Bitcoin = BAD !

M

Maxwell

New Member
http://www.businessinsider.com.au/i...w-to-support-terror-group-with-bitcoin-2014-7

One cannot send a bank transfer to a mujahid or suspected mujahid without the kafir governments ruling today immediately being aware. Perhaps, a few incredibly wealthy Muslims may find ways to avoid this system, especially ones in Arab countries, however the majority of Muslims are incapable of donating to those who need it most.

The solution is Bitcoin, he says. It is anonymous and decentralized, and with an extra layer of encryption called mixing, the author says, transactions would be "untrackable." He uses former online marketplace Silk Road as an example of a once-successful instance of how illicit goods could be purchased online with the digital currency:
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And here;

https://au.news.yahoo.com/thewest/b...ch-police-smash-illegal-bitcoin-trading-ring/

It's easy, just link Bitcoin to 'Terrorists' or 'child exploitation' and it's a done deal!

Bitcoin will remain... it just needs to be regulated and controlled, to stop bad guys doing bad things... that's all :rolleyes:
 
Don't the "bad guys" also like to deal in cash? Cash, gold, bitcoin....... all nasty things used by nasty people it would seem. Best we all transition to a "safe" plastic card which has our own special individual barcode number on it with all our funds safely stored in government regulated storage facilities (called banks).
 
All my bitcoin got sold for a nice profit thanks.

I love the idea of a digital currency,I just hate the demonisation of digital currency because it's difficult for TBTP to manipulate it to their own ends.
 
Maxwell said:
All my bitcoin got sold for a nice profit thanks.

I love the idea of a digital currency,I just hate the demonisation of digital currency because it's difficult for TBTP to manipulate it to their own ends.
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Anything can be demonized. The thing is, bitcoin can survive even without government sanction. It will either be the black market currency (like USD cash) with a potential to rise as the real currency in a revolution of culture, or it will be sanctioned and it will become a mainstay and even banks will use it. In the latter case, it would still be used more anonymously in the black/grey market anyway.
 
I'm split on Bitcoin.

Nevertheless, technically it's a fantastic invention and inspiring. I think national currencies could be one day issued like Bitcoin. Why now?

Although I haven't owned any and I missed the boat, I'd be curious to see whether a new cryptocurrency emerge. A global currency?
 
TreasureHunter said:
I'm split on Bitcoin.

Nevertheless, technically it's a fantastic invention and inspiring. I think national currencies could be one day issued like Bitcoin. Why now?
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That would kill the essence of bitcoin. The entire purpose of the technology underlying bitcoin ("the blockchain") is to enable a large group of independent nodes to reach agreement *without* any single node or group having special privileges. There'd really be no point to issuing a national currency on a blockchain; since you've already got a centralized entity in control of the supply, then you don't need to go through the hassle of a blockchain.....the nation can just issue centralized electronic money and call it a day. Basically like Visa or Mastercard, but with ability to define the supply of the unit-of-account as well.



TreasureHunter said:
Although I haven't owned any and I missed the boat, I'd be curious to see whether a new cryptocurrency emerge. A global currency?
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Well, you either didn't miss the boat, or the boat will sink. The reality is *still* that if bitcoin succeeds, it must be valued at a couple orders of magnitude higher than current (just go look at the market sizes for domains where it can theoretically excel; eg, remittance, internet payments, store of value, offshored cash, etc), and you'll see that even a marginal long-term bitcoin success case requires a significantly larger unit value. Or it'll die completely. That's the nature of the bet.

As to which occurs....? Who knows. Seems a coin toss to me at this point, whereas 3 years ago the success case seemed A LOT more far fetched. And FWIW, bitcoin *is* a global currency, and there are *currently* hundreds of other cryptocurrencies. The merits of others get discussed at length in the bitcoin community. The reality is that the total market-cap of all the hundreds of other cryptos sum to less than 10% of bitcoin's market cap, and that's been pretty consistent. The reason is simply that this is a domain where network effects are huge, and none is likely to supplant bitcoin's lead because of that. There's simply no reason to use alts over bitcoin, and the market agrees with this.
 
TreasureHunter said:
Although I haven't owned any and I missed the boat,
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Plenty of people sold bitcoins when the price rose to $1. They figured "the boat" yada yada .it happens over and over and over...
 
Load of Bullion said:
TreasureHunter said:
Although I haven't owned any and I missed the boat,
Click to expand...

Plenty of people sold bitcoins when the price rose to $1. They figured "the boat" yada yada .it happens over and over and over...
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Yeah, it's nuts reading some of the earlier threads (pre-2012) on bitcointalk. People have been "missing the boat" since mid-2010. There are relatively few people with the fortitude to hold (or keep dollar-cost-averaging in) over the long haul. Which is really a fascinating dynamic; the coins are continually getting distributed to "stronger hands", or more accurately, those who understand bitcoin and the crypto space in general, and can likely put the coins to best use.
 
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