It’s idiotic. It is no more than cyber-space barter which is not sustainable in the long run and not at all among large groups of people. Therefore, it will primarily be used to launder money and purchase in the black market.
A currancy with no government backing is no currency at all.
You mean like those worthless Federal Reserve Notes backed in full faith & credit by Uncle Sam?
All trade in money is actually trade in a commodity which has been elevated to the role of money.
The best way to think of money is an a unit of measure. Bitcoin offers a pool of money that is fixed in supply, thus not given to inflation like a government or fractional reserve issued currency.
There is nothing in the protocol that prohibits large groups of people from utilizing it.
Therefore, it will primarily be used to launder money and purchase in the black market.
Most cash is tainted with drug residue, but this doesn't make that the primary use of cash.
A currancy with no government backing is no currency at all.
Governments took control of currencies so they could profit from the debasement thereof (taxation without the hassle of collections).
Currency with no government backing is the only form of currency that can function as a store of value over time.
I most respectfully reply, "It ain't necessarily so."
Any object valued by another human being becomes a potential currency for trade: cigarettes, food, candy, sex, booze; Name your desire, and put up an object equally valued by your opposite, then voila! You have just made an exchange of currency. And people have exchanged forms of currency long before governments appeared to steal their slices of the pie.
Whatever fuels desire is "golder" than gold, baby. And no government on earth can completely control that flow.
The notion that said objects of currency exchange must have the backing of a government is simply not true. It intimates that it is government, not man, who determines value. And that, my friend, is simply statist bullshit.
have a nice day.
Oh, what nonsense.
Bitcoin may or may not be the answer, but ordinary people are quite capable of finding something to serve as currency without the government's blessing. After all, we manage to buy and sell tomatoes on our own -- tell me how you think money is any different.