Why Bitcoins Won't Die

[esotarious]

I think people selling Bitcoins at the current prices are going to look back and kick themselves.  I know there are quite a few speculators out there, but if you're in the United States for instance, a Bitcoin is going to be like Digital Gold in the coming Months/few years.

The last few months the value of the Bitcoins have been falling, but things have still been very active overall.  So you know there are still tens of thousands of people around the globe with interest in Bitcoins, but beyond a medium of direct exchange Bitcoins are very powerful for one reason.  It's easy to turn them into other currencies free of governmental regulation.

The United States dollar is running its course.  Once it loses its status as the world's reserve currency all this deficit spending is going to catch up to us in a BIG WAY very quickly.  We'll have a hyperinflation scenario in the United States that will essentially erase every persons savings.  This of course is going to cause massive riots in the streets, prices to soar, and god knows what else.  The wheels for this are in motion even as I type this. 

Of course the Government isn't going to give you a heads-up on this happening because that would just hasten the fall.  You better also believe that once hyperinflation does start to occur that they're going to make it difficult if not impossible to turn your dollars into other currencies around the world.  That's where Bitcoins come in.....If nothing else, just make sure you have a lot in your account because who knows how easy it will even be to move dollars into Bitcoins once this starts. 

That's my personal plan.  I'm going to buy Gold, Silver and Bitcoins to hedge against this coming turbulent time.  So if you're out there thinking Bitcoins ship has sailed....I have one word for you.

Wait.

[ElectricMucus]

Well, it will come down to the basic question: Will the bitcoin economy become an independent entity or not?
We are still at a point were silk road dictates where the major part of business volume is flowing and until this changes the scenario you described will not happen.

Current prices already assume a somewhat big success in that direction if that weren't the case we would already be at USD parity again.

What do I mean by independent?
Independent of the fiat system. Once there is a scenario where resources, goods, services and labor can be exchanged between producers, merchants and alike using only bitcoin so that they don't have to be exchanged for fiat money to do commerce this will be the case.
Because of the black market nature of silkroad this is already apparent there and also part for the reason for it's success.  

Yes bitcoin won't die, at least not to the point were people really interested in the concept would consider t dead. But if the economy cannot push for autonomy a scenario where it would be abandoned by the masses at least for mid-term is very possible.

[memvola]

But if the economy cannot push for autonomy a scenario where it would be abandoned by the masses at least for mid-term is very possible.

There isn't a clear path leading to the autonomy scenario. I think it won't be predictable until it gets visible, we'll be faced with that question after we get through the next adoption barrier. Unless of course we could convince a Middle Eastern leader to price oil in Bitcoin, like Gaddafi's gold dinar project. Oops...

I agree that autonomy to a degree is essential for its ultimate success, but OP's reasoning has merit: "It's easy to turn them into other currencies free of governmental regulation".

[jjiimm_64]

Well, it will come down to the basic question: Will the bitcoin economy become an independent entity or not?
We are still at a point were silk road dictates where the major part of business volume is flowing and until this changes the scenario you described will not happen.

Current prices already assume a somewhat big success in that direction if that weren't the case we would already be at USD parity again.

What do I mean by independent?
Independent of the fiat system. Once there is a scenario where resources, goods, services and labor can be exchanged between producers, merchants and alike using only bitcoin so that they don't have to be exchanged for fiat money to do commerce this will be the case.
Because of the black market nature of silkroad this is already apparent there and also part for the reason for it's success.  

Yes bitcoin won't die, at least not to the point were people really interested in the concept would consider t dead. But if the economy cannot push for autonomy a scenario where it would be abandoned by the masses at least for mid-term is very possible.

I would disagree with this.  btc can flourish without having 'its own economy'.  Look at gold, you cannot go into a store and buy something with gold. btc will be Internet gold. And litecoin will be Internet silver.

[ElectricMucus]

Well, it will come down to the basic question: Will the bitcoin economy become an independent entity or not?
We are still at a point were silk road dictates where the major part of business volume is flowing and until this changes the scenario you described will not happen.

Current prices already assume a somewhat big success in that direction if that weren't the case we would already be at USD parity again.

What do I mean by independent?
Independent of the fiat system. Once there is a scenario where resources, goods, services and labor can be exchanged between producers, merchants and alike using only bitcoin so that they don't have to be exchanged for fiat money to do commerce this will be the case.
Because of the black market nature of silkroad this is already apparent there and also part for the reason for it's success.  

Yes bitcoin won't die, at least not to the point were people really interested in the concept would consider t dead. But if the economy cannot push for autonomy a scenario where it would be abandoned by the masses at least for mid-term is very possible.

I would disagree with this.  btc can flourish without having 'its own economy'.  Look at gold, you cannot go into a store and buy something with gold. btc will be Internet gold. And litecoin will be Internet silver.

Ever asked a gold or silver bug of why he keeps only coins in his stash instead of bars?

[ThomasV]

We are still at a point were silk road dictates where the major part of business volume is flowing

There is no data supporting this claim.
You are trying to associate Bitcoin to illegal drugs in the mind of forum readers, with no proof whatsoever.
What is your agenda?

[ElectricMucus]

We are still at a point were silk road dictates where the major part of business volume is flowing

There is no data supporting this claim.
You are trying to associate Bitcoin to illegal drugs in the mind of forum readers, with no proof whatsoever.
What is your agenda?

No agenda, I'm just stating a widespread opinion on this board. I never said it was fact. (I also recently created a poll on this subject, look it up if you want.)
Consider it an educated guess.

BTW: I also take this hostile attitude as an indicator that Bitcoin isn't over the worst. The attention the forum generates has declined enough that systematic trolling has become less of an issue, instead everybody else is on each others throat.

[astana]

If there is anything that needs a anonymous encrypted payment system it's drugs, and bitcoin fits in that world perfectly

Whether you like it or not it is a thriving economy for bitcoins and pure example of the power of it. bitcoin economy will expand outside of it, don't worry.

On the down low I have a few issues with silk road security wise, some keymaster holds the database and codes in their hand, and due to the nature of the goods that power in 1 persons hand is not good. + Tor is NOT anonymous and you can easily sniff a exit node, every security/goverment agency either has exit nodes black listed and without a doubt it's filled with FBI and special Black Op's people doing all sorts a nasty shit.

[asdf]

If there is anything that needs a anonymous encrypted payment system it's drugs, and bitcoin fits in that world perfectly

Whether you like it or not it is a thriving economy for bitcoins and pure example of the power of it. bitcoin economy will expand outside of it, don't worry.

On the down low I have a few issues with silk road security wise, some keymaster holds the database and codes in their hand, and due to the nature of the goods that power in 1 persons hand is not good. + Tor is NOT anonymous and you can easily sniff a exit node, every security/goverment agency either has exit nodes black listed and without a doubt it's filled with FBI and special Black Op's people doing all sorts a nasty shit.

Um... dude. The Silk Road is a hidden service. No exit nodes are involved. Also, you can encrypt your info with the sellers public key.