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Author Topic: Bitcoin Targeted By Latest FinCEN Ruling? – Implications Are Profound  (Read 4424 times)
red123
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February 18, 2012, 03:57:01 AM
 #41

If anything, couldn't this help legitimize bitcoin and make it even more popular? The price is directly related to popularity. So if we want to be rich as early adopters, then don't we need to figure out ways to get as many people to need bitcoins for day to day as possible?


+1.

Yes! Popularity is the key. Why was there a huge spike in worth last year? Exposure. I am in the process of being able to help as many people as I can get the bitcoins when they need them without having to sign up places.

I think the ease of getting a bitcoin is important when drawing people in because I think the number one reason people get turned off by bitcoin is because of all the necessary steps and time just to receive some legitimately without high fees.
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"In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle." -- Satoshi
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Hunterbunter
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February 18, 2012, 02:41:17 PM
 #42


If secrecy and tax evasion are the only things bitcoins have going for it then a lot of us are wasting our time here.

If bitcoin is just a copy of what we already have with fiat currencies then a lot of us are wasting our time here.

I understand your reservations, but it's not even close to a copy of fiat.
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February 18, 2012, 02:46:39 PM
 #43

I think the ease of getting a bitcoin is important when drawing people in because I think the number one reason people get turned off by bitcoin is because of all the necessary steps and time just to receive some legitimately without high fees.

Yeah this is key. Why does linux, a superior operating system, have a lower market share than Windows? Windows is easy.

I don't honestly know how easy this problem is to solve, though, since there needs to be some trust involved along the way.
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February 18, 2012, 03:17:07 PM
 #44

well how easy is it to get a hold of some gold?  not too easy.

you have to go down to your local coin dealer, if you have one, pay cash and then cart the stuff out the door all the while worrying about being noticed by some mugger who'll rob you right there b/c of the big bags you're carrying.

not to mention selling it back which i did during last Spring which was a pain.  i had to haggle the price and eventually took a 5% haircut off spot.  they made me sign a bunch of forms, show give my drivers license, and then they sent me a 1099 two wks ago on which i will have to pay my regular tax rate, not capital gains.

and btw, have you ever tried buying everyday goods with it?
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February 18, 2012, 04:24:19 PM
 #45

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I guess there are no countries left on the planet where someone could operate an exchange outside of US laws?
Russia never extradite it's citizens.

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February 19, 2012, 01:39:55 AM
 #46

I agree. However, we should keep in mind that the laws are not always right.

I think the laws in question are wrong, but how to change this I do not know.

The Civil Rights movement of the 1960's is a great example. It was not until the blacks started boycotting that real change got done. You have to starve the vampire squid. Everyone understands the pocketbook. Governments and banks around the world are scared to death that they will lose control of the medium of exchange in the Information Age.

This.

Yet breathe a word about not paying taxes or about non-compliance, and suddenly people think you're a selfish bastard who doesn't care if the world devolves back to the stone ages.

When enough people both understand that it's possible to ignore a government to death, and decide to do so, then change will happen.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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