Skip to comments.Bitcoins vs. Greenbacks and/or Gold and Silver
Posted on 12/11/2013 8:32:59 AM PST by Errant
There are conflicting stories among Bitcoins supporters about why a Japanese programmer or team of Japanese programmers, who are known by a pseudonym Satoshi Nakamoto, developed the original idea for the Bitcoins software.
The primary justification for Bitcoins among libertarians is the prediction that Bitcoins will become an alternative currency to all existing central bank currencies. Bitcoins are seen as a first-stage revolt against central bank money.
In this essay, Im going to make a series of arguments. Im going to tell you in advance what my arguments are. You can then judge whether or not I have been successful in presenting my case. Here are my arguments.
(Excerpt) Read more at marketoracle.co.uk ...
Bitcoins ,are they like Carbon Credits
This guy is about as forward looking as a rear view mirror.
Being a first-stage revolt against central bank money does not make them a valid form of currency.
Thinking that the dollar is going to collapse does not make bitcoins a safe form of currency.
This guy thinks cash transactions are private? Has he seen the new money? RFID / metal / hardly private anymore.
I’m sure that the technology for logging paper money serial numbers wouldn’t be too difficult to implement.
That might be one of the purposes for those RFID sensor coils in roadways on every road in the country?
Laughable and shows how far we've sank in the area transaction privacy in the use of "green backs":
"He can go into any retail establishment in the United States and buy whatever he wants if he has enough money. In all likelihood, these purchases will be limited to no more than a few thousand dollars. Purchases of anything that costs more than $10,000 will probably be avoided, because there are reporting requirements for these purchases. But very few people ever make a purchaseof more than a few thousand dollars."
Bitcoins are in a novelty stage now. Once the big central banks feel the threat the government will shut the whole bitcoin operation down. Anonymous email websites were shut down for much less. It will take a simple declaration that terrorists use bitcoin and good bye all your bitcoins.
You do realize *coins are in multiple countries? They are not restricted to the U.S. only There are multiple markets and the distributed nature of *coin architecture is far more complex an issue than shutting down e-mail servers.
The novelty phase has Chase gearing up their own crypto currency, only theirs is more centralized unlike the current architecture that is de-centralized. In early 2014, bitcoin (and litecoin, a few others) are going to explode with the advent of ASIC designed mining rigs. The “next” blocks of the ledgers are going to be mined very aggressively.