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Author Topic: People who like cash need to learn about Bitcoin  (Read 973 times)
meanig
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June 28, 2012, 06:40:06 PM
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The third richest man in South Africa did a business deal in the 1980s involving diamonds, cash and safety deposit boxes. Fast forward to 2009 and the proceeds from the deal (£700k) are confiscated by UK customs as he boards a flight from London to Luxembourg. Customs didn't have any evidence or suspicions that the money came from crime but they took it anyway and now an appeals judge has effectively given the okay to this theft by deciding to delay any ruling to an unspecified time in the future.

http://www.dailymail.co.uk/news/article-2165025/Its-just-peanuts-Why-South-African-billionaire-denies-criminal-activity-boarding-plane-700-000-cash.html

£700k is a lot for the Bitcoin economy at the moment but I think within a year there will be enough depth to buy thousands of pounds worth of bitcoins in one location and sell them for cash in your desired location. After only a couple of weeks localbitcoins.com shows enough traders to exchange up to £1500 cash in the UK for bitcoins and then sell them in Switzerland for CHF.
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niko
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June 29, 2012, 05:45:56 PM
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£700k is a lot for the Bitcoin economy at the moment but I think within a year there will be enough depth to buy thousands of pounds worth of bitcoins in one location and sell them for cash in your desired location. After only a couple of weeks localbitcoins.com shows enough traders to exchange up to £1500 cash in the UK for bitcoins and then sell them in Switzerland for CHF.

If depth ever becomes significant per your prediction, bitcoin exchanges and perhaps even bitcoin transfers themselves will be regulated. £700k will have been confiscated, in cash or in bitcoins, for exactly same reasons. Don't confuse today's relative obscurity of btc with freedom from regulation.

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
acoindr
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June 29, 2012, 06:27:44 PM
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£700k is a lot for the Bitcoin economy at the moment but I think within a year there will be enough depth to buy thousands of pounds worth of bitcoins in one location and sell them for cash in your desired location. After only a couple of weeks localbitcoins.com shows enough traders to exchange up to £1500 cash in the UK for bitcoins and then sell them in Switzerland for CHF.

If depth ever becomes significant per your prediction, bitcoin exchanges and perhaps even bitcoin transfers themselves will be regulated. £700k will have been confiscated, in cash or in bitcoins, for exactly same reasons. Don't confuse today's relative obscurity of btc with freedom from regulation.

Governments can't stop Bitcoin because they will just be routed around. The only way to control Bitcoin is regulate/control all electronic communication between people. Good luck keeping that working.
Trader Steve
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June 29, 2012, 07:34:13 PM
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Yes,

Paper = Physical Cash
Bitcoin = Digital Cash

Avoid banks altogether and trade locally using sites that connect local traders.
ShireSilver
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June 29, 2012, 07:36:19 PM
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Yes,

Paper Silver and Gold = Physical Cash
Bitcoin = Digital Cash

Avoid banks altogether and trade locally using sites that connect local traders.

FTFY  Grin

Shire Silver, a better bullion that fits in your wallet. Get some, now accepting bitcoin!
niko
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June 29, 2012, 07:38:48 PM
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£700k is a lot for the Bitcoin economy at the moment but I think within a year there will be enough depth to buy thousands of pounds worth of bitcoins in one location and sell them for cash in your desired location. After only a couple of weeks localbitcoins.com shows enough traders to exchange up to £1500 cash in the UK for bitcoins and then sell them in Switzerland for CHF.

If depth ever becomes significant per your prediction, bitcoin exchanges and perhaps even bitcoin transfers themselves will be regulated. £700k will have been confiscated, in cash or in bitcoins, for exactly same reasons. Don't confuse today's relative obscurity of btc with freedom from regulation.

Governments can't stop Bitcoin because they will just be routed around. The only way to control Bitcoin is regulate/control all electronic communication between people. Good luck keeping that working.
Government can't stop cash because it will just be smuggled around. Unless smuggling fails like in example above. The real question to ask here is why any government would want to stop btc. To regulate, sure, but stop? I can see why certain private corporations might want to stop it - dwolla, paypal, western union, etc.

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
acoindr
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June 29, 2012, 08:21:56 PM
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£700k is a lot for the Bitcoin economy at the moment but I think within a year there will be enough depth to buy thousands of pounds worth of bitcoins in one location and sell them for cash in your desired location. After only a couple of weeks localbitcoins.com shows enough traders to exchange up to £1500 cash in the UK for bitcoins and then sell them in Switzerland for CHF.

If depth ever becomes significant per your prediction, bitcoin exchanges and perhaps even bitcoin transfers themselves will be regulated. £700k will have been confiscated, in cash or in bitcoins, for exactly same reasons. Don't confuse today's relative obscurity of btc with freedom from regulation.

Governments can't stop Bitcoin because they will just be routed around. The only way to control Bitcoin is regulate/control all electronic communication between people. Good luck keeping that working.
Government can't stop cash because it will just be smuggled around. Unless smuggling fails like in example above. The real question to ask here is why any government would want to stop btc. To regulate, sure, but stop? I can see why certain private corporations might want to stop it - dwolla, paypal, western union, etc.

Well, they can't regulate it either. That's one of the key strengths of bitcoin is the lack of permission needed to use it.
nimda
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June 29, 2012, 08:44:24 PM
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And good luck confiscating my bitcoins Grin

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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