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Author Topic: Bitcoin prospects  (Read 566 times)
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June 22, 2011, 07:03:26 PM

As a relative newcomer to Bitcoin, having completed just a dozen or so transactions through a couple of exchanges plus a couple of actual purchases, I have to say I wish it success.

I've read through a couple of threads here about the biggest challenges to seriously widespread take-up that it faces and it has all helped consolidate my technical understanding. However, I do not recall seeing any discussion about what seems to me to be one of its biggest challenges/threats - in fact arguably THE biggest of all - namely being PERCEIVED as a serious threat to the existing currency regime by those whose wealth and power is defined by it.

Short of cataclysmic breakdown of the present Dollar-defined fiat system, the traded volumes of Bitcoin are likely to remain so minute by comparison, that it will always be a simple - almost trivial - undertaking for the Central Banking cartel (through their existing primary Broker/Dealer network) to engineer vast Bitcoin/Dollar (or whatever) volatility sufficient to forever cripple it as both a reasonably predictable store of value and reliable medium of goods exchange. If it really is seen as a threat, then that is probably exactly what will be done. IOW, so long as it remains on the margins, it may be tolerated; but if deemed a serious threat then, one way or another, it will be dealt with - or so it seems to me anyway.

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June 22, 2011, 07:18:26 PM

I don't think anyone in power is perceiving bitcoin to being a serious threat. On a gloabl scale the money passing through bitcoin at the moment is a drop in ocean. By the time bitcoin is big enough to have an effect the benefits to society will far outweigh any downsides. The same was true of the internet, people in power may have feared that which they had no control over. Now the benefits of the internet are so obvious that none of them would seriously think they wished we had only networks controlled by individual companies like AOL compuserve and MS.
As far as illegal use goes bitcoin leaks enough information to make it a boon for security services. With cooperative exchanges, endpoints tied to individuals through subservience and raids as well as supercomputers sophisticated analysis of the block chain, they must be laughing.
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