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Re: [tor-talk] US Senators Seek to Crackdown on Bitcoin

Pad 0c wrote:
  - I bet on the fact that others will came after me.
  - I bet that bitcoin will be still used at some later point.

Only the first describe a ponzi scheme and I think only the second apply for

This is very true and is something which differentiates BitCoin from a ponzi scheme. The ponzi scheme is ALWAYS based on nothing right to its bitter end.

But BC does have INTRINSIC value, because it...

1. has only a known/set limited availability
2. is provably unforgeable

these are the qualities desirable in ANY value based exchange token (barter), whether it be gold bullion, chickens or sheep. This is why England used the "tally stick", for a long time, when England had no Gold etc, it generated a barter system based it.

So BC is also a barter substitute (or currency), that is this all the same, its just a token between.

At the end of the day, it matters not a single jot what its current comparative value is, as long a people are trading it. For day to day transactions, it is ALL that is needed. But for horders, banksters and other similar blood sucking manipulators, they cannot predict its value in the long term, and this they hate, as there is no "promise to pay the bearer" anything. So they will slander it. As more people trade in it, then the more stable it becomes, as people get frightened a government will collapse (not just outlaw) it, then its use will fall and so too will its price.

I have had my own reservations about BitCoin, that is, that its designers did not anonymize BitCoins rendezvous and had non-anonymously centralized itself so it could be attacked by a hostile government, like it is being attacked now by the US.

I think it is highly likely that the drug supplier "Silk Road" is a protected CIA black op. to attack BC and to destroy it. This was an obvious draw-back right from the start and was the reason I stopped generating BC's a long while back. Governments and other evil people do not play fairly, so never assume they will. The designers of BC did assume just that, and that was there error. To design adn test it was one thing but the implementation had to be completely anonymous.

What needs to be done is that a NewBitCoin (NBC) system needs to be started up behind hidden services and for them to offer a swap with the existing BC. Perhaps there should even be "official" completely anonymous NBC consortium with several NBC servers each doing multiple NBC i.e. NBC1, NBC2, NBC3 etc (all interchangeable currencies - at least at the start), so as to be locationally robust.

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