wpalczynski
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February 09, 2014, 08:38:07 PM

What you hope will happen to bitcoin goes against the very principles based on which the system was founded.

Once a viable exchange comes online in the US, and governments are done cleaning up the illicit side of bitcoins (tumblers, localbitcoins unregistered users, drug/weapon trading sites, people who don't report taxes--they can find you now or later....its not worth it),  the price will skyrocket.

It's just a matter of time.   Campbx doesn't have a bank any longer at the moment, and CoinMKT is just getting started, Secondmarket is serving the affluent.......it's just a matter of time though before Bitcoin goes up after major illicit flows are slowed enough and regulated banks back the exchanges.   So I am a holder.   The monkeys like coindesk and kids who post here who trade on misleading media so they can make a dime shorting will fade.  The utility of cryptocurrency is just too high; the disruption has already started and can't be stopped.

All the fools who speak of bitcoin replacing centralized banking are simply, well, foolish.  It will never happen, but bitcoin has it's place as some fraction due to the utility in certain situations  (world wide standardized, fast+easy with simple addressses, no middle party, irreversible).   I bet we will see banks who have their own bitcoin layer "banks" on top of their banks as a way to keep that capital in-house, give their customers a way to get access to the good side of bitcoin transactions when they need it.  With traceable transactions supplied by having confirmed identities tied to addresses.  The only other option it seems banks have is to create their own cryptocurreny "coins" layer (eg is this what chase is doing?),  but that almost certainly seems doomed as it won't be a standard that works internationally and for everyone.

Personally I can't wait to see anonymous side of bitcoin get hacked away (tumblers, start to add social identities to wallets so people can trust each other and the governments are comfortable about taxes and what is being traded).  And its just a matter of time before these anonymous supporting people who are involved in bitcoin get weeded out; it's clear why they want anonymous and the gov is picking them off one by one as their hidden reasons for supporting it are exposed and they wind up in jail.   I won't be surprised too if we see some existing companies get strung up on charges around fraud for hedging customer assets and their own.