Re:Perhaps The Copyright Industry Deserves Some Credit
by wmf on Monday November 14, 2011 @01:07AM
(#3233096)
I'm pretty skeptical of alternative payment systems, but just because you need some dollars doesn't mean you have to do all business in dollars. Realistically any successful cyber-currency would have a transition period anyway.
Re:Perhaps The Copyright Industry Deserves Some Credit
by JoshTriplett on Monday November 14, 2011 @04:28AM
(#3233444)
You seem to have a key unquestioned assumption, namely that alternative currencies and their associated economies will never reach a sufficiently large breadth of services to make it possible to do without existing national currencies entirely. I'd question that assumption. I don't think we've gotten close to that yet, but I wouldn't dismiss the possibility of it occurring in the future.
Re:Perhaps The Copyright Industry Deserves Some Credit
by sounds on Monday November 14, 2011 @01:54PM
(#3235162)
Good point. Any alternative currency must first achieve a level of legitimacy on par with FDIC-insured institutions and governments. By the time they do achieve that, I assume their board of directors will include enough ties to existing economies to make them no more an alternative (as in, capable of defying SOPA) than any existing institutions or governments.
I simply believe this is the only chance to retain freedom of speech. SOPA must be defeated.
Quick review in case you missed where BitCoins went: dollars will always have intrinsic value because the US Government demands payment in dollars. Tax payments are only accepted as an electronic transfer - from the institutions SOPA controls.
So SOPA is bad news because:
1. You can't escape the bank-controlled economy, so you will always need US dollars or whichever currency is accepted in your country.
2. You can't prevent large organizations (those with hefty legal departments) from issuing at-will takedowns on competitors.
3. Takedowns won't be just for The Pirate Bay. Good luck winning your court case.