2013-01-08 oodaloop.com - Bitcoin: Today and Tomorrow

[julz]

Bitcoin: Today and Tomorrow


Chandler Karadsheh
2013-01-08

http://www.oodaloop.com/business/opportunity/2013/01/08/bitcoin-today-and-tomorrow/

...
The Bitcoin endeavor is intriguing but, ultimately, unpractical. It is reasonable to expect that BTC usage will increase a moderate amount, especially among experienced Internet users. It is not, however, reasonable to assume that large amounts of people will suddenly or even slowly change from a tangible currency to a digital one.
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Conceptual barriers aside, it is unlikely that the government will continue to allow BTC’s to operate on networks that facilitate the trade of illicit materials.
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Criminal applications of protected BTC networks fall directly under national security concerns and will justify action from the government. Analysts expect that the government will either force some form of regulation on BTC or attempt to shut it down.
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Conclusion

BTC will continue as a unique Internet phenomenon but its longevity is uncertain. For now, traditional monies still have the trust and familiarity that BTC would have to earn in order to supplant them. Assuredly, BTC’s have introduced a popular concept and done a good job in addressing evolving currency solutions. Nonetheless, it is doubtful that BTC’s will prompt any quick or permanent changes in mass currency usage.

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[FreeMoney]

Damn, all this time I've been using it to improve my life and just now I find out it's 'unpractical', that really sucks.

[hazek]

Damn, all this time I've been using it to improve my life and just now I find out it's 'unpractical', that really sucks.

I just bought something from bitcoinstore.com with supreme ease, sucks that I didn't know it was 'unpractical' before I did so as well!

[TraderTimm]

I plan to frame that quote by Chandler - "Nonetheless, it is doubtful that BTC’s will prompt any quick or permanent changes in mass currency usage." It seems he's had his "Dewey Defeats Truman" moment.

https://upload.wikimedia.org/wikipedia/en/2/28/Deweytruman12.jpg

[n8rwJeTt8TrrLKPa55eU]

Stopped after reading this sentence:

Newcomers to the Bitcoin program are given a small percentage of a Bitcoin as a welcome gift.

Memo to Satoshi: I still haven't received my gift.  Please send ASAP.

[Gabi]

What a fail article

[fancy_pants]

As a strategic intelligence analyst and border patrol alert expert,  it seems the author completely missed out the only thing he could like about bitcoin.  The blockchain holds the complete transaction history of every transaction.  If someone could link that up with the huge Navy/NSA/Chinese Censor/etc packet sniffers and databases that link ip address to subversives, then that someone could have a real time status report of the entire illegal goings on in the bitcoin community.  I just wish that whoever talked to the author had pushed the right buttons for a positive relevant article.

[kjlimo]

I look forward to the government trying to shut it down... probably the best thing that could happen for bitcoin. 

All the governments wouldn't do it at the same time...

Some governments have already said Bitcoin is fine...

if they try to "shut it down" it'll only legitimize it's existence.  Win win.

[kiba]

Stopped after reading this sentence:

Newcomers to the Bitcoin program are given a small percentage of a Bitcoin as a welcome gift.

Memo to Satoshi: I still haven't received my gift.  Please send ASAP.

Autofail analyst. Said analyst need to go to back to school so he does not autofail like a typical journalist again.

[TraderTimm]

I know that among things users fear about bitcoin, is that the government or banks could shut it down. However, when I read articles and papers coming from the banking industry and government mouthpieces, I'm leaning more towards the opinion that these people have no idea how hard the bitcoin freight train is going to hit them.

Honestly, they can't seem to wrap their heads around the entire concept - and that goes for elected officials and perhaps even certain three letter agencies. Banks in general have their eye on bitcoin, but I think the only thing they "get" about it is the nearly-zero fees for making transfers.

In any case, I expect bitcoin to eat both their lunches, metaphorically.

[wormbog]

The general public will embrace bitcoin when they notice that prices for goods in USD continue to creep up, while their prices in BTC are creeping down.