BTC will never extend more

[marcovaldo]

Nice article, concerning scams, SEPA is also irreversible

I heard that SEPA are reversible, but I don't know much about it.
Anyway, if you got a problem, you can file a police report / call your bank. And most of the time solve it out.

[1713275992]

1713275992

[1713275992]

1713275992

[johnyj]

cash is also irreversible, and cash is the fundamental element of fiat money supply

[vps15]

I think the complete opposite to this.  Bitcoin in the long run will only increase in value due to some reasons you have not mentioned.

1. Bitcoin is still unknown to the majority even though there has been an increase in media coverage recently. As more crazy bubbles happen, there will be more media coverage and there will be more people who start investing and trading bitcoin.  More people means increase in demand for the btc, causing a sustained long term appreciation.

2.  Increase in people using btc means the economy will be larger.  This means that the exchanges such as gox will have more customers and more revenue.  As more people use btc and more money is risked in btc there will be more demand for an exchange with high security.  Whether gox is clever enough to reinvest their profits in increased security programs will determine wheather they are still the market leader of exchanges in the future.  But either way some exchange will fill the security gap, causing security to no longer be an issue.

3.  Again as btc becomes more common, silk road will become less of a problem.  We already know that the NSA watches everything internet related, and you would be stupid to think that they are not paying attention to SR.  One way or another they will shut it down or make it so that the chance of being caught is no longer worth the risk of selling drugs and other illegals on there.  When this happens governments will see btc less as having a bad influence and will be less likely to ban it/ make it illegal.

4.  There is another function that btc provides other than being able to buy and sell things with it.  That is transferring money.  It is the easiest and cheapest and fastest way to transfer money around the world.  This is a huge side to btc what will add to its value.  One example why this is so important is due to China.  We all know how over the last 10 years China has become a major economy and duly their middle class has greatly increased while also causing some to become super rich.  As this happens there is a larger demand from Chinese citizens to purchase luxury good and services.  This includes traveling abroad, however the Chinese government heavily prevents its citizens from transferring their money out of the country.  Right now they have to go through a tricky service of moving money to Hong Kong before taking it abroad.  Btc allows the Chinese to send money wherever and to whoever they want.

5.  Plus there is the whole side of how btc is finite and thus is deflating, thus causing it to be worth more dollars.  However this can cause investors to buy and hold, which has a negative effect on the price and economy, but we will see what does when it happens in a few years.


so ya its not going down in the long run

[bitcon]

he forgot a lot of things. just another biased, ignorant, myopic poster who leaves out all the pros and only points out the cons (that can/will be easily fixed). blockchain? you dont need to download it. let a secure site hold your coins. if you have the blockchain, transactions only take about 20 minutes.  he also left out the fact ppl can use btc as their own personal "offshore bank" that the IRS cant touch.  bitcoin has the power to end the fed.  i can go on forever, but i'll let another proponent take over.

If you don't have any brain to understand what I wrote, or at least read it, don't bother answering.

all the holes in your arguments have already pointed out. looks like youre the one with no brain.
just another noob that thinks they know it all.

[xxjs]

Nice article, concerning scams, SEPA is also irreversible

I heard that SEPA are reversible, but I don't know much about it.
Anyway, if you got a problem, you can file a police report / call your bank. And most of the time solve it out.

If a bank or a very good customer like a government made an error, sent you a million or two too many, and the credit is still on your account, you will find that the transfer is quite reversible.

[vps15]

bumpppp

what do you think?

[tempestb]

As I understand it, many countries tend to tax their citizens through their bank accounts.  For instance, Argentina has a 0.6% tax on all transactions.  And that is at the National level, it could increase with fees and such at the local level depending on which country and how it's being done.  This tends to happen in places where there is a lot of people paid in cash.  To avoid this, many people move their currency into Bitcoin so as to avoid this kind of taxation.  It's another reason why many investments were planted in Cyprus.  Tax avoidance is a major reason why people float their cash into Bitcoin.

If you lived in the United States and had a friend that lived in, say, Libya.  And your friend needed money, right away, how would you give him money?  Say he needs a car and some money to pay a bad debt.  You could try to wire him the money, but the fees are crazy and it would require him to have a bank account in Libya and trust that the bank wouldn't "lose" his money.  Not only that, but if you move more than $10,000 the U.S. Government is notified by the bank and could put a hold on your accounts and conduct an investigation to make sure you weren't trying to do something illegal. 

For businesses, it's clear that accepting Bitcoin is MUCH cheaper than accepting credit card.  It is also agnostic to the business you are running.  If you want to run a porn site, Bitcoin does not care.  Visa does.  It also does not require the same level of security requirements, because there is no "Number" to steal or private information about someone to acquire.  There is no authority that is going to inspect your network and computer systems to make sure you are compliant to accept Bitcoin.

Bitcoin's only real negative is the difficulty in moving fiat in and out of it.  Hopefully more people will build things like Bitcoin ATM's that convert the FIAT into Bitcoin and avoid the process of linking bank accounts to exchanges.  If a service like Paypal picks up Bitcoin, that will also go a long way towards expanding the adoption of the currency.  If this were done, there would be less reasons for people to have to understand Bitcoin's complexity and instead just use it like any other currency.  "Oh, this store takes Bitcoin?  I'll transfer that with my Bitcoin app."  scan a barcode and never have to look at a hash.  Recharge it at an ATM by scanning a barcode, etc.

There is room for fraud, there is plenty of fraud with FIAT/Cash.  Bitcoin is no different.  People just need to treat it like cash when making transactions and they won't find themselves so easily scammed.  They've just become brain dead thanks to the insurance credit cards provide, but don't realize that the credit cards have raised the cost of everything by 3% or more.

[clock27]

good article dude

[safeminer]

Ok. well you can always send ur BTC to me and stick with fiat