jonu62882 Posted September 30, 2017 Share Posted September 30, 2017 23 hours ago, Heimdallr said: I'm definitely gonna throw a few hundred into XRP. Ripple seems to be legit. Huge potential. Yeah, me too. I'll give it a whirl. Quote Link to comment Share on other sites More sharing options...
incognito_man Posted September 30, 2017 Share Posted September 30, 2017 By not true P2P I meant in terms of validation. Ripple is centralized, Bitcoin is not. That is the distinction I was going after. By the time they all start competing with each other it will be because the market is huge huge which means any early investors in either already won the lotto anyway Quote Link to comment Share on other sites More sharing options...
ET80 Posted September 30, 2017 Share Posted September 30, 2017 1 minute ago, incognito_man said: By not true P2P I meant in terms of validation. Ripple is centralized, Bitcoin is not. That is the distinction I was going after. Fair. 1 minute ago, incognito_man said: By the time they all start competing with each other it will be because the market is huge huge which means any early investors in either already won the lotto anyway ...or the current cap of $70B becomes stagnant, and the only opportunity of growth is via cannibalization of other coins. Ora few of the entities looking to regulate (China, Russia, Germany, India, the EU, etc) continue down their current path, select a universal crypto to back, and then the remaining guys are forced to cannibalize to maintain any sort of viability. Nonetheless, it's going to be a facinating evolution to follow. This dialogue in itself has me thinking of a few ideas that'll be worthy of a write up or two for work-related conversation. Always appreciated, @incognito_man. 1 Quote Link to comment Share on other sites More sharing options...
jrry32 Posted September 30, 2017 Share Posted September 30, 2017 5 hours ago, incognito_man said: how? Make it illegal to own and possess Bitcoin. Quote Link to comment Share on other sites More sharing options...
BayRaider Posted September 30, 2017 Author Share Posted September 30, 2017 2 minutes ago, jrry32 said: Make it illegal to own and possess Bitcoin. And in what possible way would they justify that? Absolutely nothing illegal about Bitcoin in anyway. If they wanted to make Bitcoin useless they'd use a more secretive tactic. Quote Link to comment Share on other sites More sharing options...
incognito_man Posted September 30, 2017 Share Posted September 30, 2017 3 minutes ago, jrry32 said: Make it illegal to own and possess Bitcoin. sure, I suppose water could be shut down in the same manner by making it illegal to own or possess it. Quote Link to comment Share on other sites More sharing options...
jrry32 Posted September 30, 2017 Share Posted September 30, 2017 Just now, BayRaider said: And in what possible way would they justify that? Absolutely nothing illegal about Bitcoin in anyway. If they wanted to make Bitcoin useless they'd use a more secretive tactic. Make findings that Bitcoins are being used as an instrumentality to support the illegal drug trade or terrorism or whatever they really want. They don't have to be secretive. Quote Link to comment Share on other sites More sharing options...
BayRaider Posted September 30, 2017 Author Share Posted September 30, 2017 2 minutes ago, incognito_man said: sure, I suppose water could be shut down in the same manner by making it illegal to own or possess it. Exactly lmao. They would not just outlaw Bitcoin. They'd look like Dictators. Quote Link to comment Share on other sites More sharing options...
jrry32 Posted September 30, 2017 Share Posted September 30, 2017 39 minutes ago, BayRaider said: Exactly lmao. They would not just outlaw Bitcoin. They'd look like Dictators. 95% of the country would not care and buy whatever explanation they were given. Unlike water, Bitcoin is not necessary to sustain life. It doesn't implicate constitutional protections. If they want to outlaw it, they will. Look at marijuana. Quote Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted September 30, 2017 Share Posted September 30, 2017 1 hour ago, jrry32 said: Make findings that Bitcoins are being used as an instrumentality to support the illegal drug trade or terrorism or whatever they really want. They don't have to be secretive. Also it's true. Bitcoin is used to buy drugs. When hackers extort people, they ask for payment in Bitcoin. That's not it's only use and I don't think it should be made illegal or anything, but it would be really easy to convince old people that it needs to be illegal to stop their grandkids from buying pot on the internet. 1 Quote Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted September 30, 2017 Share Posted September 30, 2017 1 hour ago, EliteTexan80 said: ...or the current cap of $70B becomes stagnant, and the only opportunity of growth is via cannibalization of other coins. I don't buy that $70B figure. People who got in at the beginning hold the overwhelming amount of Bitcoin (like 95% or something), and aren't selling it. You are taking the 5% and extrapolating that the demand and price wouldn't drop drastically. Quote Link to comment Share on other sites More sharing options...
BayRaider Posted September 30, 2017 Author Share Posted September 30, 2017 5 minutes ago, ramssuperbowl99 said: Also it's true. Bitcoin is used to buy drugs. When hackers extort people, they ask for payment in Bitcoin. That's not it's only use and I don't think it should be made illegal or anything, but it would be really easy to convince old people that it needs to be illegal to stop their grandkids from buying pot on the internet. And im sure USD was used for mostly illegal things when it was invented. Most currencys have struggles to overcome. Bitcoin is already distancing itself from the black market and is used more and more by normal every day people including corpirations such as Microsoft, Overstock, etc. Quote Link to comment Share on other sites More sharing options...
jrry32 Posted September 30, 2017 Share Posted September 30, 2017 1 minute ago, BayRaider said: And im sure USD was used for mostly illegal things when it was invented. Most currencys have struggles to overcome. Bitcoin is already distancing itself from the black market and is used more and more by normal every day people including corpirations such as Microsoft, Overstock, etc. That doesn't make sense. 1 Quote Link to comment Share on other sites More sharing options...
incognito_man Posted September 30, 2017 Share Posted September 30, 2017 13 minutes ago, ramssuperbowl99 said: Also it's true. Bitcoin is used to buy drugs. When hackers extort people, they ask for payment in Bitcoin. That's not it's only use and I don't think it should be made illegal or anything, but it would be really easy to convince old people that it needs to be illegal to stop their grandkids from buying pot on the internet. And then they are stuck never spending it, and any other coin ever associated with that address is also marked. Bitcoin is fantastic for law enforcement. Far easier to track than cash. Quote Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted September 30, 2017 Share Posted September 30, 2017 4 minutes ago, BayRaider said: And im sure USD was used for mostly illegal things when it was invented. Read this sentence back slowly and think about it. 4 minutes ago, BayRaider said: Most currencys have struggles to overcome. Bitcoin is already distancing itself from the black market and is used more and more by normal every day people including corpirations such as Microsoft, Overstock, etc. Bitcoin can try to do that all it wants, but when people consistently market it as "outside of government influence, decentralized, and anonymous", it's going to undermine any of those efforts. It's been set up as an ideal currency for drug dealers, whether it wants to move away from them or not. The point of my post was that it wouldn't be hard to campaign to make Bitcoin illegal. Not that I think it should be illegal. 3 Quote Link to comment Share on other sites More sharing options...
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