Re:Bitcoin rises
by DanielBMarkham on Tuesday March 19, 2013 @07:15PM
(#5404305)
So then it truly becomes just another collector's item, but one where when you "cash out" it's all automatically reported?
Why not just trade in something else like gold or coins, where you can buy and sell without having a state security system looking over your shoulder?
I frankly don't know if I'm a fan or not. I haven't been, but the movement seems persistent, and I admire that. I also admire the concept of trying to use technology to free us from ever-more-oppressive governments. However I'm cautious: BC is "version 1.0". Might take until version 3 or so to get the bugs worked out.
I just hate seeing a lot of really smart people work hard to end up in the same spot they started from.
Try sending a gold coin to the other side of the planet in 10 seconds...
2 hours for the confirmation on the blockchain to come in.
2 hours? what no, try less than an hour, and you can also send coins that arn't fully confirmed if you do raw transactions
In principle if bitcoin takes off you could hold a bitcoin account and purchase things in bitcoin directly, making some of your transactions not subject to the "cash out" overlooking.
Re:Bitcoin rises
by jacoblyles on Tuesday March 19, 2013 @07:12PM
(#5404284)
This is exactly why I don't like the transaction fee model of funding mining in the long-term, and would prefer a coin with a slowly-growing uncapped money supply.
While I don't think it will ever see the support that bitcoin enjoys (or even litecoin for that matter) the model you are describing is provided by another alt coin call PPCoin (http://www.ppcoin.org/static/ppcoin-paper.pdf).
I'm not a fan of Bitcoin personally (too much speculation for me to be comfortable using it as a medium of exchange, much less a store of value) but I think people underestimate how badly we're getting screwed by the current payment oligopoly.