Thread: The Bitcoin: A New World Currency?

Bitcoin fascinates me personally, but I prefer the other options - digital gold. These have a real asset backing with real precious metals in storage with your name on them.

Honestly I don't think I am smart enough to understand the complexity of bitcoin.

I do agree these will cause massive disruptions worldwide. The reality is that this has been going on for quite a while now, just under the radar. Companies like Pecunix and GoldMoney have been at this for over a decade.

The internet has created a potential for completely unregulated commerce and companies like this are filling the need of 'money' for exchange of goods and services.

I'm unfamiliar with digital gold, so I'll have to look into it. I just think it's both fascinating and terrifying how currencies like the bitcoin allow sites like the Silk Road to exist, and I wonder how it will affect global law enforcement, cyber laws, etc.

If you're unfamiliar with the Silk Road, here's a Gawker article from last year about the site. It's basically a site where you can buy illicit drugs and prostitute services anonymously.

The Underground Website Where You Can Buy Any Drug Imaginable

Originally Posted by Trevor Kuntz

I just think it's both fascinating and terrifying how currencies like the bitcoin allow sites like the Silk Road to exist, and I wonder how it will affect global law enforcement, cyber laws, etc.

We can only hope it will destroy the legitimacy of global law enforcement and cyber laws.

Check out - Digital Gold Currency Magazine - for more info.

I'm thinking that it will only give more fuel to those who think that the cyber world needs more regulation. Sen. Chuck Schumer has already pointed to the Silk Road as another reason for why we need more cyber laws and cyber enforcement.

It's unfortunate that the Silk Road founders are abusing something as innovative and as useful as the Bitcoin and are using it for illegal purposes. I don't think that was the vision of the Bitcoin founders.

For me, a currency will need to be backed by something real and tangible, probably gold or silver. Beyond that I guess I don't care to much what form it comes in. And if there can be many competing currencies, all the better.

Originally Posted by Trevor Kuntz

I'm thinking that it will only give more fuel to those who think that the cyber world needs more regulation.

It is virtually impossible to regulate distributed technology on the internet. There will be a strong push toward more regulation but it will fail.

Originally Posted by Trevor Kuntz

It's unfortunate that the Silk Road founders are abusing something as innovative and as useful as the Bitcoin and are using it for illegal purposes.

Define illegal? The requires defining law. There is a difference between legislation and law. Sure, Silk Road is primarily a marketplace for selling drugs, but is there really a need for regulating the behavior of private individuals?

I don't want to make this a drug use debate, the point is drug sales wouldn't be 'illegal' if it weren't for morality based legislation. But from a strict law perspective, this is a victimless crime and therefore not really a crime (or shouldn't be) to begin with. ***disclaimer, I do not use drugs whatsover, but I don't care to interfere with other people's private lives.

Fyi, Bitcoin was created as a way to conduct business in unregulated markets, whatever they may be.

Well regulation will always fail to affect those who know their way around the regulations.

And I agree, but drugs are only a victimless crime to an extent. Eventually the need for drugs results in crime, as committing a crime to obtain drugs is far easier than making money in legitimate ways to buy drugs. I don't particularly want to be surrounded by meth heads, PCP users, and desomorphine addicts, so I will support any efforts to keep those particular drugs out of the country, and hopefully by the time they are legal, I will have my own sovereign nation island where I will live out the rest of my days in peace. Lol.

Right, but I still think that Nakamoto has morals and that he didn't intend for bitcoins to be used for purchasing cocaine and heroin.

How do they maintain integrity and confidence in digital currencies? couldn't insiders just issue themselves any amount of digital currency they want?

Originally Posted by Trevor Kuntz

I don't particularly want to be surrounded by meth heads, PCP users, and desomorphine addicts,

Agreed, but this is also a choice we make based on where we live and where we spend time.

Originally Posted by Trevor Kuntz

If you're unfamiliar with the Silk Road

Actually I've been on the site a couple of times out of curiosity and I never saw anything on there but marijuana. Maybe it is there at times, but each time I was on there it was only weed.

Originally Posted by Trevor Kuntz

I will have my own sovereign nation island where I will live out the rest of my days in peace. Lol.

now that's what I'm talking about...

