Bitcoin getting bought out?

[chriswilmer]

what ever happened to a p2p exchange?

See above.
Paranoia aborted them.

I think bitcoin might do just fine if there were dozens of centralized exchanges in many different countries, which seems to be a likely scenario.

[tvbcof]

P2P exchange.

https://localbitcoins.com/

Nobody within 100 miles, and nobody interested in more than about 1/5 the USD values I want to deal with.  Hopefully time will change that.

[niko]

P2P exchange.

https://localbitcoins.com/

Nobody within 100 miles, and nobody interested in more than about 1/5 the USD values I want to deal with.  Hopefully time will change that.

There are lots of reasons to expect the positive change you described, and one of these reasons is "Bitcoin being bought out" by people with vision, experience, and the ability to innovate further.
  

[Nagato]

Actually i kind of agree with tvbcof.

If you look at history, the masses eventually submit to a central authority, whether it be a King, government run by a controlling elite, etc.. Even with the discovery and spread of democracy, we are not really much better off today. The majority still slave away for a small group at the top. It's almost as if its inbuilt in most humans to give up their liberty.

Having said that, some progress has been made overtime. In the past, kings maintained power via fear. Today banks/dictators/politicians maintain power via "educating"(aka Keynesian Economics)/brainwashing/hope. Today, they atleast have to pretend that they have power for our own good. America/EU have to sustain social/welfare programs to prevent revolt from the masses.

Bitcoin will be a major step in removing power from banks and governments, atleast in the short run. The question is whether this will just be a transfer of power from TBTF banks to TBTF miners/exchanges/wallet services. Already, we can see majority of newcomers using e-wallets like blockchain/coinbase and placing trust of their money with them. Same goes with exchanges.

As long as there is a low barrier to entry to provide these services or the ability to run your own full node, this is not an issue as decentralisation is present. The failing/heist of one service will not bring down the entire system. But if history is our guide, this may very well not be sustained once the masses come in.

[reg]

America/EU have to sustain social/welfare programs to prevent revolt from the masses.

This cannot happen. The welfare system is bankrupt and the "west" will fall-as all empires do!
The philosophy is sound in that there will be for the first time in human history a transfer of all autonomy to the individual. As the depression plays out only those invested in BTC will be able to survive in any meaningfull way. The "masses" will be harassed for their assets until nothing is left, then banks become defunct and government on a national scale will cease. Local city and towns will provide essential services by voluntary contributions "in BTC" from their inhabitants. In 50 years or even less the world will be unrecognisable in my opinion. reg

[nwbitcoin]

Does anyone sell TinFoil in bitcoins?

Seriously though, its very interesting to see what is happening here, because the first step is to move to a position where everyone is talking.

Nobody really knows the outcome to all this, but my gut feeling is that this is about setting some rules in place.

The biggest strength and flaw in bitcoin is its fixed quantity.  The bitcoin will inflate in value as all fiat is slowly devalued by their central banks.  This means that bitcoin is more of a savings tool than a currency.  This might be fixed by matching a bitcoins value to the Dollar, or maybe the Euro.  Stability is the first thing to fix.  All the other advantages come later.

If this scenario runs through to the end, you will basically end up with a digital dollar, a lot of rules, and power shifted to a central bank near you!

I am losing confidence that my pension is going to be safe here, but its very early days!

[markm]

Isn't Ripple a pretty good platform for "p2p exchange" ?

What is RIpple lacking that "a p2p exchange" would feature?

-MarkM-

[Zomdifros]

What is RIpple lacking that "a p2p exchange" would feature?

Users? Although that may change of course.

[reg]

I am losing confidence that my pension is going to be safe here, but its very early days!

your pension (private) will be the first thing the gov us/eur will nationalise to pay interest on debt alone-then all other assets "whilst they have fiat value" houses,cars etc. then the collapse of civil society because police/soldiers civil servants will not be paid!.  I am hoarding some tangible assets (unperishable food stuffs) things that will become scarce and keeping some fiat out of the banking system. what are you doing practically ?just hoping it wont happen like in 1928 or it wont be so bad 1913-1938? reg

[DoomDumas]

I would think the lead developers still retain a mind of their own regardless of their involvement with the Foundation. Atleast thats still the case when you look at the Block Size issue.

I always hear the advice to store your gold outside of the US because the government will take it away. So im not sure if moving MtGox to the US is such a bright idea given the government's track record. It becomes very easy for the US government to confiscate the coins and dollars.

Solution : Stop using Gox

There a lot of good if not better exchange out there.. the volume will pick up sometimes, dont wait some "possible major drama" to switch to another exchange !

