The future of Bitcoin is illegal

[🏰 TradeFortress 🏰]

Absolutely. Remember when Pirate's Ponzi crashed?

Bitcoin will gain with illegal activity. I wouldn't be surprised of there's human trafficking in exchange for btc.

[kwoody]

I don't see any reason why government will claim a potential investment target illegal, is gold or silver illegal? Some even more close example are Linden dollar or WOW gold, are they illegal?

Gold was indeed made illegal under Franklin Roosevelt in the United States in 1933. Holding physical gold could land you in jail. Check out Executive Order 6102. http://en.wikipedia.org/wiki/Executive_Order_6102

[dbox]

I tried to sell some products for bitcoins and guess what, nobody buys! This may be due to the prices which are a little bit higher than the price in dollars, but it may also show that bitcoin is not preffered for buying goods. So perhaps it will remain only an economical tool for the darkest corners of internet and a speculation area. Therefore, the bitcoin could not have a very bright future.

[kjj]

I tried to sell some products for bitcoins and guess what, nobody buys! This may be due to the prices which are a little bit higher than the price in dollars, but it may also show that bitcoin is not preffered for buying goods. So perhaps it will remain only an economical tool for the darkest corners of internet and a speculation area. Therefore, the bitcoin could not have a very bright future.

Maybe the sorts of people that buy your products just haven't heard of bitcoin yet.

[dbox]

I doubt that...

[tvbcof]

I tried to sell some products for bitcoins and guess what, nobody buys! This may be due to the prices which are a little bit higher than the price in dollars, but it may also show that bitcoin is not preffered for buying goods. So perhaps it will remain only an economical tool for the darkest corners of internet and a speculation area. Therefore, the bitcoin could not have a very bright future.

To me it's an expensive hassle to obtain BTC and through most paths I have to deal with entities who I don't trust (potentially including the likes of Dwolla, the various Bitcoin exchanges, my banks, and my government who is almost certainly logging all of my financial activity.)  To top it off, I am concerned that it will become even more difficult to obtain BTC going forward so the supply I hold currently exceeds the 'face value' in my mind.  That is why I have little or no interest in spending BTC when there are options.

Am I a bad person for failing to support the nascent economy?  Probably.  OTOH, I've not yet been ripped off either.  I consider the USD<->BTC hassles which currently exist to be something of a blessing insofar as it gives the solution an excuse to fail at the exchange level.  Perhaps the solution would not be so rife with bad apples absent the roadblocks to use which are currently in place.  I actually don't really believe that in a major way because the roadblocks are not that significant and the failures have been mostly associated with user error (aka, ignorance, greed, false mapping, etc) in my opinion.  But it makes a good story at least.

[firefop]

To me it's an expensive hassle to obtain BTC and through most paths I have to deal with entities who I don't trust (potentially including the likes of Dwolla, the various Bitcoin exchanges, my banks, and my government who is almost certainly logging all of my financial activity.)  To top it off, I am concerned that it will become even more difficult to obtain BTC going forward so the supply I hold currently exceeds the 'face value' in my mind.  That is why I have little or no interest in spending BTC when there are options.

Am I a bad person for failing to support the nascent economy?  Probably.  OTOH, I've not yet been ripped off either.  I consider the USD<->BTC hassles which currently exist to be something of a blessing insofar as it gives the solution an excuse to fail at the exchange level.  Perhaps the solution would not be so rife with bad apples absent the roadblocks to use which are currently in place.  I actually don't really believe that in a major way because the roadblocks are not that significant and the failures have been mostly associated with user error (aka, ignorance, greed, false mapping, etc) in my opinion.  But it makes a good story at least.

I think as you see even easier ways for everyone to buy btc - there will be an increase in fraud and scams until the percentages are close to normal. Right now we've got very little fraud because the market is small.

[FLHippy]

I think as you see even easier ways for everyone to buy btc - there will be an increase in fraud and scams until the percentages are close to normal. Right now we've got very little fraud because the market is small.

Dude aside from mining (and mining related) and speculation/coin resales, EVERYTHING else is a scam. I wouldn't call that very little fraud.

