2013-03-06 MONEY.CNN.COM Why cyber currency bitcoin is trading at an all-time hi

[imanikin]

But we have a bunch of people that don't want to change the maximum block size, so one day it will be similar to a wire transfer free. Currently 2 cents, in the future? Maybe not. Contact your local Bitcoin Foundation representative today.

There is LiteCoin, which might be even better for large-volume, small transactions, and Bitcoin can just handle the big stuff.

Ultimately, i think it will all unify in Ripple, which may be best!

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[Stapleddiet]

The link works for me.

[imanikin]

The link looks dead now. I think they were just joking.  

The link is back up: http://money.cnn.com/2013/03/06/technology/innovation/bitcoin/

Does it look like they changed anything in the article from the original?

[nevafuse]

Bitcoin does not support gambling, drugs, or tax evasion. That is a complete myth. I ran some numbers, and drugs and gambling combine for approximately 10% of the network. That's about as much as it is for regular fiat.

The people on Bitcointalk have an irrational fear of government, believing it to be more than what it is—an association of people help organize society. Yes, it is power-hungry; and yes, it makes mistakes—but there is zero reason to believe it will attack a currency that benefits its own people.

Obviously bitcoin doesn't support anything, it's a protocol.  But its lack of regulation, allows it to facilitate a lot of things people frown upon.  Prescriptions make the price of obtaining legal drugs more expensive, but the public interest still supports it because a few may abuse it.  The price of healthcare is even a huge issue, yet the idea of making all drugs over the counter is never discussed.  The same people that follow that logic will use it campaign against bitcoin.  Despite all the good bitcoin can do, the fact that it can't be controlled is something people fear.

[dree12]

Bitcoin does not support gambling, drugs, or tax evasion. That is a complete myth. I ran some numbers, and drugs and gambling combine for approximately 10% of the network. That's about as much as it is for regular fiat.

The people on Bitcointalk have an irrational fear of government, believing it to be more than what it is—an association of people help organize society. Yes, it is power-hungry; and yes, it makes mistakes—but there is zero reason to believe it will attack a currency that benefits its own people.

Obviously bitcoin doesn't support anything, it's a protocol.  But its lack of regulation, allows it to facilitate a lot of things people frown upon.  Prescriptions make the price of obtaining legal drugs more expensive, but the public interest still supports it because a few may abuse it.  The price of healthcare is even a huge issue, yet the idea of making all drugs over the counter is never discussed.  The same people that follow that logic will use it campaign against bitcoin.  Despite all the good bitcoin can do, the fact that it can't be controlled is something people fear.

Citation needed.

People who know it for what it is do not fear it. There are several reasons for this:

• Bitcoin can be controlled. It is just like cash, subject to regulation as any other. See any large exchange for their AML policy. There is no reason Bitcoin can't be controlled.
• Bitcoin does not need to be controlled. There is no harm that can be done with Bitcoin. Buying drugs and evading taxes with Bitcoin are just as, if not more, dangerous and easy to detect as with cold, hard, cash.
• Control is not necessarily a good thing. There are many things that should not be controlled. That's why we have freedom of thought, conscience, expression, and association. People are not afraid of them. Like thought, conscience, and expression, financial freedom is beneficial, not detrimental, to society as a whole. Bitcoin decentralizes the banks, which have done little good for society. People fear banks, and Bitcoin helps save the day.

[nevafuse]

People who know it for what it is do not fear it. There are several reasons for this:

• Bitcoin can be controlled. It is just like cash, subject to regulation as any other. See any large exchange for their AML policy. There is no reason Bitcoin can't be controlled.
• Bitcoin does not need to be controlled. There is no harm that can be done with Bitcoin. Buying drugs and evading taxes with Bitcoin are just as, if not more, dangerous and easy to detect as with cold, hard, cash.
• Control is not necessarily a good thing. There are many things that should not be controlled. That's why we have freedom of thought, conscience, expression, and association. People are not afraid of them. Like thought, conscience, and expression, financial freedom is beneficial, not detrimental, to society as a whole. Bitcoin decentralizes the banks, which have done little good for society. People fear banks, and Bitcoin helps save the day.

And I agree with you 100%.  But that doesn't mean our opinions match with the majority.  I believe it is a legitimate concern to be worried about how the government may react to bitcoin.  They could easily convince banks to stop transfers to mtgox just like they did with wikileaks.  Two US senators already have a negative opinion of bitcoin.  France is trying to restrict cash transactions. 

I really hope you are right that my fears are irrational.  A government attempt to stop bitcoin would definitely set it back a few years if not more.  Regardless, I'm in it for the long haul & believe even a government crackdown won't stop it.  And maybe others will find a way to lessen the effects of this hopefully worse case scenario.