Post
Topic
Board Bitcoin Discussion
Re: Doug Casey on Bitcoin - he just doesn't get it...
by
tavi
on 23/06/2011, 05:34:47 UTC
Seems like a cool dude with many great ideas.

His sticky points seem to be gold and more visibly (with multiple mentions) last week's Mt.Gox hack(s), viruses/virii, etc.
I attribute the first one to old habbits and the latter one -- to insufficient tech understanding of the network.

Pros:
"More and more people are on the Internet these days. We’ve both seen villagers in Africa with smart phones. It won’t be long before most everybody has one. Anyone with Internet access can arguably deal in Bitcoins, so they could potentially be very convenient to use. That’s a lot more people than the number who will take, say, Russian rubles, Zambian kwacha, or Vietnamese dong.

Doug: I like the fact it’s untraceable and secret. I like the idea that it was trying to be an alternative to the dollar; it’s great to see people trying to get out of the U.S. dollar. The dollar is a state monopoly of the worst kind.

The U.S. dollar has actually become a major weapon in the hands of the U.S. government now. All bank transactions go through the U.S. SWIFT system. Even the Chinese and Russians, who have no love for the U.S. government, have to use dollars for international trade. They don’t like it. Muslims all around the world are coming to feel that they are enemies of the United States, so they don’t want to use the dollar either. And the more regulations the U.S. puts in place about how money is transferred and used – like FATCA – the harder people will look for alternatives. The U.S. government is treating everyone’s dollars as its personal property."