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Comment Re:Single points of failure abound in bitcoin (Score 2, Informative) 101

While that seems bad, it would be fixed without a few hours for most miners. The source code is open (even the mining software with remote stop code). Miners can freely recompile it and update it. There is also a simple dns trick to remove that domain and point it to 127.0.0.1 Don't worry, Bitcoin can't be shut down that easy and there is no single point of failure.

Comment Money != Legal tender (Score 1) 270

The legal tender law means that people in the country are FORCED and OBLIGED to accept it as a means of payment or contract value. There is no chance Bitcoin get there. We surely don't wanna people getting forced to accept Bitcoin payment. But still having it classify as a currency means you don't pay taxes when buy or sell it and can be used in a contract.

Comment Re:Bitcoin is not money (Score 2, Interesting) 270

Bitcoin is classify as money in: - Europe (Except France) http://curia.europa.eu/jcms/up... - Japan http://asia.nikkei.com/Politic... - Mexico https://sppld.sat.gob.mx/pld/i... - Afghanistan http://www.coindesk.com/how-bi... - Czech Republic http://www.rozhlas.cz/zpravy/e... - South Africa http://www.treasury.gov.za/com... I don' have links but I heard it's also consided a currency in - Russia, Switzerland and Nigera

Comment Re:cash is getting controlled (Score 1, Insightful) 270

Cash is getting hammered more and more, reducing the high value bills while still having inflation. If you carry too much, you get asked questions when spending and can your bills confiscate for no reason other than the amount you are carry (ready about civil forfeiture). I could see a use for digital currency. While you can argue that the creator have tons of bitcoin and is rich, the blockchain show early bitcoin never moved/used at all. In fact, the guy completely disappears from the map years ago... he could actually be dead and nobody knows... it's a possibility but definitely not certainty that he did that for money! Bitcoin transactions were not about privacy, they were about permissionless and censor resistant! Even if you live in an oppressive government, the bank cannot froze your account. Bitcoin adoption is slow, mainly because most governments ask for KYC policy and that's a bit awkward with any blockchain tech. If the web has been controlled by bureaucrats at start, we would have to register to surf, comments and make web sites. Just like the email and torrent protocol, the bitcoin protocol cannot be shut down, it's not going anyway... it's an experimental currency that, as you said, have a controlled and limited inflation. You can argue it's bad, there is hundreds of inflated currencies out there with inflation, let there be one to try if it's working without.

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