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To: TomGuy
Bitcoin seems to be a direct challenge to ‘legal tender’ and few, if any, nations are going to let that happen.

Not without a fight I'm assuming. But bitcoin and all crytocurrencies in general have the ability to go viral and to tunnel through just about anything put in place to stop it. Its popularity with regular people in every country makes it into a powerful force even governments in collusion will difficult to deal with.

21 posted on 01/27/2014 9:47:23 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

I’m not sure where the expression ‘cryptocurrency’ came from, but Bitcoin is the polar opposite of a cryptocurrency.

Anybody using bitcoin is allowed to download and examine the books on how much bitcoin actually exists.

As such, the only cryptocurrencies I can think of are the US Dollar, the Yuan, and other fiat currencies.

Oh, and HSBC has now restricted ‘large’ withdrawals (greater than 3,000 Yuan).

Bitcoin is a mortal threat to fiat currencies, in that every bitcoin user knows to the last bitcoin how much bitcoin is out there. The fluctuations you seen in bitcoin value ISN’T fluctuations in bitcoin, its fluctuations in the currencies being compared to it.

The only way to stop bitcoin is to hit the kill switch - take out the internet. Do that, and bitcoin is worthless, until the net is restored.


36 posted on 01/27/2014 10:08:52 AM PST by RinaseaofDs
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