[FoRK] Bitcoin: "tied cryptologically to all the criminal activities that contributed to its shared value"

Joseph S. Barrera III joe at barrera.org
Tue Apr 16 10:05:31 PDT 2013


On 4/16/2013 9:48 AM, Eugen Leitl wrote:
 > On Tue, Apr 16, 2013 at 09:44:28AM -0700, Joseph S. Barrera III wrote:
 >
 >>> Seems like its primary use is speculation, which isn't inherently
 >> criminal
 >>
 >> (unless, of course, you don't report your capital gains on your taxes)
 >
 > Only if you cash out.

and from http://bitcoinintro.com/bitcoin-overview/use-cases/ which Lucas 
just posted:

"Storing cash for a long period of time is not profitable because of 
inflation – a government’s printing of unbacked notes. After Bitcoin’s 
pre-programmed inflation period ends, it will begin to deflate due to 
attrition. Storing your coins for a long period of time may actually 
increase their value!"

So I was wrong. The primary TWO uses of bitcoin are:

1. Speculation
2. Hoarding

(although personally I'd rather hoard gold. It's prettier.)



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