Reply to post: Re: I'm not surprised

Euro banks warned off Bitcoin as Canada regulates it


Re: I'm not surprised

Bitcoin doesn't circumvent any legitimate businesses. The idea that it reduces money transfer fees can only operate for those willing to enter into risks (which carry costs of their own) much greater than those undergone by those using conventional markets. An argument could be made comparing Bitcoins against gambling tokens issued and redeemed at casino cages, but I don't think any casinos consider their business models to be threatened by Bitcoin.

It's a bubble speculation which has proved of some ongoing value to some cyber-criminals, drug dealers, botnet operators and digital blackmailers. The exchange value of a Bitcoin is predicated on a similar basis to the value of rare postage stamps, but is much less stable. These are man-made artefacts in deliberately limited editions of interest to collectors of such, and of no intrinsic interest to anyone else, unless your computer delivers you a notice telling you one is required as a fee to a blackmailer to recover the encryption key from a server operated by criminals or your data will be deleted.

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