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Author Topic: The SEC Shows Why Bitcoin is Doomed.  (Read 9122 times)
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January 03, 2014, 04:22:06 PM
 #101

I just read this Timothy Lavin Bloomberg story and wondered if it's been discussed yet. I can't seem to find anything on it. If it has please direct me to the thread. The comments at the bottom are as interesting as the article. He raises some interesting points considering all the recent action from government agencies lately (like Mike Caldwell's recent letter forcing him to close up shop). Will governments simply regulate Bitcoin to death like so many good ideas of the past? Will business competition cease to make Bitcoin a worthwhile alternative? Is this just another naysayer that is missing the "point" of Bitcoin? Is the "point" to provide an outlet for crime or does Bitcoin have a place alongside other payment systems and is simply waiting to claim its market share?

http://www.bloomberg.com/news/2013-08-08/did-the-sec-just-validate-bitcoin-no-.html
Far too often I see the 'government' referred to as this 'thing that wants to stop people from conducting private legal activities'.  Please remember the 'government' are people, elected representatives of the people (at least in democratic countries, sorry to all those that don't get a say in who they would prefer to represent them).  If the people choose to allow Bitcoin, the 'government/elected representatives' will do exactly what they are paid to do, as employees of the state, if they don't they get fired/not re-elected.  Bitcoin will continue to be a success, as it already is (by the people, for the people).

Were you the one that voted for the 21 kiloton atomic bomb that was dropped on Nagasaki? I'm against genocide for the greater good so I voted against it. Oh, I voted against Vietnam too, twice.

Don't assume governments will do what the citizens want and don't assume that you are in the voting majority.
Really, you voted against dropping an Atomic Bomb on Nagasaki? I do not see how that is possible given The Manhattan Project was 'Top Secret' until after the war.  Perhaps you are confusing fantasy with reality?
That's the point. Once leadership is in power they can do a lot of damage before leaving office. A famous American writer, Mark Twain is known for quoting Judge Gideon J Tucker who said, "No man's life, liberty, or property are safe while the legislature is in session." This speaks to the continuous flood of harmful legislation that streams from the ruling bodies.

It's easy for bad laws to be passed and very difficult for them to be repealed. It does not matter if an elected body can be removed during the next election because the acts they perform while in office remain. It's not possible to "unbomb" Nagasaki or "unmurder" the Vietnamese people. When you vote for someone you're voting for every action they take while in office.

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January 03, 2014, 04:58:51 PM
 #102

That concept "the rest of the world will save us" really doesn't seem to be working anymore. I think it's not working because most of the worlds governments/regulatory systems are as dysfunctional as the US system.
You've got it wrong: the rest of the world will save themselves, and Bitcoin is going to help them do it.

The dysfunction of other world governments is an advantage here. Outside the G7 governments aren't nearly as capable of maintaining the illusion of benevolence.

People in Latin America, Asia, and Africa are very comfortable operating in the informal economy and there's no particular stigma toward doing it. In fact, most of the world's population operates in the informal economy as a matter of survival. Outside certain pampered population in Europe and North America, you won't find people declaring that Bitcoin has to shed its black market enabling properties in order to reach mainstream adoption - those will be its primary selling points for the other six billion people in the world.

That still agrees with what I said. I don't see the need to rely on the rest of the world to save Bitcoin in the nations that clearly Bitcoin is coming under attack. You do realize that 36% of the worlds population, almost 3 billion people, live in China, the USA and India, right? It's nice that Bitcoin can conquer the black market in the Republic of Trinidad and Tobago or Uzbekistan but that will not save almost half of the worlds population. Without the big three it's going to be difficult to replace Western Union as a value transfer system.

You're also missing the concept that Bitcoin is a financial tool for transferring wealth between people. We need to exist in those places where Bitcoin can easily be purchased and used. Of course, Bitcoin needs to be used by the poor people of Africa using cell phones. They have a great need for it. Just don't expect them to be capable of large purchases of Bitcoins when the price is outside their reach. Satoshi's will seem like millions to them.


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January 03, 2014, 05:01:05 PM
 #103

Bitcoin is never doomed!!!!


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January 03, 2014, 10:48:21 PM
 #104

It does not matter if an elected body can be removed during the next election because the acts they perform while in office remain. It's not possible to "unbomb" Nagasaki or "unmurder" the Vietnamese people. When you vote for someone you're voting for every action they take while in office.

Was going to say that, but then I remembered, the worst possible evil is always made to "win" where it matters. The only way to win is to not play the rigged game.

Saying that you don't trust someone because of their behavior is completely valid.
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January 04, 2014, 06:41:33 AM
 #105

It does not matter if an elected body can be removed during the next election because the acts they perform while in office remain. It's not possible to "unbomb" Nagasaki or "unmurder" the Vietnamese people. When you vote for someone you're voting for every action they take while in office.

Was going to say that, but then I remembered, the worst possible evil is always made to "win" where it matters. The only way to win is to not play the rigged game.

That's very true. There's no one to vote for in my country that will win any election because of the rigged game.

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