digital cameras and Japanese electronics. He also liked not paying 3% to the credit card companies. He needed nothing more than a bank account and a smartphone to run the money side of his business in the middle of the desert.
Note sadly that few people can copy him in Jordan. You need to deal with foreigners to get BTC, and the only way to spend them is through international mail order companies. Actually, he doesn't even need a bank account, and that the best part as that makes his business totally private, without any tax to pay to anyone. If I were him though, I wouldn't trust a smartphone in the desert, where connections might not be reliable, and I would wait to get home to use a standard cable Internet connection, but that's great news anyway. Surprising, too! |
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No, BTC cannot go viral. Since it involves spending money (usually via a bank wire), it cannot spread like a virus.
This guy has the right mindset. I would like to add though, that maybe how BTC could go essentially viral within the whole world, is if there was some sort of benefit that big companies made it to be. Such as this for example: "If you pay your ______ Bill with Bitcoin, then you save an extra 20%!" ... or "If you buy this XXXX Product with Bitcoins, then you get a second one free of charge!" Why would any company have incentive to do this? To lose money? They don't actually care about bitcoin and they wouldnt hold it anyways, most likely just use a payment provider like coinbase and immediately cash out every time. Adoption by companies will not help the stability of the price, actually in the long run it will most likely continue to drive the price down. Bitcoin is accepted by large retailers at this point, but if you buy something which costs $10000 USD and you pay with bitcoin, you are essentially dumping 10k in btc. You will get a slight advantage because they will take it (maybe) at one price, but I would doubt it. I suppose a registrar (the company which registers domain names) could do it. Probably not 20%, but 10% off for paying with BTC could be a hit. |
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For example, a journalist who travels around the world and visits dangerous places might not want to keep their bitcoins locally in case their computer goes missing. Even paper wallets could be stolen.
That's what I am, though I don't travel to war zones, and I don't see why I should use a bank for my bitcoins. It just takes some organization. I have encrypted back-ups in several places, and I can switch to a new computer in a few minutes if something happens to my laptop. I had to change computers twice last year, and BTC is quick. The biggest problem is to install the software I'm used to, and all my various settings. This takes more than a day! |
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Paper wallet, smartphone wallet ...
Sometimes I want to transfer from PC to such a wallet. Now I need to write the entire address - would be great to write only the first few characters...
I think I've done more than a thousand transactions and I've never written down a single address. I've never used a paper wallet though. You may find it easier to copy/paste an address in an email. |
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You shouldn't have tried mining at all. Using a few faucets back then would have brought you more BTC. They were the good old days! I've missed several opportunities too, it happens to us all.
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No, BTC cannot go viral. Since it involves spending money (usually via a bank wire), it cannot spread like a virus.
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I don't see why any exchange would die, only that the smaller ones will be gobbled up by the bigger ones, but there's nothing wrong with that. In many activities, you need to reach a certain mass to be profitable. BTC exchanges are no different.
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BTC is not and has never been the currency of choice for drug dealers nor terrorists.
The drug business is in billions and most of it is done with US $. Islamists are boycotting Apple and they have no interest in the Internet of things nor anything attractive to geeks like BTC.
I wish someone could tell this journalist about it.
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Geeks work at night, spending countless hours in front of the computer behind closed curtains...
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Some money's moving but it's only normal, the real worry is that the supply may be growing too fast. 4,000 BTC are added each day, that's a lot!
Yes, that is the problem. And the supply is ALWAYS growing, even at times when there's no real demand. But if the price reaches around 250, then that won't be a big problem, as the miners would not be profitable, and some of them will chose to shutdown their operation, until bitcoin price comes back up. I believe they'll keep on mining. Electricity bills aren't so high. If BTC's price drops to $100, that'll be a real problem, but $250 is fine. |
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The situation is very different. In Cyprus, people were afraid that the government would seize all they had in their bank accounts. This should not happen in Russia. At least, that's what I hope.
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Some money's moving but it's only normal, the real worry is that the supply may be growing too fast. 4,000 BTC are added each day, that's a lot!
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The best thing to do is to do nothing. Do not even think about it. Don't check BTC's market price. This isn't day-to-day trading. You're in for the long run. Leave this forum if you're concerned, and don't check what's BTC's worth before next quarter.
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Let's be positive! It's quite an achievement that Bloomberg finally sees BTC as a currency.
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Africa is already the poorest continent. They dont need to get robbed anymore. Even if you want to, probably you can't; cause they dont have anything than pure soil to buy crypto.
Stay away from there you greedies, let those people live in peace.
When was the last time you were in Africa? Or did you read to many old National Geographic magazines? My wife there uses her phone to pay her electric bill via MPesa. She sends money to her parents using MPesa. Her boss pays her using MPesa. They are already using electronic currency over their phones, Bitcoin will be a small step for them. Get on a matatu headed to downtown Nairobi at 5 am in the morning on a weekday. It will be full of young professionals using Android phones. 3G in Nairobi is faster than internet in Hawaii. Nairobi is a rare bright spot, but most of Africa is way behind. |
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