The 'its all or nothing' crowd needs to learn that there's different types of "all": You can have it "all" in 2 years or look like you've got shit for the next 10 years at which point it finally takes off. At this point, the people with the coins won't be willing to let them go for too cheap. Its been integrated in too many places, used for too many things, valued too high. This means that people will have to pay for it if they want it, even in a bad scenario. And this means Bitcoin has value, and this means that Bitcoin can be used as a currency, and as long as its used, people will see how much better it is than normal currency, causing it to be used more, until its price goes up again. The only conceivable scenario in which BTC won't succeed is if somebody like Google creates their own copy and it overtakes BTC.
Agreed. However, would not a more likely successor be in the Bitcoin 2.0 space rather than somebody like Google?
In any case I don't see Bitcoin disappearing but at worst having some of its thunder stolen.
Bitcoin Dice - provably fair
Sportsbook - provably fair
Bitcoin Exchange -
Exchanges need to be
provably solvent, do they not?
I think the remaining exchanges will need move very quickly to prove themselves and subject themselves to external audits.
Minimally they have to prove that customer funds are segregated into one address per customer and that the exchange indeed holds the keys
to those addresses.
Coinkite seems to be on board already.
http://blog.coinkite.com/post/77699705732/updated-audit-report-transparency-andedit: Looks like they're on top of it. I hadn't read the statement at
http://blog.blockchain.info/2014/02/25/joint-statement/This is an excerpt from the 'leaked' document. (emphasis mine)
"The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public."
How do you put back a technology 5 to 10 years that is barely 5 years old?
I guess you tend towards the lower end. Or perhaps he meant to say 5 to 10 weeks.
Also notice the phrase "this could be the end of Bitcoin". Sound familiar?
It looks more than anything like the wording was chosen specifically to create a panic.
edit: bolding
This is an excerpt from the 'leaked' document. (emphasis mine)
"The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public."
How do you put back a technology 5 to 10 years that is barely 5 years old?
I guess you tend towards the lower end. Or perhaps he meant to say 5 to 10 weeks.
Also notice the phrase "this could be the end of Bitcoin". Sound familiar?
It looks more than anything like the wording was chosen specifically to create a panic.
edit: bolding
You delay its growth and implementation by that time -- you don't go back in time or rollback the technology.
Thanks. I thought of that too but I still think weeks or months rather than years.
MtGox has been subpoenaed by the U.S. Attorney's office in New York.Perhaps this was reported a few pages back but I could not find anything so here's the story.
http://www.businessinsider.com/report-mtgox-subpoenaed-by-us-prosecutor-2014-2edit: Ah I see it now. It appeared a ways back in this thread
https://bitcointalk.org/index.php?topic=178336.msg5377102#msg5377102
Did you buy 1 bitcoin yet? That would make for some excitement
No. And I must confess to something much worse than pontificating on bitcoin without ever having used it:
I have served jury duty five times, all murder cases,
without having murdered anyone before.
So, before I buy some bitcoin, I must fill that gap in my experience, in case I am again called to serve. Would you volunteer?
Yes sir, I did volunteer, and for a bigger gap than jury duty. Not necessarily one that I'd want to go back to, with any sanity anyway.
But kudos to you for a methodical and thorough approach.
You misunderstand. He's asking you to volunteer to be his murder victim so he can properly judge murder.
Indeed. He said he hadn't murdered anyone
before. He's leaving
after wide open.