"Bitcoin has a long way to go before it the equivalent of money.” Miami-Dade judge.

nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
edited July 2016 in Community Cafe
"For now though, it’s clear — at least in Miami — bitcoin hasn’t reached the tipping point to where it’s considered credible evidence for a (seemingly) slam dunk conviction, and that’s bad news for the future of cryptocurrency."
Bryan Clark
This will go all the way to the US Supreme Court: law enforcement going head to head with the US Federal Reserve, on bitcoin, currency, money. even as the Fed builds out its own blockchain.

Comments

  • IconateIconate Posts: 68 Tin ✭
    edited July 2016
    From what I've read, BitCoin is unable to scale globally for a myriad of reasons; Computation time for transactions being a huge factor.

    However BitCoin has spawned all kinds of innovations around the idea of block chains.

    Particularly, Ethereum has caught my attention as it was build to address all the scalability problems with BitCoin, and allows code (contracts) to be pushed onto the network to facilitate transactions.
    Whats even more incredible about the Ethereum community, is the Hard Fork that happened last week after a bug was discovered in the DAO that allowed a user to syphon millions of dollars.

    Given that Ethereum now has a market cap over $1 Billion now, it's a prime competitor for BitCoin.

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @nigelmarkdias - thanks for posting this
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    You're welcome, @79Au197 :)
    Nix v Hedden: Is the tomato a fruit or a vegetable?
    Bitcoin, as representing crypto (including ether) looks to be headed in that direction up to the US Supreme Court @Iconate
  • Mark_79Mark_79 Posts: 57 Copper ✭✭
    A few points

    1) Bitcoin will scale when the need arisies. Just like the early internet could not handle billions of users and was often very slow this has now been resolved and there is enough bandwidth to stream video 24/7. IMO bitcoin will follow the same evolutionary path.

    2) Bitcoin could be money but it is much more than that. I think that the digital gold analogy whilst not perfect is a pretty good fit.

    3) All cryptocurrency's are in still in the very early stages of evolution (pre-mass adoption) often it is not the most technologically advanced (or best) which wins but the most popular and bitcoin is miles ahead of the competition.

    4) Have you noticed that the likes of Google, Paypal, eBay and Amazon are keeping very quiet about Bitcoin??? IMO these companies have developed the software to fully integrate BTC in to their sites, they would be very foolish not to. Again IMO I think you could see mass adoption occur pretty quickly once these companies embrace BTC. As BTC will be THE currency of the internet and (just like gold) whoever holds the bitcoin will hold the power. By accepting BTC on their sites they will be able to acquire and hold significant amounts of BTC.

    If point 4 happens expect the price of BTC to rise in a way no other asset class has risen in history.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    edited July 2016
    Yes, @Mark_79 re: your point 4 21.co apps facilitates this; today.
    Micro payments: BitGold goes beyond two decimal places. What if it goes satoshi deep?
  • IconateIconate Posts: 68 Tin ✭
    Bottom line: Bitcoin does have a long way to go; But it is by no means irrelevant.

    Another issue currently is that (I believe) China controls more than 50% of the mining nodes, which would allow them to alter the algorithm (assuming they could get all the miners to agree)
  • KlausKlaus Posts: 102 Copper ✭✭
    edited July 2016
    I read one of the arguments against considering it money is that it can't be stored under the mattress.

    Bitcoin lacks one of the essences of money, and the analogy with the mattress is, in this sense, very well established.

    Bitcoin lacks the virtue of being a proven store of value.

    Other than that, it is a great creation
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Yes @nigelmarkdias thank you for sharing. :)
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