Comments on: The FBI and the legitimation of the bitcoinverse http://blogs.reuters.com/felix-salmon/2013/10/02/the-fbi-and-the-legitimation-of-the-bitcoinverse/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: windjc http://blogs.reuters.com/felix-salmon/2013/10/02/the-fbi-and-the-legitimation-of-the-bitcoinverse/comment-page-1/#comment-48239 Fri, 04 Oct 2013 00:21:43 +0000 https://blogs.reuters.com/felix-salmon/?p=22568#comment-48239 So Bitcoin = Beanie Babies…

I’ve read all your Bitcoin articles and more and more they seem to be written as hopeful “I told you so” with little downside risk if the author is wrong.

I’m sure if and when Bitcoin is mainstream as an asset and perhaps as a currency as well, you’ll just write “While I didn’t think that blah blah blah, blah blah blah happened and changed the blah blah blah that I based my original opinions on. However, if it hadn’t been for that one blah blah blah I would have been proved correct.

My money is on you looking like the internet skeptics of 1996.

]]>
By: tomforemski http://blogs.reuters.com/felix-salmon/2013/10/02/the-fbi-and-the-legitimation-of-the-bitcoinverse/comment-page-1/#comment-48233 Thu, 03 Oct 2013 17:27:01 +0000 https://blogs.reuters.com/felix-salmon/?p=22568#comment-48233 Silk Road, and the legion of mini-Silkies being prepped, are an effective attack on a truly evil industry. They take money out of the hands of international criminal syndicates and street gangs, the devalue the drugs market by offering drugs at far lower street prices; and they promote purity saving tens of thousands of people from the poisons that adulterate street drugs.

They can disrupt the drug industry more quickly, and more effectively, than the war on drugs has managed in two decades. Society then can focus on the roots of drug use and addiction instead of having the drugs business corrupt hundreds of thousands in positions of authority, and tens of thousands of murders a year. Better the Silkies fight over Google keywords in online auctions than murder and behead each other.
http://zd.net/19kxsYZ

And as for Bitcoin, it’s gone beyond a fad. It has very unique properties. In a digital world where everything is so easy to copy, you can’t copy a bitcoin. That’s very valuable and scarce.

]]>
By: druce http://blogs.reuters.com/felix-salmon/2013/10/02/the-fbi-and-the-legitimation-of-the-bitcoinverse/comment-page-1/#comment-48232 Thu, 03 Oct 2013 04:43:36 +0000 https://blogs.reuters.com/felix-salmon/?p=22568#comment-48232 Everyone who ever dealt with Silk Road is going to be pretty nervous. That’s quite a black book the Feds got hold of.

There’s a sphere where dollars are suboptimal for transmitting value electronically. In addition to contraband, the US doesn’t want Wikileaks, the Pirate Bay, some people in Iran to have access to the payments system.

Bitcoin is a good investment if that sphere gets larger. It’s a hedge against the dollar sphere getting less attractive. It also serves as a workaround so the US can’t use the electronic payments system too much for its political and foreign policy agendas.

If you kill Silk Road, that Bitcoin sphere is getting smaller, so the first order effect is clearly not great for Bitcoin.

If there’s a plan is to make Bitcoin totally legitimate and force everything in the Bitcoin ecosystem to have the same controls as the dollar ecosystem, making the early adopters rich but destroying it as a black market medium of exchange… at which point it would be less useful than dollars and ripe for complete collapse…it would be an interesting plan.

]]>
By: Strych09 http://blogs.reuters.com/felix-salmon/2013/10/02/the-fbi-and-the-legitimation-of-the-bitcoinverse/comment-page-1/#comment-48229 Wed, 02 Oct 2013 22:21:58 +0000 https://blogs.reuters.com/felix-salmon/?p=22568#comment-48229 The basic problem with assuming that the FBI taking down Silk Road is a benefit to BitCoin by removing an unsavory association sullying the reputation of the currency is that it is far too easy for anybody to throw up a replacement site.

And now that lots more people know what kind of revenues they can get from illegal online drug dealing, we can pretty much count on replacement sites springing up.

Let’s face it, in the present day U.S. drug dealing is the default employment program for the lumpenproletariat, and now that the size of the potential market is out of the bag, it’s only a matter of time before one or more sites that do exactly what Silk Road did are online, with more precautions and stronger protections for privacy.

]]>