Bitcoin Will Destroy the FED

[Shami-Amourae]

https://www.youtube.com/watch?v=bnGCtV4LcRk

[madfranks]

I think it's more likely the fed will destroy itself, along with the dollar based economy. I think bitcoin will be one of the options people begin to use once the dollar starts going down significantly.

[EE_]

There's 263 bitcoin payment systems in the market now. What will it mean when there's thousands, or hundreds of thousands of them? Who will manage that many payment systems?

Bitcoin payment systems won't be considered a currency, until they no longer need to be converted into government currencies.

[optionT]

Cryptographic currency is the future.
Whether its bitcoin or a truly anonymous digital currency shall be seen.

[KenJackson]

Bitcoin payment systems won't be considered a currency, until they no longer need to be converted into government currencies.

Well if OpenBazaar (http://youtu.be/w4vtUPJEmqg) or maybe DaftCoin (http://www.daftcoin.com/) get their online market places up and running, or if ebay starts accepting bitcoin, then average people will be able to sell new and used goods to each other directly in bitcoin.

[osoab]

I didn't watch the video, but who ever came up with the title is delusional.

[Horn]

http://www.e-gold.com/

[KenJackson]

http://www.e-gold.com/

What point are you making with the e-gold link?

Are you attempting to imply that since the government shutdown e-gold, they'll shutdown bitcoin too? That was specifically addressed in the video. Bitcoin is the "first virtual currency to not have a central point of failure" like e-gold and others. Bitcoin's "entire system is distributed and thus impossible to pinpoint and shutdown."

I'm not positive it won't happen anyway. But I thought the video made it's point eloquently.

[Horn]

I thought the video made it's point eloquently.

I've seen many beautiful sales presentations in my day also.

Did they mention that ever increasing blockchain problem, or did they paste it over with a Honda pitch, that its the coin that sells itself?


(Reuters) - China (http://www.reuters.com/places/china?lc=int_mb_1001) Guangfa Bank and Shanghai Pudong Development Bank Co Ltd (600000.SS (http://www.reuters.com/finance/stocks/overview?symbol=600000.SS)) said they had banned their customers from using bank accounts for trading bitcoins, the latest blow to the virtual currency trading business in China.
The announcements, posted on the banks (http://www.reuters.com/sectors/industries/overview?industryCode=128&lc=int_mb_1001)' websites on Wednesday, said institutional andretail (http://www.reuters.com/sectors/industries/overview?industryCode=103&lc=int_mb_1001) customers will not be allowed to use their accounts to purchase or sell bitcoins as well as other virtual currencies (http://www.reuters.com/finance/currencies?lc=int_mb_1001). If such practices were detected, the accounts would be suspended or closed down.


http://www.reuters.com/article/2014/05/08/us-china-bitcoin-idUSBREA4705N20140508

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