ShadowLife, a community focused on the protection of privacy, has a post describing what Bitcoin needs to succeed in the long-run. Excerpts:
“If you combine all black markets of the world together you’ll get a 10 trillion US$ economy, second only to the United States of America. In many developing countries it already comprises large parts of the economy and it is growing faster than the officially recognized gross domestic product (GDP).”
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“One has to note that Crypto-Anarchy is not a philosophical utopia, but the attempt to shape life and society in the presence of disruptive technologies. The corresponding technologies have already arrived and we are facing a great divide: we will either live in the total surveillance state or in a Crypto-Anarchist libertopia.”
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“A free society needs a free market and a free market needs sound money. […] The use of Bitcoin is a huge advantage compared to a barter or cash-only economy, because developed economies need money transfer, at the very least for B2B transactions.”
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“So what does Bitcoin need to succeed in the long-run? In short, it needs no state, no banks, and OTC. The three hypotheses in more detail:
1.) The Bitcoin community should not try to get legality for Bitcoin, we should not ask the state to resolve conflicts in the community.
2.) The Bitcoin community should not focus on interoperability with the traditional banking system.
3.) Widespread availability of over-the-counter (OTC) Bitcoin exchangers is crucial for Bitcoin to succeed in the long-run and give us more freedom.”
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“If the Bitcoin economy depends on the traditional banking system it is doomed to fail. Just imagine what would happen to the Bitcoin economy if Mt.Gox, which currently is responsible for about 80% of all Bitcoin exchanges, suddenly would have to close down.
In my opinion, this shows the second hypothesis: The Bitcoin community should not focus on interoperability with the traditional banking system.”
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“A widespread network of OTC exchangers is the system most resilient against state attacks, because it is heavily distributed and the banking system is skipped entirely.”- http://bit.ly/RKV7WV
- http://bitcointalk.org/index.php?topic=123143.0 (Further discussion of this article)All News - Daily E-mail Subscription - Twitter: @BitcoinNews
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