Thread: Bitcoin
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Old 05-20-2015, 05:52 AM  
ilnjscb
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You're posting what it could be in a perfect world - like communism, give what you can take what you need. Sounds good, right?

In reality BTC has been plagued by scams and has the fundamental problem of having no backing or intrinsic value. Like beads at Mardi Gras, that makes it vulnerable to volatility once the few people who control the bulk of the currency start selling.

Also, in the example above, the "peasant farmer" in Africa (Africa is a big continent, with over 20 very different countries, and not too many peasant farmers) doesn't have access to BTC technology.

Chinese were really driving BTC, illicit buying like silk road, etc. Too few people control the portfolio. People are realizing that, far from the governments "not understanding BTC, man" they understand it very well and can track it just fine.

Digital currency is great - an idea that is ready to go - but the implementation is not ideal yet, based on what I have seen. I'm sure the next phase is being developed now.
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