Quote:
Originally Posted by ilnjscb
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.
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They do have intrinsic value and that's why you can't get them for cheap. The digital currency you wish it to be would have no intrinsic value.((that is, some sort of state controlled token allegedly backed by some asset.)) Your currency would only have value for as long as you can trust the organization managing it, whereas bitcoin's value is independent of any trust you might or might not have for any particular organization.
Quote:
Originally Posted by ilnjscb
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.
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On this point,
you are correct.
Quote:
Originally Posted by ilnjscb
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.
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You are retarded. Have your handlers give you a better briefing. The Silk Road was named after the thing in China, but they are not related. Most of the online drug dealing took place in the U.S. As for tracking bitcoin:
good luck.