Quote from: Robert Paulson on March 27, 2014, 05:34:36 PM

Quote from: Holliday on March 27, 2014, 05:16:51 PM

Quote from: tvbcof on March 27, 2014, 04:57:30 PM

As an aside, I feel that the U.S. has basically saved Bitcoin with this ruling. I've long relied on the world's governments to 'save' Bitcoin by making it illegal, but this is even better. Bitcoin would change to something quite different if it had to support the load of a large exchange economy. If it remains a vehicle for speculation (which happens off-chain) and moving relatively large blocks of value around, it could remain similar to it's original implementation in terms of being peer-2-peer.

I had a strong feeling this is exactly what you would say (I've just been waiting for you to say it), and I tend to agree with you. I keep saying that Bitcoin isn't well suited for daily purchases, but fantastic for other things (primarily an asset/store of value that gives me total control).

the only reason bitcoin is a store of value is because people anticipate it will be useable for daily purchases.

Well, you are simply flat out wrong in at the very least one case that I am intimately familiar with (namely my own.)

Using a globally distributed and persistent blockchain entry to by a pack of Skittles is about the most brain-dead use of resources that I've ever heard of. This is the proverbial use of a sledgehammer to kill a fly. And again, it would change the nature of the solution dramatically were it to become the norm (much to the delight of the Googles of the landscape.)