Originally Posted by CommonCents

How do they maintain integrity and confidence in digital currencies? couldn't insiders just issue themselves any amount of digital currency they want?

Depends. Some have been fly-by-night and this is probably what happened.

Others like Pecunix are backed by gold. You are actually buying a certain number of grams of gold and those grams are held in a vault with your account number attached. You can trade with other Pecunix account holders and the gold grams move from one holder to another.

With Bitcoin, I don't think I'm smart enough to understand.

But your questions is rather humorous though. How does the US Treasury maintain integrity and confidence in USD's? Couldn't 'they' just issue themselves any amount of USD 'they' want?

In reality this is exactly what happens in every developed country in the world. The US Treasury 'sells' bonds to the Federal Reserve which just prints money (or adds 0's) in order to buy them. This 'money' then ends up in the hands of the US Treasury to spend as they see fit.

Originally Posted by CommonCents

How do they maintain integrity and confidence in digital currencies? couldn't insiders just issue themselves any amount of digital currency they want?

From what I understand about Bitcoins, the currency will max out at twenty one million bitcoins. So far, less than nine million have been "mined" and the "mining" process is very time consuming and extensive to discourage abuse. I suppose that you just have to trust those who created the currency enough.

Originally Posted by GlobalWealth

Actually I've been on the site a couple of times out of curiosity and I never saw anything on there but marijuana. Maybe it is there at times, but each time I was on there it was only weed.

I've never been on the site because I don't have TOR, but yeah, I think that's mainly what they sell. But regardless of what they're selling right now, it's only a matter of time before there will be sites like the Silk Road that sell more illicit drugs. I can also see this as being an avenue for sex trafficking.

Originally Posted by GlobalWealth

now that's what I'm talking about...

I'll have to meet you the next time you're out here. Maybe at next year's B&P. I'd be interested in learning about why you chose to live in Latvia.

Originally Posted by Trevor Kuntz

I can also see this as being an avenue for sex trafficking.

Hmmm, even better.....

Originally Posted by GlobalWealth

Hmmm, even better.....

Yeah, not really!!

Libertarian here
I was an early adopter and managed to ride the bubble from $1.5 (only bought £100 or so), all the way up to $30 cashed out on the way down in the mid teens. I own some good bitcoin related domain names and wanted to create a BTC related online business (i really wanted to start an exchange while mtgox was still in its infancy/tradehill didnt exist), but i didnt have enough coding skills or money to get involved.
Silkroad is fascinating, everyone should check it out and have a browse about some time.

Originally Posted by Trevor Kuntz

I'm unfamiliar with digital gold, so I'll have to look into it. I just think it's both fascinating and terrifying how currencies like the bitcoin allow sites like the Silk Road to exist, and I wonder how it will affect global law enforcement, cyber laws, etc.

Here's my (idealistic) vision. Hopefully it will become widely adopted, leading to less tax revenues and starve the state(s) of money/power globally. Freedom of trade and anarchy will ensue, leading to greater wealth, freedom and equality worldwide.
Agorism - Wikipedia, the free encyclopedia

This guy talks about his experience with the SR. He just bought some adderall. http://www.gwern.net/Silk%20Road

I have gone on the tor network and it was pretty fascinating. I used to think the regular internet was dirty, you wouldn't believe what I saw. I don't know how many of these were legit but I visited sites about human experiments where they would kidnap homeless people and perform experiments on them. There was also a site where you could hire a hitman to kill someone.

Originally Posted by myelbow4

I don't know how many of these were legit but I visited sites about human experiments where they would kidnap homeless people and perform experiments on them. There was also a site where you could hire a hitman to kill someone.

I certainly hope that they are not legit because if they are, that's horrible! The world is a pretty messed up place though, so I wouldn't be that surprised. People only care about themselves.

Originally Posted by myelbow4

This guy talks about his experience with the SR. He just bought some adderall. http://www.gwern.net/Silk Road

I have gone on the tor network and it was pretty fascinating. I used to think the regular internet was dirty, you wouldn't believe what I saw. I don't know how many of these were legit but I visited sites about human experiments where they would kidnap homeless people and perform experiments on them. There was also a site where you could hire a hitman to kill someone.

The experiment one is a joke, dont take it too seriously. The hitman one is a scam, hoping that someone will actually send 10k in bitcoin or whatever they say it costs.