posted on Dec, 10 2013 @ 08:16 PM
It's very hard to trace actually, especially if you take care in the way you make transactions.
In it's current form yes. In it's final form no.
And it's virtually impossible to tax unless you want to be taxed.
A fully collectivised State run system would be and we already know it would be monitored in real time with the IRS for tax purposes as evidenced by
It's also impossible to manipulate in the way fiat money is manipulated, no one can create endless amount of BTC, they are very difficult to
mine and it's easy to see the exact amount of BTC in existence.
Fractional Reserve Banking already allows them to play with 90% more cash than what's physically present. All digital fiat will do is give them a way
to make the last 10% out of thin air too.
They are also impossible to confiscate. I believe the feds are still trying to crack the largest wallet they acquired from the Silk Road bust.
Unless they get the password from DPR there's virtually no chance they will crack it themselves. And if DPR created that wallet using a deterministic
algorithm based on a seed phrase, he can easily rebuild his wallet using any computer simply by remembering that phrase.
You honestly believe for one moment that the Establishment would sanction the open use of a globally accepted digital currency that couldn't
That patent describes a system which is nothing like bitcoin, it's not a decentralized system and doesn't even appear to be implementing a new type
I will bet you anything it will be accepted in more "brick & mortar" places than BTC just because of JPM's world wide influence. In that aspect
alone it has a greater potential utility than BTC, even it it maintains an inferior value. Cheaper price per unit would also encourage more investors
who don't have $900 to spare for just one coin.
We'll see a whole bunch of similar digital fiat systems spring up like BTC now, even if not identical in mechanism...just like in the "dot com"
bubble...everybody will want a chance at being in on the "next big thing"...but eventually they'll merge together or fall by the wayside.
By that point you won't be able to keep it out
of the State's hands simply on tax grounds.
The notion that right now, 143 million in BTC can change hands just for the cost of the electricity to do the online transaction...estimated at $0.37
USD...should be the primary indicator to you that this state of affairs won't last for long. Nothing is going to be stable
government (through the IRS) and off-shore banks (through the IMF) get their due and not a moment before. That
will mean a collectivised
"state-run" apparatus and by then, it's not going to look anything
like BTC does now.