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

[Anon Mus]

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
> bitcoins.
>
>   

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.


Joe
_______________________________________________
tor-talk mailing list
tor-talk at lists.torproject.org
https://lists.torproject.org/cgi-bin/mailman/listinfo/tor-talk

----- End forwarded message -----
-- 
Eugen* Leitl <a href="http://leitl.org">leitl</a> http://leitl.org
______________________________________________________________
ICBM: 48.07100, 11.36820 http://www.ativel.com http://postbiota.org
8B29F6BE: 099D 78BA 2FD3 B014 B08A  7779 75B0 2443 8B29 F6BE