Re: Follow the money. @emmanuel goldstein
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I'm struggling to think of a legal activity that can be conducted with bitcoin that cannot be done with traditional currency
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That's like saying that you're struggling to think of any legitimate activity that can be done with Linux that cannot be done with Windows. Why shouldn't Microsoft and governments be able to see what you are doing on your computer? Only criminals need to hide their data. If you have nothing to hide .... etc.
But to address the point - Bitcoin is not at all about anonymity. That's just a by-product. It is in fact less anonymous than cash.
Today's traditional "money" is not money at all, it is currency (look it up if you don't understand the difference). The pound sterling doesn't even *represent* money any longer. The value of what you have in the bank is controlled by your government. If your country's economy goes down the pan, so does your life savings if you have been foolish enough to keep it in the form of currency.
Bitcoin is real honest-to-goodness money. Just like gold or cowry shells. It cannot be manufactured in huge amounts by any government, and it cannot be devalued by any government. It's value is dependent only on the World market - i.e. the ordinary people & companies that use it. As most currencies are being continuously devalued (because governments routinely spend more than they have and effectively print currency to make up the deficit, diluting that currency), if Bitcoin becomes sufficiently established, it will see a steady rise over time compared with any currency. I bought £100 of Bitcoin just 3 weeks ago. I could now sell it for £114. Had you bought Bitcoin this time last year, it would be worth almost double today. How does that compare with the interest you are getting from your bank? If I use Bitcoin to buy goods from another country that has a different currency, I will not be giving a significant percentage of the transaction to a millionaire banker for performing a trivial currency exchange. Instead I voluntarily pay a very, very small amount per transaction to a large group of global "miners" for their work in doing the (highly distributed) book-keeping work and ensuring that the transfer is not fraudulent. So long as governments do not sabotage Bitcoin (e.g. by making it illegal or heavily taxing it), it will be an excellent investment and means that you can use all of your money for transaction rather than keeping bankers supplied with yachts and champagne.
But because Bitcoin is not under government control, there is unfortunately a good chance that it will be sabotaged. No doubt with you cheering because you "Don't see the point, except for criminals." I bet you are also quite happy with a few big companies controlling what happens to your data and allowing the government to snoop on your computer activities as well. Because criminals.