Quote from: kkaspar on March 03, 2014, 09:46:34 PM

Quote from: BitcoinAshley on March 03, 2014, 08:09:55 PM

Quote from: kkaspar on March 03, 2014, 05:32:02 PM

Well, if you aren't able to withdraw more then 1000 a day from a bank, then you won't be able to withdraw more then 1000 from bitstamp as well.

Irrelevant. BTC has no physical cash form so being able to "withdraw" it in that sense from a legacy bank is impossible. However, so many vendors accept BTC in some form or another, in addition to their being localbitcoins and similar avenues, it is clearly superior to cash which can be withdrawal-limited by a government at whim. The government would have to enact far more draconian rules to limit electronic cash spending (i.e. you can't spend more than .5 BTC at tigerdirect or coinfueled per day... lol.)

Travel to Ukraine and try to live a month while using only BTC. Then decide how irrelevant it is.
People have done these tests in more developed countries and found it very very hard. 99,9% of Ukrainans will probably start to make fun of you, when you try to offer them bitcoins to pay your rent, bills or just get something at the convenience store.

Most of the cultists here can't understand how dependent bitcoin is to the $. Bitcoin has a childish fixed coin supply, so it needs fiat to give it value. That is the reason why stores aren't accepting bitcoins without bitpay. There is very little use of an volatile and unpredictable currency without the support of fiat.

Yeah.

I was going to reply something along those lines but the sheer exercise in futility of it all bored me into not completing my post.

As a means of everyday payment, it is fucking rubbish.

As a means of moderately wealthy people from crisis hit nations/economies, getting their capital into an ultra transportable form without necessarily having access to international finance. It is the perfect fit. A temporary fit for most perhaps, but temporary is better than the chances of watching all your capital turn into empty government promises as the geo-political games of NATO and Putin wipe the floor with the Ukrainian economy.

I don't understand the full implications of how it makes sense to Ukrainians....perhaps they fear their currency will collapse? But this must be the reason why Bitcoin has done what it has done today. Mentalists like rpietila may claim that this all fits in perfectly with his exponential growth mean curve, but up until 6.30 am GMT, All technicals were pointing towards Bitcoin taking another nose dive. Instead, this X-Factor came into play and blew all the TA out the water. Not even the bulls promoting their flimsy inverse head n shoulders formation could have predicted this.

I have said many times that I believe that Bitcoin was actually developed by the NSA as a financial weapon of mass destruction and I think these kind of events demonstrates exactly the uses that a reasonably liquid Bitcoin market could have in undermining the economies of nations whose resources and strategic potential the US and it's NATO bum buddies are interested in having a piece of.