Ninjastic
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Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
by
Rampion
on 13/06/2013, 11:53:10 UTC
Quote from: lucas.sev on June 13, 2013, 11:45:38 AM
Quote from: Rampion on June 13, 2013, 11:38:57 AM
Quote from: lucas.sev on June 13, 2013, 11:34:22 AM
Quote from: Rampion on June 13, 2013, 11:31:41 AM

Oh boy, I'm really waiting for some agency/government to try to "ban" Bitcoin. But I guess they are not *that* stupid. Wink

You realise that it will negatively affect price, at least in short term?

Probably short term. But not mid-term, or long-term. Everything illegal comes with a premium.

Then, Bitcoin was designed to resist bans. Both the protocol and its creator analyzed a "government ban" situation and prepared for it (why do you think Satoshi is a pseudonym, he always used Tor, and never left traces of who he really was?).

This experiment needs to be fully tested. I don't know if ay government is going to be so stupid to ban Bitcoin, but if they do they will make it stronger, because was designed with that it mind.

Short term price is irrelevant in the grand scheme of things. Some of us are not here for the quick buck.

But we all know how much was bitcoin when it was used only for illegal purposes and not for speculation like today. I would like to hear your opinion on what will happen with bitcoin if it will be illegal to run a bitcoin exchange? Of course TOR-based exchanges could appear, but big money would be gone.

First and foremost, a global ban is unlikely. The most likely scenario is that there would be countries where it would still be legal to run exchanges. And "big money" knows how "offshore banking" works - especially is this "big money" comes from dubious sources. I bet you know that there is a lot of "big money" (or better, HUGE money) in counterfeit pharmaceutical drugs, prostitution, illegal weapons traffic, drugs, etc.

Secondly, Dread Pirate Roberts (SR operator) is a visionary. But new generations of "criminals" will join the pack as soon as they understand BTC. If BTC is banned, they would be even more attracted by it. "Criminal activity" (or black market) is a 1,829 billion per year market. If only a small % of that economic activity goes to BTC the price will skyrocket, and as I said earlier: everything illegal comes with a premium.

Bitcoin has the potential to be HUGE regardless of the official position of Governements.