Corruption is the system which enforces the rules against corruption.
With non-anonymous coins, theft is not merely a possibility, but a guarantee. Someone with a gun will take your coins, period.
That's not true. Just as HTTP runs as a layered protocol on TCP/IP (and TCP runs on IP) so too, layered protocols on top of the Bitcoin protocol are perfectly compatible with Bitcoin. In fact, much of future innovation in transactions and smart contracts will be layered on the Bitcoin protocol.
by serious i mean generating at least USD $1000 per day.
only until it reaches fair value. then it will, hopefully, stop climbing.
untrue. coinbase.com. bitstamp.net, literally hundreds of services will convert your bitcoin to dollars, if you are stupid enough to sell them.
..convert btc back into usd...
now that would not be clever. a savings vehicle that will be worth 5x more in a year versus one that will be worth 5% less in a year...
bitcoin price levels are set almost exclusively by value investors. speculators are children playing on the sidelines.
Why do you say the value has not gone up 50x? I think the value is much higher, but the market is attempting to adjust to rational value. This is slow because most punters in the game now are not rational, but that is changing, as financial professionals get in the game.
bitfinex is a very good venue. there are many dodgy operators in the cryptocurrency world, but also several very excellent and honorable ones.
Selling bitcoin now isn't tempting fate so much as cutting off your nose to spite your face.
No, I mean things like oil embargoes, laundering the proceeds of corruption in the Chinese cadres, moving off-shore funds between tax-free jurisdictions, &c.
Or you could buy 2 bitcoin and short 1. if you're wrong, you win when the price rises 50%. If you're right, you can buy 1.5 when the price drops 50%. rinse, repeat. Same thing works in any volatile market. Just don't get margin called and you are golden.
And yes, I am wealthy due to estimating the future fair value of bitcoin. I expect to become much, much wealthier than I am now. Crashes will not change that. Only a fundamental technological change which invalidates the value-add provided by the cryptographically secured counterparty-risk-free global ledger will change that.
There will undoubtedly be many more crashes before bitcoin price achieves parity with its fundamental economic value. I hope to buy many bitcoins at a severe discount during those crashes.
The fundamental value of bitcoin is determined by Fisher's quantity theory of money, PQ=MV. This is not an economic hypothesis. It is no less certain than the analogous law of physics, the ideal gas law. MV = 90,000,000. A very pessimistic estimate of PQ would include 50% of international remittances and 50% of the black market globally, which yields a figure in excess of 1 trillion USD. Do the math. Discount this future attractor value by 2 factors: 1) a risk-free interest rate, and 2) the distribution of estimate error.
I will sell bitcoin when the price meets or exceeds its discounted fundamental future fair value. I do not expect this to occur for at least 5 years.