What if Anonymous had its own bank? That's the tagline of the open source project Bitcoin. Virtual money? A peer-to-peer electronic currency system? A lot of geeks are really, really excited about this, not the least because it would make an
What if Anonymous had its own bank? That's the tagline of the open source project Bitcoin. Virtual money? A peer-to-peer electronic currency system? A lot of geeks are really, really excited about this, not the least because it would make an underground economy virtually untraceable -- and that could have a lot of political repercussions:
We are 100% certain that governments will start banning bitcoins in the next 12 to 18 months. Additionally, we’re certain bitcoins will soar in value and a crush of folks will flood the system and start using them.
Currently there are 6M coins at $6.70 each for a total economy of about $40M. Bitcoin speculation and hoarding will also cause a massive spike in bitcoin value. For example, if 10M people find out about bitcoins in the next year and want to buy $100 worth, $1B will be infused into the bitcoin economy.
Finally, there will be massive breakage in bitcoins. If your laptop crashes and you didn’t back up your bitcoins, well, you’re SOL. If someone steals your laptop that has 10,000 bitcoins on it you won on Bitcoin Poker, you’re SOL. Lost your USB drive with 500 bitcoins on it after a night out on the town? You’re SOL.
Sites like 99designs, eLance and oDesk will start accepting bitcoins for payment. If they don’t, they will face competition from folks who do.
Bottom line: The world is going to be turned over by bitcoins unless governments step in and ban them by prosecuting individuals.
This is about to get really interesting, everyone.