Quote from: porc on December 07, 2013, 05:03:00 PM

Quote from: EvilPanda on December 07, 2013, 04:55:38 PM

Quote from: porc on December 07, 2013, 02:30:32 PM

If I am wrong about these points government will come down hard on miners. They could make it illegal to mine bitcoins. Then bitcoin will lose all of its advantages compared to alternative cryptocurrencies. It will be a code like the rest of them.

What government? All the governments in the world? They could as well make it illegal to sell alcohol or cigarettes, but it doesn't stop people from investing in these branches. You are thinking too much about things you just can't predict.

Its easy to predict that governments wont allow to be outcompeted by bitcoin. They have a money monopoly and thus will prohibit significant competition. Thats different than prohibiting alcohol as the merchant can accept dollars instead. No need to accept bitcoins. However alcohol is something you cant replace. Also alcohol is not where government derives its power from. Money is (inflation to finance its operation). It is already impossible for bitcoin to become a significant medium of exchange due to tax law.

Now regarding store of value I have explained why I think bitcoin is not suitable.

define: "governments" .Today all governments are just individuals prone to lobbies instead than political partys. If bitcoin will succed is because governments ar not nearly powerful as lobbies and markets. Governments have no way to make mining or btc exchange illicit without incurring in constitutional issues, of course that's not the case of china, the ceo of baidu created the last pump, for the next there is a single player who can without any doubt push the btc to 30.000 (having loaded bunches before) and his name is bezos.