Thread: Bitcoin

Originally Posted by BLUELINE976

Appropriate: Confession of a Bitcoin Skeptic | The Skeptical Libertarian

That article doesn't make any compelling arguments aside from the issue of volatility. And the problem with the price volatility argument is that the price of Bitcoin has generally been on a stable upward trend ever since its creation, aside from the occasional market crash (there have only been two significant crashes since 2009, after which the price has returned to its upward trend), which means the only problem with volatility is that businesses would be unexpectedly making more money than they thought (oh no!). And even if that was a problem for you and you wanted to avoid the risk of crashes in value, you can always peg your price in bitcoins to the price in USD or another fiat currency and use an instant exchange service like bitpay to convert the payment into fiat. That would only be necessary until bitcoin finds a stable price after its growth phase.

The only way to ban bitcoin, render it mostly useless and make it impossible to get aside from using the black market would be for the United States and the entire European Union to ban it. If any single large country banned bitcoin that wouldn't do any fatal damage to it since it could still be used in most other parts of the world.

The one threat to bitcoin that I know of that would render it useless is if quantum computing came out of left field with so much power that it could easily crack SHA-2.