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Author Topic: Adopted first by the underground?  (Read 1040 times)
FlyingMoose
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November 08, 2010, 10:37:26 PM
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Will BitCoin be first adopted by the underground, black markets, criminals, money launderers, etc.?  After all, the only people who will bother with the complexity (besides us crypto-nerds) are those who can profit from it.  I think this will be a good thing, as it will help the currency to be established.

The one thing I'm most worried about is that someone (or some company) will develop some kind of proprietary hashing hardware and monopolize all new currency creation (like DeBeers with diamonds).  This might be solved by a break in the chain to change the hash function to something more resistant to specialized hardware.
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kiba
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November 09, 2010, 12:24:18 AM
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Will BitCoin be first adopted by the underground, black markets, criminals, money launderers, etc.?  After all, the only people who will bother with the complexity (besides us crypto-nerds) are those who can profit from it.  I think this will be a good thing, as it will help the currency to be established.

Bitcoins are not that complicated from a user point of view using mybitcoin.
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The one thing I'm most worried about is that someone (or some company) will develop some kind of proprietary hashing hardware and monopolize all new currency creation (like DeBeers with diamonds).  This might be solved by a break in the chain to change the hash function to something more resistant to specialized hardware.

It doesn't compromise the integrity of bitcoins so it is a non-problem.

MoonShadow
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November 09, 2010, 12:28:42 AM
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Will BitCoin be first adopted by the underground, black markets, criminals, money launderers, etc.? 


We can safely assume that if criminal markets are aware of Bitcoin, then they are already using it.  We will never really know for certain, except for those of us who are directly participating; which would be the attraction.

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The one thing I'm most worried about is that someone (or some company) will develop some kind of proprietary hashing hardware and monopolize all new currency creation (like DeBeers with diamonds).  This might be solved by a break in the chain to change the hash function to something more resistant to specialized hardware.

This is not something to be worried about.  In fact, something along these lines is a near certainty, but a monopoly is impossible.  It is generally predicted that, in a future that Bitcoin is at least as much of the economy as PayPal represents today, most generation will be performed by major financiers who have an unusually large vested interest in the security of the blockchain.  They will be defending their own balances from the other major players.  These major players are likely to function like banking institutions today in many respects, as the average Joe isn't likely to run his own client, but instead have an account at a particular major player's website, similar to how Mybitcoin.com functions today.  Regardless of how the future looks, Joe would still have the option of running his own client, including generation, for whatever reason.  Perhaps he has lost trust in his 'bank', or simply desires to heat his apartment with the off chance of catching a block.  His reasons do not matter, only that he continue to have the option.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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