Quote from: moa on February 22, 2011, 03:41:36 AM

It is conceivable that consortium of powerful banks and hedge funds who are not beholden to the current oligarchical monetary system, probably not mega-banks but mid-level up and coming like Saxobank, etc, start up something like bitcoin. They are just as sick of swallowing the costs of bailing out their bigger competiton and playing byu the shit rules coming down from on top.

I don't think that is very likely. The problem with bitcoins is that they are not scarce in the limit condition, since while the number of coins per blockchain might be limited, the number of potential block chains is essentially infinite.

IMO to make bitcoin valuable there needs to be some important service or obligation that can only be obtained or settled with bitcoins. Governments use tax and legal tender laws to establish this tension of demand. While you may or may not find such a binding-of-demand morally deplorable, it is necessary for the creation of a successful currency, whether fiat or metal or crypto.