[ExI] cyprus banks

[Mirco Romanato]

Il 19/03/2013 11:34, Eugen Leitl ha scritto:
> On Mon, Mar 18, 2013 at 06:46:41PM -0700, Adrian Tymes wrote:
> 
>> Notice that this is not happening.  Therefore, it is not in fact more
>> cost efficient to be paid in bitcoins in most cases.
> 
> The Bitcoin economy is still very small by classical standards,
> and sees little trust.
> 
> I consider Bitcoin a high-risk high-payoff investment
> http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin-is-not-some-50-or-100-it-is-100000-to-1000000/
> and a potential hedge against hyperinflating fiats.

You can keep your money in a bank where government can and will seize it,
you can keep in in cash, in or out a bank, or in bonds where central
bankers can inflate and debase it
you can keep in precious metal where the government will try to outlaw
and seize it (and good luck to buy stuff with it in person or far away
you can keep

Compared to them, the risk is not so high.


>> One might debate whether this is due to instabilities in bitcoin
>> value, or the inconvenience (and thus loss of value) in exchanging
>> between bitcons and fiat currency, when most shops only accept

> The interesting things happen when you no longer have
> to exchange BTC for EUR or USD.

Exactly.

>> the latter therefore most pay must be thus exchanged to be of
>> use.  But that is speculation.

But more speculation there is, more the price go up (and there is no way
to bring more BTC on the market to keep the price low because the design
do not allow this).
And, as the price go up, the purchasing power that can be transfered
grow, allowing bigger transactions.

As I wrote, it is a black hole. It is a cancer. It is a singularity. Its
pull is greater than other fiat money pull. Standing the current setup,
it will eat them all given enough time. Not only the currencies, but a
large part of the banking system and of the financial system.

Satoshi Nakamoto had a mustard seed and was not afraid to use it.

Mirco