Post
Topic
Board Bitcoin Discussion
Re: Bitcoin topic on Quora.com
by
riggasconi
on 23/01/2011, 15:56:38 UTC
HI freetx


Regarding your 3 other points:

1. Legal: Yes, .gov could make it illegal. However, think through your underlying premise a bit....any currency sufficiently open enough to be a "better" currency than current Central Bank currency would also be pressured via the same tactic. I mean with that premise (.gov will make it illegal), why try at all?

2. Competition: Great, I think competition would be outstanding. I don't think lots of us who support BTC actively think its going to be the "only" currency used. Whats wrong with having 10 active competing currencies? Doesn't that benefit mankind the most anyway? Moreover, due to the nature that BTC is purely electronic, there will always be instantaneous exchanges available to translate between BTC and the new XYZ currency of favor.

3. Infiltration: Again this is a 'so what?' sort of premise. Poor Linus should've never tried to create his own Linux operating system....after all IBM and MSFT may have tried to subjugate the process via its open development process.

I agree with you: the fact that governments, competitors and infiltration will attack Bitcoin should not be a reason not to fight. But my concern is: how will the FRN/BTC ratio be affected when such shocks happen ? This is very important for me and people to know: if I am to accept BTCs in exchange for my labour, I wanna know how likely it is that the result of my labour could plummet, and how much. I hope you have the same concern Smiley