Bitcoin Killer App

[RoadToHell]

This is a spin-off from the Famous quotes about bitcoin? thread.  Specifically, it is prompted by this quote:

“Right now Bitcoin feels like the Internet before the browser.”
Wences Casares, Technology Entrepreneur

Most people here realize that the internet existed for years prior to the first browser and the "world-wide-web."  The web has often been described as the killer-app that brought the masses to the internet.  I feel that the quote above is very prescient.  From this I have a few questions for anyone interested in speaking their minds:

1) A distributed exchange is often mentioned as a critical missing piece needed for wide-spread bitcoin adoption.  Must a distributed exchange be in place before we have a "killer-app" for bitcoin?
2) Are there other critical pieces missing from the bitcoin infrastructure that need to be filled before we can have a true "killer-app" for bitcoin?  If so, what are they?
3) What will ultimately be the "killer-app" for bitcoin?

I'll probably get flamed because some of this has been talked about before, but that's okay.  I think that the quote above really does put things in perspective though.

[cbeast]

Holy Grail Bounty thread

[RoadToHell]

Holy Grail Bounty thread

This is about progress on the most promising (my opinion) distributed exchange.  Do you think that is the killer-app that will bring the masses to bitcoin?

[the founder]

No.   A distributed exchange most likely will not work.

Bitcoin was designed from day one to be distributed...  your bank account wasn't.    I don't think you'll find many people willing to upload their bank account info, credit card or traditional form of payment to a distributed system.

[QuantPlus]

No.   A distributed exchange most likely will not work.

Bitcoin was designed from day one to be distributed...  your bank account wasn't.    I don't think you'll find many people willing to upload their bank account info, credit card or traditional form of payment to a distributed system.

Fiat in Bank Accounts is not meant to be P2P distributed...
Meaning random people sending random SMALL amounts to strangers' accounts...
Based on a some network algorithm they trust.

In fact, doing something like this is probably MORE illegal...
Than just running a Bitcoin exchange...
One could make the case it falls under Racketeering and the RICO statutes.

[cbeast]

No.   A distributed exchange most likely will not work.

Bitcoin was designed from day one to be distributed...  your bank account wasn't.    I don't think you'll find many people willing to upload their bank account info, credit card or traditional form of payment to a distributed system.

Fiat in Bank Accounts is not meant to be P2P distributed...
Meaning random people sending random SMALL amounts to strangers' accounts...
Based on a some network algorithm they trust.

In fact, doing something like this is probably MORE illegal...
Than just running a Bitcoin exchange...
One could make the case it falls under Racketeering and the RICO statutes.

I'm not aware there is anything illegal about using a bank to make private transactions. In fact, the banks do enjoy the fees.

[Snail2]

Paper wallets could be the "killer apps" as fiat finally "killed" metal coins.

[QuantPlus]

No.   A distributed exchange most likely will not work.

Bitcoin was designed from day one to be distributed...  your bank account wasn't.    I don't think you'll find many people willing to upload their bank account info, credit card or traditional form of payment to a distributed system.

Fiat in Bank Accounts is not meant to be P2P distributed...
Meaning random people sending random SMALL amounts to strangers' accounts...
Based on a some network algorithm they trust.

In fact, doing something like this is probably MORE illegal...
Than just running a Bitcoin exchange...
One could make the case it falls under Racketeering and the RICO statutes.

I'm not aware there is anything illegal about using a bank to make private transactions. In fact, the banks do enjoy the fees.

The law in about INTENT. What it is you are intending to do.

And LE is not stupid. They've seen every kind of smartass.

Forming an organized group where the INTENT is to circumvent Financial Regulations...
Is far more serious than running a public exchange with reasonable compliance like CampBX.

[cbeast]

No.   A distributed exchange most likely will not work.

Bitcoin was designed from day one to be distributed...  your bank account wasn't.    I don't think you'll find many people willing to upload their bank account info, credit card or traditional form of payment to a distributed system.

Fiat in Bank Accounts is not meant to be P2P distributed...
Meaning random people sending random SMALL amounts to strangers' accounts...
Based on a some network algorithm they trust.

In fact, doing something like this is probably MORE illegal...
Than just running a Bitcoin exchange...
One could make the case it falls under Racketeering and the RICO statutes.

I'm not aware there is anything illegal about using a bank to make private transactions. In fact, the banks do enjoy the fees.

The law in about INTENT. What it is you are intending to do.

And LE is not stupid. They've seen every kind of smartass.

Forming an organized group where the INTENT is to circumvent Financial Regulations...
Is far more serious than running a public exchange with reasonable compliance like CampBX.

There isn't a group forming at all. It sounds more like a decentralized protocol with no person or group of persons in any position of authority. It will be like every back alley and airport restroom where one can freely exchange for goods and services. It will be a steroid shot for Bitcoin.