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ORBS
Registered: Oct 2013
Posts: 168 - Threads: 10
Location: Birmingham-London-Paris
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Quote:
| danj wrote on 05-11-2013 09:24 AM
No, it's not tied to any legitimate tangible commodity the way that other currencies are.
Saying that though, Sterling's economical strength comes from a mostly service based economic contributor nowadays, however it still has primary and secondary roots to tangible assets (Oil from BP, Gas from NS) etc, highly skilled engineering from RR Trent, Airbus Industrie et al.
Bitcoin, has none of that, just a fancy algorithm to mask its users and prevent easy generation of them, which means it will always be used for 'shady purposes'.
Bitcoin's will continue to increase with an inflated valuation because of its black market inflation until a) regulation is enforced or b) alternative online currencies come about to compete with it, creating a digital currency FX market.
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It doesn't make sense...
A friend of mine is very active in the Brixton pound and always tells me about the difficulty to have authorities tolerate the existence of a local currency competing with the British pound. Apparently there have been several local currencies in the past in the UK and they were systematically killed by authorities when they got too successful & too big.
Now we have bitcoins working internationally and Financial authorities let it be !?!?!
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 05-11-2013 11:25 AM |
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danj
there is no spoon
Registered: Mar 2005
Posts: 18374 - Threads: 785
Location: Omnipresent
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Quote:
| ORBS wrote on 05-11-2013 11:25 AM
Quote:
| danj wrote on 05-11-2013 09:24 AM
No, it's not tied to any legitimate tangible commodity the way that other currencies are.
Saying that though, Sterling's economical strength comes from a mostly service based economic contributor nowadays, however it still has primary and secondary roots to tangible assets (Oil from BP, Gas from NS) etc, highly skilled engineering from RR Trent, Airbus Industrie et al.
Bitcoin, has none of that, just a fancy algorithm to mask its users and prevent easy generation of them, which means it will always be used for 'shady purposes'.
Bitcoin's will continue to increase with an inflated valuation because of its black market inflation until a) regulation is enforced or b) alternative online currencies come about to compete with it, creating a digital currency FX market.
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It doesn't make sense...
A friend of mine is very active in the Brixton pound and always tells me about the difficulty to have authorities tolerate the existence of a local currency competing with the British pound. Apparently there have been several local currencies in the past in the UK and they were systematically killed by authorities when they got too successful & too big.
Now we have bitcoins working internationally and Financial authorities let it be !?!?!
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Because it's encrypted.
It won't be long before they try to regulate it, in fact I'm pretty sure they already are, if so they'll probably demand to be handed the algorithms as well as code to run as bitcoin banks.
(¬_/)
(='.'=)
(")_(")
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| 05-11-2013 12:10 PM |
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