I understand your right to an opinion.

But you are misinformed. Calling Bitcoin a ponzi is ignorant, especially considering events over the past 1 year.

Do you think BIS would comment on a Ponzi? Ben Bernanke? Bank of England? European Court of Justice? CBK Governor?Bill Gates?

Please go back online and get informed. Or scroll through the other thread http://www.wazua.co.ke/f...ts&t=29849&p=23




If Bitcoin was issued by Government, it would be pointless and would not be new or innovative or disruptive. The reason it is getting a lot of attention from Governments, regulators, authorities, technologists, investors, innovators etc is because for the first time in history, we have a censorship resistance commodity, that acts like a currency and is NOT issued by a central authority eg Government.

This is a BIG DEAl, and you don not want to miss these events unfold.



Even Bank of International Settlement admits this from http://www.bis.org/press/p151123.htm

There are two key features of Bitcoin.

The first is the assets themselves (such as bitcoins). These assets can have some of the characteristics of a commodity and some of a currency. Currently, their monetary features (such as their use as a means of payment) are often more prominent, yet, these assets are not typically issued in or connected to a sovereign currency, are not a liability of any entity, are not backed by any authority and have no intrinsic value.

The second feature is the technology used. Particularly noteworthy is the use of distributed ledgers. Most financial transactions are made via a centralised infrastructure, where a trusted entity clears and settles transactions. Distributed ledgers are innovative because they allow transactions in the absence of trust between the parties and without the need for intermediaries.

The development of digital currencies using distributed ledger technology is an innovation with potentially broad applications. In the financial market infrastructures (FMIs) sector, wider use of distributed ledgers by new entrants or incumbents could have implications extending beyond payments, including their possible adoption by some FMIs and more broadly by other networks in the financial system.

I consider myself pretty smart

Friend, i feel very sorry for you. Because this thread will be here when YOu will finally GET IT, and your local bank will be dealing in bitcoin.
We will look back on this thread and your statements and laugh about it. Really, I mean itt.

Bitcoin is REAL and is happening -.



Regarding your question Bitcoin is based on a private public key pair relationship. THe public key is you address/account number. The private key
entitles you ownership. YOU hold complete power over how to store it. YOU choose how to store it. IF you lose it, you lose access to your bitcoins. If you decide to store it with someone else, that is a risk you take on board.

'me' - that is YOU. Speak for yourself. But people are reading what is posted here. They chose to comment or not. This is a public thread, viewable by anyone.
I get Bitcoin, and stand by everything i post here.

QUestion for you?

If the government robbed you of your hard earned money today who and or where would you report it to?



YOU must be one of those old wazees, who are stuck in their ways and fail to see changing times. Think outside the box.

A long shot but interesting. Extremely interesting.

mic,
give us the other side of this story


http://www.nation.co.ke/...0/-/120f62v/-/index.html

[quote=TheGeek]mic,
give us the other side of this story


http://www.nation.co.ke/.../-/120f62v/-/index.html[/quote]

I find safaricom's comments on this matter (bitcoin) pre·ten·tious.

The reasons they cite for disallowing the trade of bitcoin via its platform are the SAME reasons banks gave for discontinuing Mpesa in 2008/2009/2010

eg in this article http://www.nation.co.ke/.../-/120f62v/-/index.html

“CBK would have taken action because it is the regulator. It is CBK, which told Bitpesa that bit coins is not regulated in Kenya but Safaricom insists that it produces a licence to that effect,” said Mr Kiragu Kimani for the firms.

in 2008, Banks said this about Mpesa https://www.linkedin.com...st-mpesa-michael-kimani

“Banks had been publicly grumbling for some time that the playing field was not level for them and that Safaricom was taking on banking business without the appropriate license”



in this article Safaricom lawyer says http://www.nation.co.ke/.../-/120f62v/-/index.html

“A party which freely acknowledges that it has engaged in conduct prohibited by the law can have no standing before the law, a legitimate expectation cannot be derived from an unlawful act,” said Mr Kibere.

in 2008/2009, BAnks said of Mpesa https://www.linkedin.com...st-mpesa-michael-kimani

"Because no e-money regulation existed and no regulatory precedence to look up to, the Central Bank of Kenya gave a nod to proceed with a pilot while monitoring.

Banks lobbied against this ‘uneven playing field’, calling for an equally strict regulatory regime."


In the end, this happened

"To quell opposition from banks, CBK settled for a neutral solution - limit Mpesa’s transfer amounts to low value payments, to curb threats of money laundering and terrorist funding."



If you have ever used BitPesa, they require KYC, AML details and know all their customers. SO the point by Safaricom about, is an INVALID

“Safaricom has stringent reporting obligations of the Proceeds of Crime and Anti-Money Laundering Act, which it could not fulfil in view of Lipisha’s relationship with Bitpesa,”

Additionally, as a MNC, Safaricom knows what is going on globally as regards Bitcoin. Even the UK where Vodafone is from. This could be strategic for them, to force authorities to give a formal clear answer publicly in order for them to experiment? Already Visa is doing this for remittances to Kenya using bitcoin

eg Why Visa Europe is Testing Remittances on the Bitcoin Blockchain http://www.coindesk.com/...ces-bitcoin-blockchain/


I expect we will see a similar stance by CBK like what happened with Mpesa. Let it thrive and observe becasue it has CLEAR benefits and puts Kenya on the map as a mobile money (and bitcoin) hub in Sub Saharan Africa. This is how it will happen, especially considering CBK Governor comments on bitcoin as 'innovation'.

Safaricom is probing and using the lack of an explicit definition in law to stir waters.

I see the same thing will happen here.