Post
Topic
Board Bitcoin Discussion
Re: The future of Bitcoin is illegal
by
ArticMine
on 07/10/2012, 16:18:30 UTC
Like many of you, I hold a substantial number of Bitcoins. I am interested in seeing the value of those coins go up vs. the USD so that I can sell my coins for USD in future. For me, there's no other reason to have them.

I actually think that the more able members of our society have a duty to help the weaker members, so I don't have any weird libertarian fantasies. I'm just in it for the money. The actual, folding, bank account, Visa card money.

So how can we push the price of Bitcoin up so that we can sell our coins for more? As everyone knows, in order to increase prices we need to spike demand. So why would anyone want a Bitcoin?

When Silk Road became popular last year, everyone saw how it pushed up the price of Bitcoin. I haven't actually seen many people on this forum acknowledge the fact that Silk Road is driving the Bitcoin economy. There's simply not much else to buy with Bitcoins, and unless you are a currency speculator or a Bitcoin devotee there is no other reason to turn your government backed cash into Bitcoins.

I sold a lot of coins last summer, and I made over $100,000 clear profit from an initial $1000 investment, and that was from only about half of the coins I bought for that $1000. I still have the rest. I am sure a lot of you cashed out too, for even bigger profits.

I am sure that the increase in price that I profited so much from is down, mostly, to demand spurred on by Silk Road.

There is only one reason for a normal person to want a Bitcoin - to break rules, laws, and regulations. This is the future of Bitcoin, this is what will drive the price up, and I think this is what we should all be focusing on.

I'd be interested to hear people's thoughts and ideas about this. I think that gambling in the USA is an untapped market but there may be other laws that we can help people break with Bitcoin too.

Bold my emphasis. A very large proportion of the world's population do not have a FICO score let alone a good one, credit cards or even a bank account. They are in fact the world's poor, and for them Bitcoin may well be the only alternative to cash or paying usurious service charges. So unless one criminalizes poverty there is a huge legal market for Bitcoin.

By the way online purchase is a horrible model for illegal drugs, particularly the highly addictive ones. How many heroin addicts are going to wait two weeks to get their fix in the mail? No they will buy from the local dealer for cash and go into the nearest dark alley to shoot up. Ditto for crack meth etc.