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I can't for the life of me figure this out. Looks to me like some pretty smart people have made up their own currency. OK. Doesn't it stand to reason that eventually the world governments are going to shut this down?
The cultural backlash from the government(s) shutting it down is a very severe cultural phenomenon, and thus, a very powerful sociological/revolutionary tool. And that's even if they shut it down.
Bitcoin technology is pretty cool and has very real life value. (hence financial companies have invested heavily into developing the blockchain technology) Blockchain actually allows for a public ledger of all transactions that is cost prohibitive to tamper w/ and held in a distributed manner.
One of the most common scams currently is for someone to send you say $1000 for some fake job, and ask you to send say $500 bucks to somewhere else. Your bank actually makes the $1000 available before it verifies the transaction with the sending bank. Hence you legitimately send $500 dollars to somewhere else before you find out that you were never sent the $1000 dollars. With some type of blockchain technology, different entities could independently verify the transactions as it is public within the ledger and this scam wouldn't even work.
The main gripe governments have with bitcoin (and litecoin etc.) is that although the transactions are public, the accounts themselves aren't tied to any identification information. This makes it not possible to tax profits from bitcoin transactions and difficult to find out who owns accounts suspected of criminal activity.
Theres some weirdness going on with bitcoins. Someone started mining them at a obscene rate for a few hours last month. The reason the value is skyrocketing is Chinese folks trying to get their money out. Hmm...might be a good time to buy one as I expect the Chinese pressure to continue...but that massive mining jump worries me.
Theres some weirdness going on with bitcoins. Someone started mining them at a obscene rate for a few hours last month. The reason the value is skyrocketing is Chinese folks trying to get their money out. Hmm...might be a good time to buy one as I expect the Chinese pressure to continue...but that massive mining jump worries me.
Aren't bitcoins illegal in China, how would one convert Yuan to Bitcoin?
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