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>US government backs it Yes, by putting people in jail who put forward viable alternatives to USD, like Liberty Dollar. And making Bitcoin impossible to use le
by ramblerouser 8y ago
>US government backs it
Yes, by putting people in jail who put forward viable alternatives to USD, like Liberty Dollar. And making Bitcoin impossible to use legally as a currency by applying strict capital gains tax reporting requirements.
>Can Bitcoin gain that level of trust amoung its users to be successful.
The massive public and institutional buy-in over the past 5 years suggests that trust in its cryptographic security is not what is holding it back.
Bitcoin, from its inception, is part of a political battle, not a technological or economic one. Read the Satoshi white paper. Paul Krugman is saying that it wont be successful because the banks and government will fight it, and his social status is dependant on him being part of that fight. Do you think Krugman would keep all his exposure and prestige if he went off the reservation and criticized the banks and the petrodollar? No way.
- floatboth 8y ago> Paul Krugman is saying that it wont be successful because the banks and government will fight it He's wrong. It won't be successful because it's pretty much unusable by regular people, difficult to secure (surprise, "be your own bank" implies "be your own security guard" — and 99% of people want to be neither of those things), extremely wasteful, slow and full of scams. Most people's first encounter with buttcoins is literally RANSOMWARE. Do you really think mass adoption is coming?
- ramblerouser 8y agoDoes having $100 in your pocket make you "your own bank"? Does it make you "your own security guard"? Real banks could hold deposits in Bitcoin if the regulators controlled by banking interests allowed it, but they dont. Why do you think that is?