3 ms·

The market capitalization of US dollars is (correct if I'm wrong) $3 trillion. The current market capitalization of BitCoin is above $5 billion. There will on

by Aqueous 13y ago

The market capitalization of US dollars is (correct if I'm wrong) $3 trillion. The current market capitalization of BitCoin is above $5 billion. There will only be around 21 million BitCoins. If the market capitlization of BitCoin even gets close to a national currency like the US dollar, each BitCoin will be worth hundreds of thousands of dollars. We are about to be at $500. Unless governments crack down on BitCoin(possible) I don't foresee this stopping anytime soon. To me government intervention to the point of banning BitCoin seems like it would be, at this point, somewhat pointless. The Federal Government has known about BitCoin for some time and has yet to take any major regulatory action against it. I think if they wanted to shut it down they would have long before millions of people started using it, and long before major backers like Peter Thiel and the Winklevi had time to establish BitCoin-based companies and lobbying groups. You want to nip something like this in the bud before it becomes an entrenched interest - and they haven't done that yet. I'd say it's not too late to invest.

Element_ 13y ago
The US gov waited until eGold was doing ~2 billion in transactions annually before it moved to shut it down. Given the growth rate of btc it just recently became big enough to get the attention of the federal gov. I think it is certain the US government will attempt to shut it down more a question of when and how elaborate their attempt is (e.g. Will they try to: arrest a few btc users, dump large sums of money into the btc markets to destabilize it, or build a cluster larger than the entire btc network).
- BrokenPipe 13y ago
  And if they had already built the largest cluster of asics in the btc network we wouldn't even know as long as they distribute it enough and even join most pools for good measure.
snitko 13y ago
I think it's time for <irony></irony> tags on HN.

by Aqueous 13y ago

Element_ 13y ago

The US gov waited until eGold was doing ~2 billion in transactions annually before it moved to shut it down. Given the growth rate of btc it just recently became big enough to get the attention of the federal gov. I think it is certain the US government will attempt to shut it down more a question of when and how elaborate their attempt is (e.g. Will they try to: arrest a few btc users, dump large sums of money into the btc markets to destabilize it, or build a cluster larger than the entire btc network).

BrokenPipe 13y ago
And if they had already built the largest cluster of asics in the btc network we wouldn't even know as long as they distribute it enough and even join most pools for good measure.

snitko 13y ago

I think it's time for <irony></irony> tags on HN.