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Author Topic: Bitcoin Major Weakness  (Read 1101 times)
anderxander
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June 02, 2011, 05:45:02 PM
 #1

This weakness is the exchangers who convert cash to e-currency and e-currency back to cash again. “Authorities” target these exchangers and the system fails (see the story of e-gold.com). If the “authorities” do not shut them down they then regulate them and privacy is eliminated (see goldmoney.com).

Bitcoin must overcome having to be converted through an exchanger.




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koin
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June 02, 2011, 06:52:49 PM
 #2

This weakness is the exchangers who convert cash to e-currency and e-currency back to cash again. “Authorities” target these exchangers and the system fails (see the story of e-gold.com). If the “authorities” do not shut them down they then regulate them and privacy is eliminated (see goldmoney.com).

Bitcoin must overcome having to be converted through an exchanger.

money will follow the path of least resistance.  if it is easier for me transact using bitcoins than it is for me to use a payment network (visa / mc / mpay / paypal) or the banking system (ach / sepa / bank wire) for purchasing goods, services and investments then i will use bitcoins instead.

the weakness exists in the monetary systems that self-impose more resistance than that found when transacting using bitcoins.
aBitcoiner
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June 02, 2011, 07:02:26 PM
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Give it a try
kiba
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June 02, 2011, 07:10:00 PM
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http://bitcoinweekly.com/articles/anonymous-money-needs-an-anonymous-exchange

The solution? Try to decentralize it.

anderxander
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June 02, 2011, 09:37:04 PM
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Yes its true that money will follow the path of least resistance.

Yes the exchange can be decentralized.

 But at the end of the day, you will still have to convert to USD or whatever currency, to pay a power company. If BTC is anyway dependent on a centralized currency for its existence, it is effectively as good as the centralized currency it must be converted to.


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