I live in Norway, the US can buy their oil from us, we have shit loads of it.
If the EU really went ahead and made a law for all Bitcoin addresses then perhaps something like Monero or DASH would make gains there - although I think DASH would probably come in line with Govt forces.
The fact that China have so any mining farms is also concerning, I know there is a big one in Iceland and we need more spread out like that to keep it decentralized.
If the shit hits the fan with the economy I think precious metals would only have their value if it has a use. Bitcoin will keep its value if it can be used to buy stuff.
The way I see it is, if some bank took all my money then what would I do.
I would have to trade for bread, milk, vegetables etc.
I grow my own vegetables in my garden and If someone came to me with a gold coin I would say "Wtf can I do with that, I get me some bread and you can have some potatoes"
If i can buy bread with Bitcoin then suddenly Bitcoin or other crypto will become the main currency of the world.
Thanks for the update:
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Great points. The centralisation of Bitcoin mining is a big concern - Dan has written about it before. I think our western national governments would be wise to start addressing this issue.
I agree.
I have an idea here in Norway.
There is lots of water here with lots of rivers everywhere, Most of the big rivers are used for the main electricity supply but there are thousands of small ones that could easily drive a water turbine that would easily supply 2 or 3 houses with electricity. There is one just outside my house now.
Anyway, if I hooked up a one of these small generators I could then hook that up to a big coin mining rig and I would not have to pay a dollar in electricity lol!
If the Govt saw what I was doing then may be they would see that Bitcoin mining was a viable business option here in Norway and again it would help to keep Bitcoin decentralized.
I get crazy ideas sometimes @thecryptofiend lol!
Crazy is sometimes really creative!
Good point!
Not crazy at all; just that the operation costs of that water generator are still not for free; initial materials to buy, maintenance, IT staff travelling around to operate the computers & trouble shoot; I love this picture that everywhere around the rivers in this beautiful landscape small mining huts are located (I am from Austria, we have lot of water as well); one would need to do a serious business case around it
Wow fantastic to hear that, brilliant.
Yeah I am currently looking into the set-up costs.
I have good friends who are clever in IT and I could get them involved.
Bitcoin is still relatively unknown here in Norway probably because the economy is so strong they dont need it.
There only handful of people being involved with it and I I know some of them who deal in Bitcoin on the Localbitcoins network and they might invest in such a venture. And there is a millionaire guy lives next door but one to me who always invests in new things. I reckon I will have a talk with him.
Could be something here.
If all goes well I will write a post about it.
You have the best premises, experts plus a millionaire around :-)
Wish you good luck, and yes, please keep us posted.