Message:

<p>[QUOTE=&quot;medoraman, post: 1841305, member: 26302&quot;]I understand sir, but Overstock and others accept bitcoins through financial intermediaries. Those financial intermediaries are required to register and be controlled by the US government. So, with a simple rule change, the US can stop cold any ability for ANYONE to ever receive compensation in their US bank account for any bitcoin transaction.</p><p><br /></p><p>Its fine to be a true believer in bitcoins, but I am simply explaining how quickly it can all be stopped cold if the powers that be wish to do so. </p><p><br /></p><p>You might say next that Overstock would simply keep bitcoins as bitcoins and use them in that fashion to pay others. Besides the obvious point that is assuming others wish to own bitcoins, I would point out that the second step the US could do would be to make ownership of bitcoins illegal. They did it with gold in 1933, there is precedence.&nbsp; So then you would have a &quot;currency&quot; that not only could you never spend it offline, but if you were ever caught owning it you would be subject to imprisonment or fines, (in USD of course). How mainstream do you think bitcoins would be then?</p><p><br /></p><p>Sorry, but these are the reasons I do not see bitcoins ever being more than a cute little plaything for a tiny proportion of online payments. If it is ever more than that, the powers that be will &quot;fix it&quot;.</p><p><br /></p><p>It IS very possible I am just an old fogey who doesn&#039;t &quot;get it&quot;. Ok, I am fine with that. I didn&#039;t &quot;get&quot; 1990&#039;s dotcom pricing, I didn&#039;t &quot;get&quot; 2008 house pricing, I didn&#039;t &quot;get&quot; 2011 PM pricing. I am just explaining just a few of the tools the US has to protect the dollar as the only allowable form of payment in this country. They are not going to just roll over and let control of the economy be taken away from them IMHO.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in