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Old 05-16-2011, 07:39 PM   #23
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Originally Posted by Kebo View Post
-How/Why would people agree on the value?
-If you use these to purchase a good or does that in any way help the one providing it? A company can't pay their employees in bitcoins, they can't pay their bills in unless some massive shift takes place, it is essentially an online-only barter system.
There are exchange houses that will transfer back and forth between currencies outside of the bartering boards.

Originally Posted by Kebo View Post
-You don't think someone will come along and undermine this new system?
-You still didn't answer how this threatens that power base. The simple existence of another type of trade or currency does not threaten the rich. When Amazon started issuing 'amazon money' cards...did the wealthy of the world start peeing their pants?
Of course not. That's a gift card. Who cares if a business creates gift cards that force you to spend money at their place of business.

This is untraceable currency that you can send to anyone from anywhere.

I'm not promising to understand every aspect of it, but undermining it would involve figuring out a way to interject into the shared transaction stream or redefining the definition of a correct solution/coin.

Originally Posted by Kebo View Post
So it's like money. You realize that cash is peer-to-peer, right? And you can transfer it electronically? Or you can hand it to someone? Or mail it? Fedex?
...and that banks and governments and companies can prevent you from transfering using those methods. Rememeber when people refused to complete transactions for wikileaks? Bam...your life just got really tough.

This system provides circumvention around this blocking point.

Originally Posted by Kebo View Post
There are people in actual legitimate (and otherwise) professions, whose whole job every day is to move money electronically from one account to another.
In some cases, those sytems are archaic and outdated. Not saying traders or investors, but tellers were certainly reduced after cash machines came out. Progress.

Originally Posted by Kebo View Post
I don't see at all how this is huge. In fact, I'm wondering how this is any different from money in a game like WoW...except that you can buy and sell WoW money for actual cash.
Again, trading houses exist to trade bitcoin currency into dollars and euros, etc.

Originally Posted by Kebo View Post
It seems like the whole 'hugeness' of this whole thing is the hugeness of the assumptions that this is going to become a massively popular thing where people will be buying and selling actual goods and services using Bitcoin.
Not so much. Perhaps in time. This is huge because it is no longer possible for a government or a bank to press a key and prevent you from accessing your funds.

This is system to store and transfer money directly between parties. No transaction fee. No identification. No Freezing accounts. No bank statements.

It's cash...but not as traceable or as restrictive as cash.

So yeah...criminal elements will be the first to embrace this. If this doesn't take off, something very similar will at some point.

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