07 Nov '12, 8pm

Necessary conditions for the long-term success of Bitcoin:

In this article I present my answer to the the question: What does Bitcoin need to succeed in the long-run? Before we consider the question, let’s put Bitcoin into the wider context of the counter-economy. The Counter-Economy The counter-economy (a.k.a. the informal economy) in general is all economic activity which is not fully regulated, taxed, or controlled by the state. In its simplest form it is a Lemonade stand which operates without a license, it partly includes a mom-and-pop store which optimizes its taxes by running some of its business off the books, and in the dark corners of it you can find completely separate market places like Silk Road . The counter-economy is not a small feat, 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 compr...

Full article: http://shadowlife.cc/2012/11/necessary-conditions-for-the...

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