[sturle]

I tried to sell some products for bitcoins and guess what, nobody buys! This may be due to the prices which are a little bit higher than the price in dollars,

May?  Don't forget that most people who are interested in Bitcoin at this time probably knows a little bit about economics as well. 

When you get real hard irreversible cash like Bitcoin, you should take a lower price.

[dbox]

And what if the value of bitcoin drops because of some speculations? You will lose that money. The bitcoin can't be taken seriously when it comes to commerce. I don't think anybody would agree to sell a product lower than it's value to get some coins, if you want coins you can simply buy it with money.

[tvbcof]

And what if the value of bitcoin drops because of some speculations? You will lose that money. The bitcoin can't be taken seriously when it comes to commerce. I don't think anybody would agree to sell a product lower than it's value to get some coins, if you want coins you can simply buy it with money.

If I had a widget or a service that I wanted to sell, I'd offer at least a 5% discount for BTC, and probably more like 15% or 20% just to avoid the hassles of acquiring BTC in other ways.  As it is I've got about the number of BTC that I want, nothing I want to sell, and there does not exist a means by which low-ish value transactions can be performed safely and inexpensively anyway (imo.)

You are of course right about the volatility, though it can work in two directions.  That is in fact a big part of the reason I am interested in holding BTC.  This speculative use-case is not appropriate for typical commerce though so I'll largely agree with your point here.  I don't think it dooms Bitcoin to a value-less state, and it could even work in the other direction in terms of values against other stores.

[bg002h]

Because Bitcoin is like cash and kinda anonymous, it's up to real people to decide to engage in real transactions using as much of an accountable and real identity as they'd like.  It's tough to have anonymity and accountability at the same time and we have plenty of non-accountable scams to show for it.  It will take some time for people to figure out a good way to do Bitcoin business without being so open to fraud and (hopefully) not having to completely identify themselves...

[firefop]

I think the 'increase in price' is a problem. Personally, if I were to start taking payment with an existing business I'd be offering discounts for btc for the simple fact that it removes all risk on my part as a vendor. Once the payment is confirmed I have that coin. I'd also most likely be converting it instantly into fiat except for some small percentage (equal to the fixed costs I'm already paying for to operate my business on a day to day basis). In this way I would build up my name brand while still making more money. Bitcoin reduces overhead in most payment situations, and I'd want to pass some of that saving onto my customers.

If you're attempting to increase your prices because you don't trust bitcoin (or just out of greed) then I'm not at all surprised that you aren't selling.

[stevegee58]

...the simple fact that it removes all risk on my part as a vendor. Once the payment is confirmed I have that coin.

I don't think that's entirely true.  If you're a vendor on SR or BMR aren't there escrow mechanisms to prevent a "take the money and run"?

[firefop]

...the simple fact that it removes all risk on my part as a vendor. Once the payment is confirmed I have that coin.

I don't think that's entirely true.  If you're a vendor on SR or BMR aren't there escrow mechanisms to prevent a "take the money and run"?

I was speaking about direct sales... aka for legitimate and legal good (most likely done through automated checkout on company website).

[cdnbcguy]

It's not the illegal thing with me as the fact that when I want to send someone a Bitcoin there is no one who jump up and say 'you cant do that' and no one I have to go to, hat in hand, for permission that might not be granted for, you know, reasons.

I think it's the 'permission' thing that motivates me.

[mudasarali43]

yes bitcoin future will be great and illegal and i think both have great future but the main thing is profitability as a investor you have to think how to get maximum profits and when you are watching according to profit then i Crypto Market has great future,

[yj300316]

The question is, why bitcoin is illegal ? is that because peoples can gained much profit with bitcoin like you ?
price of bitcoin is decide by the market. so it is not our fault that bitcoin price is high and we sell it.

[monster2]

the future of bitcoin will not be elegant because I may be able to propagate it in the country and support it by the governments of every nation.

[velive08]

The question is, why bitcoin is illegal ? is that because peoples can gained much profit with bitcoin like you ?
price of bitcoin is decide by the market. so it is not our fault that bitcoin price is high and we sell it.

I think bitcoin does not have to be illegal because bitcoin does not violate the rules and bitcoin is not on the criminal track. so if anyone says illegal bitcoin is not right