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I have to say, as much as bitcoin is in a downfall, this actually makes a ton of sense. That was the initial goal of bitcoin, to create a de-centralized currenc

I have to say, as much as bitcoin is in a downfall, this actually makes a ton of sense. That was the initial goal of bitcoin, to create a de-centralized currency. As long as the BTC is a STABLE currency this works out well. Or short-term stable. It can become a medium of financial transfer: I buy 10 BTC, donate it, they claim 10 BTC, convert to cash. Done. It would be great if there was a tool to literally facilitate this transaction without directly giving from one company to another, thus bypassing SOPA. I give the "holder" $10, the "holder" gives me 10 BTC. Then I give 10 BTC to say PirateBay. Then the "holder" guarantees that piratebay can sell 10 BTC to them for $10. Thats it. They only converted BTC to/from cash. I directly gave BTC to pirate bay. SOPA is ignored. HOWEVER THIS IS EXACTLY WHAT THE INTERNET IS AGAINST. This will prevent all sort of anti-fraud that is going on now. You will wind up bypassing years of innovation to create a black market. It will be detremental.

JoshTriplett 15y ago
> HOWEVER THIS IS EXACTLY WHAT THE INTERNET IS AGAINST. This will prevent all sort of anti-fraud that is going on now. You will wind up bypassing years of innovation to create a black market. It will be detremental. Right now, in meatspace, I have both options: I can pay with cash and have little to no recourse or record, or I can pay with check or credit card and have a record and various fraud protection measures. I want to have both options on the Internet as well. Also note that various bitcoin escrow agencies have popped up, which serve the obvious function. Assuming an agency exists that both parties trust, you can have the fraud protection you want if and when you want it.
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- dangrossman 15y ago
  > various bitcoin escrow agencies have popped up But bitcoin escrow agencies don't solve the SOPA problem -- once you have a small number of intermediaries paying these websites, they become the place where the law can apply its force. They will be ordered/coerced to stop funding ThePirateBay or whatever site the media industry targets, so these sites either can't have reliable BC payments or they are subject to being cut off by these laws without trial.
  - JoshTriplett 15y ago
    Only if they operate in jurisdictions that can apply such force, and only if they make a connection between their online presence and their offline presence. An escrow agency could operate pseudonymously online without having an offline presence, as long as they built a trusted reputation around their online pseudonym and cryptographic identity.
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tomjen3 15y ago
The endgame is much, much more than that. Once the US lose control of the money supply it loses a ton of its power and we can (finally) stop fearing Washington.

JoshTriplett 15y ago

> HOWEVER THIS IS EXACTLY WHAT THE INTERNET IS AGAINST. This will prevent all sort of anti-fraud that is going on now. You will wind up bypassing years of innovation to create a black market. It will be detremental. Right now, in meatspace, I have both options: I can pay with cash and have little to no recourse or record, or I can pay with check or credit card and have a record and various fraud protection measures. I want to have both options on the Internet as well. Also note that various bitcoin escrow agencies have popped up, which serve the obvious function. Assuming an agency exists that both parties trust, you can have the fraud protection you want if and when you want it.

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dangrossman 15y ago
> various bitcoin escrow agencies have popped up But bitcoin escrow agencies don't solve the SOPA problem -- once you have a small number of intermediaries paying these websites, they become the place where the law can apply its force. They will be ordered/coerced to stop funding ThePirateBay or whatever site the media industry targets, so these sites either can't have reliable BC payments or they are subject to being cut off by these laws without trial.
- JoshTriplett 15y ago
  Only if they operate in jurisdictions that can apply such force, and only if they make a connection between their online presence and their offline presence. An escrow agency could operate pseudonymously online without having an offline presence, as long as they built a trusted reputation around their online pseudonym and cryptographic identity.

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tomjen3 15y ago

The endgame is much, much more than that. Once the US lose control of the money supply it loses a ton of its power and we can (finally) stop fearing Washington.