Bears thread - unleash the bear in you in this thread

[windjc]

The China/America thing was only to illustrate a point. You also have Europe, Russia, Africa, South America to consider - Basically all it takes is one country to say, 'fuck it, we love Bitcoin - do as you please' and they become the hub of all Bitcoin activity overnight. Then the fact that Bitcoin will still be functional in every other country means that there will probably still be people in those countries using it regardless of legality (as is observed with the prohibition of cannabis, for example)

What you say in pratice would mean that all those countries should drop their national currencies (or at least put Bitcoin on a par with them which would mean they don't value their own currency). How come?

I'm not saying they should drop their national currencies. Just that they don't move to ban the use of crypto currencies. They just take a hands off approach and allow it to develop and run its course.

I got your point...

If it is banned in the USA, this ban will have devastating repercussions throughout the world. This in effect would mean that you won't be able to legally buy Bitcoin for dollars, with all ensuing consequences thereof

All this talk of bitcoin being banned in the U.S.

Newsflash, BTC is not getting banned in the U.S. That is about as obvious as the noses on our faces. We do not live in a totalitarian system, despite what Libertarians will tell you. We still have a free, if unequal, democracy.

[Crazy]

We do not live in a totalitarian system, despite what Libertarians will tell you. We still have a free, if unequal, democracy.

Heh, what's it smell like?

[deisik]

I'm not saying they should drop their national currencies. Just that they don't move to ban the use of crypto currencies. They just take a hands off approach and allow it to develop and run its course.

Plenty of countries have already done that.  The most friendly one being Germany I believe that declared Bitcoin private money.

Any substantial displacement of some local currency with Bitcoin would mean proportional devaluation of this currency. And you still insist that governments will be nodding approvingly or just stay impartial? While Bitcoin remains some analogy of gold, it makes no sense to ban it. If it enters circulation in any considerable amount (which is very unlikely due to Bitcoin's nature) i.e. becomes a currency, there will be

[deisik]

All this talk of bitcoin being banned in the U.S.

Newsflash, BTC is not getting banned in the U.S. That is about as obvious as the noses on our faces. We do not live in a totalitarian system, despite what Libertarians will tell you. We still have a free, if unequal, democracy.

I'm not saying BTC is getting banned in the US. Actually, I said if it was banned (read, would be banned)...

[deisik]

We do not live in a totalitarian system, despite what Libertarians will tell you. We still have a free, if unequal, democracy.

Heh, what's it smell like?

These "free democracy" folks always forget how gold was forbidden by Roosevelt in 1933 
But I never fail to remind them of this unfortunate fact...

[BitPirate]

Actually, cryptocurrencies may well be the future -- for governments as well as us.

Governments love power... so I believe they will take the opportunity to embrace and extend cryptocurrencies. To the point that libertarians hate them.

Think about it -- a proof of work system is too perfect for them. Yes, it does remove the need for trusted authorities, but it also removes the need to trust the populace.  If all payments are on a public blockchain, tax can be built into the protocol. The need for traditional taxmen and auditors goes away.

[deisik]

Actually, cryptocurrencies may well be the future -- for governments as well as us.

Governments love power... so I believe they will take the opportunity to embrace and extend cryptocurrencies. To the point that libertarians hate them.

You're a bit late! 
They already have payment cards and non-cash transactions (free of the "inconveniences" Bitcoin comes with)...

[deisik]

Think about it -- a proof of work system is too perfect for them. Yes, it does remove the need for trusted authorities, but it also removes the need to trust the populace.  If all payments are on a public blockchain, tax can be built into the protocol. The need for traditional taxmen and auditors goes away.

Yes, but they would have to change the protocol at first... Would Bitcoin remain Bitcoin then, and (what is even more important) would it have any utility after that?

Also, how are you going to prevent double taxation issues (provided anonimity is preserved)?

[theecoinomist]

Chart does not matter. China does not use Google, they use Baidu.

500 by Friday!

[SimonJones]

I don't think Bitcoin will be the future crypto currency. With the instant internet age, people don't have the time to wait even 1+ minutes for transactions to take place and then there's no solution for the ever increasing Blockchain size. No way Bitcoin will be able to handle 100,000+ transactions per second. Bitcoin is experimental and has too many flaws to be successful.

I believe a better digital currency will come to replace Bitcoin and it may even be made by some government. All merchants will probably flock to use a government's digital currency.

However, there's still no competition for Bitcoin yet except maybe Ripple so Bitcoin will keep rising in value for some more months (years?). Till then the bulls can enjoy the ride but don't forget to unload some coins on the way!

[deisik]

I don't think Bitcoin will be the future crypto currency. With the instant internet age, people don't have the time to wait even 1+ minutes for transactions to take place and then there's no solution for the ever increasing Blockchain size. No way Bitcoin will be handle 100,000 transactions per second. Bitcoin is experimental and has too many flaws to be successful.

Do you have a bank account (or had in the past)?

[SimonJones]

I don't think Bitcoin will be the future crypto currency. With the instant internet age, people don't have the time to wait even 1+ minutes for transactions to take place and then there's no solution for the ever increasing Blockchain size. No way Bitcoin will be handle 100,000 transactions per second. Bitcoin is experimental and has too many flaws to be successful.

Do you have a bank account (or had in the past)?

In the near future, even 1 second maybe too long a wait! It's not about the past - it's about the future.

[deisik]

In the near future, even 1 second maybe too long a wait! It's not about the past - it's about the future.

Let's talk about the present!
And NOW we have that BTC transactions are times (or even by orders) faster than the bank ones, lol

[SimonJones]

In the near future, even 1 second maybe too long a wait! It's not about the past - it's about the future.

Let's talk about the present!
And NOW we have that BTC transactions are times (or even by orders) faster than the bank ones, lol

This is a bears thread. There's nothing for the bears at present with the raging prices lol

Anyway the party will come to an end some day and some may be left with worthless coins if they don't enjoy the present and the few months ahead! Technology progresses rapidly once a start is made somewhere.

[deisik]

This is a bears thread. There's nothing for the bears at present with the raging prices lol

Anyway the party will come to an end some day and some may be left with worthless coins if they don't enjoy the present and the few months ahead! Technology progresses rapidly once a start is made somewhere.

Yep, this may very well be the case with Bitcoin but this for sure will not be the end because of transactions per second

[bitwhizz]

i'm still bearish

[notme]

If it is banned in the USA, the ban will have devastating repercussions throughout the world.

You need to get out of USA for a decade or so to realise how unimportant it actualy is. Start with BRIC countries.

These "free democracy" folks always forget how gold was forbidden by Roosevelt in 1933 

Did that affected anyone but USA? Not really.

+1

As a US citizen I like to remind my fellow Americans that we are less than 5% of the world's population  and even that percentage is shrinking.

[Jungian]

i'm still bearish

Same here. This has, to me, all the characteristics of a bubble, and we all know what happens to them eventually. Might be a bit left to the top. I´ll sell some more when we reach $500.

[BitChick]

If it is banned in the USA, the ban will have devastating repercussions throughout the world.

You need to get out of USA for a decade or so to realise how unimportant it actualy is. Start with BRIC countries.

These "free democracy" folks always forget how gold was forbidden by Roosevelt in 1933  

Did that affected anyone but USA? Not really.

+1

As a US citizen I like to remind my fellow Americans that we are less than 5% of the world's population  and even that percentage is shrinking.

 

Here is how the US sees the world  :

[deisik]

Did that affected anyone but USA? Not really.

Lol. Gold standard was dismantled soon after that...