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> The biggest problem is that getting bitcoins is a major, major pain in the ass. Not if you know where to look. People are buying coins on Bitcoinary within m

> The biggest problem is that getting bitcoins is a major, major pain in the ass. Not if you know where to look. People are buying coins on Bitcoinary within minutes. https://www.bitcoinary.com/ https://www.bitcoinary.com/ > it can still be completely devalued by litigation. I doubt that. You can't litigate globally. > Basically, all it takes to completely devalue bitcoins is to have one event that makes most bitcoin owners think the amount of time they have to cash out is minimal. True for nearly all currencies or stocks. http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 > But anyways, If mtgox was raided or taken down (and please don't say its not possible- Its totally possible) Unlikely, but I suspect another exchange would spring in its place. > There is no intrinsic value in bitcoins unless it is possible to easily trade them with a outcome of receiving capital. Same for all currencies. The value of currency is belief in the piece of paper you hold. > However, I doubt BTC would ever get gov backing, so it will eternally be at risk. Perhaps not, but Bitcoin doesn't have to be the currency of a country to be successful. It's just an alternative currency and with some intersting properties.

DanBlake 14y ago
> Not if you know where to look. People are buying coins on Bitcoinary within minutes. https://www.bitcoinary.com/ https://www.bitcoinary.com/ I suppose if you dont mind the risk of your paypal account being limited, or the chance of being fucked in the trade- sure. > I doubt that. You can't litigate globally. Tell that to the USA and Megaupload. They took down one site (in another country) and the rest of the filelockers immediately shut down out of fear. Nobody wants to go to jail / lose their profits. Exchanges are motivated by profit, not philanthropy or zealotry to the bitcoin cause. > True for nearly all currencies or stocks. Stocks are a tangible asset. They are tied to the ownership of a company. Sometimes they pay dividends. Bitcoins are tied to nothing. Currency is tied to the status/growth of the nation attached to it. > Unlikely, but I suspect another exchange would spring in its place. Didnt happen that way for megaupload. Or pokerstars. > Same for all currencies. The value of currency is belief in the piece of paper you hold. Agreed. Other currency's have the benefit of being nation backed though.

DanBlake 14y ago

> Not if you know where to look. People are buying coins on Bitcoinary within minutes. https://www.bitcoinary.com/ https://www.bitcoinary.com/ I suppose if you dont mind the risk of your paypal account being limited, or the chance of being fucked in the trade- sure. > I doubt that. You can't litigate globally. Tell that to the USA and Megaupload. They took down one site (in another country) and the rest of the filelockers immediately shut down out of fear. Nobody wants to go to jail / lose their profits. Exchanges are motivated by profit, not philanthropy or zealotry to the bitcoin cause. > True for nearly all currencies or stocks. Stocks are a tangible asset. They are tied to the ownership of a company. Sometimes they pay dividends. Bitcoins are tied to nothing. Currency is tied to the status/growth of the nation attached to it. > Unlikely, but I suspect another exchange would spring in its place. Didnt happen that way for megaupload. Or pokerstars. > Same for all currencies. The value of currency is belief in the piece of paper you hold. Agreed. Other currency's have the benefit of being nation backed though.