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Old 05-16-2011, 06:57 PM   #37
Kebo
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Quote:
Originally Posted by Star*Child View Post
There are exchange houses that will transfer back and forth between currencies outside of the bartering boards.
So it's a closed (in theory) system...other than keeping it secret, how does this benefit the person with the bitcoin? Again, this is basically having WoW money.

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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.
And who cares if you have a currency that can only be used online? And who would use this? Especially if the only way to actually access the money is to exchange (at cost...looks like .65% plus markup/markdown) to actual money.
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This is untraceable currency that you can send to anyone from anywhere.
It is exactly as 'untraceable' as real currency. If you have a system to validate a legitimate 'bitcoin' from a counterfeit, you can trace it. Not to mention that, again...at this point you still have to convert to actual money somewhere.
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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.
As near as I can tell, either:
-Each bitcoin is independently stored and can eventually be copied/reproduced by a hacker.
-Each bitcoin is tracked by some system. This is more likely because they 'know' how much of the currency is in circulation. This means that the Bitcoins are in fact traceable through that system, and that the system can be compromised.

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...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.
And if your bank account shows deposits and withdrawals to a bitcoin exchange...they can't touch you? Not to mention that, in case you haven't seen...the government CAN track P2P services, and your money still has to go in and out somewhere. All you've done is temporarily hide the money at a cost, and in a widely variable exchange-rate currency. Congrats.

Seriously, this is WoW money.
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This system provides circumvention around this blocking point.
How? When you exchange the funds...what are you exchanging into?

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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.
True...and thanks to machines, we have less farmers working the fields. Doesn't mean farms are obsolete.

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Again, trading houses exist to trade bitcoin currency into dollars and euros, etc.
Into actual money. Just like WoW money.

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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.
Apparently if they sieze your computer, they've done the job. Not to mention, let's say you've got tons of money floating around in m(oney)P3 files...and the government freezes your real accounts. What can you do with your fake, online money?

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This is system to store and transfer money directly between parties. No transaction fee. No identification. No Freezing accounts. No bank statements.
And that doesn't allow for compromise? You're kidding.

Not to mention, there IS a transaction fee...when you get actual money.
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It's cash...but not as traceable or as restrictive as cash.
Not as restrictive? Seriously? Find me a list of things I can buy with this currency.
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So yeah...criminal elements will be the first to embrace this. If this doesn't take off, something very similar will at some point.

-*
You mean like WoW?
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