[BitcoinAshley]

Lol @ people who think government regulation and centralization are the best way to bring BTC to the mainstream.

Seriously, just LOL.

Some people want a currency that allows them to avoid having to pay USD for pakistani children's heads getting accidentally blown off in the name of "terrorism," or treating drug addiction as a crime rather than a mental illness, or driving up the price of education by throwing billions in federally-guaranteed SLs into the market, any of the hundreds of other horrible things that modern socialist governments do to piss people off.

Double tap = you drop your bomb on the terrorist's house, and then you come back half an hour later and drop another one in the same spot, killing the crowd that gathered. Logic: "If you come to the aid of a terrorist, you must be a terrorist."

Not wanting to pay taxes has nothing to with libertarian dogma, it has to do with genuine human compassion which many people apparently lack.

But,
1) There are other coins
2) There are other exchanges
3) Ripple provides a p2p currency exchange although it isn't exactly popular. That doesn't mean it won't be. And if the concept is out there, there will be competitors.

Basically, I love bitcoin, but not so much that if it was decentralized for "mainstream adoption" I wouldn't totally move to a different coin in a heartbeat.

Moral of the story: Move your money away from Mt Gox

[Severian]

I don't feel 'violently abused' by paying taxes

That's called conditioning. If you beat a dog or a woman in the right way, they grow to not mind it and sometimes even like it. Governments, kings and sadists have known this for generations.

[wtfvanity]

Anti-bank dead-enders are going to end up as road-kill 100 miles back.

Like that embarrassing Satoshi guy?

Actually, from what I can see in the little bit of looking that I've done, yes.

Huh? Are you saying because he disappeared he is left behind?

Because otherwise, Satoshi invented Bitcoin... 

[oOoOo]

America/EU have to sustain social/welfare programs to prevent revolt from the masses.

This cannot happen. The welfare system is bankrupt and the "west" will fall-as all empires do!
The philosophy is sound in that there will be for the first time in human history a transfer of all autonomy to the individual. As the depression plays out only those invested in BTC will be able to survive in any meaningfull way. The "masses" will be harassed for their assets until nothing is left, then banks become defunct and government on a national scale will cease. Local city and towns will provide essential services by voluntary contributions "in BTC" from their inhabitants. In 50 years or even less the world will be unrecognisable in my opinion. reg

Interesting.
This scenario is very similar to what was being predicted in The Sovereign Individual (in 1999)!
.

[reg]

coming back on topic, the reasons are there for all to see why the price is rising. BTC is being bought out not by one or a few but many. In fact anyone who can get hold of some will try to do so. What I first read was "do the math" 21 million into 8 billion = a very high price for 1 BTC. so we will be trading ,buying and selling in fractions of btc before too long, in my opinion. reg

[jgarzik]

First Vessenes starts the Bitcoin Foundation, uniting the lead developers

One dev is paid by the Foundation.  One.

It's a little worrying when the primary exchange and the lead developers are controlled by the same people.

Who controls me?  Please be specific as to how, and what evidence of this you have.

[totaleclipseofthebank]

First Vessenes starts the Bitcoin Foundation, uniting the lead developers

One dev is paid by the Foundation.  One.

It's a little worrying when the primary exchange and the lead developers are controlled by the same people.

Who controls me?  Please be specific as to how, and what evidence of this you have.

Don't get me wrong. All the developers, and Vessenes too seem like stand-up guys with the best interests of Bitcoin at heart.

My point is that in designing a "governmental" structure for bitcoin it is important to include checks and balances to limit the power of a few individuals. This would make bitcoin stronger and more resistant to various forms of subversion/attack.

[wormbog]

So long as a majority of mining power doesn't get centralized, Bitcoin cannot be centralized.

[reg]

So long as a majority of mining power doesn't get centralized, Bitcoin cannot be centralized.

yes, I agree but there is a general concern that with asics mining will end up centralised! however I would point out an anecdote from forex- as soon as someone buys they become a seller!. so miners simply cannot just mine and hold or the market will disappear- they have to sell and distribute to survive thus decentralising btc holdings. reg

[tvbcof]

Anti-bank dead-enders are going to end up as road-kill 100 miles back.

Like that embarrassing Satoshi guy?

Actually, from what I can see in the little bit of looking that I've done, yes.

Huh? Are you saying because he disappeared he is left behind?

Because otherwise, Satoshi invented Bitcoin... 

I say that because of a conversation I happened upon once between several of the current primary devs who seemed confused an dismissive of Satoshi's fixation on keeping the system lean.