The future of Bitcoin is illegal

[CharlieContent]

Like many of you, I hold a substantial number of Bitcoins. I am interested in seeing the value of those coins go up vs. the USD so that I can sell my coins for USD in future. For me, there's no other reason to have them.

I actually think that the more able members of our society have a duty to help the weaker members, so I don't have any weird libertarian fantasies. I'm just in it for the money. The actual, folding, bank account, Visa card money.

So how can we push the price of Bitcoin up so that we can sell our coins for more? As everyone knows, in order to increase prices we need to spike demand. So why would anyone want a Bitcoin?

When Silk Road became popular last year, everyone saw how it pushed up the price of Bitcoin. I haven't actually seen many people on this forum acknowledge the fact that Silk Road is driving the Bitcoin economy. There's simply not much else to buy with Bitcoins, and unless you are a currency speculator or a Bitcoin devotee there is no other reason to turn your government backed cash into Bitcoins.

I sold a lot of coins last summer, and I made over $100,000 clear profit from an initial $1000 investment, and that was from only about half of the coins I bought for that $1000. I still have the rest. I am sure a lot of you cashed out too, for even bigger profits.

I am sure that the increase in price that I profited so much from is down, mostly, to demand spurred on by Silk Road.

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

I'd be interested to hear people's thoughts and ideas about this. I think that gambling in the USA is an untapped market but there may be other laws that we can help people break with Bitcoin too.

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[Atlas]

I actually think that the more able members of our society have a duty to help the weaker members, so I don't have any weird libertarian fantasies.

One time note: We simply want to make the weak stronger; not dependent on the strong.

Anyways, illicit activities are the future.

[Deafboy]

I'd rather spend my bitcoins than change it to EUR. I only buy EUR and USD so I can get more bitcoins when the price fluctuate.

[repentance]

It does have the potential to be a leapfrog technology in places which lack a financial infrastructure but nobody's going to get rich off that.  I find it utterly ironic that what users have been demanding are the same kind of dodgy financial products which lead to real world economic problems.  Many of them will never be able to generate wealth in conventional financial markets, so they try to create those same type of markets here - with much the same result.

[Jutarul]

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

That is a bold assumption. It's like saying the only reason to enrich uranium is to build nuclear weapons.
Bitcoin has no intrinsic purpose - just properties. It's up to the people to use it for different things.

I think it's wrong to promote illegal activities to increase the value of bitcoin. The only exception is when the illegal is ethically pleasing.

Thus I am fixing this for you:

There is only one a reason for a normal person to want a Bitcoin - to overcome rules, laws, and regulations.

[johnyj]

From positive side of view, a pension fund will be interested in BTC, since it will hedge the risk of high inflation rate that the current monetary policy bring, and do not put any profit pressure on government bonds. Today's pension fund have big difficulties since the return of government bonds has fall below the inflation rate, and there is high risk for government default for those high return bonds of those debt laiden country

Of course they can also hedge that risk by buying commodities and golds, but these products also have an unstable demand, BTC is much more convenient to work with

If money flow in, the price will rise, if there is a trend that all the pension funds allocate part of their portfolio into BTC, the BTC will have a constant demand and the price will rise

[johnyj]

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

This is true, but what if the current rules, laws and regulations could not help people to get a better life any more? BTC will shine when there is a crisis for the current rules, laws and regulations, and it is already happening

It took JAPAN 2 decades to get out of the recession after their housing bubble, US people just started to enter this long and dark tunnel, and BTC definitely shed some light in this darkness

[mobile4ever]

I am interested in seeing the value of those coins go up vs. the USD so that I can sell my coins for USD in future. For me, there's no other reason to have them.

I hope you can sell them before the dollar goes bust.

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations.

I would adjust that a little bit: ↓↓

There is only one reason for a normal person to want a Bitcoin - to avoid unjust rules, laws, and regulations.

[jojo69]

anyone who wants dollars in this environment is not paying a great deal of attention

[opticbit]

I find Bitcoin useful for legal marketing strategies, although not very far reaching at this point.

I am working on a site that should increase Bitcoin popularity, the back end is still in development and hasn't reached beta, I need some alternative income so I don't have to waste my efforts on a day job just to get by.

[cunicula]

Rare to see commons sense in the bitcoin forums. Support.

