Quote from: fred1111 on November 07, 2014, 08:44:39 AM

I've turned permabear Grin

. Bitcoin will be replaced by a POS-coin distributed by a government or a really large organisation, here is why:

All traditional currencies have something in common: they were initially created by an authority in which a lot of people put their faith in, an authority which they didn't mind would benefit from the inflation/creation of the currency. Sure, many of said currencies were officially backed by gold, but people accepted that the backing inevitably would get fractional.

Bitcoin is mostly issued by lucky early adopters / mining-speculators, which is exactly the kind of people that society would hate to see benefit from currency issuance.

The advantages of the incoming competition will end up making bitcoin worth nothing more than collector's stamps. The fact that the competition isn't visible or even existent yet, doesn't mean than it's not coming.

We will see the benefits of cryptocurrencies for humanity, but it won't be Bitcoin, or any of todays altcoins.

The question is when does the collapse of Bitcoin start. Could be 5 years or 5 weeks from now.

Thinking the same way.

Government, after all, have the gun to enforce the law and protect citizens from scammers.

trader001

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