Quote:
Originally Posted by cam_girls
You misinterpreted my statement.
What if IMONEY.COM runs a similar peer to peer system
and millions flock from bitcoin to IMONEY.COM and the
value of bitcoins drops from 98c to 0.000000001c ?
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Sure, that could happen in theory. If everyone were to sell their coins at the same time they could crash the price down. Fortunately, there are enough people transacting with Bitcoins now that we've reached price stability.
The US dollar is not immune to this problem either. If China were to sell all of their treasury bonds they would crash the US's economy overnight.
People would only flee Bitcoin for something better, or if there was a fundamental problem with the design of the currency. So far (2 years) it has been rock solid.
I don't see a flee happening. In fact, we are seeing people flee other payment systems to Bitcoin. Mainly because Bitcoins can't be frozen and have no chargebacks.
Quote:
Originally Posted by cam_girls
Not only that, the p2p software is centralised.
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How so? Do you mean that the development of the software is centralized? It isn't. It's an open source project on GIT and Source Forge.
It is true that bitcoin.org could be shut down, but not unlike common file-sharing apps, the currency will continue to function.
It's truly revolutionary.
Quote:
Originally Posted by cam_girls
For 1 you just skimmed my post for keywords and didn't answer that either.
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I didn't answer your questions regarding a time-sensitive cryptography system because it is outside of the scope of this thread.