So we had discussion with business&tax advisor - that where new to the idea of BitCoin.
What could be the main "defending points" to prove that BitCoin is a real thing?Please fill in / append, comment, etc
Question: so why is everyone calculating "nothing" on thoes radeons -> to have scaricity/run transactions -> ok but then you create currency with no backing at all
[normally currencies are tied to something, at least say state *buy* homes/loans from banks and pays them therefore introducing new/printed money to the market
Answer: Because then someone will use these bitcoins as means to buy a real thing say a web hosting, and then our just-mined currency becomes backed by real value?
Q: how big is the economy?
A: Around 5,000,000 BTC in currency. But the market is still small... How small?
A: we could instantly sell, say at mtgox.com
perhaps 10,000 USD easly. This is the market's easy liquidity. Selling perhaps x5 more is possible with some moving of the price and over a day, perhaps x2 more with other exchanges and OTC and individual buyers... what besides that?
Apart from buying 100,000 socks
Q: is it all legal?
A: there are no regulations to forbid it
A: It can be seen as barter (payment in commodity)
A: I will make it Illegal! In dollar only we trust.
A: Mtgox operates are "money exchange" under corresponding JP regulations so its all fine at least at that point?
Q: who will buy bitcoins from you
A: mtgox, around 4 other exchnages (which ones?) plus communities (#bitcoin-otc, this forum, ... others?), plus individual looking (where, how many people?)
A: ......... people use bitcoin overall (around 10,000 from number of nodes? where is some URL with exact number of stats/"official")?
A: I can buy goods with it (list of traders is from wiki page, what others)? How many places total? 100 world-wide?
Q: who can sell you bitcoins
A: same exchange services
A: individual miners
A: produce yourself
A: earn it
Q: is it usable long-term, the price is volatile
A: .................. ?
Q: how long will it run before the project "falls part"? Why you think it really should survice say next 5 years?
A: .................. ?
A: because there are tens.. hundreds people behind it doing marketing, real newspapers etc write about it.... more?
A: because it has unique properties like easy use, privacy, uncorruptability;) etc?