Every important person in BitCoin just got subpoenaed by NY financial regulators

Re:Every important person in BitCoin just got subpoenaed by ... by lmm on Tuesday August 13, 2013 @08:20AM (#6205219)

>Those saying BTC has no inherent value (as opposed to gold, for example) are completely overlooking the fact that BTC is the only kind of exchange that can be used for illicit activities in a relatively untraceable manner (good luck buying stuff on SR using gold).

Alternative equivalents like litecoin work equally well.

That's why I think bitcoin is bound to collapse. There's no a priori reason to use one root over another, and given the choice, why would you pick the one where "satoshi" has already assigned himself 25% of the wealth?

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Re:Every important person in BitCoin just got subpoenaed by ... by gst on Tuesday August 13, 2013 @08:57AM (#6205380)

Do you have any reason to believe that the wealth distribution of other coins (forked from Bitcoin) looks much different? With an deflationary currency you will always have early adopters that own a large percentage of the wealth.

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Re:Every important person in BitCoin just got subpoenaed by ... by lmm on Tuesday August 13, 2013 @09:14AM (#6205467)

I believe once a less deflationary alternative arises (which will surely happen sooner or later, there's no inherent reason behind bitcoin's "half every year" mechanism - I'm surprised if all the current alternatives just blindly copy that) it will win out over bitcoin.

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Re:Every important person in BitCoin just got subpoenaed by ... by weavejester on Tuesday August 13, 2013 @08:52AM (#6205355)

Because that's the one everyone else is using. The current blockchain has significant momentum, so any alternative would be working uphill.

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