Bitcoin Prices Continue To Plummet

Red Machine D said:
Yes it can. Government agent forces you to hand over your computer, which contains your wallet file.
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Not possible if your wallet file is encrypted. You would have to hand over the private keys. Obviously, they can try and force you, but if you don't budge there is no way to get the coins. There is nothing physical to hide like with cash if you store the private key in your head.
 
x3sphere said:
Not possible if your wallet file is encrypted. You would have to hand over the private keys. Obviously, they can try and force you, but if you don't budge there is no way to get the coins. There is nothing physical to hide like with cash if you store the private key in your head.
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Doesn't matter, they'll get your transaction/exchange history and stick you in jail until you cooperate.
 
x3sphere said:
I don't think Beanie Babies or Pokemon cards is a good comparison to Bitcoin. Those are all just collector items, Bitcoin has actual utility behind it.

It is the first form of money that can't be taken away on a whim from you by the government. Cash is not very portable, and can be seized easily. With Bitcoin, as long as you keep your private keys in your head, no one can get at your coins. Nothing else offers these properties, and there's no reason to use any of the less secure (due to lower hash rate) clones instead of Bitcoin. Even if all speculators exited BTC I think it'd still have value for this reason, barring anything being fundamentally wrong with the protocol itself.
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The government can restrict access to communication systems, and a private key will be worthless unless you can actually transmit it.
As a form of speculation it's an interesting opportunity, but as currency it's currently potentially even more instable than the US-Dollar.
What many forget is that the USD isn't a pure fiat currency at the moment, as it's indirectly backed by oil. And countries that have threatened the Petrodollar status quo lately had sudden outbreaks of "democracy".
If the Petrodollar falls, there will no longer be a difference in value between BitCoin, USD and pokemon cards based on more than imagination.
BitCoin is the most secure when it comes to a non regulated digital existence but this assumes the availability of a non regulated digital realm.
There will be value as long as people believe in it, and the means of transmission are available in the region you intend to use them in.
But when it comes to the value it is, like Pokemon cards, dependent on a fan-base willing to trade it.
Normal currencies don't have this problem as the fan-base is almost the complete population thoughtfully indoctrinated to believe in them.
 
Interesting stuff. Wish I had more time to give it a shot! I feel in my opinion, that severe inflation will occur. I think its a matter of time until bitcoins fade. Of course, that's just a personal opinion and I actually hope it stays around on the contrary. I like that tons of gpu's can be sold and resold, helps us all out -) And if its still around after college hehe I'll definitely give it a shot.
 
Benny said:
Normal currencies don't have this problem as the fan-base is almost the complete population thoughtfully indoctrinated to believe in them.
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And also legally compelled. You have to pay your taxes in dollars, and they are declared to be sufficient to settle all debts.
 
Benny said:
The government can restrict access to communication systems, and a private key will be worthless unless you can actually transmit it.
As a form of speculation it's an interesting opportunity, but as currency it's currently potentially even more instable than the US-Dollar.
What many forget is that the USD isn't a pure fiat currency at the moment, as it's indirectly backed by oil. And countries that have threatened the Petrodollar status quo lately had sudden outbreaks of "democracy".
If the Petrodollar falls, there will no longer be a difference in value between BitCoin, USD and pokemon cards based on more than imagination.
BitCoin is the most secure when it comes to a non regulated digital existence but this assumes the availability of a non regulated digital realm.
There will be value as long as people believe in it, and the means of transmission are available in the region you intend to use them in.
But when it comes to the value it is, like Pokemon cards, dependent on a fan-base willing to trade it.
Normal currencies don't have this problem as the fan-base is almost the complete population thoughtfully indoctrinated to believe in them.
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Yes, because the value of every circulating currency in the world is only affected by the trade of oil. Forget about all the other goods and services that are traded between countries, and those countries trying to undercut others' as to inflate the value of their own currency and increase their GDP. Let us also forget national debt that is freely traded on the open worldwide market. In fact, let us just throw out the whole idea of macro economics and subscribe to the ideas of all the conspiracy theorists on the internet. Bitcoin, just like any speculative commodity, will want to be controlled by an elite few and the whole libertarian idea of a secure, non-regulated, government-free currency trade will never exist because of simple human nature.
 
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