2013-05-14 Pandodaily: What to watch as the bitcoin drama develops

[Arvicco]

http://pandodaily.com/2013/05/14/what-to-watch-as-the-bitcoin-drama-develops/

We all knew this was coming. Bitcoin is disruptive in the most raw sense of the word. Not the “hey, it’s another photo sharing app!” form of disruptive, or even the libertarians wanting new ways to get from point a to point b without saying the word “taxi” kind of disruptive. The biggest bitcoin bulls say it has the potential to be the third major way to buy and sell goods that the world has ever known, after bartered goods and government-backed money.
...
There’s an argument to be made that if the value of bitcoin can hold up and quality entrepreneurs and investors still believe in the promise, the government can’t crush it. At some point it if works and is successful, the government has to deal with it. Or as one person we spoke to said, “It needs to keep gaining traction over time and force the world to react to it, not the other way around.”

While the promise of bitcoin may yet take decades to come to fruition the coming weeks will be a crucial make or break period – likely one of many even if the wildest hopes and dreams of the currency are going to come true.

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[kjlimo]

What's crucial about the next few weeks?  I don't understand...

I'm not worried.  I think it's just a few more normal weeks.

How about everyone just take a breath, relax & let bitcoin slowly do it's thing.

Don't force it.  Bitcoin will happen,  but I doubt it will take decades.  It's moving faster than I expected.

So now we have a ton of venture capital, but we need to give it time to build the next round of bitcoin infrastructure which will be stronger than what we had before.

[vokain]

So now we have a ton of venture capital, but we need to give it time to build the next round of bitcoin infrastructure which will be stronger than what we had before.

and then....ROCKET!!!!

[kjlimo]

So now we have a ton of venture capital, but we need to give it time to build the next round of bitcoin infrastructure which will be stronger than what we had before.

and then....ROCKET!!!!

Haha, yeah, soon enough.

Wonder if any of the venture capital will start integrating the alt coins?

[BTCLuke]

What's crucial about the next few weeks?  I don't understand...

I'm not worried.  I think it's just a few more normal weeks.

How about everyone just take a breath, relax & let bitcoin slowly do it's thing.

Don't force it.  Bitcoin will happen,  but I doubt it will take decades.  It's moving faster than I expected.

So now we have a ton of venture capital, but we need to give it time to build the next round of bitcoin infrastructure which will be stronger than what we had before.

No, I get it... The next few weeks are more important than usual BECAUSE of the fresh, hugely-validating round of venture capital turning out awesome growth services like Gyft and foodler.

Uncle sam just isn't going to sit back and take this level of coordination against them... Obviously yesterday was a perfect example of what they're going to do about it. It's quite obvious that the next few weeks will see that government and possibly even others attack bitcoin as much as it takes to scare off all of the silicon valley investors.  

Of course we'd survive such an act, and it's probably just what bitcoin needs to get our heads on straight and create a truly decentralized user experience.

In the words of that smart old fossil jedi: "Strike me down now and I'll become more powerful than you could possibly imagine." I almost want them to take out gox and coinbase now... The price would go down to a few dozen bucks again, but then something they truly can't touch would quickly rise.

[cryptogoldstandard]

What's crucial about the next few weeks?  I don't understand...

I'm not worried.  I think it's just a few more normal weeks.

How about everyone just take a breath, relax & let bitcoin slowly do it's thing.

Don't force it.  Bitcoin will happen,  but I doubt it will take decades.  It's moving faster than I expected.

So now we have a ton of venture capital, but we need to give it time to build the next round of bitcoin infrastructure which will be stronger than what we had before.

No, I get it... The next few weeks are more important than usual BECAUSE of the fresh, hugely-validating round of venture capital turning out awesome growth services like Gyft and foodler.

Uncle sam just isn't going to sit back and take this level of coordination against them... Obviously yesterday was a perfect example of what they're going to do about it. It's quite obvious that the next few weeks will see that government and possibly even others attack bitcoin as much as it takes to scare off all of the silicon valley investors.  

Of course we'd survive such an act, and it's probably just what bitcoin needs to get our heads on straight and create a truly decentralized user experience.

In the words of that smart old fossil jedi: "Strike me down now and I'll become more powerful than you could possibly imagine." I almost want them to take out gox and coinbase now... The price would go down to a few dozen bucks again, but then something they truly can't touch would quickly rise.

Short of outlawing the use of bitcoin, the US Gov can do little to stop it. The attack on Mt Gox today didn't even disrupt the price that much. If the Feds were smart they would digitize the dollar and compete against BTC but that would be a losing battle because the superior currency doesn't have the Federal Reserve printing more and more of it. Mining doesn't come close to what the Fed does, and there is the privacy of BTC  The more they attack the bitcoin the more people realize the government is impotent to stop Bitcoin.

[Arvicco]

Short of outlawing the use of bitcoin, the US Gov can do little to stop it. The attack on Mt Gox today didn't even disrupt the price that much. If the Feds were smart they would digitize the dollar and compete against BTC but that would be a losing battle because the superior currency doesn't have the Federal Reserve printing more and more of it. Mining doesn't come close to what the Fed does, and there is the privacy of BTC  The more they attack the bitcoin the more people realize the government is impotent to stop Bitcoin.

Well, at least the attack vector was 100% predictable. Many smart people around here and elsewhere identified Mt.Gox as the weakest link of the Bitcoin ecosystem, so it is really no wonder that it became the first target of enforcement action. How it develops from here, this is really interesting to see.

[BTCLuke]

Well, at least the attack vector was 100% predictable. Many smart people around here and elsewhere identified Mt.Gox as the weakest link of the Bitcoin ecosystem, so it is really no wonder that it became the first target of enforcement action. How it develops from here, this is really interesting to see.

Govs are nothing if not predictable. It's like the old saying: "If the only tool you have is a hammer, then you tend to see every problem as a nail."

They are most definitely going to hammer away more and more at the bitcoin fringe services until they don't fear us as much anymore... The only question now is: "At what rate?"

We'll have "won" on the very day that we don't present them with such a service to hammer at.