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Author Topic: Prediction/proposal for growth of the bitcoin economy  (Read 1607 times)
Denicen
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April 19, 2011, 06:25:09 AM
 #1


I've been lurking for the last couple of days and have been very impressed with the whole bitcoin concept and what it could mean for
the internet, black markets and the world economy.

From what I've gathered bitcoin's impact has been fairly limited in terms economic activity
thusfar. You can convert USD to bitcoin (or vice versa) using mtgox or other services, but of course what is the point of shifting paper around?
The key utility of bitcoin in my view isn't what it is worth vs. the US dollar or other currencies, it's key utility is transactions that can not
be restricted or tampered with by governments. Who are the merchants that have the most use for bitcoin unique features? That is an easy answer: Those who want
to purchase or sell illegal goods and services. My prediction is, whether you like it or not (pretty sure most of you like it), the bulk of the bitcoin economy with be in illegal goods and
services in the near future.

Based on this premise, I have a proposal. My proposal is to use these black markets to fuel legitimate markets using bitcoin.
I'll give an example how this proposal could be carried out; The internet poker market. given recent events this one has huge potential for bitcoin, there are possibly millions
of american poker players who are not able to play their game because the government has hampered all methods of payment processing. I know that there is already significant discussion on this subject, but i just want to stress it's importance.
First of all someone needs to set up a reputable and reliable poker site that uses bitcoin as it's currency. I know there is already one, www.betco.in, and that there are others in the works.

So how does my concept apply to this situation? Answer: We need these future bitcoin poker sites not to just be a medium for shifting USD to bitcoin and back to USD again. We need them to get people interested
in using their bitcoin to buy other goods and services! Therefore I suggest that future bitcoin pokersites strongly consider advertising other bitcoin businesses (maybe ones that specifically target the poker demographic).
This would be a huge boost to the liquidity and legitimacy of bitcoin, and would grow the non-black market bitcoin economy.

In short, what we don't want is USD --> bitcoin --> illegal goods and services --> back to USD, what we want is USD --> illegal goods and services --> legal bitcoin economy --> repeat.
You can apply this to any black market that bitcoin could be applied to, drugs, pornography, file sharing etc.
Thanks for reading.
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Anonymous
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April 19, 2011, 06:40:44 AM
 #2

I would suggest gambling sites stay as far away from US dollars as possible. Their customers can exchange by themselves if they need to.

skittixch
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April 19, 2011, 07:01:55 AM
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I feel pretty strongly about this.  I'm all for going where the money is, but if bitcoin becomes the internet's gambling token, that's going to jeopardize the future of the system, imo.  Anything that serves to marginalize this currency by tying an association to gambling, illegal activities, the black market has got to be regarded in a "proceed with caution" way.  I was glad to see silk road go underground when it did.  I think the PR associated with the facilitation of a thriving, anonymous black market, open to the public would be damning if we happened to catch the eye of the wrong people at the wrong time.  Anyway, that's my rant. I know if there's a demand, to supply it is profitable. I just hope that the economy can continue to expand in new and unexpected ways that can attract all sorts of new adopters for this currency.
MoonShadow
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April 19, 2011, 07:07:01 AM
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I feel pretty strongly about this.  I'm all for going where the money is, but if bitcoin becomes the internet's gambling token, that's going to jeopardize the future of the system, imo.  Anything that serves to marginalize this currency by tying an association to gambling, illegal activities, the black market has got to be regarded in a "proceed with caution" way.  I was glad to see silk road go underground when it did. 

Huh

When did it go underground?  It was pretty far underground from the start.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
Denicen
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April 19, 2011, 07:26:07 AM
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I feel pretty strongly about this.  I'm all for going where the money is, but if bitcoin becomes the internet's gambling token, that's going to jeopardize the future of the system, imo.  Anything that serves to marginalize this currency by tying an association to gambling, illegal activities, the black market has got to be regarded in a "proceed with caution" way.  I was glad to see silk road go underground when it did.  I think the PR associated with the facilitation of a thriving, anonymous black market, open to the public would be damning if we happened to catch the eye of the wrong people at the wrong time.  Anyway, that's my rant. I know if there's a demand, to supply it is profitable. I just hope that the economy can continue to expand in new and unexpected ways that can attract all sorts of new adopters for this currency.

 I think that it would be great if all of the merchants on the internet suddenly thought that bitcoin was a great idea and that they would begin accepting it as payment. unfortunately that is now how the real world is going to work. What I'm proposing is using these black market applications (which are going to happen regardless of your opinion) in order to expand the legit bitcoin economy
skittixch
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April 19, 2011, 07:42:20 AM
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I think that it would be great if all of the merchants on the internet suddenly thought that bitcoin was a great idea and that they would begin accepting it as payment. unfortunately that is now how the real world is going to work. What I'm proposing is using these black market applications (which are going to happen regardless of your opinion) in order to expand the legit bitcoin economy

and from an economic standpoint, I totally agree with you.  I just hope it doesn't muddy the waters in the eyes of lawmakers.  The times they are a'changin.
Anonymous
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April 20, 2011, 02:31:55 AM
 #7

I want an amazoncoin fork that you could redeem for amazon codes.

Just saying...
Jaime Frontero
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April 20, 2011, 05:37:37 AM
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Who are the merchants that have the most use for bitcoin unique features? That is an easy answer: Those who want
to purchase or sell illegal goods and services. My prediction is, whether you like it or not (pretty sure most of you like it), the bulk of the bitcoin economy with be in illegal goods and
services in the near future.

i do believe i must respectfully disagree.

here's an interesting bit of history:  back when the internet was text-only in UNIX - long before the www, http, or mouse trails - some bright human figured out how to get pictures on the 'net.  what happened?  well, two things - and pretty much simultaneously:  porn... and booksellers.

bookselling is one of the last of the maverick occupations - but quite legal to pursue.  books are, in their own way, like Bitcoin: little bits of untraceable wealth.

art auctions will follow, and jewelry.  the underground economy is not really all about illegal substances and transactions, although we are kin (note that i am a bookman).  the underground (and quasi-underground) economy is always first to see the potential in these things.

by the way - any book collectors on this forum?  Grin
hazek
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April 20, 2011, 01:15:47 PM
 #9

People don't bang your heads too hard against the wall. Why? Because in the end the market will make all of these decisions.

Wherever the BitCoin concept is going to be recognized by the market as viable, the market will use it. No one person is capable of the knowledge of where exactly that is, only the market as a whole is. So just buckle up and enjoy the ride we're on.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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