Quote from: DeeSome on May 02, 2013, 03:13:16 PM

Quote from: Brushan on May 02, 2013, 07:48:37 AM

Quote from: QuantumQrack on May 02, 2013, 07:17:07 AM

Bitcoin will remain unregulated. It doesnt matter if people in the community want it regulated or if government(s) want it regulated. Bitcoin, by nature, is unregulated. They cannot seize your btc unless under duress, etc. You are your own bank.

Until the devs fork it and say: "Here is the regulated Bitcoin 2.0 which will be worth 10000USD because of big company involvement, if you don't want use it then use the unregulated Bitcoin 1.0 for illegal activities which will be worth about 2USD."

Looking at the majority of people involved in Bitcoin i'd place my money on that everybody would go for 2.0. Of course, the Bitcoin Foundation together with other large companies (paypal, banks etc), will make a plan to slowly manipulate us into believing that a regulated Bitcoin will be much better for everyone. If you ask me, it has already begun.

I see Bitcoin moving in this direction.
This quote needs to be kept bumped to the top of this thread.

Essentially, I envision keeping your savings on the BTC 1.0 "gold fork" and converting it to the BTC 2.0 "fiat fork" when needed for spending.

The private "gold fork" would be BTC as we know it today outside of government regulation and used by people as a store of value and for "other purposes".

The big brother "fiat fork" would be like the US dollar (and other fiat) with complete government regulation and endorsement. It would be like fiat on steroids. Every transaction would be monitored and taxed at various rates depending on the transaction type. Salaries would be paid in BTC 2.0 with income taxes, social security taxes, medicare taxes being levied. All addresses of businesses and individuals would be known and registered with the authorities. The supply of BTC 2.0 would be managed by the central BTC bank. Etc.

BTC 1.0 would not disappear and its exchange rate would rise in value compared to BTC 2.0.

All in all, this change won't spell the end of Bitcoin but rather mean the conversion of fiat to an all digital currency.