Bitcoins achilles?

[tullybear94]

From Bitcoins inception it has claimed to be beneficial for users in terms of there being no "real" central authority and because of this the currency can be converted from national currency such as GBP or USD and sent all over the world instantly. But with the recent issues with the Thai exchanges being given their marching orders doesn't this show that in some way the currency does have a central authority or authorities..

Hypothetical situation: "exchanges across the globe begin to drop or seize processing buy and sell orders like dominoes"

the currency would fail surely?

[1714676749]

1714676749

[1714676749]

1714676749

[DannyHamilton]

From Bitcoins inception it has claimed to be beneficial for users in terms of there being no "real" central authority and because of this the currency can be converted from national currency such as GBP or USD and sent all over the world instantly. But with the recent issues with the Thai exchanges being given their marching orders doesn't this show that in some way the currency does have a central authority or authorities..

I'm not aware of any such thing occurring.  Perhaps you are mistaken.

Hypothetical situation: "exchanges across the globe begin to drop or seize processing buy and sell orders like dominoes"

the currency would fail surely?

Nah.  The currency existed before "the exchanges", it would exist without "the exchanges".  There will always be someone somewhere willing to exchange something they want for something someone else wants.  That can't be stopped.

I've transacted over $40,000 worth of bitcoin, and I haven't gotten any of it from any of "the exchanges" nor have I unloaded any of it at any of "the exchanges".

Sounds to me like you're stuck in a very small echo chamber with no understanding of just how big this thing really is.

[bg002h]

https://bitcointalk.org/index.php?topic=229315.0

Decentralized exchange. We need it -- because the OP is kinda right. Bitcoin will take longer to hit it's much decreased peak potential should such a global crackdown occur.

[tullybear94]

But without the exchanges will it not create disorganization in terms of who wants to buy and who wants to sell.. as well as making it harder for the USD/BTC transaction to take place as large scale as the exchanges?

[EscrowBTC]

the currency would fail surely?

No!
That's our coin! We don't need governments to control this..

[acoindr]

But without the exchanges will it not create disorganization in terms of who wants to buy and who wants to sell.. as well as making it harder for the USD/BTC transaction to take place as large scale as the exchanges?

Exchange will go on. You're forgetting Bitcoin is growing and making gains every day. Sites like localbitcoins.com where people meet in person and Satoshi Squares where crowds make local markets will keep growing. Also, more people will trade bitcoin directly for things of value other than fiat currency.

[bg002h]

But without the exchanges will it not create disorganization in terms of who wants to buy and who wants to sell.. as well as making it harder for the USD/BTC transaction to take place as large scale as the exchanges?

Without the ability to exchange, yes. Exchanges, perhaps not. There's another group of geniuses working in this issue. See my link above.

[QuantPlus]

But without the exchanges will it not create disorganization in terms of who wants to buy and who wants to sell.. as well as making it harder for the USD/BTC transaction to take place as large scale as the exchanges?

Exchange will go on. You're forgetting Bitcoin is growing and making gains every day. Sites like localbitcoins.com where people meet in person and Satoshi Squares where crowds make local markets will keep growing. Also, more people will trade bitcoin directly for things of value other than fiat currency.

More talk of 19th century behavior with a 19th century currency...
Of which there were 100s in America... and 100% of them died.

Where do you park your horse when you do Bitcoin transactions?

Sorry, but this line of argument is so common here...
Always posted by people whose time is worth < minimum wage...
That it all just screams... BTC is still Toy Money.

[Rez]

Actually, this is how the Internet itself works: It routes around stoppages.  Bitcoin is still very, very new.  In a sense, this is all a big experiment.  As it has no central authority, the only things that can genuinely stop it are: a) lack of faith, and/or b) lack of interest.  The fact that Bitcoin provides near-instant transfer of funds from anywhere on the planet to anywhere else on the planet with a negligible fee will guarantee that public interest will most definitely remain in Bitcoin for the forseeable future.

But as search engines evolved from "lists of interesting links" (which was what Yahoo was, initially), new systems of exchange will evolve from what we have available to us today.

[Piper67]

How is a member with four posts allowed to start a topic here?

[DannyHamilton]

How is a member with four posts allowed to start a topic here?

Only one post required to get out of newbie jail now-a-days. Didn't you know they changed the rules?

[DannyHamilton]

How is a member with four posts allowed to start a topic here?

Only one post required to get out of newbie jail now-a-days. Didn't you know they changed the rules?

Back in my day we had to walk 8 miles up hill both ways to get to school. Newbies these days have it so easy!

From the NEWBIE README:

Newbie Restrictions
You can only post in the Newbie and Local sub-forums till you have made one post and waited 4 hours. This post must be substantial: at least several sentences.

[atomium]

How is a member with four posts allowed to start a topic here?

Only one post required to get out of newbie jail now-a-days. Didn't you know they changed the rules?

Back in my day we had to walk 8 miles up hill both ways to get to school. Newbies these days have it so easy!

+1

[hacknoid]

To address the OP:

Consider this: All the bitcoins that are out there are in somebody's hands (ignoring for a moment lost wallets, etc.)  They don't have to be bought to be useful - they are already valuable to the person that has them.  Aside from exchanges which permit the changing to and from fiat currency, there are other ways for somebody to gain bitcoins - earn them, sell something, or offer a service.  They have a value already and nothing will change that.

Bitcoins will continue to change hands, even if fiat currencies are not involved.  There is an ecosystem built entirely on it - sometimes it might be difficult to live off them, but people are doing it, or at least trying to - no shortage of stories in the media.  All of the bitcoins they are using are exchanging hands, not fiat involved.

It could be argued that this way could take longer, but as adoption grows, there is less absolute dependency on the exchanges.  It's part of the changeover from being a tool purely of speculation to a tool of commerce, and this is well underway.