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The main argument I heard against bitcoin from a Russian tycoon during the Cyprus shenanigans for bitcoin being a good store of value was that there was no quic

The main argument I heard against bitcoin from a Russian tycoon during the Cyprus shenanigans for bitcoin being a good store of value was that there was no quick way to liquidate large sums of bitcoin if you wanted to (I presume into some fiat currency for spending.) An interesting point: it wasn't really about the currency losing value it was about liquidity. But the counter-thought is that it's better having a store of value that one can't spend than not having anything at all! At least time is on your side with bitcoin in terms of liquidity, it's not with fiat if you look at capital controls on the increase. Capital controls are an issue especially if you want to move between countries. Anyone with $100mil+ and not in bed with government should move into bitcoin and get a good anonymizer .. the rest of us just get a free ride. Assume some goverment will then come after (if not those bitcoins) then you. And so the end game of bitcoins is when goverment ends up with most of them (or at least wanting them.)

oleganza 13y ago
Many people bet on Bitcoin becoming world money. Then you don't need to "liquidate" it at all. At the same time, market evolves: the more people invest tomorrow, the more btc you will be able to liquidate. When Bitcoin becomes a world currency, then capital controls wouldn't matter.
- adrianwaj 13y ago
  I know that. Bitcoin's main risk is that it can make a person's fortune known, and accessible (or rather vulnerable.) "You have 50,000 bitcoins.. transfer them to me now or alternatively do xxxx now .. or else." In fact some sort of time-lock or trusted partner would be a good busines idea, so that someone couldn't just come with a gun to your head. It can't become a world currency because it makes people too personally vulnerable... at least as it stands now, but it's a really good start.
  - oleganza 13y ago
    People can find out about your coins the same way as they find out how much gold you have.
    - ceejayoz 13y ago
      What website would you go to to find out how much gold I hold?
      - oleganza 13y ago
        What website will tell you how much BTC do I hold? If you can trace from some exchange or a merchant my identity linked to some bitcoins, you can equally do that with a gold dealer. Of course, you can see where bitcoins are moved, but that won't tell you much: they could be equally sold or simply relocated.

oleganza 13y ago

Many people bet on Bitcoin becoming world money. Then you don't need to "liquidate" it at all. At the same time, market evolves: the more people invest tomorrow, the more btc you will be able to liquidate. When Bitcoin becomes a world currency, then capital controls wouldn't matter.

adrianwaj 13y ago
I know that. Bitcoin's main risk is that it can make a person's fortune known, and accessible (or rather vulnerable.) "You have 50,000 bitcoins.. transfer them to me now or alternatively do xxxx now .. or else." In fact some sort of time-lock or trusted partner would be a good busines idea, so that someone couldn't just come with a gun to your head. It can't become a world currency because it makes people too personally vulnerable... at least as it stands now, but it's a really good start.
- oleganza 13y ago
  People can find out about your coins the same way as they find out how much gold you have.
  - ceejayoz 13y ago
    What website would you go to to find out how much gold I hold?
    - oleganza 13y ago
      What website will tell you how much BTC do I hold? If you can trace from some exchange or a merchant my identity linked to some bitcoins, you can equally do that with a gold dealer. Of course, you can see where bitcoins are moved, but that won't tell you much: they could be equally sold or simply relocated.