[Severian]

There's simply not much else to buy with Bitcoins

A growing number of goldbugs are parting with their metal for bitcoins. That says it all.

It also wrecks the rest of your not well thought out argument.

[Severian]

anyone who wants dollars in this environment is not paying a great deal of attention

Or they're Bruce Wagoner.

[Hydrogen]

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations.

You're suggesting only terrorists & criminals use bitcoin?

What a thing to say.  

There are plenty of legit reasons to support and use bitcoins.

1.  Economic stability.  Bitcoins are more stable than currency printed by central banks.

2.  Low transfer costs.  

3.  Independence from banks, credit cards and others who have near to a monopoly on money exchanges.

4.  Protection from inflation.

.

[FreeMoney]

1.  Economic stability.  Bitcoins are more stable than currency printed by central banks.

2.  Low transfer costs.  

3.  Independence from banks, credit cards and others who have near to a monopoly on money exchanges.

4.  Protection from inflation.

.

Sounds like what a terrorist would say.

[Hydrogen]

Sounds like what a terrorist would say.

↑ Sounds like something someones mom would say.

.

[mrb]

There's simply not much else to buy with Bitcoins

*cough* There are hundreds of merchants accepting Bitcoin. Hundreds are listed on the wiki. There are more than a thousand merchants alone using Bitpay. There is so much to buy in bitcoins!

[wareen]

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

That's just nonsense and if you consider yourself a normal person then you even brought a counterexample in your own post.

There's lots of reasons for "normal", law-abiding persons to use Bitcoin: some are in it purely for profit (like yourself); many are fed up by Paypal's fees and chargebacks so they look for alternatives; others use it as a marketing tool because you can get easy press if you say you accept Bitcoin; some have used it to build viable businesses (e.g. BitPay). Of course, there's also all the normal people who simply want to hedge against inflation and therefore buy some gold, silver and Bitcoins - what's wrong with that?

Finally there's all those tech people who are in it for the cool technology and the unique possibilities it offers - to actually program money! But I won't argue with you whether geeks count are normal people

[BkkCoins]

There's simply not much else to buy with Bitcoins

*cough* There are hundreds of merchants accepting Bitcoin. Hundreds are listed on the wiki. There are more than a thousand merchants alone using Bitpay. There is so much to buy in bitcoins!

This is true but people how many of these merchants don't accept other payment methods? Not many. The real value in Bitcoin is that it's a free money, not as in free beer, to paraphrase free software. So it represents a super-set of what you can buy with state currencies. Sure, much of that is illegal stuff. I think people will slowly wake up and experiment with what free money can buy and one of the potentially most important is "free speech", "free thought" products, ie. uncensored trade, unregulated knowledge.

I don't think this has been barely explored. I imagine a day when musicians or artists commonly have Tor hidden services and accept bitcoin for support.

[The_Duke]

Like many of you, I hold a substantial number of Bitcoins. I am interested in seeing the value of those coins go up vs. the USD so that I can sell my coins for USD in future. For me, there's no other reason to have them.

I actually think that the more able members of our society have a duty to help the weaker members, so I don't have any weird libertarian fantasies. I'm just in it for the money. The actual, folding, bank account, Visa card money.

So how can we push the price of Bitcoin up so that we can sell our coins for more? As everyone knows, in order to increase prices we need to spike demand. So why would anyone want a Bitcoin?

When Silk Road became popular last year, everyone saw how it pushed up the price of Bitcoin. I haven't actually seen many people on this forum acknowledge the fact that Silk Road is driving the Bitcoin economy. There's simply not much else to buy with Bitcoins, and unless you are a currency speculator or a Bitcoin devotee there is no other reason to turn your government backed cash into Bitcoins.

I sold a lot of coins last summer, and I made over $100,000 clear profit from an initial $1000 investment, and that was from only about half of the coins I bought for that $1000. I still have the rest. I am sure a lot of you cashed out too, for even bigger profits.

I am sure that the increase in price that I profited so much from is down, mostly, to demand spurred on by Silk Road.

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

I'd be interested to hear people's thoughts and ideas about this. I think that gambling in the USA is an untapped market but there may be other laws that we can help people break with Bitcoin too.

+1

OP voices what (my estimate) 90% of bitcoin holders is thinking.