A Quote by Ravi Subramanian
I believe Bitcoin is a very convenient way to shop and to transfer money to any account around the world. Governments should work around a framework for the currency instead of putting restrictions on it.
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Bitcoin is two things which share a name. One, it's a payment system, and two, it's a currency. You use the Bitcoin payment system to send bitcoins as currency from one account holder to another. The transfer is instantaneous, carries no fee, works anywhere in the world, and is private.
I view Bitcoin as the more democratic version of money and value transfer because no one controls it... I expect the Internet to be around longer than any nation-state, so a nation-state-backed currency is actually less safe than an Internet currency in my mind.
You are talking to a leftist. I believe in the redistribution of wealth and power in the world. I believe in universal hospital care for everyone. I believe that we should not have a single homeless person in the richest country in the world. And I believe that we should not have a C.I.A. that goes around overwhelming governments and assassinating political leaders, working for tight oligarchies around the world to protect the tight oligarchy here at home.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
Though I don't personally believe that Bitcoin is true money, it should be perfectly legal, and there should be no restrictions on it; there should be no taxes on it.
At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions... all good things.
At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions all good things
Historically, bad money always drives out good. Accordingly, if a central bank anywhere in the world sets up its currency to be backed by any kind of hard currency, it would cause people all around the world to desire that currency for their savings, rather than dollars.
The bitcoin world is this new ecosystem where it doesn't cost that much to start a new bitcoin company, it doesn't cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.
It's completely reasonable, even if some Bitcoin currency purists wouldn't like it, to have credit and debit card payments denominated in Bitcoin rather than dollars, and net settled on Bitcoin instead of on Fedwire.
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
I hold all idea of regulating the currency to be an absurdity; the very terms of regulating the currency and managing the currency I look upon to be an absurdity; the currency should regulate itself; it must be regulated by the trade and commerce of the world; I would neither allow the Bank of England nor any private banks to have what is called the management of the currency.
There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
Virtual currency, where it's called a bitcoin vs. a U.S. dollar, that's going to be stopped. No government will ever support a virtual currency that goes around borders and doesn't have the same controls. It's not going to happen.
To be a more efficient, faster, and cheaper way to send money around the world, you have to be able to get in and out of Bitcoin. You need to have a liquid exchange on either end of the corridor.
There's a lot of thought that bitcoin will be a huge threat to existing tax systems or existing ways governments have of controlling currency flows across their border. I personally think governments will do what governments have always done: they will adapt.
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