Quote:
Originally Posted by tony286
The difference is the little regulation is there but there is some for the dollar. Where with bit coins there is nothing, I was reading about no one knowing the real name of the guys who created it. Also bit coins collapse there is no one to run in to save it. The dollar was going to collapse in 2008 and it was saved. Whether you agree or not it was seemless. My friend bank failed nothing changed for him. Cant say that with bitcoins.
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this is all absolutely, completely true.
but i don't believe it is fair to expect a 3 year old currency, let alone the very fist currency based on math, to instantly be able to, not only compete with the usd, but replace it.
i don't think btc will be the currency based on an algorithm to break on through, but i do believe we will be pointing back to it as the cryptocurrency that kickstarted the next gen of currency.
here's another way to possibility: another state such as cypus takes a currency shit, the people stand tall and don't dig in their pockets to bail out banks, just like the success story in iceland. instead, the state embraces a math based currency as the state-backed currency.
that is not at all out of the question. it's not if, i believe it's when. because what is so great about paper currency anyway? nothing. it's just something to put in my pocket, and occasionally anway these days as most transactions are electronic anyway. so we are living in a primarily electronic-based transaction society that still relies on paper money when a brand-new currency based on math is available.
it is going to happen, maybe not this way, but someway. enjoy the ride people!