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BitCoin will be made illegal, but cryptocash is here to stay

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Re: BitCoin will be made illegal, but cryptocash is here to stay

#4

Post by quanticle »

The problem with all of these e-currency schemes is that there's still a huge divide between the virtual e-cash world and the real "bills & change" world. I can't use Bitcoin to pay my rent or buy food. In order to do that, I have to go through a money transfer site. These sites are already pretty heavily regulated. I'm not even sure that any additional laws would have to be passed in order to make Bitcoin illegal; it might just take an administrative decision by the Treasury department.

Re: BitCoin will be made illegal, but cryptocash is here to stay

#5

Post by fexl »

spike_flaptor wrote: post #3

I checked bitcoin's site a little, and I don't quite understand how do you get bitcoins in the first place... or more important, how the global amount of bitcoin currency evolves.

There are only three ways to get bitcoin:

1. Create (discover) bitcoins using your own computer. This is slow and requires a lot of processing.

2. Provide a good or service in exchange for bitcoins.

3. Receive them as a gift.

That is all. I've ruled out theft, i.e. stealing someone's wallet from their computer.

That answers your first question. The second question, about how the supply evolves, is more complex. My understanding is cursory, but I'm pretty sure the bitcoin.org web site addresses it in depth.

Re: BitCoin will be made illegal, but cryptocash is here to stay

#7

Post by 27182818284 »

It reminds me quite a bit of mp3 files in 1997, when they were just a novelty and record companies didn't know what to make of them.

Despite those industries' efforts and help from various world governments, MP3 filesharing, still exists. Likewise, it seems possible that BitCoin exchanges will still happen despite it being illegal.

Is there a way to even shutdown BitCoin or would it turn into a pseudo-arms race like filesharing has become?

Re: BitCoin will be made illegal, but cryptocash is here to stay

#8

Post by 27182818284 »

spike_flaptor wrote: post #3

I checked bitcoin's site a little, and I don't quite understand how do you get bitcoins in the first place... or more important, how the global amount of bitcoin currency evolves.

Just have some fun and try it out. No need to put your savings into BitCoin or anything, but you can check out http://freebitcoins.appspot.com/ to get a 0.02 BTC to just see how things work.

Re: BitCoin will be made illegal, but cryptocash is here to stay

#9

Post by tzs »

quanticle wrote: post #4

The problem with all of these e-currency schemes is that there's still a huge divide between the virtual e-cash world and the real "bills & change" world. I can't use Bitcoin to pay my rent or buy food. In order to do that, I have to go through a money transfer site. These sites are already pretty heavily regulated. I'm not even sure that any additional laws would have to be passed in order to make Bitcoin illegal; i…

More important, you can't use it to pay your taxes.

Re: BitCoin will be made illegal, but cryptocash is here to stay

#10

Post by RK »

quanticle wrote: post #4

The problem with all of these e-currency schemes is that there's still a huge divide between the virtual e-cash world and the real "bills & change" world. I can't use Bitcoin to pay my rent or buy food. In order to do that, I have to go through a money transfer site. These sites are already pretty heavily regulated. I'm not even sure that any additional laws would have to be passed in order to make Bitcoin illegal; i…

There is at least one person selling gift cards for bitcoins, including Walmart and Amazon giftcards. Also there is at least one site selling food directly (http://www.bitmunchies.com).

So you wouldn't strictly starve...

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