Silk Road forums
Discussion => Security => Topic started by: thecatinthehat101 on July 05, 2013, 06:09 pm
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I was just wondering what all you think with all the recent attention given to Bitcoin how long would you say before it's forced to go underground??
I'd say about another year of this before the pressure becomes enough to force the inevitable currency to go underground.
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What exactly do you mean by "underground"?
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If something crazy, like the US banning bitcoin use were to occur, it might drive bitcoin underground, but as long as we have exchangers it will still be useful if you assign value to it. Bitcoin is confidence-driven, meaning buyers/sellers dictate the going rate directly.
That, plus other crypto currencies will keep things hopping for quite some time.
Heck you could even have SR dollars, as long as there were people willing to trade them.
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It won't, I mean, it already is, sort of. If anything it's lately been trying to come above ground from the underground.
They can't really stop a mathematically based currency. They can't make numbers/cryptos illegal. They can try to ban "bitcoin", but then somebody will just start a new currency(like litecoin).
All bitcoin is, is data. We are trading data when we trade bitcoin, The exchange of numbers cannot be banned. They can try to regulate it, but that is a task that is near impossible.
They try to regulate drugs, which are physical things we try to exchange for currency, etc. Even due to the solid nature of drugs, and the regulations they have in place, we still manage to smuggle and exchange them. Now if they try to regulate bitcoin/data... it will simply be impossible. Numbers/data are infinitely times easier to exchange than solid matter. If they ban 'bitcoin', or 'mathematic currencies' which I certaintly doubt they will do the latter... somebody will just try to find some way around it. They can just disguise the 'currency "data" ' are some other legitimate data, which would be infinitely easy to do.
Simply, they cannot ban the exchange of data, the exchange of information, without banning technology/society. Information exchange is the foundation to the corporate world. Unless they ban all trading of any information/product of any and all kind, then they will never stop a bitcoin like currency.