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January 24, 2014, 06:30:58 PM |
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The ideal crypto-currency needs to be as decentralised as possible and it needs an unlimited fiat to crypto gateway.
1. Is Bitcoin really decentralised?
I think Asic mining and mining pools will make Bitcoin more and more centralised (controllable) over time. I think the slow confirmation times, mean centralised (controllable) Bitpay type companies will always be needed.
2. Who controls that fiat gateway?
TPTB
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Bitcoin makes a good Trojan Horse.
I think it will be another crypto-currency, crypto 'X' that solves those problems, (probably using POS mining with really fast confirmations.)
If you let TPTB modify BTC (which may not be defendable long-term anyway) into something they're more comfortable with, they will build it up really quickly and open a $Trillon+ Fiat to Bitcoin gateway.
Now crypto 'X' which is more defendable also has a Fiat to Crypto gateway in the form of BTC
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TPTB will at least have to hold to the 21 million BTC limit otherwise they will lose users, so for ordinary people even a watered down BTC will be a safer place then a traditional fiat bank and if they want more freedom and privacy they can switch to Crypto 'X' too, personally I think there will be a market for both.
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